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Revolving Credit Facilities | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Revolving Credit Facilities |
5. | Revolving Credit Facilities
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions):
|  | Carrying Value at March 31, 2016 |  |  | Weighted-Average Interest Rate(A) at March 31, 2016 |  |  | Maturity Date
Unsecured Credit Facility |  | $ | 350.0 |  |  |  | 1.4% |  |  | June 2019
PNC Facility |  |  | — |  |  | N/A |  |  | June 2019
(A) | Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at March 31, 2016.
The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Securities, LLC and Wells Fargo Securities, LLC (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $750 million, if certain financial covenants are maintained, two six-month options to extend the maturity to June 2020 upon the Company’s request and an accordion feature for expansion of availability up to $1.25 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at March 31, 2016. The Unsecured Credit Facility also allows for foreign currency-denominated borrowings. The Company also maintains a $50 million unsecured revolving credit facility with PNC Bank, National Association (the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility terms are consistent with those contained in the Unsecured Credit Facility. The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either (i) the prime rate plus a specified spread (0.15% at March 31, 2016), as defined in the respective facility, or (ii) LIBOR plus a specified spread (1.0% at March 31, 2016). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service and Standard & Poor’s. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, maintenance of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at March 31, 2016.

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