Mortgages and Notes Payable

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Mortgages and Notes Payable

Mortgages and Notes Payable

The following table sets forth our mortgages and notes payable:

	September 30, 2016			December 31, 2015
Secured indebtedness	$	129,013		$	175,281
Unsecured indebtedness	1,778,942			2,324,333
Less-unamortized debt issuance costs	(6,889		)	(7,801		)
Total mortgages and notes payable, net	$	1,901,066		$	2,491,813

At September 30, 2016, our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $247.1 million.

6.    Mortgages and Notes Payable - Continued

Our $475.0 million unsecured revolving credit facility is scheduled to mature in January 2018 and includes an accordion feature that allows for an additional $75.0 million of borrowing capacity subject to additional lender commitments. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The interest rate at our current credit ratings is LIBOR plus 110 basis points and the annual facility fee is 20 basis points. There was $28.0 million and $38.0 million outstanding under our revolving credit facility at September 30, 2016 and October 17, 2016, respectively. At both September 30, 2016 and October 17, 2016, we had $0.2 million of outstanding letters of credit, which reduces the availability on our revolving credit facility. As a result, the unused capacity of our revolving credit facility at September 30, 2016 and October 17, 2016 was $446.8 million and $436.8 million, respectively.

During the second quarter of 2016, we prepaid without penalty the remaining $43.6 million balance on a secured mortgage loan with an effective interest rate of 7.5% that was originally scheduled to mature in August 2016.

During the second quarter of 2016, we executed a $150.0 million, 67-month unsecured term loan facility. The term loan facility is originally scheduled to mature in January 2022. The interest rate on the term loan facility at our current credit ratings is LIBOR plus 110 basis points. The purpose of the term loan facility is to repay amounts outstanding under our revolving credit facility and other general corporate purposes. There was $75.0 million outstanding under our term loan facility at both September 30, 2016 and October 17, 2016.

During the first quarter of 2016, we prepaid without penalty the $350.0 million balance on our unsecured bridge facility that was originally scheduled to mature in March 2016.

We are currently in compliance with financial covenants and other requirements with respect to our consolidated debt.