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Unsecured and Secured Indebtedness | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Unsecured and Secured Indebtedness |
9. | Unsecured and Secured Indebtedness
The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):
|  | Carrying Value at December 31, |  |  | Interest Rate(A) at December 31, |  |  | Maturity Date at
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |  |  | December 31, 2018
Unsecured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes(B) |  | $ | 1,660.0 |  |  | $ | 2,832.2 |  |  | 3.375%–4.700% |  |  | 3.375%–7.500% |  |  | July 2022– June 2027
Senior notes – discount, net |  |  | (4.3 | ) |  |  | (5.1 | ) |  |  |  |  |  |  |  |  |  |
Net unamortized debt issuance costs |  |  | (9.7 | ) |  |  | (17.0 | ) |  |  |  |  |  |  |  |  |  |
Total Senior Notes |  | $ | 1,646.0 |  |  | $ | 2,810.1 |  |  |  |  |  |  |  |  |  |  |
Unsecured Term Loan |  | $ | 50.0 |  |  | $ | 400.0 |  |  | 3.9% |  |  | 2.9% |  |  | January 2023
Net unamortized debt issuance costs |  |  | (0.3 | ) |  |  | (1.9 | ) |  |  |  |  |  |  |  |  |  |
Total Unsecured Term Loan |  | $ | 49.7 |  |  | $ | 398.1 |  |  |  |  |  |  |  |  |  |  |
Secured indebtedness: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage indebtedness – Fixed Rate |  | $ | 89.0 |  |  | $ | 643.4 |  |  | 5.9% |  |  | 4.7% |  |  | April 2020– January 2022
Net unamortized debt issuance costs |  |  | (0.3 | ) |  |  | (2.3 | ) |  |  |  |  |  |  |  |  |  |
Total Mortgage Indebtedness |  | $ | 88.7 |  |  | $ | 641.1 |  |  |  |  |  |  |  |  |  |  |
(A) | The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2018 and 2017.
(B) | Effective interest rates ranged from 3.5% to 4.8% at December 31, 2018.
Debt Repayments In 2018, the Company repaid $1,172.2 million aggregate principal amount of senior unsecured notes with maturity dates ranging from July 2018 to February 2025. In connection with the redemption of the senior unsecured notes, the Company paid make-whole amounts totaling $37.2 million. These make-whole amounts are included in Other Income (Expense), net in the Company’s consolidated statements of operations. In addition, the Company repaid $550.9 million of mortgage debt and $350.0 million of an unsecured term loan. Senior Notes The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.2% per annum at December 31, 2018 and 2017. The senior notes may be redeemed based upon a yield maintenance calculation. The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitation on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also require that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. Interest is paid semiannually in arrears. At December 31, 2018 and 2017, the Company was in compliance with all of the financial and other covenants under the indentures. Total fees, excluding underwriting discounts, incurred by the Company for the issuance of senior notes were $2.0 million in 2017. The Company did not issue any senior notes in 2018. Unsecured Term Loan The Company maintains an unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, PNC and KeyBank National Association, as syndication agents (the “Unsecured Term Loan”). Tranche A loans aggregating $200 million and Tranche B loans aggregating $150 million under the Unsecured Term Loan were repaid in 2018. The maturity date for the remaining $50 million of Tranche B loans under the facility is January 2023. The Company may increase the amount of the facility provided that lenders agree to certain terms. The Tranche B loans accrue interest at a variable rate based on LIBOR as defined in the loan agreement plus a specified spread based on the Company’s long-term senior unsecured debt rating (1.35% at December 31, 2018). The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2018 and 2017. Secured Financing In contemplation of the spin-off transaction, which occurred on July 1, 2018 (Note 1), certain wholly-owned subsidiaries of RVI entered into a loan agreement in February 2018 that provided for a secured loan facility with an initial aggregate principal amount of $1.35 billion. This loan was assumed by RVI in connection with the consummation of the spin-off of RVI. Mortgages Payable Mortgages payable, collateralized by real estate with a net book value of $143.0 million at December 31, 2018, and related tenant leases, are generally due in monthly installments of principal and/or interest. Fixed contractual interest rates on mortgages payable range from approximately 4.7% to 6.8% per annum. Scheduled Principal Repayments The scheduled principal payments of the Revolving Credit Facilities (Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2018, are as follows (in thousands):
Year |  | Amount |
2019 |  | $ | 2,372 |
2020 |  |  | 41,684 |
2021 |  |  | 143,412 |
2022 |  |  | 201,366 |
2023 |  |  | 136,977 |
Thereafter |  |  | 1,367,343 |
|  |  | 1,893,154 |
Unamortized fair market value of assumed debt |  |  | 1,546 |
Net unamortized debt issuance costs |  |  | (10,295 | )
Total indebtedness |  | $ | 1,884,405 |
Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2018, 2017 and 2016 aggregated $2.7 million, $1.9 million and $1.8 million, respectively.

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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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