Debt (Tables)

3 Months Ended

Mar. 31, 2018

The Company’s outstanding and available borrowings as of March 31, 2018 and December 31, 2017 are as follows:



				March 31, 2018					December 31, 2017
	Stated maturity date	Contractual Interest Rate	Effective Interest Rate as of March 31, 2018	Carrying Amount			Fair Value		Carrying Amount			Fair Value
2010 Mortgage Loans cross-collateralized and cross-defaulted by 46 warehouses:				(In thousands)
Component A-1	1/2021	3.86%	4.40%	$	52,641		$	53,299	$	56,941		$	58,151
Component A-2-FX	1/2021	4.96%	5.38%	150,334			157,475		150,334			159,918
Component A-2-FL ⁽¹⁾	1/2021	L+1.51%	3.80%	48,654			48,958		48,654			49,019
Component B	1/2021	6.04%	6.48%	60,000			63,900		60,000			64,875
Component C	1/2021	6.82%	7.28%	62,400			67,704		62,400			68,718
Component D	1/2021	7.45%	7.92%	82,600			90,344		82,600			91,686
2013 Mortgage Loans cross-collateralized and cross-defaulted by 15 warehouses:
Senior note	5/2023	3.81%	4.14%	192,654			190,245		194,223			195,194
Mezzanine A	5/2023	7.38%	7.55%	70,000			67,900		70,000			68,950
Mezzanine B	5/2023	11.50%	11.75%	32,000			31,360		32,000			31,840
ANZ Term Loans secured by mortgages in properties owned by relevant subsidiaries:
Australia Term Loan ⁽¹⁾	6/2020	BBSY+1.40%	4.59%	156,046			157,607		158,645			160,628
New Zealand Term Loan ⁽¹⁾	6/2020	BKBM+1.40%	5.15%	31,834			32,152		31,240			31,631
2018 Senior Secured Term A Facility secured by stock pledge in qualified subsidiaries ⁽¹⁾	1/2023	L+2.50%	4.90%	475,000			475,000		—			—
2015 Senior Secured Term Loan B Facility ⁽¹⁾	12/2022	L+3.75%	5.79%	—			—		806,918			806,918
Total principal amount of mortgage notes and term loans				$	1,414,163		$	1,435,944	$	1,753,955		$	1,787,528
Less deferred financing costs				(15,611		)	n/a		(25,712		)	n/a
Less debt discount				(325		)	n/a		(6,285		)	n/a
Total mortgage notes and term loans, net of deferred financing costs and debt discount				$	1,398,227		$	1,435,944	$	1,721,958		$	1,787,528

2018 Senior Secured Revolving Credit Facility secured by stock pledge in qualified subsidiaries ⁽¹⁾	1/2021	L+2.50%	n/a	$	—		$	—	$	—		$	—

Construction Loan:
Warehouse Clearfield, UT secured by mortgage ⁽¹⁾	2/2019	L+3.25%	5.18%	$	—		$	—	$	19,671		$	19,671
Less deferred financing costs				—			n/a		(179		)	n/a
				$	—		$	—	$	19,492		$	19,671


(1)	L = one-month LIBOR; BBSY= Bank Bill Swap Bid Rate (applicable in Australia); BKBM = Bank Bill Reference Rate (applicable in New Zealand).

Schedule of aggregate maturities of total indebtedness

The aggregate maturities of the Company’s total indebtedness as of March 31, 2018, including amortization of principal amounts due under the Term Loan A and mortgage notes for each of the next five years and thereafter, are as follows:



As of March 31, 2018:	(In thousands)
Year 1	$	24,069
Year 2	25,199
Year 3	614,956
Year 4	7,102
Year 5	482,381
Thereafter	260,456
Aggregate principal amount of debt	1,414,163
Less unamortized discount and deferred financing costs	(15,936		)
Total debt net of discount and deferred financing costs	$	1,398,227