Mortgages and Notes Payable

12 Months Ended

Dec. 31, 2019

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



	December 31, 2019			December 31, 2018
Mortgages and notes payable	$	393,872		$	575,514
Unamortized debt issuance costs	(3,600		)	(5,094		)
	$	390,272		$	570,420

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 6.5% and 2.2% to 6.5% at December 31, 2019 and 2018, respectively, and all mortgages and notes payable mature between 2020 and 2036, as of December 31, 2019. The weighted-average interest rate at December 31, 2019 and 2018 was approximately 4.5%.

As of December 31, 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 December 31, 2019.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of December 31, 2019, are as follows:



	Maturity Date	Interest Rate
$600,000 Revolving Credit Facility⁽¹⁾	February 2023	LIBOR + 0.90%
$300,000 Term Loan⁽¹⁾⁽²⁾	January 2025	LIBOR + 1.00%

(1)

In February 2019, the Company: (i) increased the total commitment of the revolving credit facility from $505,000 to $600,000; (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. In July 2019, the Company extended the maturity of the $300,000 term loan from January 2021 to January 2025 and swapped the LIBOR portion of the interest rate to obtain a current fixed rate of 2.732% per annum. The Company recognized $93 of debt satisfaction charges in connection with these transactions. At December 31, 2019, the revolving credit facility had no borrowings outstanding and availability of $600,000, subject to covenant compliance.


(2)	The aggregate unamortized debt issuance costs for the term loan was $2,561 and $1,267 as of December 31, 2019 and 2018, respectively.

The unsecured revolving credit facility and the unsecured term loan are subject to financial covenants, which the Company was in compliance with at December 31, 2019.

Mortgages payable and secured loans are generally collateralized by real estate and the related leases. Certain mortgages payable have yield maintenance or defeasance requirements relating to any prepayments.

Scheduled principal and balloon payments for mortgages, notes payable and term loan for the next five years and thereafter are as follows:



Year ending December 31,	Total
2020	$	71,099
2021	36,597
2022	18,564
2023	20,136
2024	13,856
Thereafter	533,620
	693,872
Unamortized debt issuance costs	(6,161		)
	$	687,711

Included in the Consolidated Statements of Operations, the Company recognized debt satisfaction gains (charges), net, of $(9), $(898) and $258 for the years ended December 31, 2019, 2018 and 2017, respectively, due to the satisfaction of mortgages and notes payable other than those disclosed elsewhere in these financial statements. In addition, the Company capitalized $410, $15 and $1,174 in interest for the years ended 2019, 2018 and 2017, respectively.

Senior Notes, Convertible Notes and Trust Preferred Securities

The Company had the following Senior Notes outstanding as of December 31, 2019 and 2018:



Issue Date	December 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	(963		)	(1,235		)
Unamortized debt issuance cost	(2,167		)	(2,731		)
	$	496,870		$	496,034

Each series of the Senior Notes is unsecured and pays 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.

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 thereafter bear interest at a variable rate of three month LIBOR plus 1.7 basis points through maturity. The interest rate at December 31, 2019 was 3.636%. As of December 31, 2019 and 2018, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,724 and $1,824, respectively, of unamortized debt issuance costs.

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:



Year ending December 31,	Total
2020	$	—
2021	—
2022	—
2023	250,000
2024	250,000
Thereafter	129,120
	629,120
Unamortized debt discounts	(963		)
Unamortized debt issuance costs	(3,891		)
	$	624,266