Mortgages and Notes Payable

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Mortgages and Notes Payable

Mortgages and Notes Payable

The following table sets forth our mortgages and notes payable:

	March 31, 2022		December 31, 2021
Secured indebtedness	$	489,979	$	491,942
Unsecured indebtedness	2,352,538		2,312,180
Less-unamortized debt issuance costs	(14,619)		(15,207)
Total mortgages and notes payable, net	$	2,827,898	$	2,788,915

At March 31, 2022, our secured mortgage loans were collateralized by real estate assets with an undepreciated book value of $728.1 million.

Our $750.0 million unsecured revolving credit facility is scheduled to mature in March 2025 and includes an accordion feature that allows for an additional $550.0 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 90 basis points and the annual facility fee is 20 basis points. The interest rate and facility fee are based on the higher of the publicly announced ratings from Moody’s Investors Service or Standard & Poor’s Ratings Services. There was $110.0 million outstanding under our revolving credit facility at both March 31, 2022 and April 19, 2022. At both March 31, 2022 and April 19, 2022, 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 both March 31, 2022 and April 19, 2022 was $639.9 million.

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 April 26, 2022 (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 $200 million unsecured bank term loan that is scheduled to mature in November 2022 and the $250 million principal amount of unsecured notes that are scheduled to mature in January 2023. 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.