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Debt | 6 Months Ended
--- | ---
Jun. 30, 2017
Notes and Loans Payable [Abstract] |
Debt | Debt Mortgages payable As of June 30, 2017 and December 31, 2016, the Company had the following mortgages payable outstanding:
| June 30, 2017 |  | December 31, 2016
Mortgages payable (a) | $ | 473,346 |  |  | $ | 434,746 |
Premium, net of accumulated amortization | 598 |  |  | — |
Discount, net of accumulated amortization | (214 | ) |  | (317 | )
Debt issuance costs, net of accumulated amortization | (1,841 | ) |  | (1,780 | )
Total mortgages payable, net | $ | 471,889 |  |  | $ | 432,649 |
(a) | Mortgages payable had fixed interest rates (for both conforming loans and loans in default) ranging from 3.49% to 10.45%, with a weighted average interest rate of 5.19% as of June 30, 2017, and 3.49% to 11.24%, with a weighted average interest rate of 4.85%, as of December 31, 2016.
Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of June 30, 2017, the Company was in compliance with all mortgage loan requirements except two loans in default with an aggregate carrying value of $42,073, both of which matured in 2017. As of December 31, 2016, the Company was in compliance with all mortgage loan requirements except one loan with a carrying value of $3,151, which matured in 2016, which was surrendered to the lender in 2017, as described in "Note 4. Disposed Properties". These loans are not cross-collateralized with any other mortgage loans and are not recourse to the Company. The following table shows the scheduled maturities of the Company's mortgages payable as of June 30, 2017, for the remainder of 2017, each of the next four years, and thereafter.
| Maturities during the year ending December 31, |  |  |  |
| 2017 |  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | Thereafter |  | Total
Mortgages payable | $ | 136,363 |  |  | $ | 59,575 |  |  | $ | — |  |  | $ | 41,000 |  |  | $ | 12,957 |  |  | $ | 223,451 |  |  | $ | 473,346 |
The Company has the ability to repay, refinance or extend the debt maturing in 2017, and the Company believes it has adequate sources of funds to meet short-term cash needs related to these refinancings or extensions. It is anticipated that the Company will use proceeds from sales, cash on hand, capacity on term loan and line of credit to repay, refinance or extend the debt maturing in 2017 and 2018. Of the total outstanding debt for all years, approximately $26,000 is recourse to the Company at June 30, 2017, of which $23,000 is related to assets held by the Company's unconsolidated joint ventures. During the six months ended June 30, 2017, the Company assumed mortgage debt of $41,717 on one acquisition as part of non-cash financing activities. Credit agreements On November 5, 2015, the Company entered into a term loan credit agreement for a $300,000 unsecured credit facility with a syndicate of seven lenders led by Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith, Incorporated and PNC Capital Markets LLC as joint lead arrangers. The accordion feature allows the Company to increase the size of the unsecured term loan credit facility to $600,000, subject to certain conditions. The term loan credit facility consists of two tranches: a five-year tranche maturing on January 15, 2021, and a seven-year tranche maturing on November 5, 2022. Interest rates are based on the Company's total leverage ratio. Based upon the Company's total leverage ratios, the five- and seven-year tranches bear interest at rates of 1-Month LIBOR plus 1.3% and 1-Month LIBOR plus 1.6%, respectively. As of June 30, 2017, the Company has swapped $150,000 of variable rate debt on the five-year tranche to fixed rate debt through two interest rate swaps. On February 3, 2015, the Company entered into an amended and restated credit agreement for a $300,000 unsecured revolving line of credit with KeyBank National Association, JP Morgan Chase Bank National Association and other financial institutions. The accordion feature allows the Company to increase the size of its unsecured line of credit up to $600,000, subject to certain conditions. The unsecured revolving line of credit matures on February 2, 2019 and contains one twelve-month extension option that the Company may exercise upon payment of an extension fee equal to 0.15% of the commitment amount on the maturity date and subject to certain other conditions. The unsecured revolving line of credit bears interest at a rate equal to 1-Month LIBOR plus 1.40% and requires the maintenance of certain financial covenants. The Company had $300,000 available under the revolving line of credit as of June 30, 2017. The credit facility is subject to maintenance of certain financial covenants. As of June 30, 2017 and December 31, 2016, the Company was in compliance with all of the covenants and default provisions under the credit agreement. As of June 30, 2017 and December 31, 2016, the Company had the following credit agreements outstanding:
| June 30, 2017 |  | December 31, 2016 |  |
| Aggregate Principal Balance |  | Interest Rate |  | Aggregate Principal Balance |  | Interest Rate |  | Maturity Date
Unsecured term loan credit facility, 5 year - swapped to fixed rate (a) | $ | 90,000 |  |  | 1.3510% |  | $ | 90,000 |  |  | 1.3510% |  | 1/15/2021
Unsecured term loan credit facility, 5 year - swapped to fixed rate (b) | 60,000 |  |  | 1.3525% |  | 60,000 |  |  | 1.3525% |  | 1/15/2021
Unsecured term loan credit facility, 5 year - variable rate (c) | 50,000 |  |  | 2.3505% |  | 50,000 |  |  | 1.9167% |  | 1/15/2021
Unsecured term loan credit facility, 7 year - variable rate (d) | 100,000 |  |  | 2.6505% |  | 100,000 |  |  | 2.2167% |  | 11/5/2022
Total unsecured term loans | 300,000 |  |  |  |  | 300,000 |  |  |  |  |
Debt issuance costs, net of accumulated amortization | (1,817 | ) |  |  |  | (2,044 | ) |  |  |  |
Total, unsecured term loan credit facilities, net | $ | 298,183 |  |  |  |  | $ | 297,956 |  |  |  |  |
(a) | The Company swapped $90,000 of variable rate debt at an interest rate of 1-Month LIBOR plus 1.3% to a fixed rate of 1.3510%. The swap has an effective date of December 10, 2015, a termination date of December 1, 2019, and a notional amount of $90,000.
(b) | The Company swapped $60,000 of variable rate debt at an interest rate of 1-Month LIBOR plus 1.3% to a fixed rate of 1.3525%. The swap has an effective date of December 10, 2015, a termination date of December 1, 2019, and a notional amount of $60,000.
(c) | Interest rate reflects 1-Month LIBOR plus 1.3% as of June 30, 2017 and December 31, 2016.
(d) | Interest rate reflects 1-Month LIBOR plus 1.6% as of June 30, 2017 and December 31, 2016.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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