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Revolving Credit Facilities | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Revolving Credit Facilities |
8. | Revolving Credit Facilities
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions):
|  | Carrying Value at December 31, |  |  | Weighted-Average Interest Rate(A) at December 31, |  | Maturity Date at
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |  | December 31, 2018
Unsecured Credit Facility |  | $ | 100.0 |  |  | $ | — |  |  | 3.7% |  |  | N/A |  | September 2021
PNC Facility |  |  | — |  |  |  | — |  |  | N/A |  |  | N/A |  | September 2021
(A) | Interest rate on variable-rate debt was calculated using the base rate and spreads effective at December 31, 2018.
The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Chase Bank, N.A., Wells Fargo Securities, LLC, Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings up to $950 million if certain financial covenants are maintained, two six-month options to extend the maturity to September 2022 upon the Company’s request (subject to satisfaction of certain conditions) and an accordion feature for expansion of availability up to $1.45 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 25 basis points on the entire facility at December 31, 2018. The Company also maintains an unsecured revolving credit facility with PNC Bank, National Association (“PNC”, the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility terms are substantially consistent with those contained in the Unsecured Credit Facility. In July 2018, the Company permanently reduced the borrowing capacity under the PNC Facility from $50 million to $20 million. In addition, the Company provided an unconditional guaranty to PNC with respect to any obligations of RVI outstanding from time to time under a $30 million revolving credit agreement entered into by RVI with PNC. RVI has agreed to reimburse the Company for any amounts paid to PNC pursuant to the guaranty plus interest at a contracted rate and to pay an annual commitment fee to the Company on account of the guaranty. The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either LIBOR, plus a specified spread (1.2% at December 31, 2018) or the Alternative Base Rate, plus a specified spread (0.20% at December 31, 2018), as defined in the respective facility. The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc. and S&P Global Ratings and their successors. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at December 31, 2018 and 2017.

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