Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of March 31, 2015 and December 31, 2014:



Notes Payable	March 31, 2015		December 31, 2014
	(In thousands)
Senior unsecured notes	$	310,000	$	310,000
Unsecured term loan facilities	210,000		210,000
Fixed rate mortgages	353,566		354,714
Unsecured revolving credit facility	—		10,000
Junior subordinated notes	28,125		28,125
	901,691		912,839
Unamortized premium	8,437		8,866
	$	910,128	$	921,705

Capital lease obligation	$	1,148	$	1,828

Our $353.6 million of fixed rate mortgages have interest rates ranging from 5.0% to 7.4% and are due at various maturity dates from June 2015 through June 2026. Included in fixed rate mortgages at March 31, 2015 and December 31, 2014 were unamortized premium balances related to the fair market value of debt of approximately $8.4 million and $8.9 million, respectively. The fixed rate mortgages are secured by properties that have an approximate net book value of $366.6 million as of March 31, 2015.

We had net repayments of $10.0 million under our revolving credit facility during the three months ended March 31, 2015 with no borrowings as of March 31, 2015. Outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaled $0.8 million. These letters of credit reduce borrowing availability under our bank facility.

Our revolving credit facility, term loans and unsecured notes contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of March 31, 2015, we were in compliance with these covenants.

The mortgage loans encumbering our properties, including properties held by our unconsolidated joint ventures, are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses.

We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.

The following table presents scheduled principal payments on mortgages and notes payable as of March 31, 2015:



Year Ending December 31,
	(In thousands)
2015 (April 1 - December 31)	$	84,969
2016	23,619
2017	113,196
2018	85,275
2019	6,278
Thereafter	588,354
Subtotal debt	901,691
Unamortized premium	8,437
Total debt (including unamortized premium)	$	910,128

It is our intent to repay maturing mortgages using cash, borrowings under our unsecured line of credit, or other sources of financing.