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Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Disclosure - Summary Information Concerning 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.