Quarterly report pursuant to Section 13 or 15(d)

Bank Loans

Bank Loans
9 Months Ended
Sep. 30, 2019
Bank Loans [Abstract]  
Bank Loans 5. Bank loans

We have an unsecured revolving line of credit (the “Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Credit Facility has a borrowing limit of $250.0 million and expires January 10, 2022. The rate of interest charged on borrowings is based on LIBOR plus 0.80% to LIBOR plus 1.55% depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.825%. In addition, the Company is required to pay an annual facility fee ranging from 0.10% to 0.30% of the borrowing limit depending on the Company’s credit ratings (currently 0.125%). As of September 30, 2019, the Company had $50.0 million outstanding on the Credit Facility at an interest rate of 2.88%. Subsequent to September 30, 2019, the Company repaid

the Credit Facility in full. We had no balance outstanding on our Credit Facility at December 31, 2018. The Company had $518,000 and $691,000 of total unamortized loan origination costs as of September 30, 2019 and December 31, 2018, respectively, which is included in other assets in the accompanying consolidated balance sheets. The Credit Facility requires us to meet certain covenants, all of which we were in compliance with as of September 30, 2019. Interest on outstanding borrowings is payable monthly.