Debt

Our debt consists of the following (in thousands):



	June 30, 2017		December 31, 2016
Debt payable, net to 2038 ⁽¹⁾	$	2,002,789	$	2,023,403
Unsecured notes payable under credit facilities	200,560		245,000
Debt service guaranty liability	67,125		67,125
Obligations under capital leases	21,000		21,000
Total	$	2,291,474	$	2,356,528

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(1)	At June 30, 2017, interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0%. At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	June 30, 2017		December 31, 2016
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,069,295	$	2,089,769
Variable-rate debt	222,179		266,759
Total	$	2,291,474	$	2,356,528
As to collateralization:
Unsecured debt	$	1,869,984	$	1,913,399
Secured debt	421,490		443,129
Total	$	2,291,474	$	2,356,528

We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At June 30, 2017 and December 31, 2016, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million.

Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2017, that we maintain for cash management purposes, which matures in March 2018. At June 30, 2017, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. At December 31, 2016, the borrowing margin, facility fee and an unused facility fee was 125, 10, and 10 basis points, respectively.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):



	June 30, 2017			December 31, 2016
Unsecured revolving credit facility:
Balance outstanding	$	200,000		$	245,000
Available balance	294,386			250,140
Letters of credit outstanding under facility	5,614			4,860
Variable interest rate (excluding facility fee)	1.9		%	1.5		%
Unsecured short-term facility:
Balance outstanding	$	560		$	—
Variable interest rate (excluding facility fee)	2.5		%	—		%
Both facilities:
Maximum balance outstanding during the period	$	245,000		$	372,000
Weighted average balance	189,875			141,017
Year-to-date weighted average interest rate (excluding facility fee)	1.7		%	1.3		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both June 30, 2017 and December 31, 2016, we had $67.1 million outstanding for the debt service guaranty liability.

In December 2016, we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5%.

In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026. The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35%. The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility.

In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Condensed Consolidated Statements of Operations.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both June 30, 2017 and December 31, 2016, the carrying value of such assets aggregated $.7 billion.

Scheduled principal payments on our debt (excluding $200.6 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(5.8) million net premium/(discount) on debt, $(9.7) million of deferred debt costs, $4.6 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands):



2017 remaining	$	40,401
2018	80,427
2019	56,245
2020	237,779
2021	17,667
2022	307,614
2023	305,694
2024	255,954
2025	303,302
2026	277,291
Thereafter	131,310
Total	$	2,013,684

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of June 30, 2017.