Debt Obligations

3 Months Ended

Mar. 31, 2015

During the three months ended March 31, 2015, the Company repaid $3.6 million of principal payments on its mortgage debt in the ordinary course of business and there were no changes to our outstanding unsecured debt.

The Credit Facility and term loan contain financial and operating covenants and restrictions. For further information on these obligations, see the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. As of March 31, 2015, the Company was in compliance with all such restrictions and financial covenants. In the event of a default related to the financing and operating covenants, the Company's dividend distributions are limited to the greater of 95% of funds from operations or the minimum amount necessary for the Company to maintain its status as a REIT.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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