Non-Recourse Secured Debt, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

During the year ended December 31, 2021, we obtained the following non-recourse mortgage loans and construction loans in connection with certain student housing properties (dollars in thousands):

Property Location(s)	Date Obtained	Interest Rate	Rate Type	Maturity Date	Drawdowns (a)		Loan Amount (a)
Malaga, Spain (b)	3/31/2021	2.5%	Variable	12/31/2023	$	27,261	$	27,261
Swansea, United Kingdom (c)	4/6/2021	6.4%	Variable	10/5/2023	28,162		56,577
Porto, Portugal (b) (d)	4/30/2021	2.8%	Fixed	4/30/2025	16,432		18,123
Pamplona, Spain (b)	9/30/2021	2.5%	Variable	12/31/2023	19,684		19,684
Bilbao, Spain (b)	11/11/2021	2.5%	Variable	12/31/2023	32,088		32,088
							$	153,733

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(a)Amounts are based on the exchange rate of the euro or British pound sterling, as applicable, on the date of the transactions.

(b)Represents a non-recourse mortgage loan.

(c)Represents a construction loan for a student housing development project, which we currently expect to be completed in the third quarter of 2022. This loan has a one-year extension option

(d)At closing, we drew down the first tranche of the loan of $16.4 million, which bears a fixed interest rate of 2.8%. The second tranche of $1.7 million is undrawn as of December 31, 2021, and would bear a variable interest rate equal to the Euro Interbank Offering Rate plus 2.5% when drawn.

Schedule of debt maturities

Scheduled debt principal payments as of December 31, 2021, during each of the next five calendar years and thereafter are as follows (in thousands):

Years Ending December 31,	Total
2022	$	220,270
2023	394,582
2024	196,730
2025	341,730
2026	90,891
Thereafter through 2039	11,242
Total principal payments	1,255,445
Unamortized deferred financing costs	(6,749)
Unamortized premium, net	4,349
Total	$	1,253,045