Debt

A summary of the Company's consolidated indebtedness is as follows (dollars in thousands):



	Effective Interest Rate, December 31,		Maturity Date at December 31, 2016	Carrying Value, December 31,
	2016	2015	Maturity Date at December 31, 2016	2016			2015
Mortgages Payable
Core Fixed Rate	3.88%-6.65%	3.50%-6.65%	July 2016 - April 2035	$	234,875		$	301,340
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.75%-3.77%	September 2022 - June 2026	82,250			72,444
Total Core Mortgages Payable				317,125			373,784
Fund II Fixed Rate	1.00%-5.80%	1.00%-5.80%	October 2017 - May 2020	249,762			249,762
Fund II Variable Rate	LIBOR+0.62%-LIBOR+2.50%	LIBOR+1.39%-LIBOR+3.02%	August 2017 - November 2021	142,750			111,500
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,779			19,984
Total Fund II Mortgages Payable				412,291			381,246
Fund III Variable Rate	Prime+0.50%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	March 2017 - December 2021	83,467			164,280
Fund IV Fixed Rate	3.4%-4.50%	4.5%	October 2025-June 2026	10,503			1,120
Fund IV Variable Rate	LIBOR+1.70%-LIBOR+3.95%	LIBOR+1.70%-LIBOR+3.00%	May 2017 - January 2021	233,139			123,920
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019	14,509			14,904
Total Fund IV Mortgages Payable				258,151			139,944
Net unamortized debt issuance costs				(16,642		)	(10,567		)
Unamortized premium				1,336			1,364
Total Mortgages Payable				$	1,055,728		$	1,050,051
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30%-LIBOR+1.60%	LIBOR+1.30%-LIBOR+1.60%	November 2019 - December 2022	$	51,194		$	841
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.31%-3.77%	July 2018 - March 2025	248,806			149,159
Total Core Unsecured Notes Payable				300,000			150,000
Fund II Subscription Facility	LIBOR+2.75%	LIBOR+2.75%	October 2016	—			12,500
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%	February 2017- November 2017	134,636			126,410
Net unamortized debt issuance costs				(1,646		)	(1,155		)
Total Unsecured Notes Payable				$	432,990		$	287,755
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	—		$	20,800
Total Unsecured Line of Credit				$	—		$	20,800

Total Debt - Fixed and Effectively Fixed Rate				$	860,486		$	552,222
Total Debt - Variable Rate				645,185			816,740
Net unamortized debt issuance costs				(18,289		)	(11,720		)
Unamortized premium				1,336			1,364
Total Indebtedness				$	1,488,718		$	1,358,606

__________


(a)	At December 31, 2016, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core Variable rate debt; LIBOR + 1.70% to LIBOR +1.70% for Fund II Variable rate debt; LIBOR + 2.15% to LIBOR +2.15% for Fund IV rate debt; and LIBOR + 1.30% to LIBOR +1.60% for Core variable rate unsecured notes.

Mortgages Payable

During 2016, the Company obtained or assumed 14 new mortgages totaling $252.9 million with a weighted-average interest rate of 4.07% collateralized by 14 properties. During 2016, the Company repaid 15 mortgages in full aggregating $292.3 million with a weighted-average interest rate of 4.61% and made scheduled principal payments of $6.5 million. At December 31, 2016 and 2015, the Company's mortgages were collateralized by 39 properties and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company's variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8).

One of the mortgage loans in our Core Portfolio amounting to $26.3 million is in default at December 31, 2016 and is collateralized by a property, in which the Company holds a 22% controlling interest.

Unsecured Term Loans

At December 31, 2016 and 2015, the Company had a total of $9.9 million and $15.5 million, respectively, available under its unsecured term loans. A portion of the Company's variable-rate term loan debt has been effectively fixed through certain cash flow hedge transactions (Note 8). The Company completed the following transactions related to its unsecured term loans during the year ended December 31, 2016:


•	The Company repaid a $50.0 million term loan in June 2016, which bore interest at LIBOR+1.30%.


•	The Company closed on a new $150.0 million unsecured term loan in June, 2016, which bears interest at LIBOR+1.30% and matures on June 27, 2021.


•	The Company closed on a new $50.0 million unsecured term loan in January 2016, which bears interest at LIBOR+1.30% and matures on January 4, 2021.


•	The Company borrowed $12.5 million on its Fund II credit facility. The outstanding balance under this facility was $25.5 million, and was repaid upon maturity in October, 2016.

•

The Company borrowed $5.6 million on its Fund IV term loan bringing the outstanding balance under this facility to $40.1 million as of December 31, 2016. At December 31, 2016, Fund IV was not in compliance with the liquidity covenant on its term loan. Consequently, this loan is recourse to the Company until the condition is cured. Fund IV expects to cure the covenant violation by repaying certain debt during the first quarter of 2017. During February 2017, the Company exercised its option to extend the maturity date of this loan by six months to August, 2017.


•	The Company drew an additional $2.6 million on its Fund IV subscription line. The outstanding balance under this facility is $94.5 million as of December 31, 2016.

Unsecured Lines of Credit

At December 31, 2016 and 2015 the Company had a total of $203.0 million and $182.3 million, respectively available under its unsecured line of credit. The Company completed the following transactions related to its unsecured line of credit during the year ended December 31, 2016:


•	The Company repaid the remaining $20.8 million of its revolving unsecured credit facility.


•	The Company canceled the existing credit facility and entered into a new $150.0 million revolving unsecured credit facility. The new facility bears interest at LIBOR plus 140 basis points and matures June 27, 2020 with a one-year extension option. There is no outstanding balance as of December 31, 2016.

Scheduled Debt Principal Payments

The scheduled principal repayments of the Company's consolidated indebtedness, as of December 31, 2016 are as follows (in thousands):




2017	$	395,999
2018	69,753
2019	205,295
2020	321,559
2021	253,927
Thereafter	259,138
	1,505,671
Unamortized fair market value of assumed debt	1,336
Net unamortized debt issuance costs	(18,289		)
Total indebtedness	$	1,488,718

See Note 4 for information about liabilities of the Company's unconsolidated affiliates.