DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

The Company’s secured debt consists of the following (dollars in thousands):

Interest Rate Type	Principal Balance as of September 30, 2019 (1)		Principal Balance as of December 31, 2018 (1)		Weighted Average Interest Rate at September 30, 2019 (2)		Maturity Date
Fixed Rate	$	115,370	$	117,464	3.67	%	December 2021 -  August 2051

⁽¹⁾   Principal balance does not include deferred financing costs, net of $1.7 million and $1.8 million as of September 30, 2019 and December 31, 2018, respectively.

⁽²⁾  

Weighted average interest rate includes private mortgage insurance.

The Company’s senior unsecured notes consist of the following (dollars in thousands):

		Principal Balance as of
Title	Maturity Date	September 30, 2019 (1)		December 31, 2018 (1)
5.5% senior unsecured notes due 2021 (“2021 Notes”)	February 1, 2021	$	—	$	500,000
5.375% senior unsecured notes due 2023 (“2023 Notes”)	June 1, 2023	200,000		200,000
4.80% senior unsecured notes due 2024 (“2024 Notes”)	June 1, 2024	300,000		—
5.125% senior unsecured notes due 2026 (“2026 Notes”)	August 15, 2026	500,000		500,000
5.38% senior unsecured notes due 2027 (“2027 Notes”)	May 17, 2027	100,000		100,000
		$	1,100,000	$	1,300,000

⁽¹⁾ 

Principal balance does not include premium, net of $13.2 million and deferred financing costs, net of $6.7 million as of September 30, 2019 and does not include premium, net of $14.5 million and deferred financing costs, net of $7.1 million as of December 31, 2018.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of September 30, 2019 (in thousands): 

	Secured Indebtedness			Revolving Credit     Facility (1)		Term Loans			Senior Notes			Total
October 1 through December 31, 2019	$	869		$	—	$	—		$	—		$	869
2020	3,545			—		—			—			3,545
2021	18,573			—		—			—			18,573
2022	3,185			—		250,000			—			253,185
2023	3,282			200,000		350,000			200,000			753,282
Thereafter	85,916			—		594,400			900,000			1,580,316
Total Debt	115,370			200,000		1,194,400			1,100,000			2,609,770
Premium, net	—			—		—			13,188			13,188
Deferred financing costs, net	(1,726		)	—		(11,417		)	(6,704		)	(19,847		)
Total Debt, Net	$	113,644		$	200,000	$	1,182,983		$	1,106,484		$	2,603,111

⁽¹⁾ 

Revolving Credit Facility is subject to two six-month extension options.