Secured Notes Payable and Revolving Credit Facility

The following table summarizes (in thousands) our secured notes payable and revolving credit facility:



Description⁽¹⁾	Maturity Date		Outstanding Principal Balance as of March 31, 2015		Outstanding Principal Balance as of December 31, 2014		Variable Interest Rate	Effective Annual Fixed Interest Rate ⁽²⁾	Swap Maturity Date

Term Loan	12/24/2015		$	20,000	$	20,000	LIBOR + 1.45%	N/A	--
Term Loan ⁽³⁾	3/1/2016		16,140		16,140		LIBOR + 1.60%	N/A	--
Fannie Mae Loan	3/1/2016		82,000		82,000		LIBOR + 0.62%	N/A	--
Fannie Mae Loan	6/1/2017		18,000		18,000		LIBOR + 0.62%	N/A	--
Term Loan⁽⁴⁾	10/2/2017		400,000		400,000		LIBOR + 2.00%	4.45%	7/1/2015
Term Loan	4/2/2018		510,000		510,000		LIBOR + 2.00%	4.12%	4/1/2016
Term Loan	8/1/2018		530,000		530,000		LIBOR + 1.70%	3.74%	8/1/2016
Term Loan ⁽⁵⁾	8/5/2018		355,000		355,000		N/A	4.14%	--
Term Loan ⁽⁶⁾	2/1/2019		154,776		155,000		N/A	4.00%	--
Term Loan ⁽⁷⁾	6/5/2019		285,000		285,000		N/A	3.85%	--
Fannie Mae Loan	10/1/2019		145,000		145,000		LIBOR + 1.25%	N/A	--
Term Loan ⁽⁸⁾	3/1/2020	⁽⁹⁾	349,070		349,070		N/A	4.46%	--
Fannie Mae Loans	11/2/2020		388,080		388,080		LIBOR + 1.65%	3.65%	11/1/2017
Fannie Mae Loan	4/1/2025		102,400		—		LIBOR + 1.25%	2.84%	3/1/2020
Aggregate loan principal			$	3,355,466	$	3,253,290
Revolving credit line ⁽¹⁰⁾	12/11/2017		148,000		182,000		LIBOR + 1.40%	N/A	--
Total ⁽¹¹⁾			$	3,503,466	$	3,435,290

Aggregate effectively fixed rate loans			$	1,930,480	$	1,828,080		3.98%
Aggregate fixed rate loans			1,143,846		1,144,070			4.15%
Aggregate variable rate loans			429,140		463,140			N/A
Total ⁽¹¹⁾			$	3,503,466	$	3,435,290

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(1)

As of March 31, 2015, (i) the weighted average remaining life (including extension options) of our outstanding term debt (excluding our revolving credit line) was 3.9 years and (ii) of the $3.07 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which interest was fixed was 2.2 years, and the weighted average annual interest rate was 4.04% and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.16%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity.


(2)	Includes the effect of interest rate contracts as of March 31, 2015, and excludes amortization of prepaid loan fees. See Note 8 for the details of our interest rate contracts.


(3)	The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest.


(4)	Subsequent to quarter end, we prepaid $140 million of this loan with a portion of the proceeds of a new $340 million term loan, which matures in April 2022, with interest at LIBOR + 1.4%, effectively fixed by a swap at 2.77% per annum until April 2020.


(5)	Interest-only until February 2016, with principal amortization thereafter based upon a 30-year amortization schedule.


(6)	Principal amortization based upon a 30-year amortization schedule.


(7)	Interest only until February 2017, with principal amortization thereafter based upon a 30-year amortization schedule.


(8)	Interest is fixed until March 1, 2018, and is floating thereafter, with interest-only payments until May 1, 2016, and principal amortization thereafter based upon a 30-year amortization schedule.


(9)	We have two one-year extension options which could extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions.


(10)	$300.0 million revolving credit facility secured by 3 separate collateral pools consisting of a total of 6 properties. Unused commitment fees range from 0.15% to 0.20%. We used the proceeds of the new term loan described in note 4 above to pay down the entire balance in April.


(11)	See Note 11 for our fair value disclosures.

As of March 31, 2015, the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands):



Twelve months ending March 31:
2016	$	121,378
2017	14,150
2018	924,828
2019	1,533,589
2020	419,041
Thereafter	490,480
Total future principal payments	$	3,503,466