DEBT

As of December 31, 2018, we owned 87 apartment communities, of which 51 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 September 1, 2019, through May 31, 2035. As of December 31, 2018, we believe there are no material defaults or instances of material noncompliance in regards to any of these mortgage loans.

The aggregate amount of required future principal payments on mortgages payable and term loans as of December 31, 2018 is as follows:



	(in thousands)
2019	$	28,587
2020	87,592
2021	104,553
2022	40,917
2023	48,546
Thereafter	280,779
Total payments	$	590,974

As of December 31, 2018, we owned 40 multifamily and other properties that were not encumbered by mortgages, with 32 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 $250.0 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 $232.5 million at December 31, 2018, providing additional borrowing availability of $175.0 million beyond the $57.5 million drawn as of December 31, 2018, priced at an interest rate of 3.72%. This credit facility matures on August 31, 2022, with one 12-month option to extend the maturity date at our election. At April 30, 2018, the line of credit borrowing capacity was $300.0 million based on the UAP, of which $124.0 million was drawn on the line. 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 transition period ended December 31, 2018, we amended our primary unsecured credit facility. We extended the maturity date on our existing $70.0 million unsecured term loan, which now matures on January 15, 2024. We also added a new $75.0 million, seven-year term loan which matures on August 31, 2025.

The interest rates on the line of credit and term loans are based, at our option, on the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate (“LIBOR”), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our line of credit and term loans are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of December 31, 2018.

We also have 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 December 31, 2018 and April 30, 2018, we had no outstanding balance on this operating 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 December 31, 2018:



	(in thousands)
	December 31, 2018			April 30, 2018			April 30, 2017			Weighted Average Maturity in Years
Unsecured line of credit	$	57,500		$	124,000		$	57,050		3.67
Term loans	145,000			70,000			—			5.86
Unsecured debt	202,500			194,000			57,050
Mortgages payable - fixed ⁽¹⁾	445,974			489,401			629,535			3.61
Mortgages payable - variable⁽¹⁾	—			22,739			57,708
Construction debt - variable	—			—			41,737
Total debt	$	648,474		$	706,140		$	786,030
Weighted average interest rate on unsecured line of credit	3.72		%	3.35		%	2.67		%
Weighted average interest rate on term loans (rate with swaps)	4.01		%	3.86		%	—
Weighted average interest rate on mortgages payable⁽¹⁾	4.58		%	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.