Notes Payable and Unsecured Credit Facilities

The Company’s outstanding debt consisted of the following:



(in thousands)	September 30, 2016			December 31, 2015
Notes payable:
Fixed rate mortgage loans	$	418,358		475,214
Variable rate mortgage loans	53,975		⁽¹⁾	34,154
Fixed rate unsecured loans	891,867			1,190,403
Total notes payable	1,364,200			1,699,771
Unsecured credit facilities:
Line of Credit (the "Line")	—			—
Term Loan	263,421			164,514
Total unsecured credit facilities	263,421			164,514
Total debt outstanding	$	1,627,621		1,864,285

⁽¹⁾ As of September 30, 2016, the amount consists of two mortgages with variable interest rates of one month LIBOR plus 150 basis points and which mature on October 16, 2020 and April 1, 2023, respectively. Interest rate swaps are in place fixing the interest rates at 3.696% on $28.1 million and 2.803% on $20.0 million, respectively. See note 5.

As of September 30, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows:



	September 30, 2016
	Weighted Average Effective Rate	Weighted Average Contractual Rate
Mortgage loans	6.0%	6.0%
Fixed rate unsecured loans	5.3%	4.5%
Line ⁽¹⁾	1.8%	1.4%
Term loan	2.1%	2.0%

⁽¹⁾Weighted average effective and contractual rate for the Line is calculated based on a fully drawn Line balance.

Significant financing activity since December 31, 2015 includes the following:


•	The Company has repaid three mortgages totaling $41.6 million that were scheduled to mature during 2016.


•	The Company issued new variable rate mortgage debt of $20.0 million, related to one of the mortgages that matured during 2016, and fixed the rate at 2.803% with an interest rate swap.

•

The Company amended its existing Term Loan, which increased the facility size by $100.0 million to $265.0 million, extended the maturity date to January 5, 2022 and reduced the applicable interest rate. The Term Loan now bears interest at LIBOR plus a ratings based margin of 0.95% per annum, subject to adjustment from time to time based on changes to the Company's corporate credit rating. At closing, the Company executed interest rate swaps for the full notional amount of the Term Loan, which fixed the interest rate at 2.0% through maturity.


•	In August, the Company redeemed the entirety of its $300 million of 5.875% senior unsecured notes due June 15, 2017 ("$300 million notes") funded from proceeds from an equity offering, as discussed in note 7. The redemption payment included a $13.2 million make-whole premium that was expensed during the three months ended September 30, 2016.

As of September 30, 2016, scheduled principal payments and maturities on notes payable were as follows:



(in thousands)	September 30, 2016
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities	Unsecured Maturities ⁽¹⁾		Total
2016	$	1,428	—	—		1,428
2017	5,507		117,298	—		122,805
2018	4,826		57,358	—		62,184
2019	3,753		106,000	—		109,753
2020	4,091		84,222	150,000		238,313
Beyond 5 Years	11,933		70,071	1,015,000		1,097,004
Unamortized debt premium/(discount) and issuance costs	—		5,846	(9,712	)	(3,866	)
Total	$	31,538	440,795	1,155,288		1,627,621

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

The Company was in compliance as of September 30, 2016 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.