Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of summary of outstanding consolidated indebtedness, including unamortized debt premiums and discounts

The following senior unsecured notes issued by the Company are outstanding as of March 31, 2020:

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
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
January 2020	400,000		99.810	2.850	%	2.872	%		760		10
	$	2,000,000							$	4,216

⁽¹⁾ 

The yield includes the effect of the amortization of interest rate swap terminations (see Note 10).

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

	March 31, 2020			December 31, 2019
Debt secured by owned properties:
Mortgage loans payable:
Unpaid principal balance	$	657,840		$	693,584
Unamortized deferred financing costs	(1,172		)	(1,294		)
Unamortized debt premiums	5,173			6,596
Unamortized debt discounts	(187		)	(199		)
	661,654			698,687
Debt secured by on-campus participating properties:
Mortgage loans payable (1)	65,428			65,942
Bonds payable (1)	23,215			23,215
Unamortized deferred financing costs	(395		)	(418		)
	88,248			88,739
Total secured mortgage, construction and bond debt	749,902			787,426
Unsecured notes, net of unamortized OID and deferred financing costs (2)	1,981,472			1,985,603
Unsecured term loans, net of unamortized deferred financing costs (3)	199,209			199,121
Unsecured revolving credit facility	609,700			425,700
Total debt, net	$	3,540,283		$	3,397,850

⁽¹⁾  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.

⁽²⁾  Includes net unamortized original issue discount (“OID”) of $2.8 million and $2.3 million at March 31, 2020 and December 31, 2019, respectively, and net unamortized deferred financing costs of $15.7 million and $12.1 million at March 31, 2020 and December 31, 2019, respectively.

⁽³⁾ 

Includes net unamortized deferred financing costs of $0.8 million and $0.9 million at March 31, 2020 and December 31, 2019, respectively.