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Notes Payable
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
The following table summarizes the terms of notes payable outstanding at March 31, 2022 and December 31, 2021 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20222021
Unsecured Notes:
Credit Facility, Unsecured1.50%2023$345,000 $228,500 
Term Loan, Unsecured1.50%2024350,000 350,000 
2019 Senior Notes, Unsecured3.95%2029275,000 275,000 
2017 Senior Notes, Unsecured3.91%2025250,000 250,000 
2019 Senior Notes, Unsecured3.86%2028250,000 250,000 
2019 Senior Notes, Unsecured3.78%2027125,000 125,000 
2017 Senior Notes, Unsecured4.09%2027100,000 100,000 
1,695,000 1,578,500 
Secured Mortgage Notes:
Fifth Third Center 3.37%2026132,807 133,672 
Colorado Tower3.45%2026111,508 112,150 
Terminus 1005.25%2023110,821 111,678 
Promenade 4.27%202288,143 89,052 
Domain 103.75%202475,945 76,412 
Terminus 2003.79%202372,103 72,561 
Legacy Union One4.24%202366,000 66,000 
657,327 661,525 
   $2,352,327 $2,240,025 
Unamortized premium2,994 3,910 
Unamortized loan costs(5,837)(6,426)
Total Notes Payable$2,349,484 $2,237,509 

(1) Interest rate as of March 31, 2022.
(2) Weighted average maturity of notes payable outstanding at March 31, 2022 was 3.5 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 1.75x; a fixed charge coverage ratio of at least 1.50x; a secured leverage ratio of no more than 40%; and an overall leverage ratio of no more than 60%. 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 Company is in compliance with all covenants of the Credit Facility. The Company expects to negotiate a new credit facility prior to the current maturity date which will have a borrowing capacity that meets or exceeds the current facility and extends the maturity date.
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) 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% and 0.45%, based on leverage. The Company's Credit Facility provides for alternate interest rate calculations based on metrics other than LIBOR, such as the Secured Overnight Financing Rate ("SOFR"), if LIBOR is no longer widely available.
At March 31, 2022, 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 $655.0 million at March 31, 2022.
Term Loan
On June 28, 2021, the Company entered into an Amended and Restated Term Loan Agreement (the "Term Loan") that amended the former term loan agreement. Under the Term Loan, the Company has borrowed $350 million that matures on August 30, 2024 with options to, on up to four successive occasions, extend the maturity date for an additional 180 days. 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 Eurodollar Rate Loans plus a spread of between 1.05% and 1.65%, (2) the current LIBOR Daily Floating plus a spread of between 1.05% and 1.65%, or (3) the interest rate applicable to Base Rate Loans plus a spread of between 0.05% and 0.65%. At March 31, 2022, the Term Loan's spread over LIBOR was 1.05%. The Company is in compliance with all covenants of the Term Loan. The Term Loan provides for alternate interest rate calculations based on metrics other than LIBOR, such as SOFR, if LIBOR is no longer widely available or should the alternative interest rate prove more favorable.
Unsecured Senior Notes
The Company has unsecured senior notes of $1.0 billion that were funded in five tranches. The first tranche of $100 million is due in 2027 and has a fixed annual interest rate of 4.09%. The second tranche of $250 million is due in 2025 and has a fixed annual interest rate of 3.91%. The third tranche of $125 million is due in 2027 and has a fixed annual interest rate of 3.78%. The fourth tranche of $250 million is due in 2028 and has a fixed annual interest rate of 3.86%. The fifth tranche of $275 million is due in 2029 and has a fixed annual interest rate of 3.95%.
The unsecured senior notes contain financial covenants that are consistent with those of our Credit Facility. The senior notes also contain customary representations and warranties and affirmative and negative covenants, as well as customary events of default. The Company is in compliance with all covenants of the unsecured senior notes.
Secured Mortgage Notes
As of March 31, 2022, the Company had $657.3 million outstanding on seven non-recourse mortgage notes. All interest rates on the secured mortgage notes are fixed. Assets with depreciated carrying values of $1.1 billion were pledged as security, respectively, on these mortgage notes payable.
Other Debt Information
At March 31, 2022 and December 31, 2021, the estimated fair value of the Company’s notes payable was $2.4 billion and $2.3 billion, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at March 31, 2022 and December 31, 2021. 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, 2022 and 2021, interest expense was recorded as follows (in thousands):
20222021
Total interest incurred$18,976 $18,520 
Interest capitalized(3,451)(1,312)
Total interest expense$15,525 $17,208