Credit Facilities Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2019

The amendment also provides that, in each fiscal quarter until the limit on paying distributions in excess of 95% of our Modified FFO applies, the Company will be subject to a similarly structured limit on paying distributions in excess of a percentage of our Modified FFO as set forth in the table below:



Fiscal Quarter	Percentage
April 1, 2020 to June 30, 2020	115%
July 1, 2020 to September 30, 2020	110%
October 1, 2020 to December 31, 2020	110%
January 1, 2021 to March 31, 2021	105%
April 1, 2021 to June 30, 2021	105%
July 1, 2021 to September 30, 2021	100%
October 1, 2021 to December 31, 2021	100%

The Company had the following credit facilities outstanding as of December 31, 2019 and 2018:



			Outstanding Facility Amount as of December 31,					Effective Interest Rate as of December 31,
Credit Facility	Encumbered Properties⁽¹⁾		2019			2018		2019		2018			Interest Rate		Maturity
			(In thousands)			(In thousands)
Prior Credit Facility	—		$	—		$	243,300	—	%	4.62	%		—		—

Credit Facility:
Revolving Credit Facility			$	100,618		$	—	4.08	%	—	%		Variable		Mar. 2023

Term Loan			150,000			—		4.05	%	—	%		Variable	⁽⁶⁾	Mar. 2024
Deferred financing costs			(4,671		)	—
Term Loan, net			145,329			—
Total Credit Facility	80	⁽²⁾	$	245,947		$	—
Fannie Mae Master Credit Facilities:
Capital One Facility	12	⁽³⁾	$	216,614		$	216,614	4.17	%	4.83	%		Variable	⁽⁷⁾	Nov. 2026
KeyBank Facility	10	⁽⁴⁾	142,708			142,708		4.22	%	4.88	%		Variable	⁽⁷⁾	Nov. 2026
Total Fannie Mae Master Credit Facilities	22		$	359,322		$	359,322

Total Credit Facilities	102		$	605,269		$	602,622	4.14	%	4.76	%	⁽⁵⁾

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⁽¹⁾	Encumbered properties are as of December 31, 2019.


⁽²⁾	The equity interests and related rights in the Company’s wholly owned subsidiaries that directly own or lease the eligible unencumbered real estate assets comprising the borrowing base of the Credit Facility (as defined below) have been pledged for the benefit of the lenders thereunder.


⁽³⁾	Secured by first-priority mortgages on 12 of the Company’s seniors housing properties located in Florida, Georgia, Iowa and Michigan as of December 31, 2019 with a carrying value of $341.7 million.


⁽⁴⁾	Secured by first-priority mortgages on 10 of the Company’s seniors housing properties located in Michigan, Missouri, Kansas, California, Florida, Georgia and Iowa as of December 31, 2019 with carrying value of $236.1 million.

⁽⁵⁾

Calculated on a weighted average basis for all credit facilities outstanding as of December 31, 2019 and 2018, respectively. For the LIBOR based loans that have not been fixed, the LIBOR rate in effect at the balance sheet date was utilized. For LIBOR based loans that have been fixed, the effective rate after consideration of the interest rate swap was utilized. See Note 7 — Derivatives and Hedging Activities for additional details.


⁽⁶⁾	Variable rate loan, based on LIBOR, all of which was fixed as a result of entering into “pay-fixed” interest rate swap agreements (see Note 7 — Derivatives and Hedging Activities for additional details).


⁽⁷⁾	Variable rate loan which is capped as a result of entering into interest rate cap agreements (see Note 7 — Derivatives and Hedging Activities for additional details). In October 2019, the Company replaced two maturing interest rate cap agreements.

Schedule of Maturities of Long-term Debt

The following table summarizes the scheduled aggregate principal payments as of December 31, 2019, on all of the Company’s outstanding debt (mortgage notes payable and credit facilities) for the next five years and thereafter:



	Future Principal Payments
(In thousands)	Mortgage Notes Payable		Credit Facilities		Total
2020	$	856	$	—	$	856
2021	892		130		1,022
2022	929		2,820		3,749
2023	6,056		105,115		111,171
2024	755		154,497		155,252
Thereafter	528,045		347,378		875,423
Total	$	537,533	$	609,940	$	1,147,473