DEBT

The following table identifies our total debt outstanding and weighted average interest rates:



	June 30, 2014				December 31, 2013
			Weighted				Weighted
	Balance		Average Interest		Balance		Average Interest
(Dollar amounts in thousands)	Outstanding		Rate		Outstanding		Rate
Fixed Rate Debt:
Secured	$	249,911	4.9	%	$	271,374	4.9	%
Unsecured - notes	250,000		4.4	%	250,000		4.4	%
Total Fixed Rate Debt	499,911		4.7	%	521,374		4.7	%

Variable Rate Debt Swapped to Fixed:
Unsecured - term loan	125,000		3.0	%	125,000		3.0	%
Total Variable Rate Debt Swapped to Fixed	125,000		3.0	%	125,000		3.0	%

Variable Rate Debt Unhedged:
Secured	28,881		1.5	%	8,100		1.5	%
Unsecured - revolver	36,000		1.5	%	133,500		1.5	%
Unsecured - term loan	25,000		1.9	%	25,000		1.9	%
Total Variable Rate Debt Unhedged	89,881		1.6	%	166,600		1.5	%
Total Debt	$	714,792	4.0	%	$	812,974	3.8	%

Mortgage Notes Payable

The following table provides information on mortgage loans repaid during the six months ended June 30, 2014:



(Dollar amounts in thousands)	Loans Repaid
Property	Amount		Interest Rate
Residence at White River	$	9,221	5.4%
Spring Valley	10,817		5.4%
Total/weighted average rate	$	20,038	5.4%	⁽¹⁾


(1)	Represents weighted average interest rate for the loans listed.

On April 25, 2014, the 350 Eighth partnership, which is accounted for under the equity method of accounting, entered into a construction loan agreement for $143.6 million with a five-year term and, based on our current credit ratings, has a per annum interest rate of LIBOR plus 160 basis points. There were no borrowings on this loan at June 30, 2014. We have guaranteed the payment of all future borrowings from this loan and the completion of construction in connection with the partnership's development. Additionally, we have drawn $19.1 million on the Cantabria construction loan and $9.8 million on the 7001 Arlington at Bethesda construction loan as of June 30, 2014. Cash paid for interest net of capitalized interest was $12.9 million and $11.0 million for the six months ended June 30, 2014 and 2013, respectively.