NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of March 31, 2018:

Debt:	Outstanding Principal		Unamortized Discount and Debt Issuance Costs			Carrying Amount		Type	Weighted Average Rate	Weighted Average Maturity (in years)
Unsecured credit facility (1)	$	190,005	$	(2,216	)	$	187,789	Floating	3.0%		3.3
Term loan		100,000		(894	)		99,106	Floating	3.2%		6.6
Mortgages		619,399		(3,008	)		616,391	Fixed	3.8%		5.7
Total Debt	$	909,404	$	(6,118	)	$	903,286		3.6%		5.3

(1)

The unsecured credit facility total capacity is $300,000, of which $190,005 was outstanding as of March 31, 2018.

	Original maturities on or before December 31,
Debt:	2018		2019		2020		2021		2022		Thereafter
Unsecured credit facility	$	-	$	-	$	-	$	140,005	$	50,000	$	-
Term loan		-		-		-		-		-		100,000
Mortgages		2,509		5,581		8,726		103,764		74,977		423,842
Total	$	2,509	$	5,581	$	8,726	$	243,769	$	124,977	$	523,842

As of March 31, 2018, we were in compliance with all financial covenants contained in documents governing our indebtedness.

The following table contains summary information concerning our indebtedness as of December 31, 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)	$	104,005	$	(2,376	)	$	101,629	Floating	3.0%		3.8
Term loan		100,000		(895	)		99,105	Floating	3.2%		6.9
Mortgages		580,635		(2,927	)		577,708	Fixed	3.7%		5.8
Total Debt	$	784,640	$	(6,198	)	$	778,442		3.6%		5.7

(1)

The secured credit facility total capacity was $300,000, of which $104,005 was outstanding as of December 31, 2017.

On January 3, 2018, in connection with the acquisition of our Hartshire Lakes property, we assumed a $16,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.68% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures January 2025. The loan was recorded at its fair value of $15,936 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy.

On January 3, 2018, in connection with the acquisition of our Creekside Corners property, we assumed a $23,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.56% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures January 2025. The loan was recorded at its fair value of $23,426 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy.