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Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 and December 31, 2018 (dollars in thousands):

	Interest Rate(1)		September 30, 2019				December 31, 2018
Revolving credit facility(2)	LIBOR + 1.40%		$	—			$	73,359
Term loans(3)	2.06% - 4.59%		1,918,410				1,858,410
Secured portfolio loan facility	3.52%		195,000				195,000
Mortgages	3.45% - 7.91%		327,027				334,117
Finance lease liability			517				552
Assumed market debt adjustments, net			(3,473		)		(4,571		)
Deferred financing expenses, net			(15,924		)		(18,041		)
Total			$	2,421,557			$	2,438,826

⁽¹⁾  Interest rates are as of September 30, 2019.

⁽²⁾  The gross borrowings and payments under our revolving credit facility were $116.6 million and $190.0 million, respectively, during the nine months ended September 30, 2019. 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.

⁽³⁾  Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is still a portion of these loans that is not fixed through a swap, and thus is still indexed to LIBOR.

Schedule of Long-term Debt Instruments, Alternative

The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of September 30, 2019 and December 31, 2018, is summarized below (in thousands):

	September 30, 2019				December 31, 2018
As to interest rate:(1)
Fixed-rate debt	$	1,924,544			$	2,216,669
Variable-rate debt	516,410				244,769
Total	$	2,440,954			$	2,461,438
As to collateralization:
Unsecured debt	$	1,918,410			$	1,931,769
Secured debt	522,544				529,669
Total	$	2,440,954			$	2,461,438

⁽¹⁾  Includes the effects of derivative financial instruments (see Notes 9 and 15).

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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.

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