DEBT

12 Months Ended

Dec. 31, 2019

As of December 31, 2019, we owned 69 apartment communities, of which 24 served as collateral for mortgage loans. All of these mortgage loans were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 5.73%, and the mortgage loans have varying maturity dates from November 1, 2020, through September 1, 2031. As of December 31, 2019, we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans.

During the year ended December 31, 2019, we closed on a $59.9 million mortgage loan. This mortgage is secured by four apartment communities, is interest only, and is priced at a fixed rate of 3.88% for the full twelve-year term of the loan. Proceeds from this loan were used to pay down balances under our line of credit.

During the year ended December 31, 2019, we entered into a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes ("unsecured senior notes"). Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029, bearing interest at a rate of 3.84% annually, and $50.0 million of Series B notes due September 30, 2028, bearing interest at a rate of 3.69% annually. We have $25.0 million remaining available under the private shelf agreement.

As of December 31, 2019, we owned 45 apartment communities that were not encumbered by mortgages, with all of these apartment communities providing credit support for our unsecured borrowings. Our primary unsecured credit facility ("unsecured credit facility") is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $250.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool (“UAP”). The UAP provided for a borrowing capacity of $250.0 million at December 31, 2019, providing additional borrowing availability of $199.9 million beyond the $50.1 million drawn, including the balance on our operating line of credit (discussed below), priced at an interest rate of 3.81%, including the impact of our interest rate swap. This credit facility matures on August 31, 2022, with one 12-month option to extend the maturity date at our election. At December 31, 2018, the line of credit borrowing capacity was $232.5 million based on the UAP, of which $57.5 million was drawn on the line. At April 30, 2018, the line of credit borrowing capacity was $300.0 million based on the UAP, of which $124.0 million was drawn on the line.

Under our unsecured credit facility, we also have unsecured term loans of $70.0 million and $75.0 million, included within notes payable on the consolidated balance sheets, which mature on January 15, 2024 and August 31, 2025, respectively.

The interest rates on the line of credit and term loans are based, at our option, on the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our unsecured credit facility and unsecured senior notes are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2019.

We also have a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate.

The following table summarizes our indebtedness:



	(in thousands)
	December 31, 2019			December 31, 2018			April 30, 2018			Weighted Average Maturity in Years
Lines of credit	$	50,079		$	57,500		$	124,000		2.67
Term loans⁽¹⁾	145,000			145,000			70,000			4.88
Unsecured senior notes⁽¹⁾	125,000			—			—			9.33
Unsecured debt	320,079			202,500			194,000			6.27
Mortgages payable - fixed	331,376			445,974			489,401			5.79
Mortgages payable - variable	—			—			22,739
Total debt	$	651,455		$	648,474		$	706,140		6.02

Annual Weighted Average Interest Rates
Lines of credit (rate with swap)	3.81		%	3.72		%	3.35		%
Term loans (rate with swaps)	4.11		%	4.01		%	3.86		%
Unsecured senior notes	3.78		%	—			—
Mortgages payable	4.02		%	4.58		%	4.69		%


(1)	Included within notes payable on our consolidated balance sheets.

The aggregate amount of required future principal payments on mortgages payable and notes payable as of December 31, 2019 is as follows:



	(in thousands)
2020	$	14,897
2021	40,523
2022	37,352
2023	48,111
2024	73,777
Thereafter	386,716
Total payments	$	601,376