Secured Notes Payable and Revolving Credit Facility, net

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



Description	Maturity Date	Principal Balance as of March 31, 2016			Principal Balance as of December 31, 2015			Variable Interest Rate		Fixed Interest Rate⁽¹⁾	Swap Maturity Date

Wholly Owned Subsidiaries
Term Loan	12/24/2016	$	20,000		$	20,000		LIBOR + 1.45%		3.57%	4/1/2016
Term Loan	4/2/2018	256,140			256,140			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⁽²⁾	8/5/2018	354,501			355,000			N/A		4.14%	--
Term Loan⁽²⁾	2/1/2019	152,038			152,733			N/A		4.00%	--
Term Loan⁽³⁾	6/5/2019	285,000			285,000			N/A		3.85%	--
Fannie Mae Loan	10/1/2019	145,000			145,000			LIBOR + 1.25%	⁽⁶⁾	3.37%	4/1/2016
Term Loan⁽⁴⁾	3/1/2020	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
Term Loan	4/15/2022	340,000			340,000			LIBOR + 1.40%	⁽⁶⁾	2.77%	4/1/2020
Term Loan	7/27/2022	180,000			180,000			LIBOR + 1.45%	⁽⁶⁾	3.06%	7/1/2020
Term Loan	11/2/2022	400,000			400,000			LIBOR + 1.35%	⁽⁶⁾	2.64%	11/1/2020
Fannie Mae Loan	4/1/2025	102,400			102,400			LIBOR + 1.25%	⁽⁶⁾	2.84%	3/1/2020
Fannie Mae Loan	12/1/2025	115,000			115,000			LIBOR + 1.25%	⁽⁶⁾	2.76%	12/1/2020
Revolving credit line⁽⁵⁾	8/21/2020	290,000			—			LIBOR + 1.40%		N/A	--
Total Wholly Owned Debt		$	3,907,229		$	3,618,423

Consolidated Joint Ventures
Term Loan	3/1/2017	$	15,740		$	15,740		LIBOR + 1.60%		3.72%	4/1/2016
Term Loan	2/28/2023	580,000			—			LIBOR + 1.40%	⁽⁶⁾	2.37%	3/1/2021
Total Debt⁽⁷⁾		$	4,502,969		$	3,634,163
Deferred loan costs, net⁽⁸⁾		(33,012		)	(22,887		)
Total Debt, net		$	4,469,957		$	3,611,276

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As of March 31, 2016, the weighted average remaining life, including extension options, of our term debt (excluding our revolving credit facility) was 4.6 years. For the $4.21 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (i) the weighted average remaining life was 4.6 years, (ii) the weighted average remaining period during which interest was fixed was 2.7 years, (iii) the weighted average annual interest rate was 3.42% and (iv) including the non-cash amortization of deferred loan costs, the weighted average effective interest rate was 3.57%. Except as otherwise noted below, each loan (including our revolving credit facility) is secured by a one or more separate collateral pools consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. Maturity dates include the effect of extension options. The following table summarizes (in thousands) our fixed and floating rate debt:



Description	Principal Balance as of March 31, 2016		Principal Balance as of December 31, 2015

Aggregate swap fixed rate loans	$	3,072,360	$	2,492,360
Aggregate fixed rate loans	1,140,609		1,141,803
Aggregate floating rate loans	290,000		—
Total Debt	$	4,502,969	$	3,634,163


(1)	Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for the details of our interest rate contracts.


(2)	Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule.


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


(4)	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.


(5)	$400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20%.


(6)	Loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor.


(7)	See Note 12 for our fair value disclosures.


(8)	Net of accumulated amortization of $16.6 million and $15.2 million at March 31, 2016 and December 31, 2015, respectively. Deferred loan cost amortization was $1.3 million and $1.8 million for the three months ended March 31, 2016 and March 31, 2015, respectively.

As of March 31, 2016, 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:

2017	$	49,890
2018	358,828
2019	1,279,730
2020	419,041
2021	973,080
Thereafter	1,422,400
Total future principal payments	$	4,502,969