DEBT

As of July 31, 2018, we owned 94 properties, of which 53 multifamily and other properties (with a carrying amount of $593.7 million) served as collateral for mortgage loans. The majority of these mortgage loans were non-recourse to us other than for standard carve-out obligations. As of July 31, 2018, we believe that there are no material defaults or compliance issues with respect to any mortgages payable.

The aggregate amount of required future principal payments on mortgages payable as of July 31, 2018, is as follows:



	(in thousands)
Year Ended April 30,	Mortgage Loans
2019	$	7,442
2020	86,400
2021	92,179
2022	70,506
2023	27,494
Thereafter	182,534
Total payments	$	466,555

As noted above, as of July 31, 2018, we owned 41 multifamily and other properties that were not encumbered by mortgages, with 30 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $300.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). The UAP currently provides for a borrowing capacity of $300.0 million, providing additional borrowing availability of $170.0 million beyond the $130.0 million drawn as of July 31, 2018. This credit facility matures on January 31, 2021, with one twelve-month option to extend the maturity date at our election.

Subsequent to quarter-end, we amended our existing term loan and line of credit and added a new term loan. Refer to "Note 15 - Subsequent Events" for further information.

During the fiscal year ended April 30, 2018, we entered into a $70.0 million unsecured term loan, which matures on January 31, 2023. We maintain a $200.0 million 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, at our option, 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 July 31, 2018.

We also have a $6.0 million operating line of credit. This operating line of credit is designated 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 July 31, 2018 and April 30, 2018, we have no outstanding balance on this operating line.

The following table summarizes our indebtedness at July 31, 2018:



	(in thousands)
	July 31, 2018			April 30, 2018			Weighted Average Maturity in Years
Unsecured line of credit	$	130,000		$	124,000		3.0
Term loan	70,000			70,000			4.0
Unsecured debt	200,000			194,000
Mortgages payable - fixed	466,555			489,401			5.4
Mortgages payable - variable	—			22,739
Total debt	$	666,555		$	706,140		4.9
Weighted average interest rate on unsecured line of credit	3.83		%	3.35		%
Weighted average interest rate on term loan (rate with swap)	3.86		%	3.86		%
Weighted average interest rate on mortgages payable	4.65		%	4.69		%