Debt (Tables)

6 Months Ended

Jun. 30, 2017

A summary of the Company’s outstanding consolidated indebtedness is as follows:



	June 30, 2017			December 31, 2016
Debt secured by wholly-owned properties:
Mortgage loans payable:
Unpaid principal balance	$	555,732		$	559,642
Unamortized deferred financing costs	(2,587		)	(3,040		)
Unamortized debt premiums	22,811			26,830
	575,956			583,432
Construction loans payable ⁽¹⁾	1,037			—
Unamortized deferred financing costs	(326		)	—
	576,667			583,432
Debt secured by on-campus participating properties:
Mortgage loans payable	70,725			71,662
Bonds payable	33,870			33,870
Unamortized deferred financing costs	(706		)	(769		)
	103,889			104,763
Total secured mortgage, construction and bond debt	680,556			688,195
Unsecured notes, net of unamortized OID and deferred financing costs ⁽²⁾	1,189,775			1,188,737
Unsecured term loans, net of unamortized deferred financing costs ⁽³⁾	347,417			149,065
Unsecured revolving credit facility	142,286			99,300
Total debt, net	$	2,360,034		$	2,125,297


⁽¹⁾	Construction loans payable relates to a construction loan partially financing the development and construction of The Edge - Stadium Centre, a VIE the Company is including in its consolidated financial statements. The creditor of this construction loan does not have recourse to the assets of the Company.


⁽²⁾	Includes net unamortized original issue discount (“OID”) of $1.8 million at June 30, 2017 and $1.9 million at December 31, 2016, and net unamortized deferred financing costs of $8.5 million at June 30, 2017 and $9.3 million at December 31, 2016.


⁽³⁾	Includes net unamortized deferred financing costs of $2.6 million at June 30, 2017 and $0.9 million at December 31, 2016.

The Company has issued the following senior unsecured notes:


⁽¹⁾	The yield includes the effect of the amortization of interest rate swap terminations (see Note 11).