Unsecured Term Loan (Narrative) (Details) |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
item
|
Dec. 31, 2015
USD ($)
|
||||
Debt Instrument [Line Items] | |||||
Unsecured term loan, net | $ 347,830,000 | ||||
Loan balance | 2,455,309,000 | $ 2,145,393,000 | |||
Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan balance | 960,136,000 | 1,275,000,000 | |||
Unamortized deferred financing costs | $ 3,848,000 | 5,062,000 | |||
Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan maturity date | Jan. 01, 2019 | ||||
Unamortized deferred financing costs | $ 2,170,000 | 0 | |||
Number of extension options | item | 2 | ||||
Loan extension period | 1 year | ||||
Spread over LIBOR | 1.40% | ||||
Interest rate | 3.13% | ||||
Terms of the unsecured facility | The terms of the unsecured term loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ||||
Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured term loan as of September 30, 2016. | ||||
Leverage ratio | 60.00% | ||||
Secured indebtedness | 40.00% | ||||
Fixed charge coverage ratio | item | 1.5 | ||||
Investment limitations as a percentage of total capitalization | 15.00% | ||||
Unsecured Term Loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Unencumbered property interest coverage | item | 2.0 | ||||
Unsecured Term Loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured indebtedness | 60.00% | ||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan maturity date | Jan. 15, 2016 | ||||
Interest rate | 5.80% | ||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan balance | $ 200,000,000 | $ 200,000,000 | [1] | ||
Loan maturity date | Jan. 15, 2016 | ||||
Interest rate | 5.80% | ||||
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Fixed Charge Coverage No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Investment Limitations As Percentage Of Total Capitalization No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Leverage Ratio No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Secured Indebtedness No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Unencumbered Property Interest Coverage No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Compliance, Unsecured Indebtedness No definition available.
|
X | ||||||||||
- Definition Debt Instrument Extension Period No definition available.
|
X | ||||||||||
- Definition Debt Instrument, Number Of Extension Options No definition available.
|
X | ||||||||||
- Definition Unamortized Deferred Financing Costs No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Description of the conditions for borrowing under the credit facility including the nature of any restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Description of restrictions on the entity's ability to pay dividends as required by the terms of the credit facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of uncollateralized debt obligation (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|