CREDIT FACILITIES AND NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2020

The following table summarizes the debt balances as of March 31, 2020 and December 31, 2019, and the debt activity for the three months ended March 31, 2020 (in thousands):



				During the Three Months Ended March 31, 2020
	Balance as of December 31, 2019			Debt Issuances & Assumptions ⁽¹⁾		Repayments & Modifications ⁽²⁾					Accretion and (Amortization)			Balance as of March 31, 2020
Fixed rate debt	$	726,261		$	—	$	(97,129	)			$	—		$	629,132
Credit facilities	885,000			100,000		—					—			985,000
Total debt	1,611,261			100,000		(97,129		)			—			1,614,132
Net premiums ⁽³⁾	241			—		—					(23		)	218
Deferred costs – credit facility ⁽⁴⁾	(3,933		)	—		—					445			(3,488		)
Deferred costs – fixed rate debt	(2,709		)	—		177			⁽⁵	⁾	298			(2,234		)
Total debt, net	$	1,604,860		$	100,000	$	(96,952	)			$	720		$	1,608,628

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(1)	Includes deferred financing costs incurred during the period.


(2)	In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $4.4 million during the three months ended March 31, 2020.

(3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method.


(4)	Deferred costs related to the term portion of the Credit Facility (as defined below).


(5)	Represents deferred financing costs written off during the period resulting from debt repayments prior to the respective maturity dates.

Schedule of maturities of long-term debt

The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to March 31, 2020 (in thousands):



	Principal Repayments
Remainder of 2020	$	115,548
2021	97,701
2022	913,963
2023	319,155
2024	167,765
Thereafter	—
Total	$	1,614,132