Note 7. Indebtedness

At December 31, 2013 and 2012, our outstanding indebtedness consisted of the following:

	December 31,

	2013		2012
Unsecured revolving credit facility, due in 2015	$	157,000	$	49,500
Unsecured term loan, due in 2017		350,000		350,000
Mortgage note payable, 5.73% interest rate, including unamortized premium of $409 and $621, respectively, due in 2015⁽¹⁾		48,377		49,274
Mortgage note payable, 6.21% interest rate, due in 2016⁽¹⁾		24,147		24,441
Mortgage note payable, 7.00% interest rate, including unamortized premium of $749 and $878, respectively, due in 2019⁽¹⁾		9,919		10,247
Mortgage note payable, 8.15% interest rate, including unamortized premium of $525 and $651, respectively, due in 2021⁽¹⁾		8,284		9,165


	$	597,727	$	492,627

(1): We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition.

We have a $550,000 unsecured revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is October 19, 2015 and, subject to the payment of an extension fee and meeting certain other conditions includes an option for us to extend the stated maturity date of our revolving credit facility by one year to October 19, 2016. In addition, our revolving credit facility includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Borrowings under our revolving credit facility bear interest at a rate of LIBOR plus a premium, which was 150 basis points as of December 31, 2013. We also pay a facility fee of 35 basis points per annum on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2013, the interest rate payable on borrowings under our revolving credit facility was 1.67%, and the weighted average annual interest rate for borrowings under our revolving credit facility was 1.68% and 1.75% for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2013 we had $157,000 outstanding and $393,000 available under our revolving credit facility.

We have a $350,000 unsecured term loan. Our term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, our term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. Our term loan bears interest at a rate of LIBOR plus a premium, which was 175 basis points as of December 31, 2013. The interest rate premium is subject to adjustment based upon changes to our credit ratings. As of December 31, 2013, the interest rate for the amount outstanding under our term loan was 1.91% and the weighted average interest rate for the amount outstanding under our term loan was 1.94% and 1.99% for the year ended December 31, 2013 and the period from January 12, 2012 (the date we entered the term loan agreement) to December 31, 2012, respectively.

Our revolving credit facility agreement and our term loan agreement provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes RMR ceasing to act as our business manager and property manager. Our revolving credit facility agreement and our term loan agreement also contain a number of covenants, including covenants that restrict our ability to incur debts or to make distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement and our term loan agreement at December 31, 2013.

At December 31, 2013, four of our properties (five buildings) with an aggregate net book value of $120,595 secured four mortgage notes that were assumed in connection with the acquisition of such properties. Our mortgage notes are non-recourse, subject to certain limited exceptions, and do not contain any material financial covenants.

The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2013 are as follows:


2014	$	2,072
2015		205,691
2016		24,708
2017		351,307
2018		1,415
Thereafter		10,851


	$	596,044