DEBT

We have a $320,000,000 unsecured credit facility that includes $120,000,000 of combined 5-year and 7-year term loans that are fully drawn. The facility includes an uncommitted incremental facility feature allowing for an additional $130,000,000 of borrowings. The credit facility provides for (1) unsecured, revolving borrowings of up to $200,000,000 with interest at 140 basis points over LIBOR and a maturity of 5 years, (inclusive of an embedded 1 year extension option); (2) an $80,000,000 unsecured, 5-year term loan with interest at 140 basis points over LIBOR; and (3) a $40,000,000 unsecured, 7-year term loan with interest at 150 basis points over LIBOR. There is an unused commitment fee of 35 basis points per annum. At March 31, 2013, we had $136,000,000 available to draw on the revolving portion of the credit facility. Quoted 30-day LIBOR was 21 basis points on March 31, 2013.

We have two facilities which are subject to a $19,250,000 mortgage. The loan, which matures on November 22, 2013, provides for interest at 300 basis points over LIBOR (effective interest rate was at 3.21% at March 31, 2013).

Debt consists of the following (in thousands):



	March 31, 2013		December 31, 2012
Revolving credit facility - unsecured	$	64,000	$	64,000
Bank term loans - unsecured	120,000		120,000
Bank term loan - secured	19,250		19,250
	$	203,250	$	203,250

Interest Rate Swap Agreement

We have an interest rate swap agreement which effectively fixed the interest rate at 3.04% on the 7-year, $40,000,000 term loan for the three months ended March 31, 2013, but not for the comparable period of the prior year. The critical terms of this swap agreement are essentially identical to those of the 7-year term loan, and accordingly, at March 31, 2013, the $971,000 liability fair value of the swap agreement was included as a component of our accrued expenses in the Condensed Consolidated Balance Sheets, and the $270,000 decrease in the liability fair value of the interest rate swap from December 31, 2012 through March 31, 2013 was included in our Condensed Consolidated Statements of Comprehensive Income. See Note 12 for fair value disclosure about our interest rate swap agreement.