XML 104 R34.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt, Net (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of debt | Our debt consisted of the following (dollars in thousands):
|  | Carrying Value (1) as of |  |  |  |
|  | March 31, 2020 |  | December 31, 2019 |  | March 31, 2020
|  |  |  | 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 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration