Debt

The following table summarizes our mortgages and notes payable and capital lease obligation as of September 30, 2017 and December 31, 2016:



Notes Payable and Capital Lease Obligation	September 30, 2017			December 31, 2016
	(In thousands)
Senior unsecured notes	$	535,000		$	535,000
Unsecured term loan facilities	210,000			210,000
Fixed rate mortgages	158,337			160,718
Unsecured revolving credit facility	149,000			86,000
Junior subordinated notes	28,125			28,125
	1,080,462			1,019,843
Unamortized premium	4,251			5,120
Unamortized deferred financing costs	(3,203		)	(3,740		)
Total notes payable	$	1,081,510		$	1,021,223

Capital lease obligation	$	1,066		$	1,066

Senior unsecured notes and unsecured term loans

Our $745.0 million of senior unsecured notes and unsecured term loans have interest rates ranging from 3.14% to 4.74% and are due at various maturity dates from May 2020 through November 2028.

Mortgages

Our $158.3 million of fixed rate mortgages have interest rates ranging from 2.86% to 7.38% and are due at various maturity dates from January 2018 through June 2026. The fixed rate mortgages are secured by properties that have an approximate net book value of $251.6 million as of September 30, 2017. It is our intent to repay the mortgages maturing in 2018 and beyond using cash, borrowings under our unsecured line of credit, or other sources of financing which may include long-term unsecured notes.

The mortgage loans encumbering our properties 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.

Revolving Credit Facility

On September 14, 2017, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Fourth Amendment”). The Fourth Amendment amends and restates the Company's existing credit agreement with a number of financial institutions to provide an unsecured credit facility in the aggregate amount of $350.0 million with the ability to increase borrowing capacity up to $650.0 million through an accordion feature. The credit facility matures on September 14, 2021, and may be extended by the Company for two periods of six months each subject to continued compliance with the terms of the credit facility and the payment of an extension fee of 0.075%. Borrowings on the facility will be priced at London Interbank Offered Rate (LIBOR) plus a margin of between 1.30% and 1.95%, based on the Company’s leverage ratio as calculated under the credit facility. Deferred financing fees associated with the Fourth Amendment were approximately $2.3 million.

As of September 30, 2017, we had $149.0 million outstanding under our revolving credit facility, an increase of $63.0 million from December 31, 2016, as a result of borrowings to partially fund acquisitions of properties. After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying condensed consolidated balance sheets, totaling $1.3 million, we had $199.7 million of availability under our revolving credit facility. The interest rate as of September 30, 2017 was 2.59%.

Junior Subordinated Notes

Our junior subordinated notes have a variable rate of LIBOR plus 3.30%. The maturity date is January 2038.

The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2017:



Year Ending December 31,
	(In thousands)
2017	$	822
2018	39,132
2019	5,859
2020	102,269
2021 ⁽¹⁾	263,508
Thereafter	668,872
Subtotal debt	1,080,462
Unamortized premium	4,251
Unamortized deferred financing costs	(3,203		)
Total debt	$	1,081,510

⁽¹⁾ Scheduled maturities in 2021 include the $149.0 million balance on the unsecured revolving credit facility drawn as of September 30, 2017. The unsecured revolving credit facility has two six-month extensions available at the Company's option provided compliance with financial covenants is maintained.

Our unsecured revolving credit facility, senior unsecured notes, and unsecured term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of September 30, 2017, we were in compliance with these covenants.