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Secured Notes Payable and Revolving Credit Facility, Net
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
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, 2021Principal Balance as of December 31, 2020Variable 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)
9/26/2026200,000 200,000 
LIBOR + 1.20%
2.36%10/1/2024
Term loan(3)(4)
11/1/2026400,000 400,000 
LIBOR + 1.15%
2.31%10/1/2024
Fannie Mae loan(3)
6/1/2027550,000 550,000 
LIBOR + 1.37%
3.16%6/1/2022
Term loan(3)(5)
5/18/2028300,000 — 
LIBOR + 1.40%
2.21%6/1/2026
Fannie Mae loan(3)
6/1/2029255,000 255,000 
LIBOR + 0.98%
3.26%6/1/2027
Fannie Mae loan(3)
6/1/2029125,000 125,000 
LIBOR + 0.98%
3.25%6/1/2027
Term loan(6)
6/1/203829,525 30,112 N/A4.55%N/A
Revolving credit facility(7)
8/21/2023— 75,000 
LIBOR + 1.15%
N/AN/A
Total Wholly Owned Subsidiary Debt3,411,925 3,187,512 
Consolidated JVs
Term loan(8)
— 580,000 
Term loan(3)
12/19/2024400,000 400,000 
LIBOR + 1.30%
3.47%1/1/2023
Term loan(3)(9)
5/15/2027450,000 450,000 
LIBOR + 1.35%
3.04%4/1/2025
Term loan(3)(8)
8/19/2028625,000 — 
LIBOR + 1.35%
2.12%6/1/2025
Fannie Mae loan(3)
6/1/2029160,000 160,000 
LIBOR + 0.98%
3.25%7/1/2027
Total Consolidated Debt(10)
5,046,925 4,777,512 
Unamortized loan premium, net(11)
4,123 4,467 
Unamortized deferred loan costs, net(12)
(38,757)(37,012)
Total Consolidated Debt, net$5,012,291 $4,744,967 
_______________________________________________________________________
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 September 30, 2021. 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)The effective rate increased from 2.18% to 2.31% on July 1, 2021 due to the expiration of prior swaps.
(5)We closed this loan during the second quarter of 2021.
(6)Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule.
(7)$400.0 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The facility has a zero-percent LIBOR floor.
(8)During the third quarter of 2021, we paid off a $580.0 million loan and closed a new $625.0 million loan.
(9)The effective rate will decrease to 2.26% on July 1, 2022.
(10)The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures.
(11)Balances are net of accumulated amortization of $3.1 million and $2.7 million at September 30, 2021 and December 31, 2020, respectively.
(12)Balances are net of accumulated amortization of $44.4 million and $38.3 million at September 30, 2021 and December 31, 2020, respectively.
Debt Statistics

The table below summarizes our consolidated fixed and floating rate debt:
(In thousands)Principal Balance as of September 30, 2021Principal Balance as of December 31, 2020
Aggregate swapped to fixed rate loans$5,017,400 $4,672,400 
Aggregate fixed rate loans29,525 30,112 
Aggregate floating rate loans— 75,000 
Total Debt$5,046,925 $4,777,512 
The table below summarizes certain consolidated debt statistics as of September 30, 2021:
Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)$5.05
Weighted average remaining life (including extension options)5.4 years
Weighted average remaining fixed interest period3.0 years
Weighted average annual interest rate2.94%

Future Principal Payments

At September 30, 2021, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows:
Twelve months ending September 30:
Including Maturity Extension Options(1)
(In thousands)
2022$814 
2023852 
2024300,891 
2025838,333 
20261,015,976 
Thereafter2,890,059 
Total future principal payments$5,046,925 
________________________________________________
(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.

Loan Premium and 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 September 30,Nine Months Ended September 30,
(In thousands)2021202020212020
Loan premium amortized and written off$(116)$(116)$(344)$(2,158)
Deferred loan costs amortized and written off3,939 2,022 8,131 5,813 
Loan costs expensed173 24 208 989 
Total$3,996 $1,930 $7,995 $4,644