Debt

3 Months Ended

Mar. 31, 2020

As of March 31, 2020, the Company's total debt, net, was $681,662, which consists of mortgages payable, net, of $133,908 and credit agreements, net, of $547,754. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term.

The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of March 31, 2020 and December 31, 2019, the Company was in compliance with all loan covenants.

Mortgages Payable

As of March 31, 2020 and December 31, 2019, mortgages payable had fixed interest rates ranging from 3.49% to 5.49% with a weighted average interest rate of 4.34%. During the three months ended March 31, 2020, the Company extinguished the $41,000 mortgage payable on one retail property with cash on hand.

The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2020 for the remainder of 2020, each of the next four years and thereafter.



Scheduled maturities by year:	As of March 31, 2020
2020	$	—
2021	—
2022	49,538
2023	40,726
2024	15,700
Thereafter	28,630
Total mortgage payable maturities	$	134,594
Debt issuance costs, net of accumulated amortization	(575		)
Discount, net of accumulated amortization	(111		)
Total mortgages payable, net	$	133,908

Credit Agreements

Revolving Credit Agreement

On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). During the three months ended March 31, 2020, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate of 2.01% reflecting 1-Month LIBOR plus 1.05% for general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options. As of March 31, 2020 and December 31, 2019, the Company had a total of $150,000 and no outstanding borrowings, respectively, under the Revolving Credit Agreement, and a facility fee of 0.15% based on the Company's total leverage ratio. As of March 31, 2020, the remaining capacity on the Revolving Credit Agreement was $200,000.

Unsecured term loans

As of March 31, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:



	March 31, 2020				December 31, 2019
	Principal Balance			Interest Rate	Principal Balance			Interest Rate	Maturity Date
$250.0 million 5 year - swapped to fixed rate	$	100,000		2.6795% (a)	$	100,000		2.6795% (a)	December 21, 2023
$250.0 million 5 year - swapped to fixed rate	100,000			2.6795% (a)	100,000			2.6795% (a)	December 21, 2023
$250.0 million 5 year - variable-rate	50,000			2.7811% (b)	50,000			2.8911% (c)	December 21, 2023
$150.0 million 5.5 year - swapped to fixed rate	50,000			2.6915% (a)	50,000			2.6915% (a)	June 21, 2024
$150.0 million 5.5 year - swapped to fixed rate	50,000			2.6990% (a)	50,000			2.6990% (a)	June 21, 2024
$150.0 million 5.5 year - variable-rate	50,000			2.7811% (b)	50,000			2.8911% (c)	June 21, 2024
Total unsecured term loans	400,000				400,000
Issuance costs, net of accumulated amortization	(2,246		)		(2,471		)
Total unsecured term loans, net	$	397,754			$	397,529

(a)

As of March 31, 2020, the Company has four interest rate swap agreements, of which two have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%.


(b)	Interest rate reflects 1-Month LIBOR plus 1.20% effective March 2, 2020.


(c)	Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.

(d)

During the twelve months subsequent to March 31, 2020, the Company expects to reclassify $3,532 of deferred amounts in accumulated comprehensive income (loss) into earnings.