DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

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

Interest Rate Type	Principal Balance as of March 31, 2020 (1)(2)		Principal Balance as of December 31, 2019 (1)		Weighted Average Interest Rate at March 31, 2020 (3)		Maturity Date
Fixed Rate	$	98,362	$	114,777	3.47	%	December 2021 -  August 2051

⁽¹⁾   Principal balance does not include deferred financing costs, net of $1.3 million and $1.7 million as of March 31, 2020 and December 31, 2019, respectively.

⁽²⁾  Excludes $14.2 million principal balance secured by two skilled nursing/transitional care facilities classified as held for sale as of March 31, 2020. See Note 5, “Impairment of Real Estate, Assets Held for Sale and Dispositions,” for additional information.

⁽³⁾  

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	March 31, 2020 (1)		December 31, 2019 (1)
4.80% senior unsecured notes due 2024 (“2024 Notes”)	June 1, 2024	$	300,000	$	300,000
5.125% senior unsecured notes due 2026 (“2026 Notes”)	August 15, 2026	500,000		500,000
5.88% 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		350,000
		$	1,250,000	$	1,250,000

⁽¹⁾ 

Principal balance does not include premium, net of $7.3 million and deferred financing costs, net of $9.2 million as of March 31, 2020 and does not include premium, net of $7.6 million and deferred financing costs, net of $8.8 million as of December 31, 2019.

Schedule of Maturities for Outstanding Debt

The following is a schedule of maturities for the Company’s outstanding debt as of March 31, 2020 (in thousands): 

	Secured Indebtedness (1)			Revolving Credit     Facility (2)		Term Loans			Senior Notes			Total
April 1 through December 31, 2020	$	2,387		$	—	$	—		$	—		$	2,387
2021	17,205			—		—			—			17,205
2022	2,816			—		105,000			—			107,816
2023	2,898			101,000		350,000			—			453,898
2024	2,983			—		588,212			300,000			891,195
Thereafter	70,073			—		—			950,000			1,020,073
Total Debt	98,362			101,000		1,043,212			1,250,000			2,492,574
Premium, net	—			—		—			7,325			7,325
Deferred financing costs, net	(1,296		)	—		(10,102		)	(9,155		)	(20,553		)
Total Debt, Net	$	97,066		$	101,000	$	1,033,110		$	1,248,170		$	2,479,346

⁽¹⁾  Excludes $14.2 million and $0.4 million of principal balance and deferred financing costs, net, respectively, secured by two skilled nursing/transitional care facilities classified as held for sale as of March 31, 2020. See Note 5, “Impairment of Real Estate, Assets Held for Sale and Dispositions,” for additional information.

⁽²⁾ 

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