Debt

12 Months Ended

Dec. 31, 2019

The following is a summary of our total debt outstanding as of December 31, 2019 and 2018:



	Principal Balance as of December 31,						Stated Interest Rate as of		Stated Maturity Date as of
Description of Debt	2019			2018			December 31, 2019		December 31, 2019
Mortgages payable	(Dollars in thousands)
Rollingwood Apartments	$	—		$	20,331		5.54	%	May 1, 2019
The Shops at Sunset Place	61,987			64,453			5.62	%	September 1, 2020
29th Place	3,878			4,117			5.91	%	January 31, 2021
Sylmar Towne Center	16,630			17,006			5.39	%	June 6, 2021
Plaza Del Sol	8,230			8,409			5.23	%	December 1, 2021
THE AVENUE at White Marsh	52,705			52,705			3.35	%	January 1, 2022
Montrose Crossing	67,492			69,310			4.20	%	January 10, 2022
Azalea	40,000			40,000			3.73	%	November 1, 2025
Bell Gardens	12,677			12,936			4.06	%	August 1, 2026
Plaza El Segundo	125,000			125,000			3.83	%	June 5, 2027
The Grove at Shrewsbury (East)	43,600			43,600			3.77	%	September 1, 2027
Brook 35	11,500			11,500			4.65	%	July 1, 2029
Hoboken (24 Buildings)	56,450			—			LIBOR + 1.95%		December 15, 2029
Various Hoboken (12 Buildings)	24,627			—			Various (1)		Various through 2029
Chelsea	5,597			5,941			5.36	%	January 15, 2031
Hoboken (1 Building)	16,874			—			3.75	%	July 1, 2042
Subtotal	547,247			475,308
Net unamortized premium and debt issuance costs	(1,568		)	(929		)
Total mortgages payable	545,679			474,379
Notes payable
Term loan	—			275,000			LIBOR + 0.90%		November 21, 2019
Revolving credit facility	—			—			LIBOR + 0.775%		January 19, 2024
Various	3,843			4,392			11.31	%	Various through 2028
Subtotal	3,843			279,392
Net unamortized debt issuance costs	(62		)	(365		)
Total notes payable	3,781			279,027
Senior notes and debentures
2.55% notes	250,000			250,000			2.55	%	January 15, 2021
3.00% notes	250,000			250,000			3.00	%	August 1, 2022
2.75% notes	275,000			275,000			2.75	%	June 1, 2023
3.95% notes	300,000			300,000			3.95	%	January 15, 2024
7.48% debentures	29,200			29,200			7.48	%	August 15, 2026
3.25% notes	475,000			475,000			3.25	%	July 15, 2027
6.82% medium term notes	40,000			40,000			6.82	%	August 1, 2027
3.20% notes	400,000			—			3.20	%	June 15, 2029
4.50% notes	550,000			550,000			4.50	%	December 1, 2044
3.625% notes	250,000			250,000			3.625	%	August 1, 2046
Subtotal	2,819,200			2,419,200
Net unamortized discount and debt issuance costs	(12,066		)	(14,921		)
Total senior notes and debentures	2,807,134			2,404,279

Various	—			71,519			Various		Various through 2106
Total debt and capital lease obligations	$	3,356,594		$	3,229,204

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1)	The interest rates on these mortgages range from 3.91% to 5.00%.

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%. On August 21, 2019, we issued an additional $100.0 million senior notes of the same series and with the same terms. The August notes were offered at 103.813% of the principal amount, with a yield to maturity of 2.744%. The combined net proceeds from the note offerings after net issuance premium, underwriting fees, and other costs were $399.9 million, which were primarily used to repay our $275.0 million unsecured term loan, at par, on June 7, 2019 and for general corporate purposes.

On July 25, 2019, we amended our revolving credit facility to increase our borrowing capacity to $1.0 billion and extend the maturity date to January 19, 2024, plus two six-month extensions at our option. Under the amended facility, the spread over LIBOR is 77.5 basis points based on our current credit rating. In addition, we have an option (subject to bank approval) to increase the credit facility through an accordion feature to $1.5 billion.

During 2019, 2018 and 2017, the maximum amount of borrowings outstanding under our revolving credit facility was $116.5 million, $177.0 million and $344.0 million, respectively. The weighted average amount of borrowings outstanding was $26.8 million, $83.1 million and $147.5 million, respectively, and the weighted average interest rate, before amortization of debt fees, was 3.2%, 2.7% and 1.9%, respectively. The revolving credit facility requires an annual facility fee of $1.0 million. At December 31, 2019 and 2018, our revolving credit facility had no balance outstanding.

In connection with our Hoboken, New Jersey acquisitions in 2019, we assumed mortgage loans with a face amount of $41.6 million and a fair value of $42.9 million, and entered into a new mortgage loan with a face amount of $56.5 million. The mortgage loans associated with our Hoboken acquisitions have the following contractual terms:



	Principal		Stated Interest Rate			Maturity Date
	(in millions)
September 18, 2019 (date assumed)	$	17.0	3.75	%		July 1, 2042
November 26, 2019 (date originated)	$	56.5	LIBOR + 1.95%		(1)	December 15, 2029
November 26, 2019 (date assumed)	$	5.7	Various		(2)	Various	(2)
December 19, 2019 (date assumed)	$	18.9	Various		(3)	Various	(3)

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(1)	The interest rate is effectively fixed at 3.67% as a result of two interest rate swap agreements.


(2)	The interest rates on these mortgages range from 3.91% to 5.00% and have maturity dates ranging from January 9, 2025 to May 31, 2029.


(3)	The interests rates on these mortgages range from 4.00% to 4.38% and have maturity dates ranging from October 1, 2025 to July 1, 2026.

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 December 31, 2019, we were in compliance with all default related debt covenants.

Scheduled principal payments on mortgages payable, notes payable, senior notes and debentures as of December 31, 2019 are as follows:



	Mortgages Payable		Notes Payable			Senior Notes and Debentures		Total Principal
	(In thousands)
Year ending December 31,
2020	$	66,252	$	613		$	—	$	66,865
2021	31,519		680			250,000		282,199
2022	119,460		756			250,000		370,216
2023	3,293		775			275,000		279,068
2024	3,421		665		(1)	300,000		304,086
Thereafter	323,302		354			1,744,200		2,067,856
	$	547,247	$	3,843		$	2,819,200	$	3,370,290	(2)

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(1)	Our $1.0 billion revolving credit facility matures on January 19, 2024, plus two six-month extensions at our option. As of December 31, 2019, there was no outstanding balance under this credit facility.

(2)

The total debt maturities differ from the total reported on the consolidated balance sheet due to the unamortized net premium/discount and debt issuance costs on mortgage loans, notes payable, and senior notes as of December 31, 2019.