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.