| Schedule of debt |
Our debt consisted of the following (dollars in thousands):
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Carrying Value (1) as of |
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December 31,
2017 |
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December 31,
2016 |
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Stated Interest Rates as of |
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Scheduled Maturity as of |
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December 31, 2017 |
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December 31, 2017 |
Mortgage and Other Secured Debt: |
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Fixed rate mortgage debt (2) |
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$ |
150,723 |
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$ |
154,143 |
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3.82% - 7.87% (3) |
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2019-2026 |
Variable rate secured loans |
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13,115 |
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13,448 |
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LIBOR + 1.85% (4) |
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October 2020 |
Total mortgage and other secured debt |
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163,838 |
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167,591 |
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Revolving Credit Facility (5) |
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126,000 |
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— |
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LIBOR + 0.875% to 1.60% |
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May 2019 |
Term Loan Facilities (6) |
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347,959 |
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547,494 |
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LIBOR + 0.90% to 1.85% (7) |
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2020-2022 |
Unsecured Senior Notes (5) |
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3.600%, $350,000 aggregate principal |
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347,551 |
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347,128 |
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3.60% (8) |
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May 2023 |
5.250%, $250,000 aggregate principal |
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246,645 |
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246,176 |
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5.25% (9) |
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February 2024 |
3.700%, $300,000 aggregate principal |
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298,322 |
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297,843 |
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3.70% (10) |
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June 2021 |
5.000%, $300,000 aggregate principal |
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296,731 |
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296,368 |
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5.00% (11) |
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July 2025 |
Unsecured note payable |
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1,287 |
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1,401 |
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0% (12) |
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May 2026 |
Total debt, net |
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$ |
1,828,333 |
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$ |
1,904,001 |
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(1) |
The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.0 million as of December 31, 2017 and $6.1 million as of December 31, 2016.
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(2) |
Certain of the fixed rate mortgages carry interest rates that, upon assumption, were above or below market rates and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $349,000 as of December 31, 2017 and $422,000 as of December 31, 2016.
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(3) |
The weighted average interest rate on our fixed rate mortgage debt was 4.19% as of December 31, 2017.
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(4) |
The interest rate on our variable rate secured debt was 3.21% as of December 31, 2017.
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(5) |
Refer to the paragraphs below for further disclosure. |
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(6) |
As discussed below, we have the ability to borrow an additional $350.0 million in the aggregate under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders.
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(7) |
The weighted average interest rate on these loans was 2.73% as of December 31, 2017.
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(8) |
The carrying value of these notes reflects an unamortized discount totaling $1.7 million as of December 31, 2017 and $2.0 million as of December 31, 2016. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.
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(9) |
The carrying value of these notes reflects an unamortized discount totaling $3.0 million as of December 31, 2017 and $3.4 million as of December 31, 2016. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.
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(10) The carrying value of these notes reflects an unamortized discount totaling $1.3 million as of December 31, 2017 and $1.7 million as of December 31, 2016. The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%.
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(11) |
Refer to the paragraphs below for further disclosure. |
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(12) |
This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $373,000 as of December 31, 2017 and $460,000 as of December 31, 2016.
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| Schedule of debt maturities |
Our debt matures on the following schedule (in thousands):
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2018 |
$ |
4,241 |
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2019 |
130,387 |
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2020 |
116,156 |
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2021 |
303,875 |
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2022 |
254,033 |
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Thereafter |
1,033,475 |
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Total |
$ |
1,842,167 |
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(1) |
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(1) |
Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $13.8 million.
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| Schedule of the fair value of debt |
The following table sets forth information pertaining to the fair value of our debt (in thousands):
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December 31, 2017 |
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December 31, 2016 |
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Carrying |
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Estimated |
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Carrying |
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Estimated |
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Amount |
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Fair Value |
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Amount |
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Fair Value |
Fixed-rate debt |
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Unsecured Senior Notes |
$ |
1,189,249 |
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$ |
1,229,398 |
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$ |
1,187,515 |
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$ |
1,220,282 |
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Other fixed-rate debt |
152,010 |
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152,485 |
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155,544 |
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156,887 |
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Variable-rate debt |
487,074 |
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485,694 |
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560,942 |
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558,437 |
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$ |
1,828,333 |
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$ |
1,867,577 |
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$ |
1,904,001 |
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$ |
1,935,606 |
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