Note 6. Debt

As of March 31, 2015, the Company had a credit facility (the “Facility”), which consists of a $100.0 million revolving credit facility that matures in May 2018 and a five-year $50.0 million term loan, a seven-year $50.0 million term loan and a five-year $100.0 million term loan that mature in May 2019, May 2021 and March 2020, respectively.

The aggregate amount of the Facility may be increased to a total of up to $500.0 million, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Facility are limited to the lesser of (i) the sum of the $50.0 million five-year term loan, the $50.0 million seven-year term loan, the $100.0 million five-year term loan and the $100.0 million revolving credit facility, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Facility, including the five-year and seven-year term loans, is generally to be paid based upon, at the Company’s option, either (i) LIBOR plus the applicable LIBOR margin or (ii) the applicable base rate which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, or thirty-day LIBOR plus the applicable LIBOR margin for LIBOR rate loans under the Facility plus 1.25%. The applicable LIBOR margin will range from 1.50% to 2.05% (1.50% at March 31, 2015) for the revolving credit facility and each of the five-year term loans and 1.75% to 2.30% (1.75% at March 31, 2015) for the seven-year term loan, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value.

The Facility requires quarterly payments of an annual unused facility fee in an amount equal to 0.20% or 0.25% depending on the unused portion of the Facility. The Facility is guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the borrower that own an unencumbered property. The Facility is unsecured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Facility includes a series of financial and other covenants that the Company must comply with in order to borrow under the Facility. As of both March 31, 2015 and December 31, 2014, there were no borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. The Company was in compliance with the covenants under the Facility at March 31, 2015 and December 31, 2014.

The Company has mortgage loans payable which are collateralized by certain of the properties and require monthly interest and principal payments until maturity and are generally non-recourse. The mortgage loans mature between 2015 and 2021. As of March 31, 2015, the Company had nine mortgage loans payable totaling approximately $103.6 million, which bear interest at a weighted average fixed annual rate of 4.5%. As of December 31, 2014, the Company had nine mortgage loans payable totaling approximately $104.5 million, which bore interest at a weighted average fixed annual interest rate of 4.5%. As of March 31, 2015 and December 31, 2014, the total net investment book value of the properties securing the debt was approximately $213.3 million and $213.4 million, respectively.

During the three months ended March 31, 2015 and 2014, the Company capitalized approximately $0 and $0.3 million, respectively, of interest associated with redevelopment and expansion activities.

The scheduled principal payments of the Company’s debt as of March 31, 2015 were as follows (dollars in thousands):



		Credit Facility		Term Loans		Mortgage Loans Payable		Total Debt
2015 (9 months)	$	-	$	-	$	24,019	$	24,019
2016		-		-		12,132		12,132
2017		-		-		1,916		1,916
2018		-		-		1,910		1,910
2019		-		50,000		18,805		68,805
Thereafter		-		150,000		44,348		194,348
Subtotal		-		200,000		103,130		303,130
Unamortized net premiums		-		-		488		488
Total Debt	$	-	$	200,000	$	103,618	$	303,618

Weighted Average Interest Rate		n/a		1.7%		4.5%		2.7%