Debt

Our debt consists of the following (in thousands):



	December 31,
	2018		2017
Debt payable, net to 2038 ⁽¹⁾	$	1,706,886	$	1,996,007
Unsecured notes payable under credit facilities	5,000		—
Debt service guaranty liability	60,900		64,145
Obligations under capital leases	21,898		21,000
Total	$	1,794,684	$	2,081,152

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(1)	At December 31, 2018, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0%. At December 31, 2017, interest rates ranged from 2.6% 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):



	December 31,
	2018		2017
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	1,771,999	$	2,063,263
Variable-rate debt	22,685		17,889
Total	$	1,794,684	$	2,081,152
As to collateralization:
Unsecured debt	$	1,457,432	$	1,667,462
Secured debt	337,252		413,690
Total	$	1,794,684	$	2,081,152

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 both December 31, 2018 and 2017, 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, 2018, that we maintain for cash management purposes, which matures in March 2019. At both December 31, 2018 and 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.

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



	December 31,
	2018			2017
Unsecured revolving credit facility:
Balance outstanding	$	5,000		$	—
Available balance	492,946			493,610
Letter of credit outstanding under facility	2,054			6,390
Variable interest rate (excluding facility fee) at end date	3.3		%	—		%
Unsecured short-term facility:
Balance outstanding	$	—		$	—
Variable interest rate at end date	—		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	26,500		$	245,000
Weighted average balance	1,096			133,386
Year-to-date weighted average interest rate (excluding facility fee)	2.9		%	1.8		%

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 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 December 31, 2018 and 2017, we had $60.9 million and $64.1 million outstanding for the debt service guaranty liability, respectively.

During the year ended December 31, 2018, we prepaid, without penalty, our $200 million unsecured variable-rate term loan, swapped to a fixed rate of 2.5%, and terminated the associated interest rate swap contracts (see Note 7 for additional information). Additionally during the year ended December 31, 2018, we paid at par $51.0 million of outstanding debt. These transactions resulted in a net gain upon their extinguishment of $.4 million, excluding the effect of the swap termination (see Note 7 for additional information).

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2018 and 2017, the carrying value of such assets aggregated $.6 billion and $.7 billion, respectively. Additionally at December 31, 2018, investments of $5.2 million in Restricted Deposits and Mortgage Escrows are held as collateral for letters of credit totaling $5.0 million.

Scheduled principal payments on our debt (excluding $5.0 million unsecured notes payable under our credit facilities, $21.9 million of certain capital leases, $(4.6) million net premium/(discount) on debt, $(6.9) million of deferred debt costs, $1.8 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands):



2019	$	73,004
2020	5,296
2021	18,434
2022	307,922
2023	347,815
2024	252,153
2025	293,807
2026	277,291
2027	38,288
2028	92,159
Thereafter	10,435
Total	$	1,716,604

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 December 31, 2018.