Bank and Other Notes Payable:

Bank and other notes payable at December 31, 2018 and 2017 consist of the following:

Line of Credit:

The Company has a $1,500,000 revolving line of credit that bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000.

Based on the Company's leverage level as of December 31, 2018, the borrowing rate on the facility was LIBOR plus 1.45%. The Company has four interest rate swap agreements that effectively convert a total of $400,000 of the outstanding balance from floating rate debt of LIBOR plus 1.45% to fixed rate debt of 4.30% until September 30, 2021 (See Note 5—Derivative Instruments and Hedging Activities). As of December 31, 2018 and 2017, borrowings under the line of credit, were $910,000 and $935,000, respectively, less unamortized deferred finance costs of $5,145 and $7,548, respectively, at a total interest rate of 4.20% and 3.13%, respectively. As of December 31, 2018 and 2017, the Company's availability under the line of credit for additional borrowings was $589,719 and $504,412, respectively, The estimated fair value (Level 2 measurement) of the line of credit at December 31, 2018 and 2017 was $912,163 and $919,158, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt.

Prasada Note:

On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on May 30, 2021. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At December 31, 2018 and 2017, the note had a balance of $3,689 and $4,732, respectively. The estimated fair value (Level 2 measurement) of the note at December 31, 2018 and 2017 was $3,690 and $4,717, respectively, based on current interest rates for comparable notes. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt.

As of December 31, 2018 and 2017, the Company was in compliance with all applicable financial loan covenants.

The future maturities of bank and other notes payable are as follows:



Year Ending December 31,
2019	$	887
2020	934
2021	911,868
	913,689
Deferred finance cost	(5,145		)
	$	908,544

The future maturities reflected above reflect the extension options that the Company believes will be exercised.