Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt

Summary of outstanding indebtedness

        A summary of outstanding indebtedness as of December 31, 2015, and 2014, is as follows (in thousands):

	Interest Rate	Maturity Date	December 31, 2015			December 31, 2014
Revolving credit facility	1.98% and 2.17% at December 31, 2015, and December 31, 2014, respectively	June 24, 2019	$	142,250		$	218,500
2019 Senior unsecured term loan(1)	3.23% at December 31, 2015, and at December 31, 2014	January 31, 2019		100,000			100,000
2020 Senior unsecured term loan(2)	2.43% at December 31, 2015	June 24, 2020		150,000			—
Total principal outstanding				392,250			318,500
Unamortized deferred financing costs				(1,243	)		(821	)
Total debt			$	391,007		$	317,679

(1)

The Operating Partnership entered into a swap agreement with respect to the 2019 Term Loan to swap the variable interest rate associated with $100 million, or 100%, of the 2019 Term Loan to a fixed rate of approximately 3.23% per annum at our current leverage ratio. See "Derivatives and Hedging Activities" in Note 9 below.

(2)

The Operating Partnership entered into a swap agreement with respect to the 2020 Term Loan to swap the variable interest rate associated with $75 million, or 50%, of the principal amount of the 2020 Term Loan to a fixed rate of approximately 2.93% per annum at our current leverage ratio. The interest rate on the remaining $75 million of the 2020 Term Loan is based on LIBOR plus the applicable spread. The effective interest rate as of December 31, 2015, is 2.43%. See "Derivatives and Hedging Activities" in Note 9 below.

Summary of amount of the entity's outstanding debt when such debt currently become due

        The following table summarizes the amount of our outstanding debt and when such debt currently becomes due (in thousands):

Year Ending December 31,
2016	$	—
2017		—
2018		—
2019		242,250
2020		150,000
Total principal outstanding		392,250
Unamortized deferred financing costs		(1,243	)
Total debt	$	391,007