Debt

6 Months Ended

Jun. 30, 2019

Debt Instruments [Abstract]

DEBT

DEBT

On January 31, 2019, we repaid the $20.3 million mortgage loan on Rollingwood Apartments, at par, prior to its original

maturity date.

On June 7, 2019, we issued $300.0 million of fixed rate senior unsecured notes that mature on June 15, 2029 and bear interest at 3.20%. The notes were offered at 99.838% of the principal amount with a yield to maturity of 3.219%. The net proceeds from this note offering after issuance discounts, underwriting fees, and other costs were $297.0 million, which were primarily used to repay our $275.0 million unsecured term loan, at par, on June 7, 2019.

During the three and six months ended June 30, 2019, the maximum amount of borrowings outstanding under our $800.0 million revolving credit facility was $81.0 million and $116.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 3.2% for both periods. During the three and six months ended June 30, 2019, the weighted average borrowings outstanding were $27.1 million and $45.1 million, respectively. At June 30, 2019, our revolving credit facility had no balance outstanding. Our revolving credit facility and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of June 30, 2019, we were in compliance with all default related debt covenants.