BREIT 2017 Annual Report

76 Our indebtedness includes loans secured by our properties, master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), and Bank of America Merrill Lynch (the “BAML MRA”) secured by our investments in real estate-related securities, and an unsecured line of credit. The following is a summary of our indebtedness as of December 31, 2017 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size Principal Balance Loans secured by our properties: Fixed rate mortgages 3.80% 1/17/2025 N/A $ 1,468,294 BAML Industrial Term Loan (4) L+2.10% 6/1/2022 N/A 186,000 BAML Revolving Credit Facility (4) L+2.10% 6/1/2022 $ 186,000 186,000 Citi Revolving Credit Facility (5) L+2.25% 10/26/2020 300,000 178,831 Floating rate mortgage L+2.18% 5/9/2022 N/A 63,600 Capital One Term Loan (6) L+1.80% 12/12/2022 N/A 22,500 Capital One Revolving Credit Facility (6) L+1.80% 12/12/2022 20,600 20,600 Total loans secured by our properties 2,125,825 Repurchase agreement borrowings secured by our real estate-related securities: Citi MRA L+1.57% 8/23/2018 N/A 512,975 RBC MRA L+1.54% 11/24/2018 N/A 150,238 BAML MRA L+1.16% 2/9/2018 (3) N/A 19,635 Total repurchase agreement borrowings secured by our real estate-related securities 682,848 Unsecured loan: Line of Credit L+2.25% 1/23/2019 250,000 5,374 Total indebtedness $ 2,814,047 (1) The term “L” refers to (i) the one-month LIBOR with respect to the loans secured by our properties and the Line of Credit, and (ii) the three-month LIBOR with respect to the repurchase agreement borrowings. (2) For loans where we, at our sole discretion, have extension options, the maximum maturity date has been assumed. (3) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in February 2018 into new nine or twelve month contracts. (4) The BAML Industrial Term Loan and BAML Revolving Credit Facility are secured by certain of our industrial assets. (5) As of December 31, 2017, the Citi Revolving Credit Facility is secured by our hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by one of our industrial assets. Other potential future sources of capital include secured or unsecured financings from banks or other lenders and proceeds from the sale of assets. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. We have not yet identified any sources for these types of financings. Cash Flows The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash ($ in thousands): For the Year Ended December 31, 2017 Cash flows provided by operating activities $ 72,285 Cash flows used in investing activities (4,322,344) Cash flows provided by financing activities 4,407,588 Net increase in cash and cash equivalents and restricted cash $ 157,529 Cash flows provided by operating activities were $72.3 million for the year ended December 31, 2017, primarily as a result of cash flows from the operations of our property investments and interest income on our investments in real estate-related securities. Cash flows used in investing activities were $4.3 billion for the year ended December 31, 2017, primarily driven by our acquisitions of real estate investments of $3.4 billion and purchase of real estate-related securities of $930.1 million.