| Secured Notes Payable and Revolving Credit Facility, Net |
Secured Notes Payable and Revolving Credit Facility, Net | | | | | | | | | | | | | | | | | | Description | | Maturity Date(1) | | Principal Balance as of September 30, 2019 | | Principal Balance as of December 31, 2018 | | Variable Interest Rate | | Fixed Interest Rate(2) | | Swap Maturity Date | | | | | | | | | | | | | | | | | | (In thousands) | | | | | | | | | | | | | | | | | | | | Wholly Owned Subsidiaries | Fannie Mae loan(3) | | — | | $ | — |
| | $ | 145,000 |
| | — | | — | | — | Fannie Mae loan(3) | | — | | — |
| | 115,000 |
| | — | | — | | — | Term loan(3) | | — | | — |
| | 220,000 |
| | — | | — | | — | Term loan(3) | | — | | — |
| | 340,000 |
| | — | | — | | — | Term loan(3) | | — | | — |
| | 400,000 |
| | — | | — | | — | Term loan(3) | | — | | — |
| | 180,000 |
| | — | | — | | — | Term loan(4)(5) | | 6/23/2023 | | 360,000 |
| | 360,000 |
| | LIBOR + 1.55% | | 2.57% | | 7/1/2021 | Term loan(5) | | 1/1/2024 | | 300,000 |
| | 300,000 |
| | LIBOR + 1.55% | | 3.46% | | 1/1/2022 | Term loan(5) | | 3/3/2025 | | 335,000 |
| | 335,000 |
| | LIBOR + 1.30% | | 3.84% | | 3/1/2023 | Fannie Mae loan(5)(6) | | 4/1/2025 | | 102,400 |
| | 102,400 |
| | LIBOR + 1.25% | | 2.84% | | 3/1/2023 | Term loan(5)(7)(8) | | 8/15/2026 | | 415,000 |
| | — |
| | LIBOR + 1.10% | | 2.58% | | 8/1/2025 | Term loan(5)(7) | | 9/19/2026 | | 400,000 |
| | — |
| | LIBOR + 1.15% | | 2.44% | | 9/1/2024 | Term loan(5)(7)(9) | | 9/26/2026 | | 200,000 |
| | — |
| | LIBOR + 1.20% | | 2.77% | | 10/1/2024 | Fannie Mae loan(5) | | 6/1/2027 | | 550,000 |
| | 550,000 |
| | LIBOR + 1.37% | | 3.16% | | 6/1/2022 | Fannie Mae loan(5)(7) | | 6/1/2029 | | 255,000 |
| | — |
| | LIBOR + 0.98% | | 3.26% | | 6/1/2027 | Fannie Mae loan(5)(7)(10) | | 6/1/2029 | | 125,000 |
| | — |
| | LIBOR + 0.98% | | 2.55% | | 6/1/2027 | Term loan(11) | | 6/1/2038 | | 31,046 |
| | 31,582 |
| | N/A | | 4.55% | | N/A | Revolving credit facility(12) | | 8/21/2023 | | — |
| | 105,000 |
| | LIBOR + 1.15% | | N/A | | N/A | Total Wholly Owned Subsidiary Debt | 3,073,446 |
| | 3,183,982 |
| | | | | | | | | | | | | | | | | | | | Consolidated JVs | Term loan(5) | | 2/28/2023 | | 580,000 |
| | 580,000 |
| | LIBOR + 1.40% | | 2.37% | | 3/1/2021 | Term loan(5) | | 12/19/2024 | | 400,000 |
| | 400,000 |
| | LIBOR + 1.30% | | 3.47% | | 1/1/2023 | Term loan(5) (7) | | 6/1/2029 | | 160,000 |
| | — |
| | LIBOR + 0.98% | | 3.25% | | 7/1/2027 | Total Consolidated Debt(13) | 4,213,446 |
| | 4,163,982 |
| | | | | | | Unamortized loan premium, net | | 3,832 |
| | 3,986 |
| | | | | | | Unamortized deferred loan costs, net | | (40,311 | ) | | (33,938 | ) | | | | | | | Total Consolidated Debt, net | $ | 4,176,967 |
| | $ | 4,134,030 |
| | | | | | |
_______________________________________________________________________ Except as noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires monthly payments of interest only with the outstanding principal due upon maturity. | | (1) | Maturity dates include the effect of extension options. |
| | (2) | Effective rate as of September 30, 2019. Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 10 for details of our interest rate swaps. See below for details of our loan costs. |
| | (3) | These loans were paid off during the nine months ended September 30, 2019. |
| | (4) | We paid this loan off on November 1, 2019. See Note 17. |
| | (5) | The loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor. |
| | (6) | The effective rate will decrease to 2.76% on March 2, 2020. |
| | (7) | These loans were closed during the nine months ended September 30, 2019. |
| | (8) | Effective rate will increase to 3.07% on April 1, 2020. |
| | (9) | Effective rate will decrease to 2.36% on July 1, 2020. |
| | (10) | Effective rate will increase to 3.25% on December 1, 2020. |
| | (11) | Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule. |
| | (12) | In March 2019, we renewed our $400.0 million revolving credit facility, releasing two previously encumbered properties, lowering the borrowing rate and unused facility fees, and extending the maturity date. Unused commitment fees range from 0.10% to 0.15%. The loan agreement includes a zero-percent LIBOR floor. |
| | (13) | The table does not include our unconsolidated Funds' loans - see Note 16. See Note 13 for our fair value disclosures. |
Debt Statistics
The following table summarizes our consolidated fixed and floating rate debt: | | | | | | | | | | (In thousands) | | Principal Balance as of September 30, 2019 | | Principal Balance as of December 31, 2018 | | | | | | Aggregate swapped to fixed rate loans | | $ | 4,182,400 |
| | $ | 3,882,400 |
| Aggregate fixed rate loans | | 31,046 |
| | 31,582 |
| Aggregate floating rate loans | | — |
| | 250,000 |
| Total Debt | | $ | 4,213,446 |
| | $ | 4,163,982 |
|
The following table summarizes certain consolidated debt statistics as of September 30, 2019: | | | | Statistics for consolidated loans with interest fixed under the terms of the loan or a swap | | | | Principal balance (in billions) | | $4.21 | Weighted average remaining life (including extension options) | | 6.2 years | Weighted average remaining fixed interest period | | 3.9 years | Weighted average annual interest rate | | 3.00% |
Future Principal Payments
At September 30, 2019, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows:
| | | | | | | | | | Twelve months ending September 30: | | Excluding Maturity Extension Options | | Including Maturity Extension Options(1) | | | | | | | | (In thousands) | | | | | | 2020 | | $ | 743 |
| | $ | 743 |
| 2021 | | 778 |
| | 778 |
| 2022 | | 300,814 |
| | 814 |
| 2023 | | 1,275,852 |
| | 940,852 |
| 2024 | | 891 |
| | 300,891 |
| Thereafter | | 2,634,368 |
| | 2,969,368 |
| Total future principal payments | | $ | 4,213,446 |
| | $ | 4,213,446 |
|
____________________________________________ | | (1) | Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. |
Loan Costs
Deferred loan costs are net of accumulated amortization of $28.9 million and $24.2 million at September 30, 2019 and December 31, 2018, respectively. The table below presents loan costs, which are included in Interest expense in our consolidated statements of operations: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (In thousands) | 2019 | | 2018 | | 2019 | | 2018 | | | | | | | | | Loan costs expensed | $ | 1,751 |
| | $ | — |
| | $ | 1,751 |
| | $ | — |
| Deferred loan costs written off | 4,416 |
| | 7 |
| | 4,992 |
| | 411 |
| Deferred loan cost amortization | 1,807 |
| | 1,999 |
| | 5,611 |
| | 5,874 |
| Total | $ | 7,974 |
| | $ | 2,006 |
| | $ | 12,354 |
| | $ | 6,285 |
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