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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company’s outstanding debt totaled approximately $1.0 billion at March 31, 2019, of which approximately $918.5 million was fixed-rate debt and approximately $115.0 million was variable rate debt, including $40.0 million outstanding under an unsecured revolving credit facility and $75.0 million outstanding under a term loan credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of March 31, 2019. At March 31, 2019, the Company had a $400.0 million credit facility comprised of a $325.0 million revolving facility and a $75.0 million term loan. As of March 31, 2019, the applicable spread for borrowings is 135 basis points under the revolving credit facility and 130 basis points under the term loan. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. Letters of credit may be issued under the revolving credit facility. As of March 31, 2019, based on the value of the Company’s unencumbered properties, approximately $230.5 million was available under the revolving credit facility, $40.0 million was outstanding and approximately $185,000 was committed for letters of credit. On January 4, 2019, the Company repaid in full the remaining balance of the mortgage loan secured by Countryside Marketplace, which was scheduled to mature in July 2019. On January 10, 2019, the Company closed on a 15-year, non-recourse $22.1 million mortgage loan secured by Olde Forte Village. The loan matures in 2034, bears interest at a fixed-rate of 4.65%, requires monthly principal and interest payments of $124,700 based on a 25-year amortization schedule and requires a final payment of $12.1 million. Proceeds were partially used to repay in full the existing mortgage secured by Olde Forte Village, which was scheduled to mature in May 2019. Saul Centers is a guarantor of the credit facility, of which the Operating Partnership is the borrower. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness loan (approximately $10.0 million of the $69.3 million outstanding balance at March 31, 2019, which guarantee will be reduced to (i) $6.7 million on October 1, 2019, (ii) $3.3 million on October 1, 2020 and (iii) zero on October 1, 2021), (b) a portion of the Kentlands Square II mortgage loan (approximately $8.7 million of the $34.9 million outstanding balance at March 31, 2019), and (c) a portion of the Broadlands Village mortgage (approximately $4.0 million of the $31.8 million outstanding balance at March 31, 2019). All other notes payable are non-recourse. At December 31, 2018, the principal amount of the Company’s outstanding debt totaled approximately $1.0 billion, of which $910.2 million was fixed rate debt and $122.0 million was variable rate debt, including $47.0 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of December 31, 2018. At March 31, 2019, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(In thousands) | Balloon Payments |  | Scheduled Principal Amortization |  | Total
April 1 through December 31, 2019 | $ | 12,060 |  |  | $ | 22,312 |  |  | $ | 34,372 |
2020 | 61,163 |  |  | 28,538 |  |  | 89,701 |
2021 | 11,012 |  |  | 28,335 |  |  | 39,347 |
2022 | 76,502 |  | (a) | 28,925 |  |  | 105,427 |
2023 | 84,225 |  |  | 29,316 |  |  | 113,541 |
2024 | 66,637 |  |  | 27,882 |  |  | 94,519 |
Thereafter | 440,667 |  |  | 115,901 |  |  | 556,568 |
Principal amount | $ | 752,266 |  |  | $ | 281,209 |  |  | 1,033,475 |
Unamortized deferred debt costs |  |  |  |  | 10,354 |
Net |  |  |  |  | $ | 1,023,121 |
(a) Includes $40.0 million outstanding under the revolving credit facility. Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2019 and 2018, were as follows:
| Three Months Ended March 31,
(In thousands) | 2019 |  | 2018
Interest incurred | $ | 12,881 |  |  | $ | 12,200 |
Amortization of deferred debt costs | 384 |  |  | 470 |
Capitalized interest | (2,146 | ) |  | (1,144 | )
Interest expense | 11,119 |  |  | 11,526 |
Less: Interest income | 52 |  |  | 102 |
Interest expense, net | $ | 11,067 |  |  | $ | 11,424 |

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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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