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Indebtedness | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Indebtedness | NOTE 4: Indebtedness The following tables contain summary information concerning our indebtedness as of September 30, 2019:
Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Carrying Amount |  |  | Type |  | Weighted Average Rate |  |  | Weighted Average Maturity (in years) |
Unsecured credit facility (1) |  | $ | 156,303 |  |  | $ | (2,388 | ) |  | $ | 153,915 |  |  | Floating |  | 3.5% |  |  |  | 3.6 |
Unsecured term loans |  |  | 300,000 |  |  |  | (1,406 | ) |  |  | 298,594 |  |  | Floating |  | 3.5% |  |  |  | 4.6 |
Mortgages |  |  | 528,713 |  |  |  | (1,892 | ) |  |  | 526,821 |  |  | Fixed |  | 3.8% |  |  |  | 4.3 |
Total Debt |  | $ | 985,016 |  |  | $ | (5,686 | ) |  | $ | 979,330 |  |  |  |  | 3.7% |  |  |  | 4.3 |
| (1) | The total capacity under the unsecured credit facility is $350,000, of which $156,303 was outstanding as of September 30, 2019.
|  | Original maturities on or before December 31, |
Debt: |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | Thereafter |
Unsecured credit facility |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 156,303 |  |  | $ | — |
Unsecured term loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 300,000 |
Mortgages |  |  | 1,602 |  |  |  | 8,135 |  |  |  | 76,033 |  |  |  | 70,700 |  |  |  | 107,202 |  |  |  | 265,041 |
Total |  | $ | 1,602 |  |  | $ | 8,135 |  |  | $ | 76,033 |  |  | $ | 70,700 |  |  | $ | 263,505 |  |  | $ | 565,041 |
As of September 30, 2019, we were in compliance with all financial covenants contained in documents governing our indebtedness. The following table contains summary information concerning our indebtedness as of December 31, 2018:
Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Carrying Amount |  |  | Type |  | Weighted Average Rate |  |  | Weighted Average Maturity (in years) |
Unsecured credit facility (1) |  | $ | 155,743 |  |  | $ | (1,760 | ) |  | $ | 153,983 |  |  | Floating |  | 3.9% |  |  |  | 2.7 |
Unsecured term loans |  |  | 250,000 |  |  |  | (1,620 | ) |  |  | 248,380 |  |  | Floating |  | 4.0% |  |  |  | 5.4 |
Mortgages |  |  | 585,672 |  |  |  | (2,547 | ) |  |  | 583,125 |  |  | Fixed |  | 3.8% |  |  |  | 5.1 |
Total Debt |  | $ | 991,415 |  |  | $ | (5,927 | ) |  | $ | 985,488 |  |  |  |  | 3.9% |  |  |  | 4.8 |
| (1) | The total capacity under the unsecured credit facility was $300,000, of which $155,743 was outstanding as of December 31, 2018.
Unsecured Credit Facility On May 9, 2019, we closed on a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Revolving Line of Credit”), refinancing and terminating the previous unsecured credit facility. We have the right to increase the aggregate amount of the Unsecured Revolving Line of Credit to up to $600,000. The maturity date on borrowings outstanding under the Unsecured Revolving Line of Credit is May 9, 2023, subject to our option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee. We may prepay the Unsecured Revolving Line of Credit, in whole or in part, at any time without a prepayment fee or penalty. At our option, borrowings under the Unsecured Revolving Line of Credit will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points. The applicable margin is determined based upon our total consolidated leverage ratio, as defined in the agreements. At the time of closing, based on our leverage ratio, the margin spread to LIBOR was 155 basis points. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. Mortgages On April 30, 2019, we extinguished a property mortgage in the amount of $18,850 in connection with a property disposition. On July 18, 2019, we extinguished two property mortgages in the amounts of $20,527 and $14,235, respectively, in connection with two property dispositions.

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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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