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Indebtedness | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Indebtedness | NOTE 4: Indebtedness The following tables contain summary information concerning our indebtedness as of March 31, 2017:
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) |  | $ | 172,000 |  |  | $ | (2,331 | ) |  | $ | 169,669 |  |  | Floating |  |  | 2.8% |  |  |  | 1.5 |
Mortgages-Fixed rate |  |  | 599,553 |  |  |  | (3,527 | ) |  |  | 596,026 |  |  | Fixed |  |  | 3.8% |  |  |  | 6.5 |
Total Debt |  | $ | 771,553 |  |  | $ | (5,858 | ) |  | $ | 765,695 |  |  |  |  |  | 3.6% |  |  |  | 5.3 |
| (1) | The secured credit facility total capacity is $312,500, of which $172,000 was outstanding as of March 31, 2017.
| (2) | As of March 31, 2017, 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: |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | Thereafter |  |  |
Secured credit facility |  | $ | - |  |  | $ | 172,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  |
Mortgages-Fixed rate |  |  | 2,227 |  |  |  | 3,562 |  |  |  | 5,032 |  |  |  | 15,872 |  |  |  | 114,028 |  |  |  | 458,832 |  |  |
Total |  | $ | 2,227 |  |  | $ | 175,562 |  |  | $ | 5,032 |  |  | $ | 15,872 |  |  | $ | 114,028 |  |  | $ | 458,832 |  |  |
As of March 31, 2017, 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, 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) |  | $ | 150,000 |  |  | $ | (2,720 | ) |  | $ | 147,280 |  |  | Floating |  |  | 3.0% |  |  |  | 1.7 |
Mortgages-Fixed rate |  |  | 600,188 |  |  |  | (3,651 | ) |  |  | 596,537 |  |  | Fixed |  |  | 3.8% |  |  |  | 6.7 |
Total Debt |  | $ | 750,188 |  |  | $ | (6,371 | ) |  | $ | 743,817 |  |  |  |  |  | 3.6% |  |  |  | 5.7 |
| (1) | The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016.
In February 2017, IROP drew down $22,000 on the secured credit facility in connection the Lakes of Northdale acquisition. On May 1, 2017, we closed on a new $300.0 million unsecured credit facility refinancing and terminating the previous secured credit facility. The new facility is comprised of a $50.0 million term loan and a revolving commitment of up to $250.0 million. The maturity date on the new term loan is May 1, 2022 and the maturity date on borrowings outstanding under the revolving commitment is May 1, 2021, extending the September 17, 2018 maturity of the previous secured credit facility. Based on our leverage levels as of closing, our annual interest cost would be LIBOR plus 145 basis points under the term loan and LIBOR plus 150 basis points for borrowings outstanding under the revolving commitments.

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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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