Debt (Tables)

3 Months Ended

Mar. 31, 2019

The Company had the following mortgages and notes payable outstanding as of March 31, 2019 and December 31, 2018:



	March 31, 2019			December 31, 2018
Mortgages and notes payable	$	567,871		$	575,514
Unamortized debt issuance costs	(4,920		)	(5,094		)
	$	562,951		$	570,420

Debt Instrument Redemption

The Company had the following senior notes outstanding as of March 31, 2019 and December 31, 2018:



Issue Date	March 31, 2019			December 31, 2018			Interest Rate		Maturity Date	Issue Price
May 2014	$	250,000		$	250,000		4.40	%	June 2024	99.883	%
June 2013	250,000			250,000			4.25	%	June 2023	99.026	%
	500,000			500,000
Unamortized debt discount	(1,167		)	(1,235		)
Unamortized debt issuance cost	(2,590		)	(2,731		)
	$	496,243		$	496,034

Schedule of Line of Credit Facilities

A summary of the significant terms, as of March 31, 2019, are as follows:



	Maturity Date	Current Interest Rate
$600,000 Revolving Credit Facility⁽¹⁾	February 2023	LIBOR + 0.90%
$300,000 Term Loan⁽¹⁾⁽²⁾	January 2021	LIBOR + 1.00%

(1)

In February 2019, the Company replaced its revolving credit facility and the 2021 term loan with a new revolving credit facility and the continuation of the 2021 term loan (the “2019 Credit Agreement”). The 2019 Credit Agreement, among other things: (i) increased the total commitment of the revolving credit facility from $505,000 under the previous credit facility to $600,000 under the 2019 Credit Agreement; (ii) extended the maturity date of the revolving credit facility from August 2019 to February 2023 and allowed for the extension to February 2024 at the Company's option; and (iii) reduced the applicable margin rates on both the revolving credit facility and the 2021 term loan.

At March 31, 2019, the revolving credit facility had no borrowings outstanding and availability of $600,000, subject to covenant compliance. The Company recognized $93 of debt satisfaction charges in connection with the transaction.


(2)	The aggregate unamortized debt issuance costs for the term loan was $1,208 and $1,267 as of March 31, 2019 and December 31, 2018, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details