Debt

6 Months Ended

Jun. 30, 2019

Our debt consists of the following (in thousands):



	June 30, 2019		December 31, 2018
Debt payable, net to 2038 ⁽¹⁾	$	1,704,649	$	1,706,886
Unsecured notes payable under credit facilities	—		5,000
Debt service guaranty liability	60,900		60,900
Finance lease obligation	21,851		21,898
Total	$	1,787,400	$	1,794,684

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(1)	At both June 30, 2019 and December 31, 2018, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0%.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	June 30, 2019		December 31, 2018
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,769,843	$	1,771,999
Variable-rate debt	17,557		22,685
Total	$	1,787,400	$	1,794,684
As to collateralization:
Unsecured debt	$	1,453,354	$	1,457,432
Secured debt	334,046		337,252
Total	$	1,787,400	$	1,794,684

We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At both June 30, 2019 and December 31, 2018, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million.

Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2019, that we maintain for cash management purposes, which matures in March 2020. At both June 30, 2019 and December 31, 2018, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):



	June 30, 2019			December 31, 2018
Unsecured revolving credit facility:
Balance outstanding	$	—		$	5,000
Available balance	497,946			492,946
Letters of credit outstanding under facility	2,054			2,054
Variable interest rate (excluding facility fee)	3.3		%	3.3		%
Unsecured short-term facility:
Balance outstanding	$	—		$	—
Variable interest rate (excluding facility fee)	—		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	5,000		$	26,500
Weighted average balance	249			1,096
Year-to-date weighted average interest rate (excluding facility fee)	3.3		%	2.9		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both June 30, 2019 and December 31, 2018, we had $60.9 million outstanding for the debt service guaranty liability.

During the year ended December 31, 2018, we prepaid, without penalty, our $200 million unsecured variable-rate term loan, swapped to a fixed rate of 2.5%, and terminated three interest rate swap contracts that had an aggregate notional amount of $200 million, and we recognized a $3.4 million gain due to the probability that the related hedged forecasted transactions would no longer occur. Additionally, during the year ended December 31, 2018, we paid at par $51.0 million of outstanding debt. These transactions resulted in a net gain upon their extinguishment of $.4 million, excluding the effect of the swap termination.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both June 30, 2019 and December 31, 2018, the carrying value of such assets aggregated $.6 billion. Additionally, at June 30, 2019 and December 31, 2018, investments of $5.3 million and $5.2 million, respectively, are held as collateral for letters of credit totaling $5.0 million.

Scheduled principal payments on our debt (excluding $21.9 million of a finance lease obligation, $(4.3) million net premium/(discount) on debt, $(6.1) million of deferred debt costs, $1.6 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands):



2019 remaining	$	69,831
2020	5,296
2021	18,434
2022	307,922
2023	347,815
2024	252,153
2025	293,807
2026	277,291
2027	38,288
2028	92,159
Thereafter	10,435
Total	$	1,713,431

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2019.