DEBT (Tables)

12 Months Ended

Dec. 31, 2019

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



		Principal Balance as of December 31,
Title	Maturity Date	2019 ⁽¹⁾		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
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
3.90% senior unsecured notes due 2029 (“2029 Notes”)	October 15, 2029	350,000		—
		$	1,250,000	$	1,300,000

⁽¹⁾

Principal balance does not include premium, net of $7.6 million and deferred financing costs, net of $8.8 million as of December 31, 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.

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



Interest Rate Type	Principal Balance as of December 31, 2019 ⁽¹⁾		Principal Balance as of December 31, 2018 ⁽¹⁾		Weighted Average Interest Rate at December 31, 2019 ⁽²⁾		Maturity Date
Fixed Rate	$	114,777	$	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 December 31, 2019 and 2018, respectively.

⁽²⁾

Weighted average interest rate includes private mortgage insurance.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of December 31, 2019 (in thousands):



	Secured Indebtedness			Term Loans			Senior Notes			Total
2020	$	3,568		$	—		$	—		$	3,568
2021	18,853			—			—			18,853
2022	3,198			105,000			—			108,198
2023	3,296			350,000			—			353,296
2024	3,396			596,025			300,000			899,421
Thereafter	82,466			—			950,000			1,032,466
Total Debt	114,777			1,051,025			1,250,000			2,415,802
Premium, net	—			—			7,612			7,612
Deferred financing costs, net	(1,707		)	(10,767		)	(8,839		)	(21,313		)
Total Debt, Net	$	113,070		$	1,040,258		$	1,248,773		$	2,402,101

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details