

	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	December 31, 2019		December 31, 2018		December 31, 2019	December 31, 2018	December 31, 2019		December 31, 2018
Collateralized term loans - Life Companies	$	1,710,408	$	1,259,158	17.1	14.4	4.0	%	3.9	%
Collateralized term loans - FNMA	697,589		770,417		7.0	5.1	3.7	%	4.4	%
Collateralized term loans - CMBS	397,868		405,702		3.1	4.1	5.1	%	5.1	%
Collateralized term loans - FMCC	374,727		380,680		4.9	5.9	3.9	%	3.9	%
Secured borrowings	—		107,731		0.0	14.4	—	%	9.9	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	35,249		35,277		2.8	3.8	6.0	%	6.0	%
Preferred OP units - mandatorily redeemable	34,663		37,338		4.0	4.7	6.5	%	6.6	%
Lines of credit	183,898		128,000		3.5	2.3	2.7	%	3.8	%
Total debt	$	3,434,402	$	3,124,303	11.1	9.0	4.0	%	4.5	%



Three months ended	Repayment amount (in millions)			Fixed Interest rate			Maturity date	(Gain) / loss on extinguishment of debt (in millions)			Encumbered communities released
December 31, 2019	$	17.0		5.62	%		March 1, 2020	$	—		—
	$	127.3		5.10	%		November 1, 2021	$	3.2		—
	$	21.5	⁽¹⁾	6.24	%	⁽⁴⁾	March 1, 2020 April 1, 2020	$	(0.2	)	3
September 30, 2019	$	134.0		4.3	%		May 1, 2023	$	12.8		—
March 31, 2019	$	186.8		3.83	%		January 1, 2030	$	0.7		—
December 31, 2018	$	10.2		5.66	%		February 28, 2019	$	—		—
September 30, 2018	$	30.5		6.34	%		March 1, 2019	$	0.9		1
June 30, 2018⁽²⁾	$	177.7		4.53	%	⁽⁴⁾	August 1, 2018 May 1, 2023	$	1.5		11
March 31, 2018⁽³⁾	$	24.4		6.36	%	⁽⁴⁾	March 1, 2019	$	0.2		3



Three months ended	Loan amount (in millions)			Term (in years)	Interest rate		Maturity date
December 31, 2019	$	400.0	⁽¹⁾	21	4.026	%	December 15, 2039 December 15, 2041
September 30, 2019	$	250.0		10	2.925	%	October 1, 2029
March 31, 2019	$	265.0		25	4.170	%	January 15, 2044
December 31, 2018	$	21.7		20	4.100	%	August 15, 2038
September 30, 2018	$	228.0		20	4.100	%	August 15, 2038

Preferred OP units at December 31, 2019 and December 31, 2018 include $34.7 million of Aspen preferred OP units issued by the Operating Partnership. As of December 31, 2019, these units are convertible indirectly into 407,190 shares of our common stock. Subject to certain limitations, at any time prior to January 1, 2024, the holder of each Aspen preferred OP unit at its option may convert such Aspen preferred OP unit into: (a) if the market price of our common stock is $68.00 per share or less, 0.397 common OP units; or (b) if the market price of our common stock is greater than $68.00 per share, the number of common OP units is determined by dividing (i) the sum of (A) $27.00 plus (B) 25 percent of the amount by which the market price of our common stock exceeds $68.00 per share, by (ii) the per share market price of our common stock. The current preferred distribution rate is 6.5 percent. On January 2, 2024, we are required to redeem all Aspen preferred OP units that have not been converted to common OP units. Refer to Note 21, “Subsequent Events,” for additional information regarding revisions to the terms of certain of the Aspen preferred OP units.

Preferred OP units also include $2.7 million of Series B-3 preferred OP units at December 31, 2018, which are not convertible. In January 2019, we redeemed all remaining 26,750 Series B-3 preferred OP units. The weighted average redemption price per unit, which included accrued and unpaid distributions, was $100.153424. In the aggregate, we paid $2.7 million to redeem these units.

In June 2018, in connection with the investment in Sun NG Resorts, $35.3 million of mandatorily redeemable Preferred Equity (“Preferred Equity - Sun NG Resorts”) was purchased by unrelated third parties. The Preferred Equity - Sun NG Resorts carries a preferred rate of return of 6.0 percent per annum. The Preferred Equity - Sun NG Resorts has a 7-year term and can be redeemed in the fourth quarter of 2022 at the holders’ option. The Preferred Equity - Sun NG Resorts balance was $35.2 million and $35.3 million at December 31, 2019 and December 31, 2018. Refer to Note 3, “Real Estate Acquisitions,” Note 8, “Consolidated Variable Interest Entities,” and Note 10, “Equity and Temporary Equity” for additional information.

Credit agreement - In May 2019, we amended and restated our credit agreement with Citibank and certain other lenders. Pursuant to the credit agreement, we entered into a senior credit facility with Citibank and certain other lenders in the amount of $750.0 million, comprised of a $650.0 million revolving loan, with the ability to use up to $100.0 million for advances in Australian dollars, and a $100.0 million term loan (the “A&R Facility”). We have until March 17, 2020 to draw on the term loan. As of December 31, 2019, we had not drawn any funds on the term loan. The credit agreement has a four-year term ending May 21, 2023, which can be extended for two additional six-month periods, subject to the satisfaction of certain conditions as defined in the credit agreement. The credit agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $350.0 million. If additional borrowings are made pursuant to any such additional commitments, the aggregate borrowing limit under the A&R Facility may be increased up to $1.1 billion.

The A&R Facility bears interest at a floating rate based on the Eurodollar rate or Bank Bill Swap Bid Rate plus a margin that is determined based on our leverage ratio calculated in accordance with the credit agreement, which margin can range from 1.20 percent to 2.10 percent for the revolving loan and 1.20 percent to 2.05 percent for the term loan. As of December 31, 2019, the margin based on our leverage ratio was 1.20 percent on the revolving loan and 1.20 percent on the term loan. We had $123.6 million and zero of borrowings on the revolving loan and the term loan, respectively, as of December 31, 2019.

The A&R Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under our line of credit but does reduce the borrowing amount available. At December 31, 2019 and December 31, 2018, approximately $2.8 million and $3.9 million of availability was used to back standby letters of credit.

Floor plan - We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us at least a twelve month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0 percent. At December 31, 2019, the effective interest rate was 7.0 percent. The outstanding balance was $3.3 million and zero as of December 31, 2019 and December 31, 2018, respectively.

Jensen - In October 2019, we assumed a term loan facility with Citibank N.A. (“Citibank”), in the amount of $58.0 million. The term loan has a four-year term ending October 29, 2023, and bears interest at a floating rate based on the Eurodollar rate or Prime rate. The outstanding balance was $57.0 million at December 31, 2019.

Pursuant to the terms of the A&R Facility, we are subject to various financial and other covenants. The most restrictive of our debt agreements place limitations on secured borrowings and contain minimum fixed charge coverage, leverage, distribution, and net worth requirements. At December 31, 2019, we were in compliance with all covenants.

In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries’ assets and credit are not available to satisfy the debts and other obligations of the Company, any of its other subsidiaries or any other person or entity.



	Maturities and Amortization By Year
	Total Due		2020		2021		2022		2023		2024		Thereafter
Mortgage loans payable
Maturities	$	2,161,615	$	19,796	$	148,378	$	82,155	$	185,618	$	315,331	$	1,410,337
Principal amortization	1,026,857		60,723		60,873		61,326		60,604		57,082		726,249
Preferred Equity - Sun NG Resorts - mandatorily redeemable	35,249		—		—		35,249		—		—		—
Preferred OP units - mandatorily redeemable	34,663		—		—		—		—		34,663		—
Lines of credit	183,898		10,000		13,293		10,000		150,605		—		—
Total	$	3,442,282	$	90,519	$	222,544	$	188,730	$	396,827	$	407,076	$	2,136,586

We have a 40 percent investment in GTSC, a nonconsolidated affiliate. During September 2019, GTSC entered into a warehouse line of credit with a maximum loan amount of $125.0 million. As of December 31, 2019, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by GTSC was approximately $123.4 million (of which our proportionate share is approximately $49.4 million). The debt bears interest at a variable rate based on LIBOR plus 1.65 percent per annum and matures on September 15, 2023.