5. Debt

A summary of outstanding indebtedness as of June 30, 2015, and December 31, 2014, is as follows (in thousands):

		Maturity	June 30,		December 31,
	Interest Rate	Date	2015		2014
Revolving credit facility	1.73% and 2.17% at June 30, 2015, and December 31, 2014, respectively	June 24, 2019	$	102,250	$	218,500
2019 Senior unsecured term loan(1)	3.23% at June 30, 2015, and at December 31, 2014	January 31, 2019	100,000		100,000
2020 Senior unsecured term loan(2)	2.31% at June 30, 2015	June 24, 2020	150,000		—

Total principal outstanding			$	352,250	$	318,500

(1) The Operating Partnership elected to swap the variable interest rate associated with the 2019 Senior unsecured term loan to a fixed rate of approximately 3.23% per annum at our current leverage ratio.

(2) The Operating Partnership elected to swap the variable interest rate associated with $75 million, or 50%, of the principal amount of the 2020 Senior unsecured 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 Senior unsecured term loan is based on LIBOR plus the applicable spread. The effective interest rate as of June 30, 2015, is 2.31%.

Revolving Credit Facility

On June 24, 2015, our Operating Partnership and certain subsidiary co-borrowers entered into a third 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 amends the Operating Partnership’s second amended and restated unsecured revolving credit facility, dated January 3, 2013 (as amended, the “Prior Facility”). The Credit Agreement maturity date is June 24, 2019, with a one-time extension option, which, if exercised, would extend the maturity date to June 24, 2020. The exercise of the extension option is subject to the payment of an extension fee equal to 10 basis points of the total commitment under the Credit Agreement at initial maturity and certain other customary conditions. The Credit Agreement increases the commitment from the Prior Facility of $405 million to $500 million, providing for a $350 million revolving credit facility and a $150 million unsecured term loan. See “2020 Senior Unsecured Term loan” below for a discussion of the $150 million term loan. The Credit Agreement contains an accordion feature, which allows our Operating Partnership to increase the total commitment from $500 million to $700 million, under specified circumstances.

Under the Credit Agreement, borrowings under the revolving credit facility bear interest at a variable rate per annum equal to either (i) LIBOR plus 155 basis points to 225 basis points, or (ii) a base rate plus 55 basis points to 125 basis points, each depending on our Operating Partnership’s leverage ratio. At June 30, 2015, the Operating Partnership’s leverage ratio was 17.9% and the interest rate was LIBOR plus 155 basis points.

The total amount available for borrowings under the revolving credit facility is subject to the lesser of $350.0 million or the availability calculated based on our unencumbered asset pool. As of June 30, 2015, the borrowing capacity was $350.0 million. As of June 30, 2015, $102.3 million was borrowed and outstanding, $6.3 million was outstanding under letters of credit and $241.4 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 June 30, 2015, was 17.9%;

a maximum secured debt ratio (defined as total consolidated secured debt to total gross asset value) of 40%, which, as of June 30, 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 1.70 to 1.00, which, as of June 30, 2015, was 8.4 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 June 30, 2015, was 8.3%.

As of June 30, 2015, we were in compliance with all of the covenants under the Credit Agreement.

2020 Senior Unsecured Term Loan

On June 24, 2015, in connection with the Credit Agreement, our Operating Partnership and certain subsidiaries entered into a $150 million senior unsecured term loan (the “2020 Term Loan”). The 2020 Term Loan has a five-year term maturing on June 24, 2020. The 2020 Term Loan ranks pari passu with our Credit Agreement and contains the same financial covenants and other customary restrictive covenants. As of June 30, 2015, we were in compliance with all of the covenants under the 2020 Term Loan.

The borrowings under the 2020 Term Loan bear interest at a variable rate per annum equal to either (i) LIBOR plus 150 basis points to 220 basis points, or (ii) a base rate plus 50 basis points to 120 basis points, each depending on our Operating Partnership’s leverage ratio. At June 30, 2015, the Operating Partnership’s leverage ratio was 17.9% and the interest rate was LIBOR plus 150 basis points.

2019 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 “2019 Term Loan”). The 2019 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 2019 Term Loan ranks pari passu with our Credit Agreement and contains the same financial covenants and other customary restrictive covenants. As of June 30, 2015, we were in compliance with all of the covenants under the 2019 Term Loan.

The borrowings under the 2019 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 June 30, 2015, the Operating Partnership’s leverage ratio was 17.9% and the interest rate was LIBOR plus 175 basis points.

Debt Maturities

The following table summarizes the amount of our outstanding debt as of June 30, 2015, when such debt currently becomes due (in thousands):

Year Ending December 31,
Remainder of 2015	$	—
2016	—
2017	—
2018	—
2019	202,250
2020	150,000

Total	$	352,250