Borrowings

The following table presents the Company’s borrowings as of June 30, 2019 and December 31, 2018 (dollars in thousands):



				June 30, 2019 (Unaudited)				December 31, 2018
	Recourse vs. Non-Recourse	Final Maturity	Contractual Interest Rate⁽¹⁾	Principal Amount⁽²⁾		Carrying Value⁽²⁾		Principal Amount⁽²⁾		Carrying Value⁽²⁾
Mortgage notes payable, net
Peregrine Portfolio⁽³⁾
Various locations	Non-recourse	Dec-19	LIBOR + 3.50%	$	—	$	—	$	16,545	$	16,277
Watermark Aqua Portfolio
Denver, CO	Non-recourse	Feb-21	LIBOR + 2.92%	20,712		20,642		20,866		20,774
Frisco, TX	Non-recourse	Mar-21	LIBOR + 3.04%	19,320		19,257		19,460		19,377
Milford, OH	Non-recourse	Sep-26	LIBOR + 2.68%	18,760		18,322		18,760		18,288
Rochester Portfolio
Rochester, NY	Non-recourse	Feb-25	4.25%	20,542		20,432		20,849		20,734
Rochester, NY⁽⁴⁾	Non-recourse	Aug-27	LIBOR + 2.34%	101,224		100,213		101,224		100,162
Arbors Portfolio⁽⁵⁾
Various locations	Non-recourse	Feb-25	3.99%	89,891		88,769		90,751		89,508
Watermark Fountains Portfolio⁽⁶⁾
Various locations	Non-recourse	Jun-22	3.92%	395,788		393,630		399,023		396,421
Various locations	Non-recourse	Jun-22	5.56%	74,688		74,125		75,401		74,776
Winterfell Portfolio⁽⁷⁾
Various locations	Non-recourse	Jun-25	4.17%	637,510		618,384		642,954		622,329
Avamere Portfolio⁽⁸⁾
Various locations	Non-recourse	Feb-27	4.66%	71,999		71,419		72,466		71,848
Subtotal mortgage notes payable, net				$	1,450,434	$	1,425,193	$	1,478,299	$	1,450,494
Other notes payable
Oak Cottage
Santa Barbara, CA	Non-recourse	Feb-22	6.00%	3,693		3,693		3,500		3,500
Rochester Portfolio
Rochester, NY	Non-recourse	Aug-19	6.00%	12,355		12,355		12,355		12,355
Subtotal other notes payable, net				$	16,048	$	16,048	$	15,855	$	15,855
Total mortgage and other notes payable, net				$	1,466,482	$	1,441,241	$	1,494,154	$	1,466,349

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(1)	Floating rate borrowings are comprised of $160.0 million principal amount at one-month London Interbank Offered Rate (“LIBOR”).


(2)	The difference between principal amount and carrying value of mortgage notes payable is attributable to deferred financing costs, net for all borrowings other than the Winterfell portfolio which is attributable to below market debt intangibles.


(3)	Mortgage note arrangement was secured and collateralized by three healthcare real estate properties and was repaid in May 2019.


(4)	Comprised of seven individual mortgage notes payable secured by seven healthcare real estate properties, cross-collateralized and subject to cross-default.


(5)	Comprised of four individual mortgage notes payable secured by four healthcare real estate properties, cross-collateralized and subject to cross-default.


(6)	Includes $395.8 million principal amount of fixed rate borrowings, secured by 14 healthcare real estate properties, cross-collateralized and subject to cross-default as well as a supplemental financing totaling $74.7 million of principal, secured by seven healthcare real estate properties, cross-collateralized and subject to cross-default.


(7)	Comprised of 32 individual mortgage notes payable secured by 32 healthcare real estate properties, cross-collateralized and subject to cross-default.


(8)	Comprised of five individual mortgage notes payable secured by five healthcare real estate properties, cross-collateralized and subject to cross-default.

The following table presents scheduled principal payments on borrowings based on final maturity as of June 30, 2019 (dollars in thousands):



July 1 to December 31, 2019	$	24,024
Years Ending December 31:
2020	24,291
2021	64,007
2022	465,282
2023	18,820
Thereafter	870,058
Total	$	1,466,482

Colony Capital Line of Credit

In October 2017, the Company obtained a revolving line of credit from an affiliate of Colony Capital, the Sponsor, for up to $15.0 million at an interest rate of 3.5% plus LIBOR (the “Sponsor Line”). The Sponsor Line had an initial one year term, with an extension option of six months. In November 2017, the borrowing capacity under the Sponsor Line was increased to $35.0 million. During 2017, the Company had drawn and fully repaid $25.0 million under the Sponsor Line. In March 2018, the Sponsor Line maturity was extended through December 2020 and in May 2019, the maturity date was further extended through December 2021. The Company did not utilize the Sponsor Line during the six months ended June 30, 2019.

Corporate Credit Facility

In December 2017, the Company executed a corporate credit facility with Key Bank (the “Corporate Facility”), for up to $25.0 million. The Corporate Facility had a three year term at interest rates ranging between 2.5% and 3.5% plus LIBOR and was not utilized. In April 2019, the Company terminated the Corporate Facility.