Debt

Our debt consists of the following (in thousands):



	December 31,
	2016		2015
Debt payable, net to 2038 ⁽¹⁾	$	2,023,403	$	1,872,942
Unsecured notes payable under credit facilities	245,000		149,500
Debt service guaranty liability	67,125		69,835
Obligations under capital leases	21,000		21,000
Total	$	2,356,528	$	2,113,277

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(1)	At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%. At December 31, 2015, interest rates ranged from 1.0% to 8.6% at a weighted average rate of 4.3%.

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



	December 31,
	2016		2015
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,089,769	$	1,869,683
Variable-rate debt	266,759		243,594
Total	$	2,356,528	$	2,113,277
As to collateralization:
Unsecured debt	$	1,913,399	$	1,650,521
Secured debt	443,129		462,756
Total	$	2,356,528	$	2,113,277

We maintain a $500 million unsecured revolving credit facility, which was last amended and extended on March 30, 2016. This facility expires in March 2020, 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, 2016, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 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 $850 million.

As of December 31, 2015, we had a $500 million unsecured revolving credit facility that had borrowing rates that floated at a margin over LIBOR plus a facility fee. At December 31, 2015, the borrowing margin and facility fee, which were priced off a grid that was tied to our senior unsecured credit ratings, were 105 and 15 basis points, respectively. The facility also contained a competitive bid feature that allowed us to request bids for up to $250 million. Additionally, an accordion feature allowed 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. We extended and amended this agreement to reduce the facility to $10 million on March 27, 2016. The facility, which matures in March 2017, provides for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 10 basis points, respectively.

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



	December 31,
	2016			2015
Unsecured revolving credit facility:
Balance outstanding	$	245,000		$	140,000
Available balance	250,140			355,190
Letter of credit outstanding under facility	4,860			4,810
Variable interest rate (excluding facility fee)	1.5		%	1.3		%
Unsecured short-term facility:
Balance outstanding	$	—		$	9,500
Variable interest rate	—		%	1.7		%
Both facilities:
Maximum balance outstanding during the year	$	372,000		$	244,500
Weighted average balance	141,017			100,506
Year-to-date weighted average interest rate (excluding facility fee)	1.3		%	0.9		%

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, 2016 and 2015, we had $67.1 million and $69.8 million outstanding for the debt service guaranty liability, respectively.

During 2016, we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5%.

In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026. The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35%. The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility.

In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Consolidated Statements of Operations.

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 unsecured 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.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2016 and 2015, the carrying value of such property aggregated $.7 billion and $.8 billion, respectively.

Scheduled principal payments on our debt (excluding $245.0 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(6.1) million net premium/(discount) on debt, $(10.6) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands):



2017	$	86,710
2018	80,427
2019	56,245
2020	237,779
2021	17,667
2022	307,857
2023	305,705
2024	255,965
2025	303,314
2026	277,304
Thereafter	106,025
Total	$	2,034,998

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, 2016.