DEBT

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



	June 30, 2015				December 31, 2014
			Weighted				Weighted
	Balance		Average Interest		Balance		Average Interest
(Dollar amounts in thousands)	Outstanding		Rate		Outstanding		Rate
Fixed Rate Debt:
Secured	$	222,419	4.8	%	$	223,934	4.8	%
Unsecured - notes	250,000		4.4	%	250,000		4.4	%
Total Fixed Rate Debt	472,419		4.6	%	473,934		4.6	%

Variable Rate Debt Swapped to Fixed:
Unsecured - term loan ^{(1) (2)}	125,000		2.7	%	125,000		2.7	%
Unsecured - term loan ⁽³⁾	25,000		1.6	%	—		—	%
Total Variable Rate Debt Swapped to Fixed	150,000		2.5	%	125,000		2.7	%

Variable Rate Debt Unhedged:
Secured	65,936		1.5	%	48,679		1.5	%
Unsecured - revolving credit facility	136,000		1.5	%	76,500		1.5	%
Unsecured - term loan ⁽³⁾	—		—	%	25,000		1.6	%
Total Variable Rate Debt Unhedged	201,936		1.5	%	150,179		1.5	%
Total Debt	$	824,355	3.4	%	$	749,113	3.7	%

(1)

The Company entered into a forward starting swap in December 2011 fixing the rate beginning in June 2013 until June 2016 at a rate of 1.26% per annum plus the credit spread which was 1.40% per annum as of June 30, 2015, or an all-in rate of 2.66% per annum. Additionally, the Company entered into a forward starting swap in April 2013 fixing the rate beginning June 2016 at a rate of 1.55% per annum plus the credit spread which was 1.40% per annum as of June 30, 2015, or an all-in rate of 2.95% per annum until January 2018.


(2)	The Company entered into a forward starting swap in January 2015 fixing the rate beginning January 2018 at a rate of 1.75% per annum plus the credit spread which was 1.40% per annum as of June 30, 2015, or an all-in rate of 3.15% per annum until the loan matures in January 2020.


(3)	The Company entered into a forward starting swap in January 2015 fixing the rate beginning January 2016 at a rate of 1.42% per annum plus the credit spread which was 1.40% per annum as of June 30, 2015, or an all-in rate of 2.82% per annum until the loan matures in January 2020.

Mortgage Notes Payable

On April 25, 2014, the 350 8th partnership, in which we are a 50.01% partner and that we account for under the equity method, 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 borrowings of $6.5 million on this loan as of June 30, 2015, of which our pro rata share was $3.2 million. We have guaranteed the payment of all current and future borrowings from this loan and the completion of construction in connection with the partnership's development. Additionally, we have drawn $39.1 million on the Cantabria at Turtle Creek construction loan and $26.8 million on the 7001 Arlington at Bethesda construction loan as of June 30, 2015. Cash paid for interest net of capitalized interest was $11.8 million and $13.3 million for the six months ended June 30, 2015 and 2014, respectively.