Debt and Lines of Credit

The following table sets forth certain information regarding debt (in thousands):



	Principal Outstanding				Weighted Average Years to Maturity		Weighted Average Interest Rates
	September 30, 2014		December 31, 2013		September 30, 2014	December 31, 2013	September 30, 2014		December 31, 2013
Collateralized term loans - CMBS	$	702,998	$	644,844	5.9	6.1	5.3	%	5.4	%
Collateralized term loans - FNMA	309,619		366,019		8.6	8.1	3.2	%	3.6	%
Collateralized term loans - Northwestern	98,026		—		11.4	N/A	4.2	%	N/A
Aspen and Series B-3 preferred OP Units	47,022		47,022		7.1	7.6	6.9	%	6.9	%
Secured borrowing (see Note 4)	118,230		110,510		14.2	13.5	10.5	%	10.7	%
Mortgage notes, other	118,046		143,042		6.1	6.0	5.0	%	4.6	%
Total debt	$	1,393,941	$	1,311,437	7.4	7.2	5.2	%	5.0	%

Collateralized Term Loans

In August 2014, we paid off $52.6 million of Fannie Mae ("FNMA") debt.

9. Debt and Lines of Credit, continued

Additionally, in July and August 2014, we borrowed the aggregate amount of $63.5 million under five mortgage loans from Ladder Capital Finance, LLC ("Ladder"). The loans have a ten year term and a blended annual interest rate of 4.56%. The proceeds of the loans were used to pay down a portion of our senior secured line of credit.

In January 2014, we and four of our subsidiaries borrowed the aggregate amount of $99.0 million under four mortgage loans (each, an “Individual Loan” and, together, the “Loan”) from The Northwestern Mutual Life Insurance Company (“NM”) pursuant to a Master Loan Agreement with NM. Each Individual Loan accrues interest at a rate of 4.20% and matures on February 13, 2026. We and each of the four borrowers have guaranteed the Loan. The proceeds of the Loan were used to repay a portion of our senior secured line of credit.

The collateralized term loans totaling $1.1 billion as of September 30, 2014, are secured by 101 properties comprised of 39,997 sites representing approximately $746.0 million of net book value.

Aspen Preferred OP Units

The Aspen preferred OP units issued by the Operating Partnership are convertible into 526,212 shares of the Company's common stock based on a conversion price of $68 per share with a redemption date of January 1, 2024. The current preferred rate is 6.5%.

Secured Borrowing

See Note 4, "Transfers of Financial Assets", for additional information regarding our collateralized receivables and secured borrowing transactions.

Mortgage Notes

In September 2014, we paid in full the $13.5 million mortgage agreement secured by Cave Creek and Pine Trace. We also paid off the $2.4 million mortgage agreement secured by Brookside Village upon maturity.

In August 2014, we paid in full the entire $6.5 million mortgage agreement secured by Sheffield Estates upon maturity.

The mortgage notes totaling $118.0 million as of September 30, 2014, are collateralized by 14 properties comprised of 6,659 sites representing approximately $194.1 million of net book value.

Lines of Credit

We have a senior secured revolving credit facility with Citibank, N.A. and certain other lenders in the amount of $350.0 million (the "Facility"). The Facility has a four year term ending May 15, 2017, which can be extended for one additional year at our option, subject to the satisfaction of certain conditions as defined in the credit agreement. The credit agreement also provides for, subject to the satisfaction of certain conditions, additional commitments in an amount not to exceed $250.0 million. The Facility bears interest at a floating rate based on the Eurodollar rate plus a margin that is determined based on our leverage ratio calculated in accordance with the credit agreement, which can range from 1.65% to 2.90%. Based on our calculation of the leverage ratio as of September 30, 2014, the margin was 1.65%. At September 30, 2014 we had no amount outstanding under the Facility and at December 31, 2013, we had approximately $178.1 million outstanding under the Facility. At September 30, 2014 and December 31, 2013, approximately $3.2 million and $2.7 million, respectively, of availability was used to back standby letters of credit.

The Facility is secured by a first priority lien on all of our equity interests in each entity that owns all or a portion of the properties constituting the borrowing base and collateral assignments of our senior and junior debt positions in certain borrowing base properties.

We also have a $20.0 million secured line of credit agreement collateralized by a portion of our rental home portfolio. The net book value of the rental homes pledged as security for the loan must meet or exceed 200% of the outstanding loan balance. The

9. Debt and Lines of Credit, continued

terms of the agreement require interest only payments for the first five years, with the remainder of the term being amortized based on a 10 year term. The interest rate is the prime rate as published in the Wall Street Journal adjusted the first day of each calendar month plus 200 basis points with a minimum rate of 5.5%. At both September 30, 2014 and December 31, 2013, the effective interest rate was 5.5%, and there was no amount outstanding.

We have a $12.0 million manufactured home floor plan facility renewable indefinitely until our lender provides us a twelve month notice of their intent to terminate the agreement. The interest rate is 100 basis points over the greater of the prime rate as quoted in the Wall Street Journal on the first business day of each month or 6.0%. At September 30, 2014, the effective interest rate was 7.0%. The outstanding balance was zero and $3.3 million at September 30, 2014 and December 31, 2013, respectively.

Covenants

The most restrictive of our debt agreements place limitations on secured borrowings and contain minimum fixed charge coverage, leverage, distribution and net worth requirements. At September 30, 2014, we were in compliance with all covenants.