Mortgage and Other Indebtedness (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of mortgage and other indebtedness

Mortgage and other indebtedness consisted of the following:

	March 31, 2015			December 31, 2014
	Amount		Weighted- Average Interest Rate (1)	Amount		Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating properties (2)	$	3,234,029	5.62%	$	3,252,730	5.62%
Senior unsecured notes due 2023 (3)	445,863		5.25%	445,770		5.25%
Senior unsecured notes due 2024 (4)	299,928		4.60%	299,925		4.60%
Other	5,056		3.50%	5,639		3.50%
Total fixed-rate debt	3,984,876		5.50%	4,004,064		5.50%
Variable-rate debt:
Non-recourse term loans on operating properties	17,051		2.30%	17,121		2.29%
Recourse term loans on operating properties	9,279		2.93%	7,638		2.91%
Construction loan	1,440		2.68%	454		2.66%
Unsecured lines of credit	207,065		1.57%	221,183		1.56%
Unsecured term loans	450,000		1.68%	450,000		1.71%
Total variable-rate debt	684,835		1.68%	696,396		1.69%
Total	$	4,669,711	4.94%	$	4,700,460	4.93%

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

(2) The Operating Partnership had four interest rate swaps on notional amounts totaling $104,492 as of March 31, 2015 and $105,584 as of December 31, 2014 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans.  Therefore, these amounts were reflected in fixed-rate debt at March 31, 2015 and December 31, 2014.

(3) The balance is net of an unamortized discount of $4,137 and $4,230 as of March 31, 2015 and December 31, 2014, respectively.

(4) The balance is net of an unamortized discount of $72 and $75 as of March 31, 2015 and December 31, 2014, respectively.

Schedule of line of credit facilities

The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2015:     

	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date (1)
Wells Fargo - Facility A	$	600,000	$	43,398	(2)	November 2015	November 2016
First Tennessee	100,000		9,313		(3)	February 2016	N/A
Wells Fargo - Facility B	600,000		161,377		(4)	November 2016	November 2017
	$	1,300,000	$	214,088

(1) The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility.

(2) There was an additional $800 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

(3) There was an additional $113 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit.

(4) There was an additional $6,110 outstanding on this facility as of March 31, 2015 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

Schedule of covenant compliance

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of March 31, 2015:

Ratio	Required	Actual
Total debt to total assets	< 60%	53.6%
Secured debt to total assets	< 45% (1)	37.0%
Total unencumbered assets to unsecured debt	> 150%	238.1%
Consolidated income available for debt service to annual debt service charge	> 1.5x	3.2x

(1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of March 31, 2015:

Ratio	Required	Actual
Debt to total asset value	< 60%	49.2%
Unencumbered asset value to unsecured indebtedness	> 1.60x	2.6x
Unencumbered NOI to unsecured interest expense	> 1.75x	4.2x
EBITDA to fixed charges (debt service)	> 1.5x	2.2x

Schedule of principal repayments

As of March 31, 2015, the scheduled principal amortization and balloon payments on all of the Company’s consolidated mortgage and other indebtedness, excluding extensions available at the Company’s option, are as follows: 

2015	$	554,964
2016	770,868
2017	491,189
2018	679,829
2019	115,647
Thereafter	2,054,773
	4,667,270
Net unamortized premiums	2,441
	$	4,669,711

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

As of March 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount Outstanding
Interest Rate Swaps	4	$	104,492

Schedule of pay fixed/receive variable swap

Instrument Type	Location in Condensed Consolidated Balance Sheet	Notional Amount Outstanding	Designated Benchmark Interest Rate	Strike Rate	Fair Value at 3/31/15			Fair Value at 12/31/14			Maturity Date
Pay fixed/ Receive  variable Swap	Accounts payable and accrued liabilities	$50,508 (amortizing to $48,337)	1-month LIBOR	2.149%	$	(893	)	$	(1,064	)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$31,630 (amortizing to $30,276)	1-month LIBOR	2.187%	(571		)	(681		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$11,822 (amortizing to $11,313)	1-month LIBOR	2.142%	(208		)	(248		)	April 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$10,532 (amortizing to $10,083)	1-month LIBOR	2.236%	(195		)	(233		)	April 2016
					$	(1,867	)	$	(2,226	)

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

	Gain Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI 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 March 31,					Three Months Ended March 31,							Three Months Ended March 31,
	2015		2014			2015			2014				2015		2014
Interest rate contracts	$	360	$	404	Interest Expense	$	(523	)	$	(548	)	Interest Expense	$	—	$	—