Notes Payable and Unsecured Credit Facility (Tables)

3 Months Ended

Mar. 31, 2017

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

Schedule of Future Principal Payments Due on Notes Payable and 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.