| 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,
2018 |
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December 31,
2017 |
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December 31, 2018 |
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Stated Interest Rates |
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Scheduled Maturity |
Mortgage and Other Secured Debt: |
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Fixed rate mortgage debt (2) |
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$ |
147,141 |
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$ |
150,723 |
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3.82% - 7.87% (3) |
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2019-2026 |
Variable rate secured loans (4) |
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23,282 |
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13,115 |
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LIBOR + 1.85% to 2.35% (5) |
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2020-2022 |
Total mortgage and other secured debt |
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170,423 |
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163,838 |
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Revolving Credit Facility (6) |
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213,000 |
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126,000 |
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LIBOR + 0.775% to 1.45% (7) |
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March 2023 (6) |
Term Loan Facilities (8) |
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248,273 |
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347,959 |
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LIBOR + 0.85% to 1.65% (9) |
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2022 |
Unsecured Senior Notes (10) |
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3.600%, $350,000 aggregate principal |
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347,986 |
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347,551 |
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3.60% (11) |
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May 2023 |
5.250%, $250,000 aggregate principal |
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247,136 |
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246,645 |
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5.25% (12) |
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February 2024 |
3.700%, $300,000 aggregate principal |
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298,815 |
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298,322 |
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3.70% (13) |
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June 2021 |
5.000%, $300,000 aggregate principal |
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297,109 |
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296,731 |
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5.00% (14) |
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July 2025 |
Unsecured note payable |
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1,167 |
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1,287 |
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0% (15) |
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May 2026 |
Total debt, net |
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$ |
1,823,909 |
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$ |
1,828,333 |
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(1) |
The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $7.2 million as of December 31, 2018 and $5.0 million as of December 31, 2017.
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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 $281,000 as of December 31, 2018 and $349,000 as of December 31, 2017.
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(3) |
The weighted average interest rate on our fixed rate mortgage debt was 4.17% as of December 31, 2018.
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(4) |
Includes a construction loan with $98.4 million in remaining borrowing capacity as of December 31, 2018.
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(5) |
The weighted average interest rate on our variable rate secured debt was 4.47% as of December 31, 2018.
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(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. |
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(7) |
The weighted average interest rate on the Revolving Credit Facility was 3.49% as of December 31, 2018.
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(8) |
As discussed below, we have the ability to borrow an additional $150.0 million in the aggregate under the remaining term loan facility, provided that there is no default under the facilities and subject to the approval of the lenders.
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(9) |
The interest rate on the remaining term loan facility was 3.60% as of December 31, 2018.
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(10) |
Refer to the paragraphs below for further disclosure. |
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(11) |
The carrying value of these notes reflects an unamortized discount totaling $1.4 million as of December 31, 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%.
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(12) |
The carrying value of these notes reflects an unamortized discount totaling $2.6 million as of December 31, 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%.
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(13) |
The carrying value of these notes reflects an unamortized discount totaling $943,000 as of December 31, 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%.
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(14) |
The carrying value of these notes reflects an unamortized discount totaling $2.4 million as of December 31, 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%
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(15) |
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 $294,000 as of December 31, 2018 and $373,000 as of December 31, 2017.
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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, 2018 |
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December 31, 2017 |
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Carrying
Amount
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Estimated
Fair Value
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Carrying
Amount
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Estimated
Fair Value
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Fixed-rate debt |
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Unsecured Senior Notes |
$ |
1,191,046 |
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$ |
1,219,603 |
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$ |
1,189,249 |
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$ |
1,229,398 |
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Other fixed-rate debt |
148,308 |
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147,106 |
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152,010 |
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152,485 |
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Variable-rate debt |
484,555 |
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486,497 |
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487,074 |
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485,694 |
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$ |
1,823,909 |
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$ |
1,853,206 |
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$ |
1,828,333 |
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$ |
1,867,577 |
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