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Mortgages and Notes Payable | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable:
| March 31, 2017 |  | December 31, 2016
Secured indebtedness | $ | 127,358 |  |  | $ | 128,204 |
Unsecured indebtedness | 1,923,692 |  |  | 1,826,145 |
Less-unamortized debt issuance costs | (8,564 | ) |  | (6,302 | )
Total mortgages and notes payable, net | $ | 2,042,486 |  |  | $ | 1,948,047 |
At March 31, 2017, our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $254.2 million. Our $475.0 million unsecured revolving credit facility is scheduled to mature in January 2018 and includes an accordion feature that allows for an additional $75.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The interest rate at our current credit ratings is LIBOR plus 110 basis points and the annual facility fee is 20 basis points. There was $131.0 million and $130.0 million outstanding under our revolving credit facility at March 31, 2017 and April 18, 2017, respectively. At both March 31, 2017 and April 18, 2017, we had $0.2 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility at March 31, 2017 and April 18, 2017 was $343.8 million and $344.8 million, respectively. During the first quarter of 2017, the Operating Partnership issued $300.0 million aggregate principal amount of 3.875% notes due 2027, less original issue discount of $4.0 million. These notes were priced to yield 4.038%. Underwriting fees and other expenses were incurred that aggregated $2.5 million; these costs were deferred and will be amortized over the term of the notes. 5. Mortgages and Notes Payable - Continued During the first quarter of 2017, we paid off at maturity $379.7 million principal amount of 5.85% unsecured notes. During the first quarter of 2017, we amended our $150.0 million unsecured bank term loan that is scheduled to mature in January 2022 by increasing the borrowed amount to $200.0 million. The interest rate on this term loan at our current credit ratings is LIBOR plus 110 basis points. We incurred $0.3 million of debt issuance costs in connection with this amendment, which will be amortized along with existing unamortized debt issuance costs over the remaining term. We are currently in compliance with financial covenants and other requirements with respect to our consolidated debt. We have considered our short-term liquidity needs within one year from April 25, 2017 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other expected financing sources to meet these needs. In particular, we have considered our scheduled debt maturities during such one year period, including the $108.3 million secured loan due November 1, 2017 and the $200.0 million principal amount of unsecured notes due April 15, 2018. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following:
• | available cash and cash equivalents;
• | cash flows from operating activities;
• | issuance of debt securities by the Operating Partnership;
• | issuance of secured debt (including the $100.0 million fixed-rate loan described in Note 14);
• | bank term loans;
• | borrowings under our revolving credit facility;
• | issuance of other secured debt;
• | issuance of equity securities by the Company or the Operating Partnership; and
• | the disposition of non-core assets.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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