Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of outstanding consolidated indebtedness and summary of senior unsecured notes

As of December 31, 2019, the Company has issued the following senior unsecured notes:

Date Issued	Amount		% of Par Value	Coupon	Yield		Original Issue Discount		Term (Years)
April 2013	$	400,000	99.659	3.750%	3.791%		$	1,364	10
June 2014	400,000		99.861	4.125%	4.269%	(1)	556		10
September 2015 (2)	400,000		99.811	3.350%	3.391%		756		5
October 2017	400,000		99.912	3.625%	3.635%		352		10
June 2019	400,000		99.704	3.300%	3.680%	(1)	1,184		7
	$	2,000,000					$	4,212

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

⁽²⁾  In January 2020, the Company issued $400 million of 10-year unsecured notes at a yield of 2.872% that mature in 2030.  Proceeds from the issuance were used to repay $400.0 million of unsecured notes issued in September 2015 that were scheduled to mature in October 2020. Refer to Note 18 for additional information.

A summary of the Company’s outstanding consolidated indebtedness, including unamortized debt premiums and discounts, is as follows:

	December 31,
	2019			2018
Debt secured by owned properties:
Mortgage loans payable:
Unpaid principal balance	$	693,584		$	727,163
Unamortized deferred financing costs	(1,294		)	(1,757		)
Unamortized debt premiums	6,596			11,579
Unamortized debt discounts	(199		)	—
	698,687			736,985
Construction loans payable (1)	—			22,207
Unamortized deferred financing costs	—			(480		)
	698,687			758,712
Debt secured by on-campus participating properties:
Mortgage loans payable (2)	65,942			67,867
Bonds payable (2)	23,215			27,030
Unamortized deferred financing costs	(418		)	(525		)
	88,739			94,372
Total secured mortgage, construction and bond debt	787,426			853,084
Unsecured notes, net of unamortized OID and deferred financing costs (3)	1,985,603			1,588,446
Unsecured term loans, net of unamortized deferred financing costs (4)	199,121			198,769
Unsecured revolving credit facility	425,700			387,300
Total debt, net	$	3,397,850		$	3,027,599

  

⁽¹⁾  Construction loans payable relate to the construction loans partially financing the development of presale development projects. The properties are owned by an entity determined to be a VIE for which the Company is the primary beneficiary. The creditor of the construction loans does not have recourse to the assets of the Company.

⁽²⁾ The creditors of mortgage loans payable and bonds payable related to on-campus participating properties do not have recourse to the assets of the Company.

⁽³⁾  Includes net unamortized original issue discount (“OID”) of $2.3 million at December 31, 2019 and $1.6 million at December 31, 2018, and net unamortized deferred financing costs of $12.1 million at December 31, 2019 and $10.0 million at December 31, 2018.

⁽⁴⁾  Includes net unamortized deferred financing costs of $0.9 million at December 31, 2019 and $1.2 million at December 31, 2018.

Schedule of mortgage and construction loans payable

Mortgage loans payable, excluding debt premiums and discounts, consisted of the following as of December 31, 2019: 

					December 31, 2019
	Principal Outstanding				Weighted		Weighted	Number of
	December 31,				Average		Average Years	Properties
	2019		2018		Interest Rate		to Maturity	Encumbered
Fixed Rate:
Mortgage loans payable (1)	$	756,397	$	683,615	4.45	%	6.2 Years	20
Variable Rate:
Mortgage and construction loans payable (2)	3,129		133,622		4.24	%	25.6 Years	—
Total	$	759,526	$	817,237	4.44	%	6.3 Years	20

 

⁽¹⁾ 

Fixed rate mortgage loans payable mature at various dates from 2020 through 2045 and carry interest rates ranging from 3.76% to 6.43% at December 31, 2019.

Schedule of debt transactions

During the year ended December 31, 2019, the following transactions occurred: 

	Mortgage Loans Payable (1)			Construction Loans Payable
Balance, December 31, 2018	$	795,030		$	22,207
Additions:
Draws under advancing construction notes payable	—			31,611
Deductions:
Forgiveness of debt (2)	(27,381		)	—
Pay-off of construction debt (3)	—			(53,818		)
Scheduled repayments of principal	(8,123		)	—
Balance, December 31, 2019	$	759,526		$	—

 

⁽¹⁾  Balance excludes unamortized debt premiums and discounts.

⁽²⁾  The Company completed the transfer of Blanton Common to the lender in settlement of the property's mortgage loan in July 2019.

⁽³⁾ 

Debt for two presale development properties paid off on the respective acquisition dates

Schedule of bonds payable

Bonds payable at December 31, 2019 consisted of the following:

Series	Mortgaged Facilities Subject to Leases	Original		Principal		Weighted Average Rate		Maturity Date	Required Monthly Debt Service
				December 31, 2019
1999	University Village-PVAMU/TAMIU	$	39,270	$	12,065	7.76	%	September 2023	$	302
2001	University College–PVAMU	20,995		8,885		7.62	%	August 2025	158
2003	University College–PVAMU	4,325		2,265		6.20	%	August 2028	28
	Total/weighted average rate	$	64,590	$	23,215	7.55	%		$	488

Schedule of debt maturities

The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt premiums and discounts, for each of the five years subsequent to December 31, 2019 and thereafter: 

2020	$	446,164
2021	196,996
2022	658,853
2023	408,599
2024	529,139
Thereafter	1,168,690
	$	3,408,441