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UNSECURED AND SECURED DEBT (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments |
| December 31, 2019 |  | December 31, 2018
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 112,710 |  |  | 195,730 |
Unamortized debt issuance costs | (1,316 | ) |  | (1,804 | )
Unsecured bank credit facilities | 111,394 |  |  | 193,926 |
Unsecured debt - fixed rate, carrying amount (1) | 940,000 |  |  | 725,000 |
Unamortized debt issuance costs | (1,885 | ) |  | (1,600 | )
Unsecured debt | 938,115 |  |  | 723,400 |
Secured debt - fixed rate, carrying amount (1) | 133,422 |  |  | 189,038 |
Unamortized debt issuance costs | (329 | ) |  | (577 | )
Secured debt | 133,093 |  |  | 188,461 |
Total debt | $ | 1,182,602 |  |  | 1,105,787 |
(1) | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
Schedule of unsecured debt | A summary of the carrying amount of Unsecured debt follows:
|  |  |  |  |  | Balance at December 31,
| Margin Above LIBOR | Interest Rate |  | Maturity Date |  | 2019 |  | 2018
|  |  |  |  |  | (In thousands)
$75 Million Unsecured Term Loan (1) | 1.15% | 2.85% |  | 07/31/2019 |  | $ | — |  |  | 75,000 |
$75 Million Unsecured Term Loan (1) | 1.10% | 3.45% |  | 12/20/2020 |  | 75,000 |  |  | 75,000 |
$40 Million Unsecured Term Loan (1) | 1.10% | 2.34% |  | 07/30/2021 |  | 40,000 |  |  | 40,000 |
$75 Million Unsecured Term Loan (1) | 1.40% | 3.03% |  | 02/28/2022 |  | 75,000 |  |  | 75,000 |
$65 Million Unsecured Term Loan (1) | 1.10% | 2.31% |  | 04/01/2023 |  | 65,000 |  |  | 65,000 |
$100 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |
$30 Million Notes | Not applicable | 3.80% |  | 08/28/2020 |  | 30,000 |  |  | 30,000 |
$50 Million Notes | Not applicable | 3.80% |  | 08/28/2023 |  | 50,000 |  |  | 50,000 |
$20 Million Notes | Not applicable | 3.80% |  | 08/28/2025 |  | 20,000 |  |  | 20,000 |
$60 Million Senior Unsecured Notes | Not applicable | 3.46% |  | 12/13/2024 |  | 60,000 |  |  | 60,000 |
$100 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |
$60 Million Notes | Not applicable | 3.48% |  | 12/15/2024 |  | 60,000 |  |  | 60,000 |
$40 Million Notes | Not applicable | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$25 Million Senior Unsecured Notes | Not applicable | 3.97% |  | 10/01/2025 |  | 25,000 |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable | 3.99% |  | 10/07/2025 |  | 50,000 |  |  | 50,000 |
$60 Million Senior Unsecured Notes | Not applicable | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$80 Million Senior Unsecured Notes | Not applicable | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | — |
$35 Million Senior Unsecured Notes | Not applicable | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | — |
$75 Million Senior Unsecured Notes | Not applicable | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | — |
$100 Million Unsecured Term Loan (1) | 1.50% | 2.75% |  | 10/10/2026 |  | 100,000 |  |  | — |
|  |  |  |  |  | $ | 940,000 |  |  | 725,000 |
(1) The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2019.
Schedule of secured debt | A summary of the carrying amount of Secured debt follows:
|  | Interest Rate |  | Monthly P&I Payment |  | Maturity Date |  | Carrying Amount of Securing Real Estate at December 31, 2019 |  | Balance at December 31,
Property |  |  |  |  |  | 2019 |  | 2018
|  |  |  |  |  |  |  | (In thousands)
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington |  | 7.50% |  | 539,747 |  |  | Repaid |  | $ | — |  |  | — |  |  | 46,725 |
Blue Heron II |  | 5.39% |  | 16,176 |  |  | Repaid |  | — |  |  | — |  |  | 233 |
40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 |  | 4.39% |  | 463,778 |  |  | 01/05/2021 |  | 66,072 |  |  | 48,772 |  |  | 52,115 |
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) |  | 4.75% |  | 420,045 |  |  | 06/05/2021 |  | 50,002 |  |  | 44,596 |  |  | 47,445 |
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 |  | 4.09% |  | 329,796 |  |  | 01/05/2022 |  | 53,889 |  |  | 37,682 |  |  | 40,046 |
Ramona |  | 3.85% |  | 16,287 |  |  | 11/30/2026 |  | 8,794 |  |  | 2,372 |  |  | 2,474 |
|  |  |  |  |  |  |  |  | $ | 178,757 |  |  | 133,422 |  |  | 189,038 |
(1) | During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan.
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), due during the next five years as of December 31, 2019 are as follows:
Years Ending December 31, |  | (In thousands)
2020 |  | $ | 114,047 |
2021 |  | 129,562 |
2022 |  | 107,770 |
2023 |  | 115,119 |
2024 |  | 120,122 |

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