Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities

Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt consisted of the following:

(in thousands)	March 31, 2016		December 31, 2015
Notes payable:
Fixed rate mortgage loans	$	445,793	475,214
Variable rate mortgage loans (1)	34,154		34,154
Fixed rate unsecured loans	1,190,803		1,190,403
Total notes payable	1,670,750		1,699,771
Unsecured credit facilities:
Line of Credit (the "Line")	—		—
Term Loan	164,550		164,514
Total unsecured credit facilities	164,550		164,514
Total debt outstanding	$	1,835,300	1,864,285

⁽¹⁾ An interest rate swap is in place fixing the interest rate at 3.696% on $28.1 million of this variable rate mortgage for both periods. The underlying debt maintains a variable interest rate of 1 month LIBOR plus 150 basis points and matures October 16, 2020. See note 6.

As of March 31, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows:

	March 31, 2016
	Weighted Average Effective Rate		Weighted Average Contractual Rate
Mortgage loans	6.1%		6.1%
Fixed rate unsecured loans	5.5%		4.8%
Unsecured credit facilities	1.5%	(1)	1.4%

⁽¹⁾ Weighted average effective rate for the unsecured credit facilities is calculated based on a fully drawn Line balance.

Since December 31, 2015 the Company has repaid two mortgages totaling $27.3 million that were scheduled to mature during 2016.

As of March 31, 2016, scheduled principal payments and maturities on notes payable were as follows:

(in thousands)	March 31, 2016
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities (1)		Total
2016	$	4,595	14,161	—		18,756
2017	5,778		117,298	300,000		423,076
2018	5,103		57,358	—		62,461
2019	4,130		106,000	165,000		275,130
2020	3,986		84,011	150,000		237,997
Beyond 5 Years	12,347		58,255	750,000		820,602
Unamortized debt premium/(discount) and issuance costs	—		6,925	(9,647	)	(2,722	)
Total	$	35,939	444,008	1,355,353		1,835,300

⁽¹⁾ Includes unsecured public debt and unsecured credit facilities.

The Company was in compliance as of March 31, 2016 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.