Debt

6 Months Ended

Jun. 30, 2019

The Company had the following mortgages and notes payable outstanding as of June 30, 2019 and December 31, 2018:



	June 30, 2019			December 31, 2018
Mortgages and notes payable	$	436,642		$	575,514
Unamortized debt issuance costs	(4,288		)	(5,094		)
	$	432,354		$	570,420

Interest rates, including imputed rates on mortgages and notes payable, ranged from 2.2% to 6.5% at June 30, 2019 and December 31, 2018 and all mortgages and notes payables mature between 2019 and 2036 as of June 30, 2019. The weighted-average interest rate was 4.6% and 4.5% at June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019, the Richland, Washington property, which was held for sale, was encumbered by a $110,000 mortgage that bears interest at 4.0% and is not included in the June 30, 2019 table above.

As of June 30, 2019, the Company had two non-recourse mortgage loans that were in default with an outstanding aggregate principal balance of $38,942. Each mortgage loan is secured by an office property (Overland Park, Kansas and Charleston, South Carolina), which was vacant or mostly vacant at June 30, 2019.

The Company had the following senior notes outstanding as of June 30, 2019 and December 31, 2018:



Issue Date	June 30, 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	(1,099		)	(1,235		)
Unamortized debt issuance cost	(2,449		)	(2,731		)
	$	496,452		$	496,034

Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a premium.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of June 30, 2019, is 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. The Company recognized $93 of debt satisfaction charges in connection with the transaction.

At June 30, 2019, the revolving credit facility had $55,000 in borrowings outstanding and availability of $545,000, subject to covenant compliance.


(2)	The aggregate unamortized debt issuance costs for the term loan was $1,046 and $1,267 as of June 30, 2019 and December 31, 2018, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate level debt agreements at June 30, 2019.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, bore interest at a fixed rate of 6.804% through April 2017 and bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at June 30, 2019 was 4.283%. As of June 30, 2019 and December 31, 2018, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,774 and $1,824, respectively, of unamortized debt issuance costs.