Secured Notes Payable and Revolving Credit Facility, Net (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Secured Notes Payable and Revolving Credit Facility



Description	Maturity Date⁽¹⁾	Principal Balance as of March 31, 2020			Principal Balance as of December 31, 2019			Variable Interest Rate	Fixed Interest Rate⁽²⁾	Swap Maturity Date

		(In thousands)

Wholly Owned Subsidiaries
Term loan⁽³⁾	1/1/2024	$	300,000		$	300,000		LIBOR + 1.55%	3.46%	1/1/2022
Term loan⁽³⁾	3/3/2025	335,000			335,000			LIBOR + 1.30%	3.84%	3/1/2023
Fannie Mae loan⁽³⁾	4/1/2025	102,400			102,400			LIBOR + 1.25%	2.76%	3/1/2023
Term loan⁽³⁾⁽⁴⁾	8/15/2026	415,000			415,000			LIBOR + 1.10%	2.58%	8/1/2025
Term loan⁽³⁾	9/19/2026	400,000			400,000			LIBOR + 1.15%	2.44%	9/1/2024
Term loan⁽³⁾⁽⁵⁾	9/26/2026	200,000			200,000			LIBOR + 1.20%	2.77%	10/1/2024
Term loan⁽³⁾⁽⁶⁾	11/1/2026	400,000			400,000			LIBOR + 1.15%	2.18%	10/1/2024
Fannie Mae loan⁽³⁾	6/1/2027	550,000			550,000			LIBOR + 1.37%	3.16%	6/1/2022
Fannie Mae loan⁽³⁾	6/1/2029	255,000			255,000			LIBOR + 0.98%	3.26%	6/1/2027
Fannie Mae loan⁽³⁾⁽⁷⁾	6/1/2029	125,000			125,000			LIBOR + 0.98%	2.55%	6/1/2027
Term loan⁽⁸⁾	6/1/2038	30,679			30,864			N/A	4.55%	N/A
Revolving credit facility⁽⁹⁾	8/21/2023	—			—			LIBOR + 1.15%	N/A	N/A
Total Wholly Owned Subsidiary Debt		3,113,079			3,113,264

Consolidated JVs
Term loan⁽³⁾	2/28/2023	580,000			580,000			LIBOR + 1.40%	2.37%	3/1/2021
Term loan⁽³⁾	7/1/2024	400,000			400,000			LIBOR + 1.65%	3.44%	7/1/2022
Term loan⁽³⁾	12/19/2024	400,000			400,000			LIBOR + 1.30%	3.47%	1/1/2023
Term loan⁽³⁾	6/1/2029	160,000			160,000			LIBOR + 0.98%	3.25%	7/1/2027
Total Consolidated Debt⁽¹⁰⁾		4,653,079			4,653,264
Unamortized loan premium, net		6,526			6,741
Unamortized deferred loan costs, net		(39,390		)	(40,947		)
Total Consolidated Debt, net		$	4,620,215		$	4,619,058

_______________________________________________________________________

Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions.


(1)	Maturity dates include the effect of extension options.


(2)	Effective rate as of March 31, 2020. Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. See below for details of our loan costs.


(3)	The loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor.


(4)	Effective rate will increase to 3.07% on April 1, 2020.


(5)	Effective rate will decrease to 2.36% on July 1, 2020.


(6)	Effective rate will increase to 2.31% on July 1, 2021.


(7)	Effective rate will increase to 3.25% on December 1, 2020.


(8)	Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule.


(9)	$400 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The loan agreement includes a zero-percent LIBOR floor.


(10)	The table does not include our unconsolidated Fund's loan - see Note 15. See Note 12 for our fair value disclosures.

Debt Statistics

The table below summarizes our consolidated fixed and floating rate debt:



(In thousands)	Principal Balance as of March 31, 2020		Principal Balance as of December 31, 2019

Aggregate swapped to fixed rate loans	$	4,622,400	$	4,622,400
Aggregate fixed rate loans	30,679		30,864
Total Debt	$	4,653,079	$	4,653,264

The table below summarizes certain consolidated debt statistics as of March 31, 2020:



Statistics for consolidated loans with interest fixed under the terms of the loan or a swap

Principal balance (in billions)		$4.65
Weighted average remaining life (including extension options)		5.9 years
Weighted average remaining fixed interest period		3.6 years
Weighted average annual interest rate		3.00%

Schedule of Future Minimum Principal Payments Due on Secured Notes Payable and Revolving Credit Facility

At March 31, 2020, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows:



Twelve months ending March 31:	Including Maturity Extension Options⁽¹⁾

	(In thousands)

2021	$	760
2022	796
2023	580,833
2024	300,871
2025	1,135,912
Thereafter	2,633,907
Total future principal payments	$	4,653,079

____________________________________________

(1)

Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.

Schedule of Loan Costs and Amortization of Deferred Loan Costs

The table below presents loan costs, which are included in Interest expense in our consolidated statements of operations:



	Three Months Ended March 31,
(In thousands)	2020		2019

Deferred loan cost amortization	$	1,876	$	1,917