5. Debt

A summary of outstanding indebtedness as of September 30, 2013, and December 31, 2012 is as follows (in thousands):

		Maturity	September 30,		December 31,
	Interest Rate	Date	2013		2012
SV1 - Mortgage loan	3.69% and 3.71% at September 30, 2013, and December 31, 2012, respectively	October 9, 2014	$	58,625	$	59,750
Revolving credit facility	2.18% and 2.46% at September 30, 2013, and December 31, 2012, respectively	January 3, 2017	108,000		—
Total principal outstanding			$	166,625	$	59,750

SV1 Mortgage Loan

As of September 30, 2013, SV1 was subject to a $58.6 million mortgage loan with a maturity date of October 9, 2014. The loan bears variable interest and requires the payment of interest and principal until maturity. The mortgage requires ongoing compliance by us with various covenants, including liquidity and net operating income covenants. As of September 30, 2013, we were in compliance with the covenants under the mortgage.

Revolving Credit Facility

On January 3, 2013, our Operating Partnership and certain subsidiary co-borrowers entered into a second amended and restated senior unsecured revolving credit facility (the “Second Amended and Restated Credit Agreement”) with a group of lenders for which KeyBank National Association acts as administrative agent. The Second Amended and Restated Credit Agreement amended the Operating Partnership’s senior secured revolving credit facility, dated December 15, 2011 (the “Prior Facility”), and provides for the release of the properties owned by the Operating Partnership’s wholly owned subsidiaries from the existing liens in favor of the credit facility lenders, with the facility continuing on an unsecured basis and unconditionally guaranteed on a senior unsecured basis by the Company. Our Operating Partnership acts as the parent borrower, and our subsidiaries that own or lease real estate properties, are co-borrowers under the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement increased the commitment from the Prior Facility of $225.0 million to $355.0 million and extended the initial maturity date of the Prior Facility from December 15, 2014, to January 3, 2017, with a one-time extension option, which, if exercised, would extend the maturity date to January 3, 2018. The exercise of the extension option is subject to the payment of an extension fee equal to 25 basis points of the total commitment under the Second Amended and Restated Credit Agreement at initial maturity and certain other customary conditions. The Second Amended and Restated Credit Agreement contains an accordion feature, which allows our Operating Partnership to increase the total commitment by $145.0 million, to $500.0 million, under specified circumstances.

On June 28, 2013, the borrowers under the Second Amended and Restated Credit Agreement partially exercised the accordion feature to increase the aggregate commitments by $50.0 million. As a result of the accordion exercise, the borrowing capacity increased from $355.0 million to $405.0 million. All other terms of the Second Amended and Restated Credit Agreement remain unchanged.

Under the Second Amended and Restated Credit Agreement, our Operating Partnership may elect to have borrowings bear interest at a rate per annum equal to (i) LIBOR plus 200 basis points to 275 basis points, or (ii) a base rate plus 100 basis points to 175 basis points, each depending on our Operating Partnership’s leverage ratio.

The total amount available for borrowings under the Second Amended and Restated Credit Agreement is subject to the lesser of the facility amount or the availability calculated based on our unencumbered asset pool. As of September 30, 2013, $396.6 million was available for us to borrow under the Second Amended and Restated Credit Agreement, of which $108.0 million was borrowed and outstanding.

Our ability to borrow under the Second Amended and Restated Credit Agreement is subject to ongoing compliance with a number of financial covenants and other customary restrictive covenants, including, among others:

· a maximum leverage ratio (defined as consolidated total indebtedness to total gross asset value) of 60%. As of September 30, 2013, our leverage ratio was 11.5%;

· a maximum secured debt ratio (defined as consolidated total secured debt to total gross asset value) of 40%. As of September 30, 2013, our secured debt ratio was 3.8%;

· a minimum fixed charge coverage ratio (defined as adjusted consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.75 to 1.0. As of September 30, 2013, our fixed charge coverage ratio was 7.5 to 1.0; and

· a maximum unhedged variable rate debt ratio (defined as unhedged variable rate indebtedness to gross asset value) of 30%. As of September 30, 2013, our unhedged variable rate debt ratio was 10.8%.

As of September 30, 2013, we were in compliance with the covenants under our Second Amended and Restated Credit Agreement.

Debt Maturities

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

Year Ending December 31,
Remainder of 2013	$	375
2014	58,250
2015	—
2016	—
2017	108,000
Total	$	166,625