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Debt Obligations (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of 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.
Schedule of Long-term Debt Instruments, Alternative
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).
Schedule of Maturities of Long-Term Debt
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