Secured Notes Payable and Revolving Credit Facility |
Secured Notes Payable and Revolving Credit Facility The following table summarizes (in thousands) our secured notes payable and revolving credit facility: | | | | | | | | | | | | | | | | | | Description(1) | | Maturity Date | | Outstanding Principal Balance as of March 31, 2015 | | Outstanding Principal Balance as of December 31, 2014 | | Variable Interest Rate | | Effective Annual Fixed Interest Rate (2) | | Swap Maturity Date | | | | | | | | | | | | | | Term Loan | | 12/24/2015 | | $ | 20,000 |
| | $ | 20,000 |
| | LIBOR + 1.45% | | N/A | | -- | Term Loan (3) | | 3/1/2016 | | 16,140 |
| | 16,140 |
| | LIBOR + 1.60% | | N/A | | -- | Fannie Mae Loan | | 3/1/2016 | | 82,000 |
| | 82,000 |
| | LIBOR + 0.62% | | N/A | | -- | Fannie Mae Loan | | 6/1/2017 | | 18,000 |
| | 18,000 |
| | LIBOR + 0.62% | | N/A | | -- | Term Loan(4) | | 10/2/2017 | | 400,000 |
| | 400,000 |
| | LIBOR + 2.00% | | 4.45% | | 7/1/2015 | Term Loan | | 4/2/2018 | | 510,000 |
| | 510,000 |
| | LIBOR + 2.00% | | 4.12% | | 4/1/2016 | Term Loan | | 8/1/2018 | | 530,000 |
| | 530,000 |
| | LIBOR + 1.70% | | 3.74% | | 8/1/2016 | Term Loan (5) | | 8/5/2018 | | 355,000 |
| | 355,000 |
| | N/A | | 4.14% | | -- | Term Loan (6) | | 2/1/2019 | | 154,776 |
| | 155,000 |
| | N/A | | 4.00% | | -- | Term Loan (7) | | 6/5/2019 | | 285,000 |
| | 285,000 |
| | N/A | | 3.85% | | -- | Fannie Mae Loan | | 10/1/2019 | | 145,000 |
| | 145,000 |
| | LIBOR + 1.25% | | N/A | | -- | Term Loan (8) | | 3/1/2020 | (9) | 349,070 |
| | 349,070 |
| | N/A | | 4.46% | | -- | Fannie Mae Loans | | 11/2/2020 | | 388,080 |
| | 388,080 |
| | LIBOR + 1.65% | | 3.65% | | 11/1/2017 | Fannie Mae Loan | | 4/1/2025 | | 102,400 |
| | — |
| | LIBOR + 1.25% | | 2.84% | | 3/1/2020 | Aggregate loan principal | $ | 3,355,466 |
| | $ | 3,253,290 |
| | | | | | | Revolving credit line (10) | | 12/11/2017 | | 148,000 |
| | 182,000 |
| | LIBOR + 1.40% | | N/A | | -- | Total (11) | $ | 3,503,466 |
| | $ | 3,435,290 |
| | | | | | | | Aggregate effectively fixed rate loans | $ | 1,930,480 |
| | $ | 1,828,080 |
| | | | 3.98% | | | Aggregate fixed rate loans | 1,143,846 |
| | 1,144,070 |
| | | | 4.15% | | | Aggregate variable rate loans | 429,140 |
| | 463,140 |
| | | | N/A | | | Total (11) | $ | 3,503,466 |
| | $ | 3,435,290 |
| | | | | | |
______________________________________________________________________________________ | | (1) | As of March 31, 2015, (i) the weighted average remaining life (including extension options) of our outstanding term debt (excluding our revolving credit line) was 3.9 years and (ii) of the $3.07 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which interest was fixed was 2.2 years, and the weighted average annual interest rate was 4.04% and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.16%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. |
| | (2) | Includes the effect of interest rate contracts as of March 31, 2015, and excludes amortization of prepaid loan fees. See Note 8 for the details of our interest rate contracts. |
| | (3) | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. |
| | (4) | Subsequent to quarter end, we prepaid $140 million of this loan with a portion of the proceeds of a new $340 million term loan, which matures in April 2022, with interest at LIBOR + 1.4%, effectively fixed by a swap at 2.77% per annum until April 2020. |
| | (5) | Interest-only until February 2016, with principal amortization thereafter based upon a 30-year amortization schedule. |
| | (6) | Principal amortization based upon a 30-year amortization schedule. |
| | (7) | Interest only until February 2017, with principal amortization thereafter based upon a 30-year amortization schedule. |
| | (8) | Interest is fixed until March 1, 2018, and is floating thereafter, with interest-only payments until May 1, 2016, and principal amortization thereafter based upon a 30-year amortization schedule. |
| | (9) | We have two one-year extension options which could extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. |
| | (10) | $300.0 million revolving credit facility secured by 3 separate collateral pools consisting of a total of 6 properties. Unused commitment fees range from 0.15% to 0.20%. We used the proceeds of the new term loan described in note 4 above to pay down the entire balance in April. |
| | (11) | See Note 11 for our fair value disclosures. |
As of March 31, 2015, the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands):
| | | | | Twelve months ending March 31: | | 2016 | $ | 121,378 |
| 2017 | 14,150 |
| 2018 | 924,828 |
| 2019 | 1,533,589 |
| 2020 | 419,041 |
| Thereafter | 490,480 |
| Total future principal payments | $ | 3,503,466 |
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