UNSECURED AND SECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2019



	December 31, 2019			December 31, 2018
	(In thousands)
Unsecured bank credit facilities - variable rate, carrying amount	$	112,710		195,730
Unamortized debt issuance costs	(1,316		)	(1,804	)
Unsecured bank credit facilities	111,394			193,926

Unsecured debt - fixed rate, carrying amount ⁽¹⁾	940,000			725,000
Unamortized debt issuance costs	(1,885		)	(1,600	)
Unsecured debt	938,115			723,400

Secured debt - fixed rate, carrying amount ⁽¹⁾	133,422			189,038
Unamortized debt issuance costs	(329		)	(577	)
Secured debt	133,093			188,461

Total debt	$	1,182,602		1,105,787


(1)	These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

Schedule of unsecured debt

A summary of the carrying amount of Unsecured debt follows:



				Balance at December 31,
	Margin Above LIBOR	Interest Rate	Maturity Date	2019		2018
				(In thousands)
$75 Million Unsecured Term Loan ⁽¹⁾	1.15%	2.85%	07/31/2019	$	—	75,000
$75 Million Unsecured Term Loan ⁽¹⁾	1.10%	3.45%	12/20/2020	75,000		75,000
$40 Million Unsecured Term Loan ⁽¹⁾	1.10%	2.34%	07/30/2021	40,000		40,000
$75 Million Unsecured Term Loan ⁽¹⁾	1.40%	3.03%	02/28/2022	75,000		75,000
$65 Million Unsecured Term Loan ⁽¹⁾	1.10%	2.31%	04/01/2023	65,000		65,000
$100 Million Senior Unsecured Notes:
$30 Million Notes	Not applicable	3.80%	08/28/2020	30,000		30,000
$50 Million Notes	Not applicable	3.80%	08/28/2023	50,000		50,000
$20 Million Notes	Not applicable	3.80%	08/28/2025	20,000		20,000
$60 Million Senior Unsecured Notes	Not applicable	3.46%	12/13/2024	60,000		60,000
$100 Million Senior Unsecured Notes:
$60 Million Notes	Not applicable	3.48%	12/15/2024	60,000		60,000
$40 Million Notes	Not applicable	3.75%	12/15/2026	40,000		40,000
$25 Million Senior Unsecured Notes	Not applicable	3.97%	10/01/2025	25,000		25,000
$50 Million Senior Unsecured Notes	Not applicable	3.99%	10/07/2025	50,000		50,000
$60 Million Senior Unsecured Notes	Not applicable	3.93%	04/10/2028	60,000		60,000
$80 Million Senior Unsecured Notes	Not applicable	4.27%	03/28/2029	80,000		—
$35 Million Senior Unsecured Notes	Not applicable	3.54%	08/15/2031	35,000		—
$75 Million Senior Unsecured Notes	Not applicable	3.47%	08/19/2029	75,000		—
$100 Million Unsecured Term Loan ⁽¹⁾	1.50%	2.75%	10/10/2026	100,000		—
				$	940,000	725,000

(1)

The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2019.

Schedule of secured debt

A summary of the carrying amount of Secured debt follows:



	Interest Rate	Monthly P&I Payment	Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2019		Balance at December 31,
Property	Interest Rate	Monthly P&I Payment	Maturity Date			2019	2018
				(In thousands)
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington	7.50%	539,747	Repaid	$	—	—	46,725
Blue Heron II	5.39%	16,176	Repaid	—		—	233
40^th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30	4.39%	463,778	01/05/2021	66,072		48,772	52,115
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 ⁽¹⁾	4.75%	420,045	06/05/2021	50,002		44,596	47,445
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32	4.09%	329,796	01/05/2022	53,889		37,682	40,046
Ramona	3.85%	16,287	11/30/2026	8,794		2,372	2,474
				$	178,757	133,422	189,038


(1)	During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan.

Principal payments due during the next five years

Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), due during the next five years as of December 31, 2019 are as follows:



Years Ending December 31,	(In thousands)
2020	$	114,047
2021	129,562
2022	107,770
2023	115,119
2024	120,122

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details