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Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2018
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 September 30, 2018 and December 31, 2017 (dollars in thousands):
   
Interest Rate
 
September 30, 2018
 
December 31, 2017
Revolving credit facility(1)
LIBOR + 1.40%
 
$
55,568

 
$
61,569

Term loans(2)
2.51% - 3.93%
 
1,205,000

 
1,140,000

Secured loan facility due 2026
3.55%
 
175,000

 
175,000

Secured loan facility due 2027
3.52%
 
195,000

 
195,000

Mortgages and other(3) 
3.75% - 7.91%
 
222,205

 
246,217

Assumed market debt adjustments, net(4) 
 
 
4,211

 
5,254

Deferred financing costs(5)
 
 
(14,037
)
 
(16,042
)
Total  
 
 
$
1,842,947

 
$
1,806,998


(1) 
The gross borrowings and payments under our revolving credit facility were $219.0 million and $225.0 million, respectively, during the nine months ended September 30, 2018. The revolving credit facility has a capacity of $500 million and matures in 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 due in 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 September 30, 2018, the availability on our revolving credit facility exceeded the balance on the loan. The $175 million term loan due in 2020 has options to extend its maturity to 2021. We executed a $65 million delayed draw in January 2018 on one of our term loans that originated in October 2017.
(3) 
Due to the non-recourse nature of our fixed-rate mortgages, the assets and liabilities of the properties securing such mortgages are neither available to pay the debts of the consolidated property-holding limited liability companies, nor do they constitute obligations of such consolidated limited liability companies as of September 30, 2018 and December 31, 2017.
(4) 
Net of accumulated amortization of $4.0 million and $3.7 million as of September 30, 2018 and December 31, 2017, respectively.
(5) 
Net of accumulated amortization of $7.9 million and $5.4 million as of September 30, 2018 and December 31, 2017, 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 September 30, 2018 and December 31, 2017, is summarized below (in thousands):
   
September 30, 2018
 
December 31, 2017
As to interest rate:(1)
 
 
 
Fixed-rate debt
$
1,584,205

 
$
1,608,217

Variable-rate debt
268,568

 
209,569

Total
$
1,852,773

 
$
1,817,786

As to collateralization:
 
 
 
Unsecured debt
$
1,261,180

 
$
1,202,476

Secured debt
591,593

 
615,310

Total  
$
1,852,773

 
$
1,817,786

(1) 
Includes the effects of derivative financial instruments (see Notes 8 and 14).