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Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Summary of Information Concerning Indebtedness that Encumbered our Properties

The following tables contain summary information concerning our indebtedness as of September 30, 2016:

 

Debt:

 

Outstanding Principal

 

 

Unamortized Discount and Debt Issuance Costs

 

 

Carrying Amount

 

 

Type

 

Weighted Average Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)(2)

 

$

247,335

 

 

$

(3,316

)

 

$

244,019

 

 

Floating

 

 

2.8%

 

 

 

2.0

 

     Term loan (2)

 

 

40,000

 

 

 

(394

)

 

 

39,606

 

 

Floating

 

 

4.5%

 

 

 

2.0

 

     Mortgages-Fixed rate

 

 

600,743

 

 

 

(3,787

)

 

 

596,956

 

 

Fixed

 

 

3.8%

 

 

 

7.0

 

Total Debt

 

$

888,078

 

 

$

(7,497

)

 

$

880,581

 

 

 

 

 

3.5%

 

 

 

5.3

 

 

 

(1)

The secured credit facility total capacity is $325,000, of which $247,335 was outstanding as of September 30, 2016.

 

(2)

As of September 30, 2016, IRT maintained a float-to-fixed interest rate swap with a $150,000 notional amount. This swap, which expires on June 17, 2021 and has a fixed rate of 1.145%, has converted $150,000 of our floating rate debt to fixed rate debt.

 

 

 

Original maturities on or before December 31,

 

Debt:

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

 

Thereafter

 

     Secured credit facility

 

$

-

 

 

$

-

 

 

$

247,335

 

 

$

-

 

 

$

-

 

 

$

-

 

     Term loan

 

 

-

 

 

 

600

 

 

 

39,400

 

 

 

-

 

 

 

-

 

 

 

-

 

     Mortgages-Fixed rate

 

 

509

 

 

 

2,792

 

 

 

3,545

 

 

 

4,593

 

 

 

15,892

 

 

 

573,412

 

Total

 

$

509

 

 

$

3,392

 

 

$

290,280

 

 

$

4,593

 

 

$

15,892

 

 

$

573,412

 

  

As of September 30, 2016 we were in compliance with all financial covenants contained in our indebtedness.

The following table contains summary information concerning our indebtedness as of December 31, 2015:

 

Debt:

 

Outstanding Principal

 

 

Unamortized Discount and Debt Issuance Costs

 

 

Carrying Amount

 

 

Type

 

Rate

 

 

Weighted Average Maturity (in years)

 

     Secured credit facility (1)

 

$

271,500

 

 

$

(4,345

)

 

$

267,155

 

 

Floating

 

 

2.9%

 

 

 

2.7

 

  Bridge term loan

 

 

120,000

 

 

$

(1,582

)

 

 

118,418

 

 

Floating

 

 

5.4%

 

 

 

0.7

 

     Mortgages-Fixed rate

 

 

545,956

 

 

 

(2,993

)

 

 

542,963

 

 

Fixed

 

 

3.8%

 

 

 

6.9

 

     Mortgages-Floating rate

 

 

38,075

 

 

 

-

 

 

 

38,075

 

 

Floating

 

 

2.8%

 

 

 

5.4

 

Total Debt

 

$

975,531

 

 

$

(8,920

)

 

$

966,611

 

 

 

 

 

3.7%

 

 

 

4.9

 

 

 

(1)

The secured credit facility total capacity was $325,000, of which $271,500 was outstanding as of December 31, 2015.