Quarterly report pursuant to Section 13 or 15(d)

Unsecured Lines of Credit Payable

v2.4.0.6
Unsecured Lines of Credit Payable
6 Months Ended
Jun. 30, 2012
Unsecured Debt [Abstract]  
Unsecured Lines of Credit Payable
UNSECURED LINES OF CREDIT PAYABLE
During the 2012 Quarter, we executed an amended and restated credit agreement for our Credit Facility No. 1 to expand the facility from $75.0 million to $100.0 million, with an accordion feature that allows us to increase the facility to $200.0 million, subject to additional lender commitments. The amended and restated facility matures June 2015, with a one-year extension option, and bears interest at a rate of LIBOR plus a margin of 107.5 basis points.
During the 2012 Quarter, we entered into an amended and restated credit agreement for our $400.0 million unsecured line of credit (“Credit Facility No. 2”) to extend the maturity date of the facility to July 2016 , with a one-year extension option, and lower the interest rate to LIBOR plus a margin of 107.5 basis points.
The amounts of these lines of credit unused and available at June 30, 2012 are as follows (in millions):
 
Credit Facility
No. 1
 
Credit Facility
No. 2
Committed capacity
$
100.0

 
$
400.0

Borrowings outstanding
(74.0
)
 
(147.0
)
Letters of credit issued
(0.8
)
 

Unused and available
$
25.2

 
$
253.0



We executed borrowings and repayments on the unsecured lines of credit during the 2012 Quarter as follows (in millions):
 
Credit Facility
No. 1
 
Credit Facility
No. 2
Balance at March 31, 2012
$
74.0

 
$
35.0

Borrowings

 
117.0

Repayments

 
(5.0
)
Balance at June 30, 2012
$
74.0

 
$
147.0

NOTES PAYABLE
We repaid our $50.0 million of 5.05% unsecured notes on their due date of May 1, 2012 using borrowings on our unsecured lines of credit.