NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of June 30, 2017:

Debt:	Outstanding Principal		Unamortized Discount and Debt Issuance Costs			Carrying Amount		Type	Weighted Average Rate		Weighted Average Maturity (in years)
Unsecured credit facility (1)(2)	$	192,190	$	(2,683	)	$	189,507	Floating		2.7%		4.1
Mortgages-Fixed rate		578,310		(3,296	)		575,014	Fixed		3.7%		6.3
Total Debt	$	770,500	$	(5,979	)	$	764,521			3.5%		5.7

(1)

The secured credit facility total capacity is $300,000, of which $192,190 was outstanding as of June 30, 2017.

(2)

As of June 30, 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 1.1325%, 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
Unsecured credit facility	$	-	$	-	$	-	$	-	$	142,190	$	50,000
Mortgages-Fixed rate		1,365		3,209		4,660		7,612		102,633		458,831
Total	$	1,365	$	3,209	$	4,660	$	7,612	$	244,823	$	508,831

As of June 30, 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)	$	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 with the Lakes of Northdale acquisition.

On May 1, 2017, we closed on a new $300,000 unsecured credit facility, refinancing and terminating the previous secured credit facility. The new facility is comprised of a $50,000 term loan and a revolving commitment of up to $250,000. 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 current leverage levels, our annual interest cost is LIBOR plus 145 basis points under the term loan and LIBOR plus 150 basis points for borrowings outstanding under the revolving commitments. We recognized the refinance as a partial extinguishment of our prior secured credit facility and recognized a loss on extinguishment of debt of $572.

In May 2017, IROP drew down $9,000 on the unsecured credit facility in connection with the Haverford Place acquisition.

In June 2017, IROP drew down $31,250 on the unsecured credit facility in connection with the South Terrace acquisition.

In connection with the three property dispositions during the three months ended June 30, 2017, we extinguished, through defeasance, property mortgages totaling $20,586.