Debt

6 Months Ended

Jun. 30, 2021

Debt Instruments [Abstract]

DEBT

DEBT

On February 5, 2021, we repaid the $16.2 million mortgage loan on Sylmar Towne Center, at par, prior to its original maturity date.

On April 16, 2021, we repaid $100.0 million of our existing $400.0 million term loan, amended the agreement on the remaining $300.0 million to lower the current spread over LIBOR from 135 basis points to 80 basis points based on our current credit rating, and extended the initial maturity date to April 16, 2024, along with two one-year extensions, at our option.

In June 2020, we provided notice for the early repayment of the Plaza Del Sol mortgage loan, at par, on September 1, 2021.

During the three and six months ended June 30, 2021, there were no borrowings on our $1.0 billion revolving credit facility. Our revolving credit facility, term loan, 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, 2021, we were in compliance with all default related debt covenants.