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Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Disclosure - Summary Information Concerning 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.