Notes and Bonds Payable

9 Months Ended

Sep. 30, 2019

The table below details the Company’s notes and bonds payable.



	Maturity Dates	Balance as of				Effective Interest Rate as of
(Dollars in thousands)	Maturity Dates	September 30, 2019		December 31, 2018		September 30, 2019
$700 million Unsecured Credit Facility	5/23	$	322,000	$	262,000	2.92	%
$200 million Unsecured Term Loan Facility, net of issuance costs ⁽¹⁾	5/24	198,957		149,183		3.29	%
$150 million Unsecured Term Loan due 2026 ⁽²⁾	6/26	—		—		N/A
Senior Notes due 2023, net of discount and issuance costs	4/23	248,434		248,117		3.95	%
Senior Notes due 2025, net of discount and issuance costs ⁽³⁾	5/25	248,460		248,278		4.08	%
Senior Notes due 2028, net of discount and issuance costs	1/28	295,536		295,198		3.84	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	7/20-5/40	130,532		143,208		4.81	%
		$	1,443,919	$	1,345,984

______


(1)	The effective interest rate includes the impact of interest rate swaps on $175.0 million at a weighted average rate of 2.29% (plus the applicable margin rate, currently 100 basis points).


(2)	As of September 30, 2019, there were no outstanding loans under the $150.0 million unsecured term loan due June 2026. This term loan has a delayed draw feature that allows the Company until February 2020 to draw against the commitments.


(3)	The effective interest rate includes the impact of the $1.7 million settlement of a forward-starting interest rate swap that is included in Accumulated other comprehensive loss on the Company's Condensed Consolidated Balance Sheets.

Changes in Debt Structure

On April 10, 2019, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.00% per annum with an outstanding principal of $8.9 million. The mortgage note encumbered a 52,813 square foot property in Washington.

On May 31, 2019, the Company amended and restated its $700.0 million unsecured credit facility due 2020 (the "Unsecured Credit Facility") to extend the maturity date from July 2020 to May 2023. Amounts outstanding under the Unsecured Credit Facility bear interest at LIBOR plus an applicable margin, which depends on the Company's credit ratings, ranging from 0.775% to 1.45% (currently 0.90%). In addition, the Company pays a facility fee per annum on the aggregate amount of commitments ranging from 0.125% to 0.30% (currently 0.20%). In connection with the amendment, the Company paid up front fees to the lenders and other costs of approximately $3.5 million, which were capitalized and are being amortized over the term of the Unsecured Credit Facility.

Also, on May 31, 2019, the Company amended and restated its term loan agreement (the "Term Loan") with a syndicate of lenders. The amended agreement extended the maturity date of the Company's unsecured term loan due 2022 to May 2024 (the "Term Loan due 2024") and increased the loan amount from $150.0 million to $200.0 million. In addition, the amended agreement added a $150.0 million seven-year term loan facility (the "Term Loan due 2026"). The Term Loan due 2024 bears interest at LIBOR plus an applicable margin ranging from 0.85% to 1.65% (1.00% at September 30, 2019) based upon the Company's unsecured debt ratings. The Term Loan due 2026 has a delayed draw feature that allows the Company up to nine months to draw against the commitments. As of September 30, 2019, no loans were outstanding under the Term Loan due 2026. Loans outstanding under the Term Loan due 2026 will bear interest at a rate equal to LIBOR plus a margin ranging from 1.45% to 2.40% (1.60% at September 30, 2019). Committed amounts that remain undrawn are subject to a ticking fee ranging from 0.125% to 0.30% per annum (0.20% at September 30, 2019). In connection with the amendment, the Company paid up front fees to the lenders of approximately $1.8 million, of which $1.0 million were capitalized and are being amortized over the respective term of the term loans and $0.8 million were expensed during the second quarter of 2019.