Non-Recourse Debt

6 Months Ended

Jun. 30, 2015

Non-recourse debt consists of mortgage notes payable, which are collateralized by the assignment of real estate properties with an aggregate carrying value of $2.9 billion at both June 30, 2015 and December 31, 2014. At June 30, 2015, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 7.5% and variable contractual annual rates ranging from 2.8% to 6.1%, with maturity dates ranging from July 2015 to 2039.

During the six months ended June 30, 2015, we obtained five new non-recourse mortgage financings totaling $101.9 million, with a weighted-average annual interest rate of 4.4% and term of 9.8 years, of which $30.0 million related to investments acquired during prior years and $71.9 million related to investments acquired during the current year.

During the six months ended June 30, 2015, we prepaid a non-recourse mortgage loan encumbering four properties owned by a jointly-owned investment, which we consolidate, with an outstanding principal balance of $21.2 million. Our affiliate, WPC, owns a 40% interest in the investment and contributed $8.6 million in connection with the prepayment. The loan had a remaining term of 1.2 years and an interest rate of 8.0% on the date of prepayment. In connection with the prepayment, we recognized a loss on extinguishment of debt of $0.3 million, which is included in Other income and (expenses) in the consolidated financial statements.

Scheduled Debt Principal Payments

Scheduled debt principal payments during the remainder of 2015, each of the next four calendar years following December 31, 2015, and thereafter are as follows (in thousands):



Years Ending December 31,	Total
2015 (remainder)	$	49,170
2016	234,458
2017	345,719
2018	154,099
2019	39,592
Thereafter through 2039	1,103,132
	1,926,170
Unamortized discount, net	(2,595		)
Total	$	1,923,575

Certain amounts in the table above are based on the applicable foreign currency exchange rate at June 30, 2015. The carrying value of our Non-recourse debt decreased by $39.2 million from December 31, 2014 to June 30, 2015 due to the strengthening of the U.S. dollar relative to foreign currencies during the same period.