NOTE 4: Indebtedness

The following tables contain summary information concerning our indebtedness as of September 30, 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)	$	251,005	$	(1,897	)	$	249,108	Floating	3.6%		2.8
Unsecured term loan		100,000		(845	)		99,155	Floating	3.9%		6.1
Mortgages		617,733		(2,758	)		614,975	Fixed	3.8%		5.2
Total Debt	$	968,738	$	(5,500	)	$	963,238		3.8%		4.6

(1)

The unsecured credit facility total capacity is $300,000, of which $251,005 was outstanding as of September 30, 2018.

	Original maturities on or before December 31,
Debt:	2018		2019		2020		2021		2022		2023		Thereafter
Unsecured credit facility	$	-	$	-	$	-	$	201,005	$	50,000	$	-	$	-
Unsecured term loan		-		-		-		-		-		-		100,000
Mortgages		842		5,581		8,726		103,764		74,978		106,972		316,870
Total	$	842	$	5,581	$	8,726	$	304,769	$	124,978	$	106,972	$	416,870

As of September 30, 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
Unsecured 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 unsecured 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.

On October 11, 2018, in connection with the acquisition of our Waterford Landing property, we assumed a $15,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.82% 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 2026. In addition during October 2018, we made draws on our credit facility totaling $31,000 for the Waterford Landing acquisition and capital expenditures.

On October 30, 2018, we entered into a five-year, $200,000 unsecured term loan agreement with KeyBank, that matures January 2024. The term loan bears interest at a spread over LIBOR, based on our overall leverage. At closing, the spread to LIBOR was 145 basis points. At closing, we drew $150,000 with the remaining $50,000 available for twelve months following closing. We applied proceeds of the draw to reduce outstanding borrowings under our credit facility.