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DEBT | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT As of June 30, 2020, we owned 70 apartment communities, of which 23 served as collateral for mortgage loans. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. As of June 30, 2020, we believe that there are no material defaults or instances of noncompliance in regards to any of these mortgages payable. As of June 30, 2020, 47 of our apartment communities were not encumbered by mortgages, with 45 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility ("unsecured credit facility") is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $250.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). As of June 30, 2020, the UAP provided for a borrowing capacity of $250.0 million, with additional borrowing availability of $187.0 million beyond the $63.0 million drawn, including the balance on our operating line of credit (discussed below). The unsecured credit facility matures on August 31, 2022, with one twelve-month option to extend the maturity date at our election. Under our unsecured credit facility, we also have unsecured term loans of $70.0 million and $75.0 million, included within notes payable on the condensed consolidated balance sheets, which mature on January 15, 2024 and on August 31, 2025, respectively. The interest rates on the line of credit and term loans are based, at our option, on either the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate ("LIBOR"), plus a margin that ranges from 135-190 basis points based on our consolidated leverage ratio, as defined under our Second Amended and Restated Credit Agreement. Our unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of June 30, 2020. We have a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes ("unsecured senior notes"). Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029 bearing interest at a rate of 3.84% annually and $50.0 million of Series B notes due September 30, 2028 bearing interest at a rate of 3.69% annually. We have $25.0 million remaining available under the private shelf agreement. We also have a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line matures on August 31, 2020 and has a one-year rolling commitment, with pricing based on a market spread plus the one-month LIBOR index rate. The following table summarizes our indebtedness at June 30, 2020:
| (in thousands) |
| June 30, 2020 |  | December 31, 2019 |  | Weighted Average Maturity in Years at June 30, 2020
Lines of credit | $ | 63,000 |  | $ | 50,079 |  | 2.2
Term loans (1) | 145,000 |  | 145,000 |  | 4.4
Unsecured senior notes (1) | 125,000 |  | 125,000 |  | 8.8
Unsecured debt | 333,000 |  | 320,079 |  | 5.6
Mortgages payable - fixed | 325,230 |  | 331,376 |  | 5.3
Total debt | $ | 658,230 |  | $ | 651,455 |  | 5.5
Weighted average interest rate on lines of credit (rate with swap) | 3.19 | % | 3.81 | % |
Weighted average interest rate on term loans (rate with swap) | 4.13 | % | 4.11 | % |
Weighted average interest rate on unsecured senior notes | 3.78 | % | 3.78 | % |
Weighted average interest rate on mortgages payable | 4.01 | % | 4.02 | % |
(1) | Included within notes payable on our condensed consolidated balance sheets.
The aggregate amount of required future principal payments on term loans, unsecured senior notes, and mortgages payable as of June 30, 2020, was as follows:
| (in thousands)
2020 (remainder) | $ | 12,055 |
2021 | 40,395 |
2022 | 37,219 |
2023 | 45,068 |
2024 | 73,777 |
Thereafter | 386,716 |
Total payments | $ | 595,230 |

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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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