Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Summary of Mortgages Payable

The following is a summary of mortgages payable as of September 30, 2017 and December 31, 2016:

	Weighted Average Interest Rate	Balance as of
	September 30, 2017	September 30, 2017			December 31, 2016
		(In thousands)
Variable rate (1)	2.95%	$	1,152,106		$	547,291
Fixed rate (2)	4.79%	836,141			620,327
Mortgages payable (3)		1,988,247			1,167,618
Unamortized deferred financing costs and premium/discount, net		(10,573		)	(2,604		)
Mortgages payable, net		$	1,977,674		$	1,165,014
Payable to former parent (4)	—	$	—		$	283,232

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⁽¹⁾  Includes variable rate mortgages payable with interest rate caps.

⁽²⁾  Includes variable rate mortgages payable with interest rates effectively fixed pursuant to rate swaps.

⁽³⁾  Includes mortgages payable assumed as part of the Combination. See Note 3 to the financial statements for additional information.

⁽⁴⁾  In June 2016, the mortgage loan for the Bowen Building was repaid with proceeds of a $115.6 million draw on our former parent's revolving credit facility collateralized by an interest in the property, and, accordingly, was reflected as a component of "Payable to former parent" on the combined balance sheets as of December 31, 2016. We repaid the loan with amounts drawn under our revolving credit facility collateralized by a mortgage on the property.

The following is a summary of amounts outstanding under the credit facility as of September 30, 2017:

	Interest Rate	Balance as of
	September 30, 2017	September 30, 2017
		(In thousands)
Revolving credit facility (1)	2.34%	$	115,751
Tranche A-1 Term Loan	2.44%	$	50,000
Unamortized deferred financing costs, net		(3,611		)
Unsecured term loan, net		$	46,389

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⁽¹⁾  As of September 30, 2017, letters of credit with an aggregate face amount of $5.2 million were provided under our revolving credit facility.

Schedule of Maturities of Debt Outstanding

Principal maturities of debt outstanding as of September 30, 2017, including mortgages payable, the Tranche A-1 Term Loan and borrowings on the revolving credit facility, are as follows:

Year ending December 31,	Amount
	(In thousands)
2017	$	—
2018	376,019
2019	227,919
2020	215,096
2021	215,592
2022	327,500
Thereafter	791,872
Total	$	2,153,998