Annual report pursuant to Section 13 and 15(d)

Unsecured Lines of Credit Payable (Tables)

v3.19.3.a.u2
Unsecured Lines of Credit Payable (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Revolving Credit Facilities Covenant Compliance
Information related to revolving credit facilities for the three years ended December 31, 2019 as follows (in thousands, except percentage amounts):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Total revolving credit facilities at December 31
$
700,000

 
$
700,000

 
$
600,000

Borrowings outstanding at December 31
56,000

 
188,000

 
166,000

Weighted average daily borrowings during the year
196,074

 
230,934

 
179,633

Maximum daily borrowings during the year
300,000

 
429,000

 
252,000

Weighted average interest rate during the year
3.34
%
 
2.96
%
 
2.15
%
Weighted average interest rate on borrowings outstanding at December 31
2.73
%
 
3.52
%
 
2.54
%

The amount of the Revolving Credit Facility unused and available at December 31, 2019 was as follows (in thousands):
Committed capacity
$
700,000

Borrowings outstanding
(56,000
)
Unused and available
$
644,000



We executed borrowings and repayments on the Revolving Credit Facility during 2019 as follows (in thousands):
Balance at December 31, 2018
$
188,000

Borrowings
687,000

Repayments
(819,000
)
Balance at December 31, 2019
$
56,000


For the three years ended December 31, 2019, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands):
 
Year Ended December 31,
 
2019
 
2018
 
2017
Interest expense (excluding facility fees)
$
6,554

 
$
6,843

 
$
3,857

Facility fees
1,400

 
1,371

 
1,217