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Revolving Credit Facilities | 12 Months Ended
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Dec. 31, 2019
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
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | December 31, 2019
Unsecured Credit Facility |  | $ | 5.0 |  |  | $ | 100.0 |  |  | 2.7% |  |  | 3.7% |  |  | January 2024
PNC Facility |  |  | — |  |  |  | — |  |  | N/A |  |  | N/A |  |  | January 2024
(A) | Interest rate on variable-rate debt was calculated using the base rate and spreads effective at December 31, 2019 and 2018.
In 2019, the Company amended and restated its unsecured revolving credit facility with a syndicate of financial institutions, arranged by Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $950 million if certain financial covenants are maintained, 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, and was amended to extend the maturity date to January 2024, subject to two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions) and to reduce the interest rate margins applicable to drawn amounts. 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 December 31, 2019. In 2019, the Company also amended its $20 million unsecured revolving credit facility with PNC Bank, National Association (“PNC”, the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”) to reflect substantially the same terms as those contained in the Unsecured Credit Facility. Additionally, the Company has 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 (0.90% at December 31, 2019) or the Alternative Base Rate, as defined in the respective facility, plus a specified spread (0% at December 31, 2019). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc., S&P Global Ratings, Fitch Investor Services, Inc. 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, 2019 and 2018.

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