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Notes Payable | 12 Months Ended
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Dec. 31, 2015
Notes Payable [Abstract] |
Notes Payable | Our unsecured notes outstanding as of December 31, 2015 were as follows (in thousands):
| Coupon/Stated Rate |  | Effective Rate (1) |  | Principal Amount |  | Maturity Date (2)
10 Year Unsecured Notes | 4.95 | % |  | 5.05 | % |  | $ | 250,000 |  |  | 10/1/2020
Term Loan | 1 Month LIBOR + 110 basis points |  |  | 2.72 | % |  | 150,000 |  |  | 3/15/2021
10 Year Unsecured Notes | 3.95 | % |  | 4.02 | % |  | 300,000 |  |  | 10/15/2022
30 Year Unsecured Notes | 7.25 | % |  | 7.36 | % |  | 50,000 |  |  | 2/25/2028
Total principal |  |  |  |  | 750,000 |  |  |
Premiums and discounts, net |  |  |  | (2,362 | ) |  |
Deferred issuance costs, net |  |  |  |  | (4,457 | ) |  |
Total |  |  |  |  | $ | 743,181 |  |  |
(1) Yield on issuance date, including the effects of discounts on the notes. (2) No principal amounts are due prior to maturity. We extinguished $150.0 million of our 5.35% unsecured notes on their maturity date of May 1, 2015. On September 15, 2015, we entered into a $150.0 million unsecured term loan by executing a portion of the accordion feature under the New Credit Facility (see note 5). The term loan has a 5.5 year term and an interest rate of one month LIBOR plus 110 basis points, based on Washington REIT's current unsecured debt ratings. We entered into interest rate swaps to effectively fix the interest rate at 2.7% (see note 7). The required principal payments for the remaining years subsequent to December 31, 2015 are as follows (in thousands):
2016 | $ | — |
2017 | — |
2018 | — |
2019 | — |
2020 | 250,000 |
Thereafter | 500,000 |
| $ | 750,000 |
Interest on these notes is payable semi-annually, except for the term loan, for which interest is payable monthly. These notes contain certain financial and non-financial covenants, all of which we have met as of December 31, 2015. Included in these covenants is the requirement to maintain a minimum level of unencumbered assets, as well as limits on our total indebtedness, secured indebtedness and required debt service payments.

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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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