Debt

9 Months Ended

Sep. 30, 2020

The Company had the following mortgages and notes payable outstanding as of September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
Mortgages and notes payable	$	159,686	$	393,872
Unamortized debt issuance costs	(1,963)		(3,600)
	$	157,723	$	390,272

Interest rates, including imputed rates on mortgages and notes payable, ranged from 3.5% to 6.5%, respectively, at September 30, 2020 and December 31, 2019, and all mortgages and notes payables mature between 2020 and 2032 as of September 30, 2020. The weighted-average interest rate was 4.7% and 4.5% at September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, the Lake Jackson, Texas property, which was held for sale, was encumbered by a $179,110 mortgage that matures in 2036 and bears interest at 4.04% and is not included in the September 30, 2020 table above.

As of September 30, 2020, the Company had one non-recourse mortgage loan that was in default with an outstanding principal balance of $18,413. The mortgage loan is secured by a vacant office property in Boca Raton, Florida.

The Company had the following senior notes outstanding as of September 30, 2020 and December 31, 2019:


Issue Date	September 30, 2020		December 31, 2019		Interest Rate		Maturity Date	Issue Price
August 2020	$	400,000	$	—	2.70	%	September 2030	99.233	%
May 2014	198,932		250,000		4.40	%	June 2024	99.883	%
June 2013	188,756		250,000		4.25	%	June 2023	99.026	%
	787,688		500,000
Unamortized debt discount	(3,619)		(963)
Unamortized debt issuance cost	(5,126)		(2,167)
	$	778,943	$	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.

In August 2020, the Company issued $400,000 aggregate principal amount of 2.70% Senior Notes due 2030 ("2030 Senior Notes") at an issuance price of 99.233% of the principal amount. The Company issued the 2030 Senior Notes at an initial discount of $3,068 which is being recognized as additional interest expense over the term of the 2030 Senior Notes.

During the three months ended September 30, 2020, the Company used a portion of the net proceeds from the offering of the 2030 Senior Notes to repurchase $61,244 and $51,068 aggregate principal balance of its outstanding 4.25% senior notes due 2023 and 4.40% senior notes due 2024, respectively, through a tender offer. The tender offer consideration included $9,477 in prepayment costs and fees and $1,024 of accrued interest. The Company recognized a $10,066 debt satisfaction charge related to the aggregate repurchases, which included a write-off of the proportionate amount of unamortized discount and debt issuance costs related to the 2023 and 2024 senior notes.

The Company has an unsecured credit agreement with KeyBank National Association, as agent. A summary of the significant terms, as of September 30, 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 revolving credit facility can be extended to February 2024 at the Company's option. The interest rate ranges from LIBOR plus 0.775% to 1.45%. At September 30, 2020, the Company had no borrowings outstanding and availability of $600,000, 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 $2,183 and $2,561 as of September 30, 2020 and December 31, 2019, respectively.

The Company was compliant with all applicable financial covenants contained in its corporate-level debt agreements at September 30, 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 September 30, 2020 was 1.968%. As of September 30, 2020 and December 31, 2019, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,650 and $1,724, respectively, of unamortized debt issuance costs.

Capitalized interest recorded during the nine months ended September 30, 2020 and 2019 was $1,112 and $251, respectively.