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Notes Payable and Unsecured Credit Facilities | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Notes Payable and Unsecured Credit Facilities | Notes Payable and Unsecured Credit Facilities The Company’s outstanding debt consisted of the following:
(in thousands) | June 30, 2016 |  | December 31, 2015
Notes payable: |  |  |
Fixed rate mortgage loans | $ | 429,273 |  |  | 475,214 |
Variable rate mortgage loans | 54,154 |  | (1) | 34,154 |
Fixed rate unsecured loans | 1,191,204 |  |  | 1,190,403 |
Total notes payable | 1,674,631 |  |  | 1,699,771 |
Unsecured credit facilities: |  |  |
Line of Credit (the "Line") | 145,000 |  |  | — |
Term Loan | 164,585 |  |  | 164,514 |
Total unsecured credit facilities | 309,585 |  |  | 164,514 |
Total debt outstanding | $ | 1,984,216 |  |  | 1,864,285 |
(1) As of June 30, 2016, the amount consists of two mortgages with variable interest rates of one month LIBOR plus 150 basis points and which mature on October 16, 2020 and April 1, 2023, respectively. Interest rate swaps are in place fixing the interest rates at 3.696% on $28.1 million and 2.803% on $20.0 million, respectively, of these two variable rate mortgages. See note 5. As of June 30, 2016 , the key interest rates of the Company's notes payables and credit facilities were as follows:
|  | June 30, 2016
|  | Weighted Average Effective Rate |  | Weighted Average Contractual Rate
Mortgage loans |  | 6.1% |  | 6.1%
Fixed rate unsecured loans |  | 5.5% |  | 4.8%
Unsecured credit facilities |  | 1.5% | (1) | 1.4%
(1) Weighted average effective rate for the unsecured credit facilities is calculated based on a fully drawn Line balance. Significant financing activity since December 31, 2015 includes the following:
• | The Company has repaid three mortgages totaling $41.6 million that were scheduled to mature during 2016.
• | The Company issued new variable rate mortgage debt of $20.0 million, related to one of the mortgages that matured during 2016.
• | The Company borrowed on the Line to fund its acquisition of Market Common Clarendon during the three months ended June 30, 2016.
Financing - Subsequent Events
• | Subsequent to June 30, 2016, the Company amended its existing Term Loan, which increased the facility size by $100.0 million to $265.0 million, extended the maturity date to January 5, 2022 and reduced the applicable interest rate. The Term Loan now bears interest at LIBOR plus a ratings based margin of 0.95% per annum, subject to adjustment from time to time based on changes to the Company's corporate credit rating. At closing, the Company executed interest rate swaps for the full notional amount of the Term Loan, which fixed the interest rate at 2.0% through maturity. Proceeds from the expanded Term Loan facility were used to repay part of the Line balance.
• | Subsequent to June 30, 2016, the Company provided 30 days notice to redeem the entirety of its $300 million of 5.875% senior unsecured notes due June 15, 2017 funded from proceeds from an equity offering, as discussed in note 7. The redemption will include a $13.2 million make-whole premium, which will be paid and expensed in August 2016.
As of June 30, 2016, scheduled principal payments and maturities on notes payable were as follows:
(in thousands) | June 30, 2016
Scheduled Principal Payments and Maturities by Year: | Scheduled Principal Payments |  | Mortgage Loan Maturities |  | Unsecured Maturities (1) |  | Total
2016 | $ | 2,963 |  |  | — |  |  | — |  |  | 2,963 |
2017 | 5,778 |  |  | 117,298 |  |  | 300,000 |  | (2) | 423,076 |
2018 | 5,103 |  |  | 57,358 |  |  | — |  |  | 62,461 |
2019 | 4,393 |  |  | 106,000 |  |  | 310,000 |  | (3) | 420,393 |
2020 | 4,349 |  |  | 84,011 |  |  | 150,000 |  |  | 238,360 |
Beyond 5 Years | 13,184 |  |  | 76,792 |  |  | 750,000 |  |  | 839,976 |
Unamortized debt premium/(discount) and issuance costs | — |  |  | 6,198 |  |  | (9,211 | ) |  | (3,013 | )
Total | $ | 35,770 |  |  | 447,657 |  |  | 1,500,789 |  |  | 1,984,216 |
(1) Includes unsecured public debt and unsecured credit facilities. (2) The 2017 unsecured debt will be redeemed in August 2016 with proceeds from an equity offering. (3) In July 2016, the Term Loan was amended to mature in January 2022. The Company was in compliance as of June 30, 2016 with the financial and other covenants under its unsecured public debt and unsecured credit facilities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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