Debt (Tables)

9 Months Ended

Sep. 30, 2015

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

		Maturity	September 30,		December 31,
	Interest Rate	Date	2015		2014
Revolving credit facility	1.75% and 2.17% at September 30, 2015, and December 31, 2014, respectively	June 24, 2019	$	110,250	$	218,500
2019 Senior unsecured term loan(1)	3.23% at September 30, 2015, and at December 31, 2014	January 31, 2019	100,000		100,000
2020 Senior unsecured term loan(2)	2.32% at September 30, 2015	June 24, 2020	150,000		—

Total principal outstanding			$	360,250	$	318,500

(1) The Operating Partnership entered into a swap agreement with respect to the 2019 Term Loan to swap the variable interest rate associated with 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 6 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 September 30, 2015, is 2.32%. See “Derivatives and Hedging Activities” in Note 6 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 as of September 30, 2015, when such debt currently becomes due (in thousands):

Year Ending December 31,
Remainder of 2015	$	—
2016	—
2017	—
2018	—
2019	210,250
2020	150,000

Total	$	360,250