At March 31, 2020, 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 March 31, 2020, 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 March 31, 2020, we had $497 million outstanding, and the available balance was $.9 million, net of $2.1 million in outstanding letters of credit.
At March 31, 2020, we have a $10 million unsecured short-term facility that we maintain for cash management purposes. The facility, which matures in March 2021, 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 March 31, 2020, we had no amounts outstanding under this facility.
For the three months ended March 31, 2020, the maximum balance and weighted average balance outstanding under both facilities combined were $497 million and $50.3 million, respectively, at a weighted average interest rate of 1.46%.
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 March 31, 2020.
Our most restrictive public debt covenant ratios, as defined in our indenture and supplemental indenture agreements, were as follows at March 31, 2020:
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Covenant
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Restriction
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Actual
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Debt to Asset Ratio
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Less than 60.0 %
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41.9
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%
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Secured Debt to Asset Ratio
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Less than 40.0 %
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5.3
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%
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Fixed Charge Ratio
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Greater than 1.5
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4.5
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Unencumbered Asset Test
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Greater than 150 %
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247.0
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%
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Equity
Our Board of Trust Managers has approved a reduced dividend payment for the second quarter of $.18 per share from $.395 per share for the first quarter to maintain financial flexibility until we have better insight into the impact of the pandemic. Common share dividends paid totaled $50.9 million for the three months ended March 31, 2020. As disclosed in our Form 10-K for the year ended December 31, 2019, we had dividends designated for payment in 2020 of $121.2 million. In the event we do not pay dividends of this amount, the unpaid portion will be taxed at corporate income tax rates. Accordingly, we intend to pay an additional $70 million of dividends before the end of 2020. Our dividend payout ratio (as calculated as dividends paid on common shares divided by core funds from operations attributable to common shareholders - basic) for the three months ended March 31, 2020 approximated 89.7% (see Non-GAAP Financial Measures for additional information).
We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. During the three months ended March 31, 2020, we repurchased .8 million common shares at an average price of $21.47 per share. At March 31, 2020 and as of the date of this filing, $163.3 million of common shares remained available to be repurchased under this plan.
We have an effective universal shelf registration statement, which expires in September 2020. We will continue to closely monitor both the debt and equity markets and carefully consider our available financing alternatives, including both public offerings and private placements.