NOTES PAYABLE

The following table summarizes the terms of notes payable outstanding at March 31, 2019 and December 31, 2018 (in thousands):



Description	Interest Rate	Maturity (1)	2019			2018
Term Loan, Unsecured	3.69%	2021	$	250,000		$	250,000
Senior Notes, Unsecured	3.91%	2025	250,000			250,000
Senior Notes, Unsecured	4.09%	2027	100,000			100,000
Fifth Third Center	3.37%	2026	142,715			143,497
Colorado Tower	3.45%	2026	118,849			119,427
Promenade	4.27%	2022	98,438			99,238
816 Congress	3.75%	2024	81,260			81,676
Credit Facility, Unsecured	3.54%	2023	56,400			—
Meridian Mark Plaza	6.00%	2020	23,391			23,524
			$	1,121,053		$	1,067,362
Unamortized loan costs			(4,579		)	(4,792		)
Total Notes Payable			$	1,116,474		$	1,062,570

(1) Weighted average maturity of notes payable outstanding at March 31, 2019 was 5.4 years.

Credit Facility

The Company has a $1 billion senior unsecured line of credit (the "Credit Facility") that matures on January 3, 2023. The Credit Facility contains financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 1.75; a fixed charge coverage ratio of at least 1.50; and an overall leverage ratio of no more than 60%, plus a portion of the net cash proceeds from certain equity issuances. The Credit Facility also contains customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The amounts outstanding under the Credit Facility may be accelerated upon the occurrence of any events of default.

The interest rate applicable to the Credit Facility varies according to the Company's leverage ratio, and may, at the election of the Company, be determined based on either (1) the current LIBOR plus a spread of between 1.05% and 1.45%, or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, or the one-month LIBOR plus 1.0% (the "Base Rate"), plus a spread of between 0.10% or 0.45%, based on leverage.

At March 31, 2019, the Credit Facility's spread over LIBOR was 1.05%. The amount that the Company may draw under the Credit Facility is a defined calculation based on the Company's unencumbered assets and other factors.

The total available borrowing capacity under the Credit Facility was $943.6 million at March 31, 2019.

Term Loan

The Company has a $250 million unsecured term loan (the "Term Loan") that matures on December 2, 2021. The Term Loan has financial covenants consistent with those of the Credit Facility. The interest rate applicable to the Term Loan varies according to the Company’s leverage ratio and may, at the election of the Company, be determined based on either (1) the current LIBOR plus a spread of between 1.20% and 1.70%, based on leverage or (2) the greater of Bank of America's prime rate, the federal funds rate plus 0.50%, or the one-month LIBOR plus 1.00% (the “Base Rate”), plus a spread of between 0.00% and 0.75%, based on leverage. At March 31, 2019, the Term Loan's spread over LIBOR was 1.20%.

Unsecured Senior Notes

The Company has $350 million of unsecured senior notes that were funded in two tranches. The first tranche of $100 million has a 10-year maturity and has a fixed annual interest rate of 4.09%. The second tranche of $250 million has an 8-year maturity and has a fixed annual interest rate of 3.91%.

The unsecured senior notes contain financial covenants that require, among other things, the maintenance of an unencumbered interest coverage ratio of at least 2.00; a fixed charge coverage ratio of at least 1.50; an overall leverage ratio of no more than 60%; and a minimum shareholders' equity in an amount equal to $1.9 billion, plus a portion of the net cash proceeds from certain equity issuances. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default.

Other Debt Information

At March 31, 2019 and December 31, 2018, the estimated fair value of the Company’s notes payable was $1.1 billion for each of the periods, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at March 31, 2019 and December 31, 2018. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in ASC 820 as the Company utilizes market rates for similar type loans from third party brokers.

For the three months ended March 31, 2019 and 2018, interest was recorded as follows (in thousands):



	2019			2018
Total interest incurred	$	11,835		$	10,874
Interest capitalized	(1,015		)	(1,096		)
Total interest expense	$	10,820		$	9,778