CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes the debt balances as of September 30, 2020 and December 31, 2019, and the debt activity for the nine months ended September 30, 2020 (in thousands):

			During the Nine Months Ended September 30, 2020
	Balance as of December 31, 2019		Debt Issuances & Assumptions (1)		Repayments & Modifications (2)			Accretion and (Amortization)		Balance as of September 30, 2020
Fixed rate debt	$	726,261	$	—	$	(219,143)		$	—	$	507,118
Credit facilities	885,000		286,500		—			—		1,171,500
Repurchase facilities	—		174,694		—			—		174,694
Total debt	1,611,261		461,194		(219,143)			—		1,853,312
Net premiums (3)	241		—		—			(70)		171
Deferred costs – credit facility (4)	(3,933)		—		—			1,336		(2,597)
Deferred costs – fixed rate debt	(2,709)		—		186		(5)	736		(1,787)
Total debt, net	$	1,604,860	$	461,194	$	(218,957)		$	2,002	$	1,849,099

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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 $4.8 million during the nine months ended September 30, 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 September 30, 2020 (in thousands):

	Principal Repayments
Remainder of 2020	$	134
2021	201,301
2022	913,963
2023	493,649
2024	244,265
Thereafter	—
Total	$	1,853,312