Financing Activities
Debt
Total debt outstanding was $1.8 billion at June 30, 2021, which bears interest at fixed rates. Additionally, of our total debt, $333.1 million was secured by operating properties while the remaining $1.5 billion was unsecured. We also had letters of credit totaling $7.9 million outstanding at June 30, 2021. Our debt maturities for the remainder of 2021 and for 2022 total $2.8 million and $308.3 million, respectively (see Note 5 for additional information on Debt maturities). For 2021, we expect to fund our outstanding maturities through our excess cash flow generated by our operating properties, credit facilities and cash generated from dispositions. If the Merger does not occur prior to such time, the 2022 maturities are expected be funded through our excess cash flow generated by our operating properties, credit facilities, cash generated from dispositions or with proceeds from the issuance of long-term debt.
At June 30, 2021, we have a $500 million unsecured revolving credit facility, which expires in March 2024 and provides borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2021, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 82.5 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million. As of July 27, 2021, we had no outstanding balance, and the available balance was $498.1 million, net of $1.9 million in outstanding letters of credit.
At June 30, 2021, we have a $10 million unsecured short-term facility that we maintain for cash management purposes. The facility, which matures in March 2022, provides for fixed interest rate loans at a 30-day LIBOR rate plus borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. As of July 27, 2021, we had no amounts outstanding under this facility.
For the six months ended June 30, 2021, the maximum balance and weighted average balance outstanding under both facilities combined were $40.0 million and $2.7 million, respectively, at a weighted average interest rate of .9%.
We have non-recourse debt secured by properties held in several of our real estate joint ventures and partnerships. At June 30, 2021, off-balance sheet mortgage debt for our unconsolidated real estate joint ventures and partnerships totaled $191.1 million, of which our pro rata ownership is $44.6 million. Scheduled principal mortgage payments on this debt, excluding deferred debt costs and non-cash related items totaling $(.2) million, at 100% are as follows (in millions):
|
|
|
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2021 remaining
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|
$
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1.4
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2022
|
|
|
172.1
|
2023
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|
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2.2
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2024
|
|
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2.3
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2025
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2.3
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Thereafter
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|
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11.0
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Total
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$
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191.3
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During the first quarter 2021, a joint venture extended its $170 million loan under an available one-year extension. The remaining 2021 maturities are expected to be paid by excess operating funds from the related venture or partnership and/or capital calls of which we would use our funds from our other operating properties, credit facilities and cash generated from dispositions. For the 2022 maturities, we expect the joint venture to extend its $170 million loan under an available one-year extension or refinance the loan.
Our five most restrictive covenants, composed from both our public debt and revolving credit facility, include debt to asset, secured debt to asset, fixed charge, unencumbered asset test and unencumbered interest coverage ratios. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2021.