Non-Recourse Secured Debt, Net

6 Months Ended

Jun. 30, 2020

Non-recourse secured debt, net is collateralized by the assignment of real estate properties. As of June 30, 2020, the weighted-average interest rates for our fixed-rate and variable-rate non-recourse secured debt were 3.9% and 3.4%, respectively, with maturity dates ranging from 2020 to 2039.

Financing Activity During 2020

On March 13, 2020, we obtained a construction loan of $22.5 million (amount based on the exchange rate of the euro at the date of the loan) for a student housing development project in Barcelona, Spain. The loan is comprised of four tranches with interest only payments due on outstanding draws through its scheduled maturity date of December 2023. As part of obtaining the loan, initial drawdowns of $16.8 million were made with a weighted average variable interest rate of 2.1%.

Scheduled Debt Principal Payments

Scheduled debt principal payments during the remainder of 2020, each of the next four calendar years following December 31, 2020, and thereafter are as follows (in thousands):



Years Ending December 31,	Total
2020 (remainder)	$	86,112
2021	126,675
2022	188,571
2023	214,327
2024	198,798
Thereafter through 2039	397,013
Total principal payments	1,211,496
Unamortized deferred financing costs	(6,032		)
Unamortized premium, net	2,011
Total	$	1,207,475

Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2020.

The carrying value of our Non-recourse secured debt, net decreased by $20.1 million in the aggregate from December 31, 2019 to June 30, 2020, reflecting the impact of exchange rate fluctuations during the same period (Note 2).

Covenants

Our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. We were in compliance with all of these non-recourse mortgage loan covenants at June 30, 2020.

At June 30, 2020, we were in breach of certain covenants related to our Equity investment recourse debt (Note 4).