Notes Payable and Unsecured Credit Facility

6 Months Ended

Jun. 30, 2015

Notes Payable and Unsecured Credit Facility

The Company’s debt outstanding as of June 30, 2015 and December 31, 2014 consisted of the following (amounts in thousands):



	June 30, 2015		December 31, 2014
Notes payable:
Fixed rate notes payable	$	132,762	$	134,271
Variable rate notes payable fixed through interest rate swaps	240,046		206,162
Variable rate notes payable	177,017		150,476
Total notes payable	549,825		490,909
Unsecured credit facility:
Revolving line of credit	133,000		—
Term loan	75,000		75,000
Total unsecured credit facility	208,000		75,000
Total debt outstanding	$	757,825	$	565,909

Significant loan and unsecured credit facility activities since December 31, 2014, excluding scheduled principal payments, include:

•

The Company exercised its option to draw an additional $37,000,000 under a certain note payable with a variable interest rate at the 30-day London interbank offered rate, or LIBOR, plus 225 basis points with a maturity date of February 26, 2019, or the Loan. Coincident with the Loan, the Company entered into an interest rate swap agreement to effectively fix the variable interest rate on the Loan at 3.7% per annum.


•	The Company exercised its option to draw an additional $27,305,000 under a certain note payable with a variable interest rate at the 30-day LIBOR rate plus 225 basis points with a maturity date of December 10, 2018.


•	The Company made a draw of $160,000,000 on its revolving line of credit and paid down $27,000,000 on its revolving line of credit.


•	As of June 30, 2015, the total unencumbered pool availability under the credit facility was $352,000,000 and the remaining aggregate unencumbered pool availability was $144,000,000.


•	As of June 30, 2015, the Company had 6 variable rate notes payable that were fixed through interest rate swaps.

The principal payments and balloon payments due on the notes payable and the unsecured credit facility for the six months ending December 31, 2015 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Principal Payments		Balloon Payments (1)		Total Amount
Six months ending December 31, 2015	$	6,519	$	—	$	6,519
2016	13,009		13,441		26,450
2017	12,381		313,038		325,419
2018	10,277		140,313		150,590
2019	3,548		194,137		197,685
Thereafter	2,540		48,622		51,162
	$	48,274	$	709,551	$	757,825


(1)	Includes unsecured credit facility.