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Indebtedness | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Indebtedness | NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2020:
Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Carrying Amount |  |  | Type |  | Weighted Average Rate |  |  | Weighted Average Maturity (in years) |
Unsecured credit facility (1) |  | $ | 184,802 |  |  | $ | (1,692 | ) |  | $ | 183,110 |  |  | Floating |  | 1.6% |  |  |  | 2.4 |
Unsecured term loans |  |  | 300,000 |  |  |  | (1,241 | ) |  |  | 298,759 |  |  | Floating |  | 1.5% |  |  |  | 3.3 |
Mortgages |  |  | 465,092 |  |  |  | (1,275 | ) |  |  | 463,817 |  |  | Fixed |  | 3.9% |  |  |  | 3.2 |
Total Debt |  | $ | 949,894 |  |  | $ | (4,208 | ) |  | $ | 945,686 |  |  |  |  | 2.7% |  |  |  | 3.1 |
| (1) | The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020.
|  | Original maturities on or before December 31, |
Debt: |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Thereafter |
Unsecured credit facility |  | $ | - |  |  | $ | - |  |  | $ | 184,802 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Unsecured term loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 300,000 |  |  |  | - |  |  |  | - |
Mortgages |  |  | 48,484 |  |  |  | 66,478 |  |  |  | 107,636 |  |  |  | 36,913 |  |  |  | 162,562 |  |  |  | 43,019 |
Total |  | $ | 48,484 |  |  | $ | 66,478 |  |  | $ | 292,438 |  |  | $ | 336,913 |  |  | $ | 162,562 |  |  | $ | 43,019 |
As of December 31, 2020 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2019:
Debt: |  | Outstanding Principal |  |  | Unamortized Debt Issuance Costs |  |  | Carrying Amount |  |  | Type |  | Weighted Average Rate |  |  | Weighted Average Maturity (in years) |
Unsecured credit facility (1) |  | $ | 186,302 |  |  | $ | (2,336 | ) |  | $ | 183,966 |  |  | Floating |  | 3.2% |  |  |  | 3.4 |
Unsecured term loans |  |  | 300,000 |  |  |  | (1,582 | ) |  |  | 298,418 |  |  | Floating |  | 3.1% |  |  |  | 4.3 |
Mortgages |  |  | 504,876 |  |  |  | (1,688 | ) |  |  | 503,188 |  |  | Fixed |  | 3.9% |  |  |  | 4.0 |
Total Debt |  | $ | 991,178 |  |  | $ | (5,606 | ) |  | $ | 985,572 |  |  |  |  | 3.5% |  |  |  | 4.0 |
| (1) | The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019.
Unsecured Credit Facility and Revolving Line of Credit On May 9, 2019, we entered into a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Credit Facility”), refinancing and terminating a previous unsecured credit facility. We have the right to increase the aggregate amount of the Unsecured Credit Facility to up to $600,000. The maturity date on borrowings outstanding under the Unsecured Credit Facility 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 Credit Facility, in whole or in part, at any time without a prepayment fee or penalty. At our option, borrowings under the Unsecured Credit Facility 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 debt agreement. 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. In addition to certain negative covenants, our Unsecured Credit Facility has financial covenants that require us to (i) maintain a consolidated leverage ratio below thresholds described in the debt agreement, (ii) maintain a minimum consolidated fixed charge coverage ratio, and (iii) maintain a minimum consolidated tangible net worth. Additionally, the covenants (i) limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), and (b) the amount of unhedged variable rate indebtedness that may be incurred by us, and (ii) requires us to maintain a pool of unencumbered properties with a total value of at least $100,000. Term Loans On November 20, 2017, we entered into an agreement for a $100,000 unsecured term loan that matures on November 20, 2024. We incurred upfront deferred costs of $917 associated with this facility. In November 2019, the unsecured term loan was amended, which reduced the interest spread. We incurred $257 of upfront deferred costs associated with the amendment. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. On October 30, 2018, we entered into an agreement for a $200,000 unsecured term loan that matures on January 17, 2024. We incurred upfront deferred costs of $821 associated with this facility. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. At closing, we drew $150,000 under the loan. The remaining $50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. Mortgages On July 9, 2020, we drew down on our Unsecured Credit Facility to prepay and extinguish a property mortgage and make partial paydowns on certain other property mortgages totaling $32,117. The property mortgages had a weighted-average interest rate of 3.9% compared to the 1.6% interest rate on our unsecured credit facility as of June 30, 2020. During the year ended December 31, 2019, in connection with three property dispositions, we extinguished property mortgages totaling $76,512.

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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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