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Indebtedness
9 Months Ended
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.