Debt, Net (Tables)

3 Months Ended

Mar. 31, 2020

Our debt consisted of the following (dollars in thousands):



	Carrying Value (1) as of
	March 31, 2020		December 31, 2019		March 31, 2020
	March 31, 2020		December 31, 2019		Stated Interest Rates	Scheduled Maturity
Mortgage and Other Secured Debt:
Fixed rate mortgage debt (2)	$	142,581	$	143,430	3.82% - 4.62% (3)	2023-2026
Variable rate secured debt (4)	100,003		68,055		LIBOR + 1.45% to 2.35% (5)	2020-2026
Total mortgage and other secured debt	242,584		211,485
Revolving Credit Facility (6)	242,000		177,000		LIBOR + 0.775% to 1.45% (7)	March 2023 (6)
Term Loan Facility (8)	397,863		248,706		LIBOR + 1.00% to 1.65% (9)	2022
Unsecured Senior Notes
3.60%, $350,000 aggregate principal	348,544		348,431		3.60% (10)	May 2023
5.25%, $250,000 aggregate principal	247,785		247,652		5.25% (11)	February 2024
3.70%, $300,000 aggregate principal	299,454		299,324		3.70% (12)	June 2021
5.00%, $300,000 aggregate principal	297,605		297,503		5.00% (13)	July 2025
Unsecured note payable	1,004		1,038		0% (14)	May 2026
Total debt, net	$	2,076,839	$	1,831,139


(1)	The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $6.6 million as of March 31, 2020 and $5.8 million as of December 31, 2019.


(2)	Certain of the fixed rate mortgages carry interest rates that, upon assumption, were above or below market rates and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $202,000 as of March 31, 2020 and $217,000 as of December 31, 2019.


(3)	The weighted average interest rate on our fixed rate mortgage debt was 4.16% as of March 31, 2020.


(4)	Includes a construction loan with $55.9 million in remaining borrowing capacity as of March 31, 2020.


(5)	The weighted average interest rate on our variable rate secured debt was 3.77% as of March 31, 2020.

(6)

The facility matures in March 2023, with the ability for us to further extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.075% of the total availability under the facility for each extension period. In connection with this facility, we also have the ability to borrow up to $500.0 million under new term loans from the facility’s lender group provided that there is no default under the facility and subject to the approval of the lenders.


(7)	The weighted average interest rate on the Revolving Credit Facility was 1.74% as of March 31, 2020.

(8) On March 6, 2020, we amended this loan facility to increase the loan amount by $150.0 million and change the interest terms.


(9)	The interest rate on this loan was 2.37% as of March 31, 2020.


(10)	The carrying value of these notes reflects an unamortized discount totaling $1.0 million as of March 31, 2020 and $1.1 million as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.


(11)	The carrying value of these notes reflects an unamortized discount totaling $2.0 million as of March 31, 2020 and $2.1 million as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.


(12)	The carrying value of these notes reflects an unamortized discount totaling $429,000 as of March 31, 2020 and $534,000 as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%.

(13) The carrying value of these notes reflects an unamortized discount totaling $2.0 million as of March 31, 2020 and $2.1 million as of December 31, 2019. The effective interest rate under the notes, including amortization of the issuance costs, was 5.15%.


(14)	This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $207,000 as of March 31, 2020 and $223,000 as of December 31, 2019.

Schedule of the fair value of debt

The following table sets forth information pertaining to the fair value of our debt (in thousands):



	March 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed-rate debt
Unsecured Senior Notes	$	1,193,388	$	1,223,259	$	1,192,910	$	1,227,441
Other fixed-rate debt	143,585		142,201		144,468		149,907
Variable-rate debt	739,866		747,039		493,761		495,962
	$	2,076,839	$	2,112,499	$	1,831,139	$	1,873,310