Mortgage Notes, Term Loans, and Revolving Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company's Properties

The following is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties ($ in thousands):

					Principal Balance Outstanding⁽³⁾
Indebtedness	Weighted Average Interest Rate⁽¹⁾	Weighted Average Maturity Date⁽²⁾	Maximum Facility Size		December 31, 2018			December 31, 2017
Fixed rate
Fixed rate mortgages	4.08%	11/25/2025	N/A		$	4,782,326		$	1,468,294
Mezzanine loan	5.85%	4/5/2025	N/A			200,000			—
Total fixed rate loans	4.15%	11/16/2025				4,982,326			1,468,294
Variable rate
Floating rate mortgages	L+1.70%	5/20/2026	N/A			675,116			63,600
Variable rate term loans	L+1.69%	12/27/2022	N/A			603,500			208,500
Variable rate revolving credit facilities	L+1.73%	10/21/2022	$	903,500		624,200			385,431
Total variable rate loans	L+1.71%	2/18/2024				1,902,816			657,531
Total loans secured by the Company's properties	4.16%	5/24/2025				6,885,142			2,125,825
Deferred financing costs, net						(53,546	)		(16,075	)
Premium on assumed debt, net						1,673			1,541
Mortgage notes, term loans, and revolving credit facilities, net					$	6,833,269		$	2,111,291

⁽¹⁾	The term “L” refers to the one-month LIBOR. As of December 31, 2018 and 2017, one-month LIBOR was equal to 2.5% and 1.6%, respectively.

⁽²⁾	For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed.

⁽³⁾	The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Revolving Credit Facilities

The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and revolving credit facilities as of December 31, 2018 ($ in thousands):

Year	Amount
2019	$	18,050
2020		33,798
2021		177,252
2022		742,647
2023		605,900
Thereafter		5,307,495
Total	$	6,885,142

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details