DEBT

As of January 31, 2018, we owned 99 properties, of which 65 multifamily and other properties (with a carrying amount of $730.1 million) served as collateral for mortgage loans and 34 multifamily and other properties were unencumbered by mortgages. Of the 65 properties that served as collateral for mortgage loans, the majority of these mortgages payable were non-recourse to us other than for standard carve-out obligations. As of January 31, 2018, we believe that there are no material defaults or compliance issues with respect to any mortgages payable.

The aggregate amount of required future principal payments on mortgages payable as of January 31, 2018, is as follows:



	(in thousands)
Year Ended April 30,	Mortgage Loans
2018	$	2,718
2019	31,065
2020	146,792
2021	92,308
2022	72,799
Thereafter	210,193
Total payments	$	555,875

As noted above, as of January 31, 2018, we owned 34 multifamily and other properties that were not encumbered by mortgages, with 25 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $300.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). Due to the recent disposition of our healthcare properties, the UAP currently provides for a borrowing capacity of $219.2 million, providing additional borrowing availability of $152.1 million beyond the $67.0 million drawn as of January 31, 2018. This credit facility matures on January 31, 2021, with one twelve-month option to extend the maturity date at our election.

During the three months ended January 31, 2018, we entered into a $70.0 million unsecured term loan, which matures on January 31, 2023. We have the option to further increase the credit capacity to $500 million (from current aggregate commitments totaling $370 million) by either adding additional banks to the facility or obtaining agreements from the existing banks to increase their commitments.

The interest rates on the line of credit and term loan are based on the London Interbank Offered Rate ("LIBOR") plus a margin that ranges from 160-225 basis points based on our consolidated leverage. Our line of credit and term loan are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of January 31, 2018.

Our remaining construction debt was paid off during the three months ended January 31, 2018. Construction debt at April 30, 2017, was $41.7 million, with a weighted average rate of interest of 3.27%.

The following table summarizes our indebtedness at January 31, 2018:



	(in thousands)
	January 31, 2018			April 30, 2017			Weighted Average Maturity in Years
Unsecured line of credit	$	67,000		$	57,050		3.0
Term loan	70,000			—			4.0
Unsecured debt	137,000			57,050
Mortgages payable - fixed⁽¹⁾	494,874			629,535			6.3
Mortgages payable - variable⁽¹⁾	61,000			57,708			3.3
Construction debt - variable	—			41,737
Total debt	$	692,874		$	786,030
Weighted average interest rate on unsecured line of credit	3.45		%	2.67		%
Weighted average interest rate on term loan (rate with swap)	4.01		%	—
Weighted average interest rate on mortgages payable⁽¹⁾	4.63		%	4.71		%
Weighted average interest rate on construction debt	—			3.27		%


(1)	Includes mortgages payable related to assets held for sale and assets of discontinued operations at April 30, 2017.