Indebtedness:

Mortgages and Other Notes Payable - As of December 31, 2016 and 2015, the Company had the following indebtedness (in thousands):



	Collateral	Approximate Carrying Value at December 31, 2016	Interest Rate	Maturity Date		Principal Balance as of December 31,
	Collateral	Approximate Carrying Value at December 31, 2016	Interest Rate	Maturity Date		2016				2015
Variable rate debt:
Mortgage debt	1 ski and mountain lifestyle property	$17.7 million	30-day LIBOR + 3.3%⁽¹⁾⁽²⁾	9/1/2019		$	7,648			$	8,037
Mortgage debt	1 attractions property	$42.8 million	30-day LIBOR + 3.0%⁽¹⁾	11/30/2017		15,531				18,156
Mortgage debt	4 ski and mountain lifestyle properties	$137.6 million	30-day LIBOR (subject to floor of 1.5%) + 3.5%⁽¹⁾	10/5/2017	(4)	36,617				37,847
			Total variable rate debt			$	59,796			$	64,040
Fixed rate debt:
Mortgage debt	1 attractions lifestyle property	—	6.8%	(3)		$	—		(3)	$	18,552
Mortgage debt	6 ski and mountain lifestyle properties	$184.7 million	6.1%	10/5/2017	(4)	85,369				90,799
Mortgage debt	3 marina properties	—	6.3% - 6.5%	(3)		—			(3)	10,696
Other debt	—	—	(5)	12/1/2020		1,421				1,705
			Total fixed rate debt			$	86,790			$	121,752
			Total debt			146,586				185,792
			Premium (discount)			—				(53		)
			Unamortized loan costs			(335		)		(1,398		)
			Total			$	146,251			$	184,341

FOOTNOTES:


(1)	The 30-day LIBOR rate was approximately 0.77% and 0.43% as of December 31, 2016 and 2015, respectively.


(2)	The Company entered into an interest rate swap for this variable rate debt. See Note 9. “Derivative instruments and Hedging Activities” for additional information.


(3)	The Company repaid the debt in 2016.


(4)	These loans were amended in January 2017 to extend the maturity date to October 5, 2017. See Note 17. "Subsequent Events" for additional information.


(5)	The $1.4 million loan is non-interest bearing.


	Senior Unsecured Notes — In June 2015, the Company repaid all of its senior unsecured notes with an outstanding principal balance of $318.3 million at a premium of 103.625%. In connection with this repayment, the Company recorded a loss on extinguishment of debt of approximately $18.8 million.

Line of Credit — As of December 31, 2015, the Company had a revolving line of credit with a total borrowing capacity of $100 million. This revolving line of credit facility bore interest at (a) between LIBOR plus 3.0% and LIBOR plus 3.75% or (b) between a base rate (the greater of the prime rate and the federal funds rate) plus 2.0% and a base rate plus 2.75% (both LIBOR and base rate pricing are contingent upon certain leverage ratios). In August 2016, the Company terminated its $100 million revolving line of credit.

Mortgages and Other Notes Payable — During the year ended December 31, 2016, the Company sold its remaining five marinas properties and used a portion of the net sales proceeds to repay approximately $10.5 million of outstanding indebtedness collateralized by three of the marina properties. In addition, the Company repaid outstanding indebtedness of approximately $18.2 million collateralized by one attractions property which was scheduled to mature in September 2016 and $10.5 million in scheduled principal payments under its mortgage loans.


8.	Indebtedness (continued):

The following is a schedule of future principal payments and maturities for all indebtedness (in thousands):



2017	$	138,497
2018	721
2019	7,083
2020	285
2021	—
Thereafter	—
	$	146,586

The Company has scheduled debt repayments and maturities of $138.5 million within the next twelve months. As a result of obtaining stockholder approval for the Sale of its remaining 36 properties, the Company intends to repay its outstanding indebtedness using net sales proceeds from the Sale which it anticipates will occur during the second quarter of 2017. In the event the Sale does not occur, the Company plans to refinance its debt.

The estimated fair values of mortgages and other notes payable were approximately $146.3 million and $185.4 million as of December 31, 2016 and 2015, respectively, based on rates and spreads the Company would expect to obtain for similar borrowings with similar loan terms. Because this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy.

Capital Lease Obligations — As of December 31, 2016 and 2015, the Company had capital lease obligations of approximately $4.5 million and $4.5 million, respectively, which were recorded in Other liabilities in the accompanying consolidated balance sheets.