Debt (Tables)

9 Months Ended

Sep. 30, 2018

The Company’s outstanding and available borrowings as of September 30, 2018 and December 31, 2017 are as follows:



				September 30, 2018					December 31, 2017
	Stated maturity date	Contractual Interest Rate	Effective Interest Rate as of September 30, 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%	$	43,879		$	44,208	$	56,941		$	58,151
Component A-2-FX	1/2021	4.96%	5.38%	150,334			155,220		150,334			159,918
Component A-2-FL ⁽¹⁾	1/2021	L+1.51%	4.09%	48,654			49,140		48,654			49,019
Component B	1/2021	6.04%	6.48%	60,000			62,850		60,000			64,875
Component C	1/2021	6.82%	7.28%	62,400			66,300		62,400			68,718
Component D	1/2021	7.45%	7.92%	82,600			88,382		82,600			91,686
2013 Mortgage Loans cross-collateralized and cross-defaulted by 15 warehouses:
Senior note	5/2023	3.81%	4.14%	189,551			183,864		194,223			195,194
Mezzanine A	5/2023	7.38%	7.55%	70,000			66,850		70,000			68,950
Mezzanine B	5/2023	11.50%	11.75%	32,000			30,720		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%	4.70%	146,953			148,421		158,645			160,628
New Zealand Term Loan ⁽¹⁾	6/2020	BKBM+1.40%	5.26%	29,198			29,490		31,240			31,631
2018 Senior Secured Term A Facility secured by stock pledge in qualified subsidiaries ⁽¹⁾	1/2023	L+2.35%	5.16%	475,000			472,625		—			—
2015 Senior Secured Term Loan B Facility ⁽¹⁾	12/2022	L+3.75%	n/a	—			—		806,918			806,918
Total principal amount of mortgage notes and term loans				$	1,390,569		$	1,398,070	$	1,753,955		$	1,787,528
Less unamortized deferred financing costs				(13,278		)	n/a		(25,712		)	n/a
Less unamortized debt discount				(293		)	n/a		(6,285		)	n/a
Total mortgage notes and term loans, net of unamortized deferred financing costs and debt discount				$	1,376,998		$	1,398,070	$	1,721,958		$	1,787,528

2018 Senior Secured Revolving Credit Facility secured by stock pledge in qualified subsidiaries ⁽¹⁾	1/2021	L+2.35%	n/a	$	—		$	—	$	—		$	—

Construction Loan:
Warehouse Clearfield, UT secured by mortgage ⁽¹⁾	2/2019	L+3.25%	5.18%	$	—		$	—	$	19,671		$	19,671
Less unamortized deferred financing costs				—			—		(179		)	—
				$	—		$	—	$	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 September 30, 2018, including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows:



As of September 30, 2018:	(In thousands)
Year 1	$	24,638
Year 2	201,946
Year 3	417,537
Year 4	7,242
Year 5	739,206
Thereafter	—
Aggregate principal amount of debt	1,390,569
Less unamortized discount and deferred financing costs	(13,571		)
Total debt net of unamortized discount and deferred financing costs	$	1,376,998