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Debt Obligations | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt Obligations |
7. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of December 31, 2017 and 2016 (in thousands):
| Interest Rate |  | 2017 |  | 2016
Revolving credit facility(1) | 2.89% |  | $ | 61,569 |  |  | $ | 176,969 |
Term loans(2)(3) | 2.46%-3.93% |  | 1,140,000 |  |  | 655,000 |
Secured loan facility due 2026 | 3.55% |  | 175,000 |  |  | — |
Secured loan facility due 2027 | 3.52% |  | 195,000 |  |  | — |
Mortgages and notes payable | 3.75%-7.91% |  | 246,217 |  |  | 228,721 |
Assumed market debt adjustments, net(4) |  |  | 5,254 |  |  | 4,490 |
Deferred financing costs(5) |  |  | (16,042 | ) |  | (9,024 | )
Total |  |  | $ | 1,806,998 |  |  | $ | 1,056,156 |
(1) | The gross borrowings under our revolving credit facility were $437.0 million, $590.8 million, and $297.8 million during the years ended December 31, 2017, 2016, and 2015, respectively. The gross payments on our revolving credit facility were $552.4 million, $554.8 million, and $448.5 million during the years ended December 31, 2017, 2016, and 2015, respectively. The revolving credit facility had a capacity of $500 million as of December 31, 2017 and 2016. In October 2017, the maturity date of the revolving credit facility was extended to October 2021, with additional options to extend the maturity to October 2022.
(2) | We have six term loans with maturities ranging from 2019 to 2024. The $100 million term loan maturing in February 2019 has options to extend the maturity to 2021. We will consider options for refinancing the loan or exercising the option upon maturity. As of December 31, 2017, the availability on our revolving credit facility exceeded the balance on the loan maturing in 2019. The term loan maturing in 2020 also has options to extend its maturity to 2021.
(3) | One of our term loans that matures in 2022 had an outstanding balance of $310.0 million at December 31, 2017, with a capacity of $375.0 million. In January 2018 an additional $65.0 million was drawn on this term loan.
(4) | Net of accumulated amortization of $3.7 million and $6.1 million as of December 31, 2017 and 2016, respectively. The decrease in accumulated amortization is a result of a reduction in market debt adjustments due to the extinguishment of higher-rate mortgage debt during the year ended December 31, 2017.
(5) | Net of accumulated amortization of $5.4 million and $3.9 million as of December 31, 2017 and 2016, respectively.
As of December 31, 2017 and 2016, the weighted-average interest rate for all of our mortgages and loans payable was 3.4% and 3.0%, respectively. The allocation of total debt between fixed- and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing costs, as of December 31, 2017 and 2016, is summarized below (in thousands):
| 2017 |  | 2016
As to interest rate:(1) |  |  |
Fixed-rate debt | $ | 1,608,217 |  |  | $ | 615,721 |
Variable-rate debt | 209,569 |  |  | 444,969 |
Total | $ | 1,817,786 |  |  | $ | 1,060,690 |
As to collateralization: |  |  |
Unsecured debt | $ | 1,202,476 |  |  | $ | 831,969 |
Secured debt | 615,310 |  |  | 228,721 |
Total | $ | 1,817,786 |  |  | $ | 1,060,690 |
(1) | Includes the effects of derivative financial instruments (see Notes 8 and 17).
Below is our maturity schedule with the respective principal payment obligations, excluding market debt adjustments and deferred financing costs (in thousands):
| 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter |  | Total
Revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,569 |  |  | $ | — |  |  | $ | — |  |  | $ | 61,569 |
Term loans | — |  |  | 100,000 |  |  | 175,000 |  |  | 125,000 |  |  | 310,000 |  |  | 430,000 |  |  | 1,140,000 |
Loan facility due 2026 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 175,000 |  |  | 175,000 |
Loan facility due 2027 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 195,000 |  |  | 195,000 |
Mortgages and notes payable | 8,142 |  |  | 9,192 |  |  | 7,323 |  |  | 68,001 |  |  | 31,169 |  |  | 122,390 |  |  | 246,217 |
Total maturing debt | $ | 8,142 |  |  | $ | 109,192 |  |  | $ | 182,323 |  |  | $ | 254,570 |  |  | $ | 341,169 |  |  | $ | 922,390 |  |  | $ | 1,817,786 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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