DEBT

As of April 30, 2018, we owned 99 properties, of which 58 multifamily and other properties (with a carrying amount of $512.1 million) served as collateral for mortgage loans and 41 multifamily and other properties were unencumbered by mortgages. Of the 58 properties that served as collateral for mortgage loans, the majority of these mortgages payable were non-recourse to us other than for standard carve-out obligations. Interest rates on mortgage loans range from 3.47% to 6.66%, and the mortgage loans have varying maturity dates from June 1, 2018, through May 31, 2035. As of April 30, 2018, we believe there are no material defaults or material compliance issues in regards to any of these mortgage loans.

The aggregate amount of required future principal payments on mortgages payable as of April 30, 2018 is as follows:



Year Ended April 30,	(in thousands)
2019	$	25,002
2020	114,520
2021	92,182
2022	70,509
2023	27,497
Thereafter	182,430
Total payments	$	512,140

As noted above, as of April 30, 2018, we owned 41 multifamily and other properties that were not encumbered by mortgages, with 30 of these properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the BMO Harris Bank N.A. serving as administrative agent. Our line of credit has total commitments of $300.0 million (the “Line of Credit”), with borrowing capacity based on the value of properties contained in the unencumbered asset pool (“UAP”). The UAP provided for a borrowing capacity of $300.0 million at fiscal year-end, providing additional borrowing availability of $176.0 million beyond the $124.0 million drawn as of April 30, 2018, priced at an interest rate of 3.66%. This credit facility matures on January 31, 2021, with one 12-month option to extend the maturity date at our election. At April 30, 2017, the line of credit borrowing capacity was $206.0 million based on the UAP, of which $57.1 million was drawn on the line.

During the fiscal year ended April 30, 2018, we entered into a $70.0 million unsecured term loan, which matures on January 31, 2023. In addition, we increased the credit capacity of our revolving Line of Credit from $250.0 million to $300.0 million, and maintain a $200.0 million accordion option that can be accessed by increasing lending commitments under the current agreement.

The interest rates on the line of credit and term loan are based on the lender's base rate plus a margin, ranging from 60-125 basis points, or the London Interbank Offered Rate (“LIBOR”) plus a margin that ranges from 160-225 basis points based on our consolidated leverage. Our line of credit and term loan are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of April 30, 2018.

During the quarter ended April 30, 2018, we also closed on a $6.0 million operating line of credit. This operating line of credit is designed to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. As of April 30, 2018, we have not drawn on this line of credit.

Our remaining construction debt was paid off during the year ended April 30, 2018. Construction debt at April 30, 2017, was $41.7 million, with a weighted average rate of interest of 3.27%.

The following table summarizes our indebtedness at April 30, 2018:



	(in thousands)
	April 30, 2018			April 30, 2017			Weighted Average Maturity in Years
Unsecured line of credit	$	124,000		$	57,050		3.0
Term loan	70,000			—			4.0
Unsecured debt	194,000			57,050
Mortgages payable - fixed ⁽¹⁾	489,401			629,535			6.3
Mortgages payable - variable⁽¹⁾	22,739			57,708			3.3
Construction debt - variable	—			41,737
Total debt	$	706,140		$	786,030
Weighted average interest rate on unsecured line of credit	3.35		%	2.67		%
Weighted average interest rate on term loan (rate with swap)	3.86		%	—
Weighted average interest rate on mortgages payable⁽¹⁾	4.69		%	4.71		%
Weighted average interest rate on construction debt	—			3.27		%


(1)	Includes mortgages payable related to assets held for sale and assets of discontinued operations at April 30, 2017.