XML 28 R19.htm IDEA: XBRL DOCUMENT v3.22.2
Bank and Other Notes Payable
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Bank and Other Notes Payable Bank and Other Notes Payable:
Bank and other notes payable consist of the following:
Credit Facility:
On April 14, 2021, the Company terminated its existing credit facility and entered into a new credit agreement, which provides for an aggregate $700,000 facility, including a $525,000 revolving loan facility that matures on April 14, 2023, with a one-year extension option, and a $175,000 term loan facility that matures on April 14, 2024. The revolving loan facility can be expanded up to $800,000, subject to receipt of lender commitments and other conditions. Concurrently with entering into the new credit agreement, the Company drew the $175,000 term loan facility in its entirety and drew $320,000 of the amount available under the revolving loan facility. Simultaneously with entering into the new credit agreement, the Company repaid $985,000 of debt, which included terminating and repaying all amounts outstanding under its prior revolving line of credit facility. All obligations under the facility are guaranteed unconditionally by the Company and are secured in the form of mortgages on certain wholly-owned assets and pledges of equity interests held by certain of the Company’s subsidiaries. The
credit facility bears interest at LIBOR plus a spread of 2.25% to 3.25% depending on the Company’s overall leverage level. As of June 30, 2022, the borrowing rate was LIBOR plus 2.25%. As of June 30, 2022, borrowings under the facility were $86,000, less unamortized deferred finance costs of $11,036, for the revolving loan facility at a total interest rate of 5.21%. As of June 30, 2022, the Company's availability under the revolving loan facility for additional borrowings was $438,719. On September 20, 2021, the Company paid off the remaining balance outstanding on the term loan facility with proceeds from the sale of Tucson La Encantada (See Note 15—Dispositions). The estimated fair value (Level 2 measurement) of borrowings under the credit facility at June 30, 2022 was $84,900 for the revolving loan facility based on a present value model using a credit interest rate spread offered to the Company for comparable debt.
As of June 30, 2022 and December 31, 2021, the Company was in compliance with all applicable financial loan covenants.