Debt

3 Months Ended

Mar. 31, 2020

The Company had the following mortgages and notes payable outstanding as of March 31, 2020 and December 31, 2019:


	March 31, 2020		December 31, 2019
Mortgages and notes payable	$	381,193	$	393,872
Unamortized debt issuance costs	(3,490)		(3,600)
	$	377,703	$	390,272

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

As of March 31, 2020, the Company had two non-recourse mortgage loans that were in default with an outstanding aggregate principal balance of $50,525. Each mortgage loan is secured by a vacant office property (Overland Park, Kansas and Boca Raton, Florida).

The Company had the following senior notes outstanding as of March 31, 2020 and December 31, 2019:


Issue Date	March 31, 2020		December 31, 2019		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	(894)		(963)
Unamortized debt issuance cost	(2,027)		(2,167)
	$	497,079	$	496,870

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 March 31, 2020, is as follows:


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

(1) Maturity date of the line of credit can be extended to February 2024 at the Company's option. The interest rate ranges from LIBOR plus 0.775% to 1.45%. At March 31, 2020, the Company had $130,000 borrowings outstanding and availability of $470,000, subject to covenant compliance.

(2) The LIBOR portion of the interest rate was swapped to obtain a current fixed rate of 2.732% per annum. The aggregate unamortized debt issuance costs for the term loan was $2,435 and $2,561 as of March 31, 2020 and December 31, 2019, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at March 31, 2020.

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 March 31, 2020 was 3.470%. As of March 31, 2020 and December 31, 2019, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,699 and $1,724, respectively, of unamortized debt issuance costs.

Capitalized interest recorded during the three months ended March 31, 2020 and 2019 was $292 and $19, respectively.