8. Debt Obligations

The following table sets forth information regarding debt obligations by component as of December 31, 2015 and 2014 (dollar amounts in thousands):


		Year ended December 31,
		2015				2014
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate(1)	Balance		Borrowing		Balance		Borrowing
Bank borrowings(2)	1.92%	$	120,500	$	479,500	$	—	$	400,000
Senior unsecured notes, net of debt issue costs	4.64%		451,372		33,333		280,584		n.a.
Total	4.07%	$	571,872			$	280,584

⁽¹⁾

Represents weighted average of interest rate as of December 31, 2015.

⁽²⁾

Subsequent to December 31, 2015, we borrowed $32,000. Accordingly, we have $152,500 outstanding and $447,500 available for borrowing.

Bank Borrowings. During the three months ended December 31, 2015, we exercised the $200,000,000 accordion feature under our Unsecured Credit Agreement increasing commitments to $600,000,000. The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one‑year extension option at our discretion, subject to customary conditions. Based on our leverage ratios at December 31, 2015, the amended facility provides for interest annually at LIBOR plus 150 basis points and the unused commitment fee was 35 basis points.

Financial covenants contained in the Unsecured Credit Agreement, which are measured quarterly, require us to maintain, among other things:

(i)

a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0;

(ii)

a ratio of secured debt to total asset value not greater than 0.35 to 1.0;

(iii)

a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and

(iv)

a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0.

During the years ended December 31, 2015 and 2014, we borrowed $291,000,000 and $37,500,000, respectively, under our Unsecured Credit Agreement. Additionally, during the years ended December 31, 2015 and 2014, we repaid $170,500,000 and $58,500,000, respectively, under our unsecured revolving line of credits. At December 31, 2015 and 2014, we were in compliance with all covenants.

Senior Unsecured Notes. During 2015, we entered into a third amended and restated $200,000,000 private shelf agreement with Prudential Investment Management, Inc. (or Prudential) for a three-year term. After July 14, 2015 and for the balance of the term, the agreement provides for the possible issuance of additional senior unsecured fixed interest rate term notes up to the maximum availability upon us making our scheduled principal payments on existing notes then outstanding. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance. During the year ended December 31, 2015, we sold $100,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. (or individually and collectively Prudential) with an annual fixed rate of 4.5% under this shelf agreement. These notes have periodic scheduled principal payments and will mature on July 31, 2026. Accordingly, we currently have $37,500,000 available for borrowing under this shelf agreement.

Also, during 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG Asset Management (U.S.) LLC (or AIG) for a three-year term and we sold $100,000,000 senior unsecured term notes to affiliates of AIG with a coupon of 4.26%. These notes have periodic scheduled principal payments and will mature on November 20, 2028. As a result of the sale, our shelf agreement with AIG has been exhausted with no more availability. We used the proceeds from the Prudential and AIG notes to fund acquisitions and developments, to pay down our unsecured revolving line of credit and for general corporate purposes.

During 2014, we sold $30,000,000 senior unsecured term notes to Prudential. These notes bear interest at 4.5% and will mature on July 31, 2026.

During the year ended December 31, 2015 and 2014, we paid $29,167,000 and $4,167,000, respectively, in regularly scheduled principal payments.

Bonds Payable. During 2014, we paid off a $1,400,000 multifamily tax‑exempt revenue bond that was secured by five assisted living communities in Washington. These bonds bore interest at a variable rate that reset weekly. During 2014, we paid $635,000 in regularly scheduled principal payments.

Scheduled Principal Payments. The following table represents our long term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2015, and excludes the effects of interest and debt issue costs (in thousands):


	Total			2016		2017		2018		2019		2020		Thereafter
Bank borrowings	$	120,500	(1)	$	—	$	—	$	120,500	$	—	$	—	$	—
Senior unsecured notes		452,467	(2)		26,667		31,167		34,167		32,666		37,160		290,640
	$	572,967		$	26,667	$	31,167	$	154,667	$	32,666	$	37,160	$	290,640

⁽¹⁾

At December 31, 2015 we had $479,500 available for borrowing under our unsecured revolving line of credit. Subsequent to December 31, 2015, we borrowed $32,000. Accordingly, we have $152,500 outstanding and $447,500 available for borrowing.

⁽²⁾

Excludes debt issue costs of $1,095.