Debt

Mortgages payable

As of March 31, 2018 and December 31, 2017, the Company had the following mortgages payable outstanding:



	March 31, 2018			December 31, 2017
Mortgages payable (a)	$	332,630		$	370,804
Premium, net of accumulated amortization	418			478
Discount, net of accumulated amortization	(186		)	(195		)
Debt issuance costs, net of accumulated amortization	(1,516		)	(1,611		)
Total mortgages payable, net	$	331,346		$	369,476


(a)	Mortgages payable had fixed interest rates (for both conforming loans and loans in default) ranging from 3.49% to 9.41%, with a weighted average interest rate of 4.53% as of March 31, 2018, and 3.49% to 10.45% with a weighted average interest rate of 5.13%, as of December 31, 2017.

Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations.

As of March 31, 2018, the Company was in compliance with all mortgage loan requirements except one non-recourse loan in default and receivership, Bellerive Plaza, with an initial maturity date of June 1, 2017 and a carrying value of $6,617. The Company plans to surrender this retail property to its lender when the foreclosure proceeding is complete, which is expected later in 2018.

The following table shows the scheduled maturities of the Company's mortgages payable as of March 31, 2018, for the remainder of 2018, each of the next four years, and thereafter.



	Maturities during the year ending December 31,
	2018		2019		2020		2021		2022		Thereafter		Total
Mortgages payable	$	66,192	$	—	$	41,000	$	12,760	$	68,027	$	144,651	$	332,630

The Company has the ability to repay, refinance or extend any of its debt, and the Company believes it has adequate sources of funds to meet short-term cash needs related to these mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand, available capacity on term loan and line of credit, if any, to repay, refinance or extend the debt maturing in the near term. Of the total outstanding mortgages payable, $3,000 is recourse to the Company at March 31, 2018, and is related to one wholly owned retail property.

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 of this facility 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 March 31, 2018, the Company has swapped $150,000 of variable rate debt on the five-year tranche to fixed rate debt through two interest rate swaps.

The term loan credit facility is subject to maintenance of certain financial covenants. As of March 31, 2018 and December 31, 2017, the Company was in compliance with all of the covenants and default provisions under the credit agreement.

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 March 31, 2018.

The credit facility is subject to maintenance of certain financial covenants. As of March 31, 2018 and December 31, 2017, the Company was in compliance with all of the covenants and default provisions under the credit agreement.

As of March 31, 2018 and December 31, 2017, the Company had the following borrowings outstanding under its term loan credit facility:



	March 31, 2018				December 31, 2017
	Aggregate Principal Balance			Interest Rate	Aggregate Principal Balance			Interest Rate	Maturity Date
5 year - swapped to fixed rate (a)	$	90,000		2.6510%	$	90,000		2.6510%	January 15, 2021
5 year - swapped to fixed rate (b)	60,000			2.6525%	60,000			2.6525%	January 15, 2021
5 year - variable rate (c)	50,000			2.9642%	50,000			2.6607%	January 15, 2021
7 year - variable rate (d)	100,000			3.2642%	100,000			2.9607%	November 5, 2022
Total unsecured term loans	300,000				300,000
Issuance costs, net of accumulated amortization	(1,500		)		(1,615		)
	$	298,500			$	298,385


(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 2.6510%. 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 2.6525%. 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 March 31, 2018 and December 31, 2017.


(d)	Interest rate reflects 1-Month LIBOR plus 1.6% as of March 31, 2018 and December 31, 2017.