Unsecured and Secured Indebtedness

12 Months Ended

Dec. 31, 2019

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
	2019			2018			2019	2018	December 31, 2019
Unsecured indebtedness:
Senior notes^(B)	$	1,660.0		$	1,660.0		3.375%–4.700%	3.375%–4.700%	July 2022– June 2027
Senior notes – discount, net		(3.8	)		(4.3	)
Net unamortized debt issuance costs		(8.2	)		(9.7	)
Total Senior Notes	$	1,648.0		$	1,646.0

Term Loan	$	100.0		$	50.0		2.8%	3.9%	January 2023
Net unamortized debt issuance costs		(0.5	)		(0.3	)
Total Term Loan	$	99.5		$	49.7

Secured indebtedness:
Mortgage indebtedness – Fixed Rate	$	95.2		$	89.0		5.7%	5.9%	April 2020– May 2025
Net unamortized debt issuance costs		(0.3	)		(0.3	)
Total Mortgage Indebtedness	$	94.9		$	88.7

(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, 2019 and 2018.

(B)	Effective interest rates ranged from 3.5% to 4.8% at December 31, 2019.

Senior Notes

The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.2% per annum at December 31, 2019 and 2018. 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, 2019 and 2018, the Company was in compliance with all of the financial covenants under the indentures.

Term Loan

The Company maintains a term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC and KeyBank National Association, as syndication agents (the “Term Loan”). In 2019, the principal amount of this Term Loan was increased to $100.0 million. The Term Loan accrues 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 (1.0% at December 31, 2019). The maturity date is January 2023. The Company may increase the amount of the facility provided that lenders agree to certain terms. 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, 2019 and 2018.

Mortgages Payable

Mortgages payable, collateralized by real estate with a net book value of $161.0 million at December 31, 2019, 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 4.2% 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, 2019, are as follows (in thousands):

Year	Amount
2020	$	41,684
2021		43,412
2022		200,980
2023		187,030
2024		70,485
Thereafter		1,311,761
		1,855,352
Unamortized fair market value of assumed debt		983
Net unamortized debt issuance costs		(9,038	)
Total indebtedness	$	1,847,297

Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2019, 2018 and 2017 aggregated $2.5 million, $2.7 million and $1.9 million, respectively.