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Mortgage and Other Indebtedness (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of mortgage and other indebtedness

Mortgage and other indebtedness consisted of the following:



	September 30, 2012				December 31, 2011
	Amount		Weighted Average Interest Rate ⁽¹⁾		Amount		Weighted Average Interest Rate ⁽¹⁾
Fixed-rate debt:
Non-recourse loans on operating properties⁽²⁾	$	3,772,111	5.43	%	$	3,656,243	5.55	%
Recourse term loans on operating properties	50,160		5.83	%	77,112		5.89	%
Total fixed-rate debt	3,822,271		5.43	%	3,733,355		5.54	%
Variable-rate debt:
Non-recourse term loans on operating properties	124,250		3.33	%	168,750		3.03	%
Recourse term loans on operating properties	71,513		2.07	%	124,439		2.29	%
Construction loans	31,246		3.28	%	25,921		3.25	%
Secured lines of credit	256,901		2.70	%	27,300		3.03	%
Unsecured term loans	395,209		1.63	%	409,590		1.67	%
Total variable-rate debt	879,119		2.25	%	756,000		2.18	%
Total	$	4,701,390	4.84	%	$	4,489,355	4.99	%


(1)	Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs.


(2)	The Company has four interest rate swaps on notional amounts totaling $114,884 as of September 30, 2012 and $117,700 as of December 31, 2011 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at September 30, 2012 and December 31, 2011.

Schedule of Line of Credit Facilities [Table Text Block]

The following summarizes certain information about the secured lines of credit as of September 30, 2012:



Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date
$	525,000	$	77,500	₍₁₎	February 2014	February 2015
520,000		150,196			April 2014	N/A
105,000		29,205			June 2015	June 2016
$	1,150,000	$	256,901

(1) There was an additional $351 outstanding on this secured line of credit as of September 30, 2012 for

letters of credit. Up to $50,000 of the capacity on this line can be used for letters of credit.

Schedule of principal repayments

As of September 30, 2012, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:



2012	$	187,072
2013	625,011
2014	446,768
2015	516,711
2016	778,870
Thereafter	2,138,298
	4,692,730
Net unamortized premiums (discounts)	8,660
	$	4,701,390

Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk

As of September 30, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Schedule of pay fixed/receive variable swap



Instrument Type	Location in Consolidated Balance Sheet	Outstanding Notional Amount	Designated Benchmark Interest Rate	Strike Rate	Fair Value at 9/30/2012			Fair Value at 12/31/11			Maturity Date
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$55,541 (amortizing to $48,337)	1-month LIBOR	2.149%	$	(3,018	)	$	(2,674	)	Apr 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$34,770 (amortizing to $30,276)	1-month LIBOR	2.187%	(1,930		)	(1,725		)	Apr 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$13,001 (amortizing to $11,313)	1-month LIBOR	2.142%	(704		)	(622		)	Apr 2016
Pay fixed/ Receive variable Swap	Accounts payable and accrued liabilities	$11,572 (amortizing to $10,083)	1-month LIBOR	2.236%	(660		)	(596		)	Apr 2016
Cap	Intangible lease assets and other assets	$124,250 (amortizing to $122,375)	3-month LIBOR	5.000%	—			—			Jan 2014

Schedule of gain (loss) recognized in other comprehensive income (loss)



	Loss Recognized in OCI/L (Effective Portion)						Location of Losses Reclassified from AOCI/L into Earnings(Effective Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Three Months Ended September 30,							Three Months Ended September 30,							Three Months Ended September 30,
Hedging Instrument	2012			2011				2012			2011				2012		2011
Interest rate contracts	$	(234	)	$	(3,393	)	Interest Expense	$	(567	)	$	(668	)	Interest Expense	$	—	$	—



	Loss Recognized in OCI/L (Effective Portion)						Location of Losses Reclassified from AOCI/L into Earnings(Effective Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Nine Months Ended September 30,							Nine Months Ended September 30,							Nine Months Ended September 30,
Hedging Instrument	2012			2011				2012			2011				2012		2011
Interest rate contracts	$	(714	)	$	(5,466	)	Interest Expense	$	(1,696	)	$	(1,326	)	Interest Expense	$	—	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Regulation S-X (SX)

-Number 210

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+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details

Interest Rate
Derivative

Number of
Instruments

Notional
Amount
Outstanding

Interest Rate Cap

Interest Rate Swaps