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Secured Notes Payable and Revolving Credit Facility, Net (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Secured Notes Payable and Revolving Credit Facility
Description
Maturity
Date(1)
Principal Balance as of June 30, 2020Principal Balance as of December 31, 2019Variable Interest Rate
Fixed Interest
Rate(2)
Swap Maturity Date
(In thousands)
Consolidated Wholly Owned Subsidiaries
Term loan(3)
1/1/2024$300,000  $300,000  
LIBOR + 1.55%
3.46%1/1/2022
Term loan(3)
3/3/2025335,000  335,000  
LIBOR + 1.30%
3.84%3/1/2023
Fannie Mae loan(3)
4/1/2025102,400  102,400  
LIBOR + 1.25%
2.76%3/1/2023
Term loan(3)
8/15/2026415,000  415,000  
LIBOR + 1.10%
3.07%8/1/2025
Term loan(3)
9/19/2026400,000  400,000  
LIBOR + 1.15%
2.44%9/1/2024
Term loan(3)(4)
9/26/2026200,000  200,000  
LIBOR + 1.20%
2.77%10/1/2024
Term loan(3)(5)
11/1/2026400,000  400,000  
LIBOR + 1.15%
2.18%10/1/2024
Fannie Mae loan(3)
6/1/2027550,000  550,000  
LIBOR + 1.37%
3.16%6/1/2022
Fannie Mae loan(3)
6/1/2029255,000  255,000  
LIBOR + 0.98%
3.26%6/1/2027
Fannie Mae loan(3)(6)
6/1/2029125,000  125,000  
LIBOR + 0.98%
2.55%6/1/2027
Term loan(7)
6/1/203830,492  30,864  N/A4.55%N/A
Revolving credit facility(8)
8/21/2023—  —  
LIBOR + 1.15%
N/AN/A
Total Wholly Owned Subsidiary Debt3,112,892  3,113,264  
Consolidated JVs
Term loan(9)
——  400,000  ———
Term loan(3)
2/28/2023580,000  580,000  
LIBOR + 1.40%
2.37%3/1/2021
Term loan(3)
12/19/2024400,000  400,000  
LIBOR + 1.30%
3.47%1/1/2023
Term loan(3)(10)
5/15/2027450,000  —  
LIBOR + 1.35%
3.04%4/1/2025
Term loan(3)
6/1/2029160,000  160,000  
LIBOR + 0.98%
3.25%7/1/2027
Total Consolidated Debt(11)
4,702,892  4,653,264  
Unamortized loan premium, net4,699  6,741  
Unamortized deferred loan costs, net(40,988) (40,947) 
Total Consolidated Debt, net$4,666,603  $4,619,058  
_______________________________________________________________________
Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions.
(1)Maturity dates include the effect of extension options.
(2)Effective rate as of June 30, 2020. 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)The loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor.
(4)Effective rate will decrease to 2.36% on July 1, 2020.
(5)Effective rate will increase to 2.31% on July 1, 2021.
(6)Effective rate will increase to 3.25% on December 1, 2020.
(7)Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule.
(8)$400 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The loan agreement includes a zero-percent LIBOR floor.
(9)We paid this loan off during the second quarter.
(10)We closed this loan during the second quarter. The effective rate will decrease to 2.26% on July 1, 2022
(11)The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures.
Debt Statistics

The table below summarizes our consolidated fixed and floating rate debt:

(In thousands)Principal Balance as of June 30, 2020Principal Balance as of December 31, 2019
Aggregate swapped to fixed rate loans$4,672,400  $4,622,400  
Aggregate fixed rate loans30,492  30,864  
Total Debt$4,702,892  $4,653,264  


The table below summarizes certain consolidated debt statistics as of June 30, 2020:
Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)$4.70
Weighted average remaining life (including extension options)5.9 years
Weighted average remaining fixed interest period3.6 years
Weighted average annual interest rate3.02%
Schedule of Future Minimum Principal Payments Due on Secured Notes Payable and Revolving Credit Facility
At June 30, 2020, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows:
Twelve months ending June 30:
Including Maturity Extension Options(1)
(In thousands)
2021$769  
2022805  
2023580,842  
2024300,881  
2025838,322  
Thereafter2,981,273  
Total future principal payments$4,702,892  
____________________________________________
(1)  Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs The table below presents loan premium and loan costs, which are included in Interest expense in our consolidated statements of operations:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2020201920202019
Loan premium amortized and written off$(1,828) $(51) $(2,043) $(102) 
Deferred loan costs amortized and written off1,915  1,887  3,791  3,804  
Loan costs expensed965  576  965  576  
Total$1,052  $2,412  $2,713  $4,278