Debt

As of September 30, 2018, the Company's total debt, net, was $589,994, which consists of mortgages payable, net, of $239,264 and credit agreements, net, of $350,730. The Company believes that it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to 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 mortgages payable maturing in the near term.

Mortgages payable

As of September 30, 2018 and December 31, 2017, the Company had the following mortgages payable outstanding:



	September 30, 2018			December 31, 2017
Mortgages payable (a)	$	240,351		$	370,804
Premium, net of accumulated amortization	299			478
Discount, net of accumulated amortization	(167		)	(195		)
Debt issuance costs, net of accumulated amortization	(1,219		)	(1,611		)
Total mortgages payable, net	$	239,264		$	369,476


(a)	Mortgages payable had fixed interest rates (for both conforming loans and loans in default) ranging from 3.49% to 5.49%, with a weighted average interest rate of 4.37% as of September 30, 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 September 30, 2018, the Company was in compliance with all mortgage loan requirements. Of the total outstanding mortgages payable, $3,000 is recourse to the Company as of September 30, 2018.

The following table shows the scheduled maturities of the Company's mortgages payable as of September 30, 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	$	7,575	$	—	$	41,000	$	12,627	$	50,982	$	128,167	$	240,351

On November 5, 2018, the Company used cash on hand to extinguish a mortgage payable maturing in 2018 of $7,575. Subsequent to this extinguishment, there were no outstanding mortgages payable recourse to the Company.

Credit agreements

On November 5, 2015, the Company entered into a term loan credit agreement for a $300,000 unsecured credit facility with an accordion feature that 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 is subject to the maintenance of certain financial covenants. As of September 30, 2018 and December 31, 2017, the Company was in compliance with all of the covenants and default provisions under the term loan 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 an accordion feature that 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. On July 12, 2018, the Company drew $52,000 on the unsecured revolving line of credit to repay some of the Company's mortgages payable that are maturing in 2018. The Company had $248,000 available under the unsecured revolving line of credit as of September 30, 2018.

As of September 30, 2018 and December 31, 2017, the Company had the following borrowings outstanding under its term loan credit facility and line of credit:



	September 30, 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			3.4038%	50,000			2.6607%	January 15, 2021
7 year - variable rate (d)	100,000			3.7038%	100,000			2.9607%	November 5, 2022
Total unsecured term loans	300,000				300,000
Issuance costs, net of accumulated amortization	(1,270		)		(1,615		)
Total unsecured term loans, net of amortized issuance costs	$	298,730			$	298,385
Unsecured revolving line of credit - variable rate (e)	52,000			3.5211%	—			n/a	February 2, 2019
Total outstanding credit agreements, net	$	350,730


(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 September 30, 2018 and December 31, 2017.


(d)	Interest rate reflects 1-Month LIBOR plus 1.6% as of September 30, 2018 and December 31, 2017.


(e)	Interest rate reflects 1-Month LIBOR plus 1.4% as of September 30, 2018.