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Mortgages and Notes Payable
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Mortgages and Notes Payable Mortgages and Notes Payable
 
The following table sets forth our mortgages and notes payable:
 
 
June 30,
2020
 
December 31,
2019
Secured indebtedness
$
94,336

 
$
95,303

Unsecured indebtedness
2,255,277

 
2,461,425

Less-unamortized debt issuance costs
(11,951
)
 
(13,018
)
Total mortgages and notes payable, net
$
2,337,662

 
$
2,543,710


 
At June 30, 2020, our secured mortgage loan was collateralized by real estate assets with an undepreciated book value of $147.4 million.
 
Our $600.0 million unsecured revolving credit facility is scheduled to mature in January 2022 and includes an accordion feature that allows for an additional $400.0 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 100 basis points and the annual facility fee is 20 basis points. There was $14.0 million outstanding under our revolving credit facility at June 30, 2020. There were no amounts outstanding under our revolving credit facility at July 21, 2020. At both June 30, 2020 and July 21, 2020, we had $0.1 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 June 30, 2020 and July 21, 2020 was $585.9 million and $599.9 million, respectively.
 
We are currently in compliance with financial covenants with respect to our consolidated debt.
 
We have considered our short-term liquidity needs within one year from July 28, 2020 (the date of issuance of the quarterly financial statements) and the adequacy of our estimated cash flows from operating activities and other available financing sources to meet these needs. In particular, we have considered our scheduled debt maturities during such one-year period, including the $300.0 million principal amount of unsecured notes due June 15, 2021. We have concluded it is probable we will meet these short-term liquidity requirements through a combination of the following:
 
•
available cash and cash equivalents;
 
•
cash flows from operating activities;
 
•
issuance of debt securities by the Operating Partnership;
 
•
issuance of secured debt;
 
•
bank term loans;
 
•
borrowings under our revolving credit facility;
 
•
issuance of equity securities by the Company or the Operating Partnership; and

•
the disposition of non-core assets.