Quarterly report pursuant to Section 13 or 15(d)

Debt, Net (Tables)

v3.10.0.1
Debt, Net (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of debt
Our debt consisted of the following (dollars in thousands):
 
 
Carrying Value (1) as of
 
 
 
 
 
 
September 30,
2018
 
December 31,
2017
 
Stated Interest Rates as of
 
Scheduled Maturity as of
 
 
 
 
September 30, 2018
 
September 30, 2018
Mortgage and Other Secured Debt:
 
 

 
 

 
 
 
 
Fixed rate mortgage debt (2)
 
$
148,054

 
$
150,723

 
3.82% - 7.87% (3)
 
2019-2026
Variable rate secured debt (4)
 
20,890

 
13,115

 
LIBOR + 1.85% to 2.35% (5)
 
2020-2022
Total mortgage and other secured debt
 
168,944

 
163,838

 
 
 
 
Revolving Credit Facility (6)
 
99,000

 
126,000

 
LIBOR + 0.875% to 1.60% (7)
 
May 2019 (6)
Term Loan Facilities (8)
 
348,298

 
347,959

 
LIBOR + 0.90% to 1.85% (9)
 
2020-2022
Unsecured Senior Notes
 
 
 
 
 
 
 
 
3.600%, $350,000 aggregate principal
 
347,876

 
347,551

 
3.60% (10)
 
May 2023
5.250%, $250,000 aggregate principal
 
247,011

 
246,645

 
5.25% (11)
 
February 2024
3.700%, $300,000 aggregate principal
 
298,690

 
298,322

 
3.70% (12)
 
June 2021
5.000%, $300,000 aggregate principal
 
297,013

 
296,731

 
5.00% (13)
 
July 2025
Unsecured note payable
 
1,198

 
1,287

 
0% (14)
 
May 2026
Total debt, net
 
$
1,808,030

 
$
1,828,333

 
 
 
 

(1)
The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $7.6 million as of September 30, 2018 and $5.0 million as of December 31, 2017.
(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 $298,000 as of September 30, 2018 and $349,000 as of December 31, 2017.
(3)
The weighted average interest rate on our fixed rate mortgage debt was 4.18% as of September 30, 2018.
(4)
Includes a construction loan with $100.7 million in remaining borrowing capacity as of September 30, 2018.
(5) 
The weighted average interest rate on our variable rate secured debt was 4.20% as of September 30, 2018.
(6)
As discussed further below, we entered into a credit agreement on October 10, 2018 to replace our existing revolving credit facility with a new facility.
(7)
The weighted average interest rate on the Revolving Credit Facility was 3.37% as of September 30, 2018.
(8)  
As of September 30, 2018, 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.
(9) 
The weighted average interest rate on these loans was 3.47% as of September 30, 2018.
(10)
The carrying value of these notes reflects an unamortized discount totaling $1.5 million as of September 30, 2018 and $1.7 million as of December 31, 2017.  The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%
(11)
The carrying value of these notes reflects an unamortized discount totaling $2.7 million as of September 30, 2018 and $3.0 million as of December 31, 2017.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%
(12)
The carrying value of these notes reflects an unamortized discount totaling $1.0 million as of September 30, 2018 and $1.3 million as of December 31, 2017.  The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%
(13) The carrying value of these notes reflects an unamortized discount totaling $2.5 million as of September 30, 2018 and $2.7 million as of December 31, 2017.  The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%.
(14) 
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 $313,000 as of September 30, 2018 and $373,000 as of December 31, 2017.
Schedule of the fair value of debt
The following table sets forth information pertaining to the fair value of our debt (in thousands): 
 
September 30, 2018
 
December 31, 2017
 
Carrying
 
Fair
 
Carrying
 
Fair
 
Amount
 
Value
 
Amount
 
Value
Fixed-rate debt
 

 
 

 
 

 
 

Unsecured Senior Notes
$
1,190,590

 
$
1,218,314

 
$
1,189,249

 
$
1,229,398

Other fixed-rate debt
149,252

 
145,341

 
152,010

 
152,485

Variable-rate debt
468,188

 
467,556

 
487,074

 
485,694

 
$
1,808,030

 
$
1,831,211

 
$
1,828,333

 
$
1,867,577