Debt

Non-Recourse Debt, net

Non-recourse debt, net 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 March 31, 2016 and $2.8 billion at December 31, 2015. At March 31, 2016, our mortgage notes payable bore interest at fixed annual rates ranging from 2.0% to 7.5% and variable contractual annual rates ranging from 1.3% to 6.1%, with maturity dates ranging from August 2016 to 2039.

Financing Activity During 2016

During the three months ended March 31, 2016, we obtained three new non-recourse mortgage financings and completed two additional draw downs on already existing mortgage financings totaling $69.2 million, net of debt discounts of $0.6 million, with a weighted-average annual interest rate of 2.0% and term of 7.5 years, of which $12.0 million related to an investment acquired during the current year and $57.2 million related to investments acquired during prior years.

During the three months ended March 31, 2016, we repaid one non-recourse mortgage loan with an outstanding principal balance of $15.0 million and interest rate of 4.2%. This loan was defeased as part of the self-storage property disposition (Note 13) and had a remaining term to maturity of 6.7 years.

Senior Credit Facility

On August 26, 2015, we entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and a syndicate of other lenders, which we refer to herein as the Credit Agreement. The Credit Agreement was amended on March 31, 2016 to clarify the Restricted Payments covenant (see below), no other terms were changed. The Credit Agreement provides for a $200.0 million senior unsecured revolving credit facility, or the Revolver, and a $50.0 million delayed-draw term loan facility, or the Term Loan. We refer to the Revolver and the Term Loan together as the Senior Credit Facility, which has a maximum aggregate principal amount of $250.0 million and, subject to lender approval, an accordion feature of $250.0 million. The Senior Credit Facility is scheduled to mature on August 26, 2018, which may be extended by us for two 12-month periods.

The Senior Credit Facility provides for an annual interest rate of either (i) the Eurocurrency Rate or (ii) the Base Rate, in each case plus the Applicable Rate (each as defined in the Credit Agreement). With respect to the Revolver, the Applicable Rate on Eurocurrency loans and letters of credit ranges from 1.50% to 2.25% (based on the London Interbank Offered Rate, or LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.50% to 1.25% (as defined in the Credit Agreement), depending on our leverage ratio. With respect to the Term Loan, the Applicable Rate on Eurocurrency loans and letters of credit ranges from 1.45% to 2.20% (based on LIBOR) and the Applicable Rate on Base Rate loans ranges from 0.45% to 1.20% (as defined in the Credit Agreement), depending on our leverage ratio. In addition, we pay a fee of either 0.15% or 0.30% on the unused portion of the Senior Credit Facility. If usage of the Senior Credit Facility is equal to or greater than 50% of the Aggregate Commitments, the Unused Fee Rate will be 0.15%, and if usage of the Senior Credit Facility is less than 50% of the Aggregate Commitments, the Unused Fee Rate will be 0.30%. In connection with the transaction, we incurred costs of $1.9 million, which are being amortized to interest expense over the remaining term of the Senior Credit Facility.

The following table presents a summary of our Senior Credit Facility (dollars in thousands):



	Interest Rate at March 31, 2016	Outstanding Balance at
Senior Credit Facility	Interest Rate at March 31, 2016	March 31, 2016		December 31, 2015
Revolver:
Revolver - borrowing in U.S. dollars	LIBOR + 2.19%	$	20,000	$	112,834
Revolver - borrowing in euros	LIBOR + 1.75%	5,693		—
		$	25,693	$	112,834

At March 31, 2016, availability under the Senior Credit Facility was $224.3 million, including $174.3 million under the Revolver and $50.0 million under the Term Loan. The Revolver is used for the working capital needs of the Company and its subsidiaries as well as for other general corporate purposes.

We are required to ensure that the total Restricted Payments (as defined in the Credit Agreement) in an aggregate amount in any fiscal year does not exceed the amount of Restricted Payments required in order for us to (i) maintain our REIT status and (ii) avoid the payment of federal or state income or excise tax. Restricted Payments include quarterly dividends and the total amount of shares repurchased by us, if any, in excess of $100.0 million per year. In addition to placing limitations on dividend distributions and share repurchases, the Credit Agreement also stipulates certain customary financial covenants. We were in compliance with all such covenants at March 31, 2016.

Scheduled Debt Principal Payments

Scheduled debt principal payments during the remainder of 2016, each of the next four calendar years following December 31, 2016, and thereafter through 2039 are as follows (in thousands):



Years Ending December 31,	Total
2016 (remainder)	$	230,061
2017	352,160
2018 ^(a)	171,500
2019	39,008
2020	130,361
Thereafter through 2039	1,072,169
	1,995,259
Deferred financing costs ^(b)	(12,851		)
Unamortized discount, net	(2,662		)
Total	$	1,979,746

__________


(a)	Includes $25.7 million outstanding under our Senior Credit Facility, which is scheduled to mature on August 26, 2018, unless extended pursuant to its terms.


(b)	In accordance with ASU 2015-03, we reclassified deferred financing costs from Other assets, net to Non-recourse debt, net and Term Loan, net as of December 31, 2015 (Note 2).

Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2016. The carrying value of our Non-recourse debt, net increased by $24.8 million from December 31, 2015 to March 31, 2016 due to the weakening of the U.S. dollar relative to foreign currencies, particularly the euro, during the same period.