Notes Payable and Unsecured Credit Facility

The Company's debt outstanding as of March 31, 2017 and December 31, 2016 consisted of the following (amounts in thousands):



	March 31, 2017			December 31, 2016
Notes payable:
Fixed rate notes payable	$	108,472		$	114,783
Variable rate notes payable fixed through interest rate swaps	328,643			330,425
Variable rate notes payable	41,237			41,604
Total notes payable, principal amount outstanding	478,352			486,812
Unamortized deferred financing costs related to notes payable	(2,160		)	(2,542		)
Total notes payable, net of deferred financing costs	476,192			484,270
Unsecured credit facility:
Revolving line of credit	168,000			148,000
Term loan	210,000			210,000
Total unsecured credit facility, principal amount outstanding	378,000			358,000
Unamortized deferred financing costs related to the term loan of the unsecured credit facility	(1,506		)	(1,789		)
Total unsecured credit facility, net of deferred financing costs	376,494			356,211
Total debt outstanding	$	852,686		$	840,481

Significant debt activity since December 31, 2016, excluding scheduled principal payments, includes:

•

On January 31, 2017, the Operating Partnership and certain of the Company’s subsidiaries entered into an amendment related to the unsecured credit facility to extend the maturity date and modify the extension options of the revolving line of credit portion of the unsecured credit facility. In connection with the amendment to the unsecured credit facility, the maturity date of the revolving line of credit was changed from May 28, 2017 to May 28, 2018, subject to the Operating Partnership's right to two 12-month extension periods (the Operating Partnership previously had a right to one 12-month extension period).


•	On February 10, 2017 the Company paid off its debt in connection with one of the Company's notes payable, the maturity date of which was February 10, 2017, with an outstanding principal balance of $5,645,000 at the time of repayment.


•	During the three months ended March 31, 2017 the Company made a draw of $20,000,000 on its unsecured credit facility.


•	As of March 31, 2017, the Company had a total unencumbered pool availability under the unsecured credit facility of $514,575,000 and an aggregate outstanding principal balance of $378,000,000. As of March 31, 2017, $136,575,000 remained available to be drawn on the unsecured credit facility.

The principal payments due on the notes payable and unsecured credit facility for the nine months ending December 31, 2017 and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):



Year	Amount
Nine months ending December 31, 2017	$	182,535	⁽¹⁾
2018	317,008
2019	170,647
2020	136,160
2021	1,239
Thereafter	48,763
	$	856,352

(1)

Of this amount, $105,850,000 relates to one loan agreement with a maturity date of August 21, 2017, subject to the Company's right to a two-year extension and $18,707,000 relates to one loan agreement, the maturity date of which is October 11, 2017, subject to the Company's right to two one-year extensions. The Company may refinance these loan agreements or exercise the extension options depending upon refinancing terms available at the time. In addition, $51,161,000 relates to three loan agreements of which the Company may elect to add to the unencumbered pool of the unsecured credit facility.