5. Debt

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

		Maturity	March 31,		December 31,
	Interest Rate	Date	2015		2014
Revolving credit facility	2.18% and 2.17% at March 31, 2015, and December 31, 2014, respectively	January 3, 2017	$	233,750	$	218,500
Senior unsecured term loan	3.23% at March 31, 2015, and at December 31, 2014	January 31, 2019	100,000		100,000
Total principal outstanding			$	333,750	$	318,500

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 (as amended the “Credit Agreement”) with a group of lenders for which KeyBank National Association acts as the administrative agent. The Credit Agreement maturity date is 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 Credit Agreement at initial maturity and certain other customary conditions. The Credit Agreement contains an accordion feature, which allows our Operating Partnership to increase the total commitment from $405 million to $500 million, under specified circumstances.

Under the Credit Agreement, borrowings bear interest at a variable rate per annum equal to either (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. At March 31, 2015, the Operating Partnership’s leverage ratio was 17.1% and the interest rate was LIBOR plus 200 basis points.

The total amount available for borrowings under the Credit Agreement is subject to the lesser of the facility amount or the availability calculated based on our unencumbered asset pool. As of March 31, 2015, the borrowing capacity was $405 million. As of March 31, 2015, $233.8 million was borrowed and outstanding, $7.3 million was outstanding under letters of credit and $163.9 million remained available for us to borrow under the Credit Agreement.

Our ability to borrow under the 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 total consolidated indebtedness to total gross asset value) of 60%, which, as of March 31, 2015, was 17.1%;

a maximum secured debt ratio (defined as total consolidated secured debt to total gross asset value) of 40%, which, as of March 31, 2015, was 0%;

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 1.00, which, as of March 31, 2015, was 8.8 to 1.00; and

a maximum unhedged variable rate debt ratio (defined as unhedged variable rate indebtedness to gross asset value) of 30%, which, as of March 31, 2015, was 11.8%.

As of March 31, 2015, we were in compliance with all of the covenants under the Credit Agreement.

Senior Unsecured Term Loan

On January 31, 2014, our Operating Partnership and certain subsidiaries entered into a $100 million senior unsecured term loan (as amended the “Term Loan”). The Term Loan has a five-year term and contains an accordion feature, which allows our Operating Partnership to increase the total commitments by $100 million, to $200 million, under specified circumstances. The Term Loan ranks pari passu with our Credit Agreement and contains the same financial covenants and other customary restrictive covenants. As of March 31, 2015, we were in compliance with all of the covenants under the Term Loan.

The borrowings under the Term Loan bear interest at a variable rate per annum equal to either (i) LIBOR plus 175 basis points to 265 basis points, or (ii) a base rate plus 75 basis points to 165 basis points, each depending on our Operating Partnership’s leverage ratio. At March 31, 2015, the Operating Partnership’s leverage ratio was 17.1% and the interest rate was LIBOR plus 175 basis points.

On February 3, 2014, we entered into a $100 million interest rate swap agreement to hedge one-month LIBOR variable rate debt, which includes the Term Loan and, if the Term Loan is repaid prior to maturity, the revolving credit facility under the Credit Agreement. The interest rate swap has a five-year term and, at our current leverage ratio, effectively fixes the Term Loan interest rate at 3.23%. See additional discussion in Note 6.

Debt Maturities

The following table summarizes the amount of our outstanding debt as of March 31, 2015, when such debt currently becomes due (in thousands):

Year Ending December 31,
Remainder of 2015	$	—
2016	—
2017	233,750
2018	—
2019	100,000
2020	—
Total	$	333,750