Annual report pursuant to Section 13 and 15(d)

LOANS PAYABLE AND OTHER BORROWINGS

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LOANS PAYABLE AND OTHER BORROWINGS
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
LOANS PAYABLE AND OTHER BORROWINGS
LOANS PAYABLE AND OTHER BORROWINGS
Loans payable and other borrowings consist of the following (in thousands):
 
 
At December 31,
 
 
2018
 
2017
Other borrowings, real estate note payable (1)
 
$
14,773

 
$
17,354

$780.0 million unsecured revolving credit facility with interest approximating LIBOR (approximately 2.52% at December 31, 2018) plus 1.75% or Prime (5.50% at December 31, 2018) plus 0.75%
 

 

Total
 
$
14,773

 
$
17,354

(1)
Reflects balance of non-recourse non-interest bearing notes payable in connection with land purchases as of December 31, 2018.

The Company entered into an amended and restated unsecured revolving credit facility ("Credit Facility") in 2014 that has been amended from time to time.  In June 2018, the aggregate commitment was increased to $780.0 million and the maturity date extended to July 2022. The accordion feature was refreshed permitting the size of the facility to increase to a maximum of $880.0 million, subject to certain conditions, including the availability of additional bank commitments. Borrowings under the Credit Facility are unsecured but availability is subject to, among other things, a borrowing base. The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $1.1 billion (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), and (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 60%. In addition, we are required to maintain either (i) an interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.50 to 1.00 or (ii) liquidity (as defined therein) of an amount not less than our consolidated interest incurred during the trailing 12 months. We were in compliance with all Credit Facility covenants as of December 31, 2018.

We had no outstanding borrowings under the Credit Facility as of December 31, 2018 and December 31, 2017. During the twelve months ended December 31, 2018 we had $285.0 million of gross borrowings and repayments. During the twelve months ended December 31, 2017 we had $415.0 million of gross borrowings and $430.0 million of repayments, respectively. Borrowings and repayments during the twelve months ended December 31, 2016 totaled $286.0 million and $271.0 million, respectively. As of December 31, 2018 we had outstanding letters of credit issued under the Credit Facility totaling $74.0 million, leaving $706.0 million available under the Credit Facility to be drawn.