net cash flows provided by financing activities were $346.8 million, primarily reflecting $400.0 million in borrowings under our revolving credit agreement, partially offset by the payment of $50.1 million in cash dividends.
During the three months ended March 31, 2019, our net cash flows used in financing activities were $7.7 million, primarily reflecting the payment of $44.4 in cash dividends, partially offset by increased borrowings under the previous Gaylord Rockies construction and mezzanine loans of $28.9 million and net borrowings under our revolving credit facility of $10.0 million.
Liquidity
At March 31, 2020, we had $662.2 million in unrestricted cash (including $400.0 million borrowed under our revolving credit facility on March 17, 2020) and $299.1 million available for borrowing under our revolving credit facility. During the three months ended March 31, 2020, we borrowed $400.0 million under our revolving credit facility, paid cash dividends of $50.1 million and incurred capital expenditures of $43.2 million. These net inflows were the primary factors in the increase in our cash balance from December 31, 2019 to March 31, 2020.
On February 25, 2020, our board of directors declared our first quarter 2020 cash dividend in the amount of $0.95 per share of common stock, or an aggregate of approximately $52.2 million in cash, which was paid on April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Following payment of our first quarter 2020 cash dividend, we suspended our regular quarterly dividend payments for the remainder of 2020, and our board of directors will consider a future dividend as permitted by our credit agreement. Our credit facility amendment described below permits payment of dividends as necessary to maintain our REIT status and permits us to pay a dividend of $0.01 per share each quarter. Prior to the suspension of dividends as a result of the COVID-19 pandemic, we had planned to continue to pay a quarterly cash dividend to shareholders in an amount equal to an annualized payment of at least 50% of adjusted funds from operations (as defined by us) less maintenance capital expenditures or 100% of REIT taxable income, whichever is greater. Any future dividend is subject to our board of director’s determinations as to the amount of distributions and the timing thereof.
We anticipate investing in our operations during the remainder of 2020 by spending between $90 million and $115 million in capital expenditures, which primarily includes minimal ongoing maintenance capital of our current facilities, the expansion of the guest rooms and convention space at Gaylord Palms and a rooms renovation at Gaylord National.
We believe that our cash on hand will be adequate to fund our general short-term commitments, as well as: (i) current operating expenses, (ii) interest expense on long-term debt obligations, and (iii) financing lease and operating lease obligations until our assets are able to reopen. If our existing cash were inadequate to fund such items, we could draw on our credit facility, subject to the satisfaction of provisions of the credit facility, as amended. While our assets are closed, we estimate that our monthly cash needs will be approximately $40 million to $50 million, which includes the Gaylord Rockies joint venture’s operating costs and debt service fully consolidated.
Our outstanding principal debt agreements are described below.
At March 31, 2020, we were in compliance with all covenants related to our outstanding debt, and our lender had waived the covenant in our credit facility that prohibits closure of the Gaylord Hotels properties for longer than a specified period of time.
Principal Debt Agreements
Credit Facility. On October 31, 2019, we entered into a Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, which amended and restated the Company’s existing credit facility. As amended, our credit facility consists of a $700.0 million senior secured revolving credit facility (the “Revolver”), a $300.0 million senior secured term loan A (the “Term Loan A”), and a $500.0 million senior secured term loan B (the “Term Loan B”), each as discussed below. On April 23, 2020, we entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement among the same parties, as discussed below.