Mortgages and Notes Payable

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Mortgages and Notes Payable

Mortgages and Notes Payable

The following table sets forth our mortgages and notes payable:

	March 31, 2016			December 31, 2015
Secured indebtedness	$	174,475		$	175,281
Unsecured indebtedness	1,933,536			2,324,333
Less-unamortized debt issuance costs	(7,074		)	(7,801		)
Total mortgages and notes payable, net	$	2,100,937		$	2,491,813

At March 31, 2016, our secured mortgage loans were collateralized by real estate assets with an aggregate undepreciated book value of $315.8 million.

Our $475.0 million unsecured revolving credit facility is scheduled to mature in January 2018 and includes an accordion feature that allows for an additional $75.0 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 110 basis points and the annual facility fee is 20 basis points. There was $258.0 million and $257.0 million outstanding under our revolving credit facility at March 31, 2016 and April 19, 2016, respectively. At both March 31, 2016 and April 19, 2016, we had $0.2 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 March 31, 2016 and April 19, 2016 was $216.8 million and $217.8 million, respectively.

During the first quarter of 2016, we prepaid without penalty the $350.0 million balance on our unsecured bridge facility that was originally scheduled to mature in March 2016.

We are currently in compliance with financial covenants and other requirements with respect to our consolidated debt.