XML 28 R12.htm IDEA: XBRL DOCUMENT
v3.19.1

Mortgages and Notes Payable | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Mortgages and Notes Payable | Mortgages and Notes Payable The following table sets forth our mortgages and notes payable:
| March 31, 2019 |  | December 31, 2018
Secured indebtedness | $ | 96,717 |  |  | $ | 97,179 |
Unsecured indebtedness | 2,075,211 |  |  | 1,997,816 |
Less-unamortized debt issuance costs | (11,334 | ) |  | (9,164 | )
Total mortgages and notes payable, net | $ | 2,160,594 |  |  | $ | 2,085,831 |
At March 31, 2019, our secured mortgage loan was collateralized by real estate assets with an undepreciated book value of $146.4 million. Our $600.0 million unsecured revolving credit facility is scheduled to mature in January 2022 and includes an accordion feature that allows for an additional $400.0 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 100 basis points and the annual facility fee is 20 basis points. There was $135.0 million and $97.0 million outstanding under our revolving credit facility at March 31, 2019 and April 16, 2019, respectively. At March 31, 2019 and April 16, 2019, we had $0.2 million and $0.1 million, respectively, 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, 2019 and April 16, 2019 was $464.8 million and $502.9 million, respectively. During the first quarter of 2019, we prepaid without penalty our $225.0 million, seven-year unsecured bank term loan, which was scheduled to mature in June 2020. The interest rate on the term loan was LIBOR plus 110 basis points. We recorded $0.4 million of loss on debt extinguishment related to this prepayment. During the first quarter of 2019, the Operating Partnership issued $350.0 million aggregate principal amount of 4.20% notes due April 2029, less original issuance discount of $1.0 million. These notes were priced to yield 4.234%. Underwriting fees and other expenses were incurred that aggregated $3.1 million; these costs were deferred and will be amortized over the term of the notes. We are currently in compliance with financial covenants with respect to our consolidated debt. We have considered our short-term liquidity needs and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. We intend to 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;
• | bank term loans;
• | borrowings under our revolving credit facility;
• | issuance of equity securities by the Company or the Operating Partnership; and
• | the disposition of non-core assets.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration