Notes Payable and Unsecured Credit Facility

The Company's debt outstanding as of June 30, 2016 and December 31, 2015 consisted of the following (amounts in thousands):



	June 30, 2016			December 31, 2015
Notes payable:
Fixed rate notes payable	$	129,665		$	131,233
Variable rate notes payable fixed through interest rate swaps	333,966			369,002
Variable rate notes payable	42,348			43,097
Total notes payable, principal amount outstanding	505,979			543,332
Unamortized deferred financing costs related to notes payable	(3,334		)	(4,261		)
Total notes payable, net of deferred financing costs	502,645			539,071
Unsecured credit facility:
Revolving line of credit	218,000			83,000
Term loan	210,000			210,000
Total unsecured credit facility, principal amount outstanding	428,000			293,000
Unamortized deferred financing costs related to unsecured credit facility	(2,190		)	(2,544		)
Total unsecured credit facility, net of deferred financing costs	425,810			290,456
Total debt outstanding	$	928,455		$	829,527

Significant loan activity since December 31, 2015, excluding scheduled principal payments, includes:

•

On March 30, 2016, the Company paid off its debt in connection with one of the Company's notes payable with an outstanding principal balance of $31,167,000 at the time of repayment. The original note payable had a variable rate fixed through an interest rate swap of 6.19% with a maturity date on February 25, 2019. As a result of this extinguishment, the Company expensed $343,000 of unamortized deferred financing costs, $62,000 of termination fees and $728,000 of the early extinguishment of the hedged debt obligation, which were recognized in loss on debt extinguishment on the Company's condensed consolidated statements of comprehensive income. The lender waived the prepayment penalty fee.


•	The Company made a draw of $135,000,000 on its unsecured credit facility.


•	The Company entered into five interest rate swap agreements to effectively fix London Interbank Offered Rate, or LIBOR, on $155,000,000 of the term loans of the unsecured credit facility. As of June 30, 2016, $210,000,000 of the term loans of the unsecured credit facility were fixed through interest rate swaps.


•	As of June 30, 2016, the Company had a total unencumbered pool availability under the unsecured credit facility of $494,475,000 and an aggregate outstanding principal balance of $428,000,000. As of June 30, 2016, $66,475,000 remained available to be drawn on the unsecured credit facility.


•	As of June 30, 2016, the Company had six variable rate notes payable that were fixed through interest rate swaps.

The principal payments due on the notes payable and unsecured credit facility for the six months ending December 31, 2016 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Six months ending December 31, 2016	$	19,503
2017 ⁽¹⁾	409,060
2018	149,074
2019	170,180
2020	136,160
Thereafter	50,002
	$	933,979


(1)	Of this amount, $218,000,000 relates to the revolving line of credit under the unsecured credit facility. The maturity date on the revolving line of credit under the unsecured credit facility is May 28, 2017, subject to the Company's right to a 12-month extension.