Notes Payable

Our notes payable was approximately $1.1 billion in principal amount at March 31, 2015, and excludes notes payable associated with real estate held for sale. As of March 31, 2015, all of our outstanding debt was fixed rate debt (or effectively fixed rate debt, through the use of an interest rate swap), with the exception of approximately $50.8 million from borrowings on our construction loan for Two BriarLake Plaza and approximately $96.0 million in borrowings on our revolving line of credit. As of March 31, 2015, the stated annual interest rates on our notes payable, excluding mezzanine financing, ranged from 2.28% to 6.22%. We had mezzanine financing on one property with a stated annual interest rate of 9.80%. As of March 31, 2015, the weighted average stated interest rate for our consolidated notes payable is approximately 5.03%.

Our loan agreements generally require us to comply with certain reporting and financial covenants. As of March 31, 2015, we believe we were in compliance with the covenants under each of our loan agreements, and our notes payable had maturity dates that range from August 2015 to August 2021.

The following table summarizes our notes payable as of March 31, 2015 (in thousands):



Principal payments due in:
April - December 2015	$	121,317
2016	560,609
2017	130,021
2018	97,622
2019	126,723
Thereafter	88,396
Unamortized discount	(213		)
Total (1)	$	1,124,475

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(1) Excludes approximately $96.8 million of notes payable maturing in 2016 related to real estate held for sale.

Credit Facility

Through our operating partnership, Tier OP, we have a secured credit agreement providing for total borrowings of up to $475.0 million. Subject to lender approval, certain conditions, and payment of certain activation fees to the agent and lenders, this may be increased up to an additional $225.0 million in the aggregate. The facility consists of a $250.0 million term loan and a $225.0 million revolving line of credit. The term loan matures on December 18, 2019. The revolving line of credit matures on December 18, 2018, and can be extended one additional year subject to certain conditions and payment of an extension fee. The annual interest rate on the credit facility is equal to either, at our election, (1) the “base rate” (calculated as the greatest of (i) the agent’s “prime rate”; (ii) 0.5% above the Federal Funds Effective Rate; or (iii) the LIBOR Market Index Rate plus 1.0%) plus the applicable margin or (2) LIBOR for an interest period of one, three, or six months plus the applicable margin. The applicable margin will be determined based on the ratio of total indebtedness to total asset value and ranges from 45 basis points to 230 basis points. All amounts owed are guaranteed by us and certain subsidiaries of Tier OP. Draws under the credit facility are secured by a perfected first priority lien and security interest in a collateral pool consisting of ten properties owned by certain of our subsidiaries. As of March 31, 2015, we had approximately $125.0 million in borrowings outstanding under the term loan and approximately $96.0 million in borrowings outstanding under the revolving line of credit with an additional $180.3 million of borrowings available under the facility as a whole. As of March 31, 2015, the weighted average stated interest rate for borrowings under the credit facility as a whole, inclusive of our interest rate swap, was approximately 3.10%.