Debt

Our debt consists of the following (in thousands):



	December 31,
	2015		2014
Debt payable, net to 2038 ^{(1) (2)}	$	1,872,942	$	1,647,904
Unsecured notes payable under credit facilities	149,500		189,000
Debt service guaranty liability	69,835		72,105
Obligations under capital leases	21,000		21,000
Total	$	2,113,277	$	1,930,009

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(1)	At December 31, 2015, interest rates ranged from 1.0% to 8.6% at a weighted average rate of 4.3%. At December 31, 2014, interest rates ranged from 3.4% to 8.6% at a weighted average rate of 4.8%.


(2)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation. See Note 2 for additional information.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):



	December 31,
	2015		2014
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt ⁽¹⁾	$	1,869,683	$	1,643,780
Variable-rate debt	243,594		286,229
Total	$	2,113,277	$	1,930,009
As to collateralization:
Unsecured debt ⁽¹⁾	$	1,650,521	$	1,337,191
Secured debt ⁽¹⁾	462,756		592,818
Total	$	2,113,277	$	1,930,009

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(1)	Effective December 31, 2015, ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" was adopted. Reclassification of prior year's amounts was made to conform to the current year presentation.

We maintain a $500 million unsecured revolving credit facility, which was last amended and extended on April 18, 2013. This facility expires in April 2017, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At December 31, 2015, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 105 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $700 million.

Effective March 2015, we entered into an agreement with a bank for a short-term, unsecured facility totaling $20 million that we maintain for cash management purposes, which matures in March 2016. The facility provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin and facility fee of 125 and 10 basis points, respectively.

Effective May 2010, we entered into an agreement with a bank for an unsecured and uncommitted overnight facility totaling $99 million that we maintained for cash management purposes. The facility provided for fixed interest rate loans at a 30 day LIBOR rate plus a borrowing margin based on market liquidity until expiration. As of January 2, 2015, this facility was canceled.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):



	December 31,
	2015			2014
Unsecured revolving credit facility:
Balance outstanding	$	140,000		$	189,000
Available balance	355,190			306,777
Letter of credit outstanding under facility	4,810			4,223
Variable interest rate (excluding facility fee)	1.3		%	0.8		%
Unsecured facility:
Balance outstanding	$	9,500		$	—
Variable interest rate	1.7		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	244,500		$	270,000
Weighted average balance	100,506			151,036
Year-to-date weighted average interest rate (excluding facility fee)	0.9		%	0.8		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of December 31, 2015 and 2014, we had $69.8 million and $72.1 million, respectively, outstanding for the debt service guaranty liability.

In May 2015, we issued $250 million of 3.85% senior unsecured notes maturing in 2025. The notes were issued at 99.23% of the principal amount with a yield to maturity of 3.94%. The net proceeds received of $246.5 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility.

In March 2015, we entered into a $200 million unsecured term loan. We used the proceeds to pay down amounts outstanding under our $500 million unsecured revolving credit facility. The loan matures in March 2020, and we have the option to repay the loan without penalty at any time. Borrowing rates under the agreement float at a margin over LIBOR and are priced off a grid that is tied to our senior unsecured credit ratings, which is currently 97.5 basis points, which have been swapped to a fixed rate of 2.5%. Additionally, the loan contains an accordion feature which allows us to increase the loan amount up to an additional $100 million.

During 2015, we repaid $90 million of fixed-rate medium term notes upon maturity at a weighted average interest rate of 5.4%. Additionally, we amended an existing $66 million secured note to extend the maturity to 2025 and reduced the interest rate from 7.4% to 3.5% per annum. In connection with this transaction, we have recorded $6.1 million of debt extinguishment costs that have been classified as net interest expense in our Consolidated Statements of Operations.

During 2014, we repaid $315 million of fixed-rate medium term notes upon maturity at a weighted average interest rate of 5.2%, and we redeemed $100 million of our 8.1% senior unsecured notes at our option. The majority of the 8.1% senior unsecured notes were redeemed at a purchase price of 100% of the principal amount, plus accrued and unpaid interest through the redemption date. In conjunction with this redemption, we wrote off $1.2 million of debt costs.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2015 and 2014, the carrying value of such property aggregated $.8 billion and $1.0 billion, respectively.

Scheduled principal payments on our debt (excluding $149.5 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $2.7 million fair value of interest rate contracts, $(4.6) million net premium/(discount) on debt, $(10.1) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $69.8 million debt service guaranty liability) are due during the following years (in thousands):



2016	$	161,868
2017	141,850
2018	62,214
2019	55,906
2020	237,425
2021	4,406
2022	307,011
2023	304,202
2024	254,394
2025	301,672
Thereafter	48,893
Total	$	1,879,841

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of December 31, 2015.