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Mortgage Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Mortgage Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
Mortgage Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
The Company’s outstanding debt totaled approximately $814.6 million at March 31, 2014, of which approximately $784.6 million was fixed-rate debt and approximately $30.0 million was variable rate debt. The carrying value of the properties collateralizing the mortgage notes payable totaled $903.9 million as of March 31, 2014.
At March 31, 2014, the Company had a $175.0 million unsecured revolving credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit. The revolving credit facility matures on May 20, 2016, and may be extended by the Company for one additional year subject to the Company’s satisfaction of certain conditions. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the revolving credit facility. Letters of credit may be issued under the revolving credit facility. On March 31, 2014, based on the value of the Company’s unencumbered properties, approximately $172.0 million was available under the line, no borrowings were outstanding and approximately $628,000 was committed for letters of credit. The interest rate under the facility is variable and equals the sum of one-month LIBOR and a margin that is based on the Company’s leverage ratio, and which can range from 160 basis points to 250 basis points. As of March 31, 2014, the margin was 160 basis points.
At March 31, 2014, the Company had a $71.6 million construction-to-permanent loan, with no amount outstanding, which is secured by and will be used to partially finance the construction of Park Van Ness.
Saul Centers is a guarantor of the revolving credit facility, of which the Operating Partnership is the borrower. The Operating Partnership is the guarantor of (a) a portion of each of the Northrock bank loan (approximately $7.5 million of the $14.7 million outstanding at March 31, 2014) and the Metro Pike Center bank loan (approximately $7.8 million of the $15.3 million outstanding at March 31, 2014) and (b) the $71.6 million Park Van Ness construction-to-permanent loan, which guarantee will be reduced and eventually eliminated subject to the achievement of certain leasing and cash flow levels. The fixed-rate notes payable are all non-recourse.
At December 31, 2013, the Company’s outstanding debt totaled approximately $820.1 million, of which $789.9 million was fixed rate debt and $30.2 million was variable rate debt. No borrowings were outstanding on the Company’s unsecured revolving credit facility. The carrying value of the properties collateralizing the mortgage notes payable totaled $907.2 million as of December 31, 2013.
At March 31, 2014, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(In thousands)
Balloon
Payments
 
Scheduled
Principal
Amortization
 
Total
April 1 through December 31, 2014
$
—

 
$
16,759

 
$
16,759

2015
15,077

 
23,008

 
38,085

2016
28,931

 
23,444

 
52,375

2017
—

 
24,681

 
24,681

2018
27,872

 
24,696

 
52,568

2019
61,562

 
22,711

 
84,273

Thereafter
413,705

 
132,189

 
545,894

 
$
547,147

 
$
267,488

 
$
814,635


Interest expense and amortization of deferred debt costs for the three months ended March 31, 2014 and 2013, were as follows:
 
Three Months Ended 
 March 31,
(In thousands)
2014
 
2013
Interest incurred
$
11,240

 
$
11,406

Amortization of deferred debt costs
330

 
311

Capitalized interest
(103
)
 
—

 
$
11,467

 
$
11,717