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Indebtedness | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness At December 31, 2019 and 2018, our outstanding indebtedness consisted of the following:
|  |  |  | Principal Balance as of December 31,
Unsecured Floating Rate Debt (1) |  | Maturity |  | 2019 |  | 2018
Revolving credit facility (2) |  | January 2022 |  | $ | 537,500 |  |  | $ | 139,000 |
Unsecured term loan (3) |  | January 2020 |  | — |  |  | 350,000 |
Unsecured term loan |  | June 2020 |  | 250,000 |  |  | — |
Unsecured term loan |  | September 2022 |  | 200,000 |  |  | 200,000 |
Total unsecured floating rate debt |  |  |  | $ | 987,500 |  |  | $ | 689,000 |
(1) | As of December 31, 2019 and 2018, the unamortized net debt issuance costs on certain of these debts were $1,259 and $1,714, respectively.
(2) | Outstanding borrowings under our $1,000,000 unsecured revolving credit facility.
(3) | We prepaid this term loan in December 2019.
|  |  |  |  |  | December 31, 2019 |  | December 31, 2018
Senior Unsecured Notes (1) |  | Coupon |  | Maturity |  | Face Amount |  | Unamortized Discount |  | Face Amount |  | Unamortized Discount
Senior unsecured notes |  | 3.250 | % |  | May 2019 |  | $ | — |  |  | $ | — |  |  | $ | 400,000 |  |  | $ | 19 |
Senior unsecured notes |  | 6.750 | % |  | April 2020 |  | 200,000 |  |  | 59 |  |  | 200,000 |  |  | 274 |
Senior unsecured notes |  | 6.750 | % |  | December 2021 |  | 300,000 |  |  | 1,024 |  |  | 300,000 |  |  | 1,558 |
Senior unsecured notes |  | 4.750 | % |  | May 2024 |  | 250,000 |  |  | 342 |  |  | 250,000 |  |  | 421 |
Senior unsecured notes |  | 4.750 | % |  | February 2028 |  | 500,000 |  |  | 6,857 |  |  | 500,000 |  |  | 7,702 |
Senior unsecured notes |  | 5.625 | % |  | August 2042 |  | 350,000 |  |  | — |  |  | 350,000 |  |  | — |
Senior unsecured notes |  | 6.250 | % |  | February 2046 |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
Total senior unsecured notes |  |  |  |  |  | $ | 1,850,000 |  |  | $ | 8,282 |  |  | $ | 2,250,000 |  |  | $ | 9,974 |
(1) | As of December 31, 2019 and 2018, the unamortized net debt issuance costs on certain of these notes were $21,037 and $23,081, respectively.
|  | Principal Balance as of December 31, |  |  |  |  |  | Number of Properties as Collateral |  | Net Book Value of Collateral as of December 31,
Secured and Other Debt |  | 2019 (1) |  | 2018 (1) |  | Interest Rate |  | Maturity |  | At December 31, 2019 |  | 2019 |  | 2018
Mortgage note (2) |  | $ | — |  |  | $ | 42,618 |  |  | 3.79 | % |  | July 2019 |  | — |  |  | $ | — |  |  | $ | 61,199 |
Mortgage note (3) |  | 1,426 |  |  | 2,037 |  |  | 7.49 | % |  | January 2022 |  | 1 |  |  | 11,469 |  |  | 14,602 |
Mortgage note |  | 12,513 |  |  | 13,146 |  |  | 6.28 | % |  | July 2022 |  | 1 |  |  | 23,662 |  |  | 24,064 |
Mortgage note |  | 10,958 |  |  | 11,180 |  |  | 4.85 | % |  | October 2022 |  | 1 |  |  | 20,139 |  |  | 20,602 |
Mortgage note |  | 16,131 |  |  | 16,441 |  |  | 5.75 | % |  | October 2022 |  | 2 |  |  | 19,751 |  |  | 20,342 |
Mortgage note |  | 16,056 |  |  | 16,442 |  |  | 6.64 | % |  | June 2023 |  | 1 |  |  | 22,854 |  |  | 20,538 |
Mortgage notes (4) |  | 620,000 |  |  | 620,000 |  |  | 3.53 | % |  | August 2026 |  | 1 |  |  | 724,715 |  |  | 745,079 |
Mortgage note (3) (5) |  | 1,589 |  |  | 1,983 |  |  | 6.25 | % |  | March 2026 |  | 1 |  |  | 4,226 |  |  | 4,402 |
Mortgage note |  | 10,688 |  |  | 10,901 |  |  | 4.44 | % |  | July 2043 |  | 1 |  |  | 13,756 |  |  | 13,816 |
Capital Leases |  | 8,874 |  |  | 9,832 |  |  | 7.70 | % |  | April 2026 |  | 2 |  |  | 18,432 |  |  | 17,970 |
Total secured |  | $ | 698,235 |  |  | $ | 744,580 |  |  |  |  |  |  | 11 |  |  | $ | 859,004 |  |  | $ | 942,614 |
(1) | The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. As of December 31, 2019 and 2018, the unamortized net premiums and debt issuance costs on certain of these mortgages were $506 and $394, respectively.
(2) | We prepaid this debt in May 2019.
(3) | The properties encumbered by these mortgages were classified as held for sale as of December 31, 2019. The associated mortgages, along with $25 of unamortized net debt issuance costs, are included in liabilities of properties held for sale in our consolidated balance sheets as of December 31, 2019.
(4) | The property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest. The principal amounts listed in the table for these debts have not been adjusted to reflect the equity interests in the joint venture that we do not own.
(5) | We prepaid this debt in February 2020.
We have a $1,000,000 revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is January 2022, and, subject to the payment of an extension fee and meeting other conditions, we have the option to extend the maturity date of the facility for an additional year. Our revolving credit facility provides that we can borrow, repay and re-borrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. Our revolving credit facility requires annual interest to be paid on borrowings at the rate of LIBOR plus a premium of 120 basis points per annum, and a facility fee of 25 basis points per annum on the total amount of lending commitments under the facility. The interest rate premium and facility fee are each subject to adjustment based upon changes to our credit ratings. The facility also includes a feature pursuant to which in certain circumstances maximum borrowings under the facility may be increased to up to $2,000,000. As of December 31, 2019, the annual interest rate payable on borrowings under our revolving credit facility was 2.8%. The weighted average annual interest rates for borrowings under our revolving credit facility were 3.4%, 3.0% and 2.4% for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, we had $537,500 outstanding and $462,500 available for borrowing, and as of February 28, 2020, we had $593,000 outstanding and $407,000 available for borrowing under our revolving credit facility. We have a $250,000 term loan that matures in June 2020 and is prepayable without penalty at any time. Subject to the satisfaction of certain conditions, including the payment of an extension fee, we have the option to extend the maturity date by six months. We obtained this term loan in December 2019. This term loan requires annual interest to be paid at the rate of LIBOR plus a premium of 125 basis points that is subject to adjustment based upon changes to our credit ratings. At December 31, 2019, the annual interest rate payable on amounts outstanding under this term loan was 2.9%. The weighted average annual interest rate for amounts outstanding under this term loan was 2.9% for the year ended December 31, 2019. We used the net proceeds from our $250,000 term loan, together with proceeds from our dispositions, borrowings under our revolving credit facility and cash on hand, to prepay in full our $350,000 senior unsecured term loan that was scheduled to mature on January 15, 2020. The interest rate on the new term loan is LIBOR plus 125 basis points. As a result of this prepayment, we recorded a loss on early extinguishment of debt of $27 for the year ended December 31, 2019. We also have a $200,000 term loan that matures in September 2022 and is prepayable without penalty at any time. This term loan requires annual interest to be paid at the rate of LIBOR plus a premium of 135 basis points that is subject to adjustment based upon changes to our credit ratings. At December 31, 2019, the annual interest rate payable on amounts outstanding under this term loan was 3.2%. The weighted average annual interest rate for amounts outstanding under this term loan was 3.7%, 3.4% and 2.7% and for the years ended December 31, 2019, 2018 and 2017, respectively. This term loan includes an accordion feature under which maximum borrowings may be increased to up to $400,000 in certain circumstances. Interest on our senior unsecured notes are payable either semi-annually or quarterly in arrears; however, no principal repayments are due until maturity. Required monthly payments on our mortgages include principal and interest. Payments under our capital leases are due monthly. We include amortization of capital lease assets in depreciation and amortization expense. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, in the case of our revolving credit facility and term loan agreements, a change of control of us, as defined, which includes RMR LLC ceasing to act as our business and property manager. Our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements also contain covenants, including covenants that restrict our ability to incur debts, and generally require us to maintain certain financial ratios, and our revolving credit facility and term loan agreements restrict our ability to make distributions under certain circumstances. We believe we were in compliance with the terms and conditions of the respective covenants under our revolving credit facility and term loan agreements and our senior unsecured notes indentures and their supplements at December 31, 2019. In February 2018, we issued $500,000 of 4.75% senior unsecured notes due 2028. We used the net proceeds of this offering to reduce amounts outstanding under our revolving credit facility. In February 2018, in connection with our acquisition of one senior living community, we assumed a $16,748 mortgage note with an annual interest rate of 6.64% and a maturity date in June 2023. In March 2018, in connection with our acquisition of one medical office property, we assumed a $11,050 mortgage note with an annual interest rate of 4.44% and a maturity date in July 2043. In June 2018, in connection with our acquisition of two senior living communities, we assumed a $16,588 mortgage note with an annual interest rate of 5.75% and a maturity date in October 2022. In May 2019, we redeemed at par all of our outstanding 3.25% senior notes due 2019 for a redemption price equal to the principal amount of $400,000, plus accrued and unpaid interest of $6,500. We funded this redemption with cash on hand and borrowings under our revolving credit facility. Also in May 2019, we prepaid, at par plus accrued interest, a mortgage note secured by four of our senior living communities with an outstanding principal balance of approximately $42,211, a maturity date in July 2019 and an annual interest rate of 3.79%. As a result of this prepayment, we recorded a loss on early extinguishment of debt of $17 for the year ended December 31, 2019. We prepaid this mortgage using cash on hand and borrowings under our revolving credit facility. In February 2020, we prepaid, at par plus accrued interest, a mortgage note secured by one of our senior living communities with an outstanding principal balance of approximately $1,554, a maturity date in March 2026 and an annual interest rate of 6.25%. We prepaid this mortgage using cash on hand and borrowings under our revolving credit facility. In January 2018, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $4,338, a maturity date in September 2043 and an annual interest rate of 4.4%. In July 2018, we prepaid, at par plus accrued interest, mortgage notes secured by 12 of our properties with an aggregate outstanding principal balance of approximately $90,602, maturity dates in October 2018 and a weighted average annual interest rate of 5.0%. In September 2018, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $6,325, a maturity date in January 2019 and an annual interest rate of 4.7%. As a result of these prepayments, we recorded a loss on early extinguishment of debt of $22 for the year ended December 31, 2018. We prepaid these mortgages using cash on hand and borrowings under our revolving credit facility. In April 2017, we prepaid, at par plus accrued interest, a mortgage note secured by 17 of our properties with an outstanding principal balance of approximately $277,837 plus an aggregate premium of $5,449, a maturity date in September 2019 and an annual interest rate of 6.71%. In May 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $10,579, a maturity date in August 2017 and an annual interest rate of 6.15%. In June 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $8,807, a maturity date in August 2037 and an annual interest rate of 5.95%. In December 2017, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $8,403, a maturity date in April 2018 and an annual interest rate of 6.73%. As a result of these prepayments, we recorded a loss on early extinguishment of debt of $7,627 for the year ended December 31, 2017. We prepaid these mortgages using cash on hand and borrowings under our revolving credit facility. Required principal payments on our outstanding debt as of December 31, 2019, are as follows:
Year |  | Principal Payment |  |
2020 |  | $ | 453,799 |  |
2021 |  | 304,097 |  |
2022 |  | 776,872 |  |
2023 |  | 16,673 |  |
2024 |  | 252,110 |  |
Thereafter |  | 1,732,184 |  | (1)
(1) The carrying value of our total debt outstanding as of December 31, 2019, including unamortized debt issuance costs, premiums and discounts was $3,504,651.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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