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DEBT | 6 Months Ended
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Oct. 31, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT As of October 31, 2018, we owned 93 properties, of which 52 multifamily and other properties served as collateral for mortgage loans. The majority of these mortgage loans were non-recourse to us other than for standard carve-out obligations. As of October 31, 2018, we believe that there are no material defaults or compliance issues with respect to any mortgages payable. The aggregate amount of required future principal payments on mortgages payable as of October 31, 2018, was as follows:
| (in thousands)
Year Ended April 30, | Mortgage Loans
2019 | $ | 4,870 |
2020 | 71,833 |
2021 | 92,177 |
2022 | 70,506 |
2023 | 27,494 |
Thereafter | 182,534 |
Total payments | $ | 449,414 |
As noted above, as of October 31, 2018, we owned 41 multifamily and other properties that were not encumbered by mortgages, with 32 of those properties providing credit support for our unsecured borrowings. Our primary unsecured credit facility is a revolving, multi-bank line of credit, with the Bank of Montreal serving as administrative agent. Our line of credit has total commitments of $250.0 million, with borrowing capacity based on the value of properties contained in the unencumbered asset pool ("UAP"). The UAP currently provides for a borrowing capacity of $246.0 million, providing additional borrowing availability of $176.5 million beyond the $69.5 million drawn as of October 31, 2018. This credit facility matures on August 31, 2022 , with one twelve-month option to extend the maturity date at our election. During the three months ended October 31, 2018, we amended our primary unsecured credit facility. We extended the maturity date on our existing $70.0 million unsecured term loan, which now matures on January 15, 2024. We also added a new $75.0 million, seven-year term loan which matures on August 31, 2025. The interest rates on the line of credit and term loans are based, at our option, on the lender's base rate plus a margin, ranging from 35-85 basis points, or the London Interbank Offered Rate ("LIBOR"), plus a margin that ranges from 135-190 basis points based on our consolidated leverage. Our line of credit and term loan are subject to customary financial covenants and limitations. We believe that we are in compliance with all such financial covenants and limitations as of October 31, 2018. We also have a $6.0 million operating line of credit. This operating line of credit is designated to enhance treasury management activities and more effectively manage cash balances. This operating line has a one-year term, with pricing based on a market spread plus the one-month LIBOR index rate. As of October 31, 2018 and April 30, 2018, we have no outstanding balance on this operating line. The following table summarizes our indebtedness at October 31, 2018:
| (in thousands) |
| October 31, 2018 | April 30, 2018 | Weighted Average Maturity in Years at October 31, 2018
Unsecured line of credit | $ | 69,500 |  | $ | 124,000 |  | 3.8
Term loan A | 70,000 |  | 70,000 |  | 5.2
Term loan B | 75,000 |  | — |  | 6.8
Unsecured debt | 214,500 |  | 194,000 |  |
Mortgages payable - fixed | 449,414 |  | 489,401 |  | 4.5
Mortgages payable - variable | — |  | 22,739 |  |
Total debt | $ | 663,914 |  | $ | 706,140 |  | 4.8
Weighted average interest rate on unsecured line of credit | 3.72 | % | 3.35 | % |
Weighted average interest rate on term loan A (rate with swap) | 3.75 | % | 3.86 | % |
Weighted average interest rate on term loan B (rate with swap) | 4.60 | % |  |  |
Weighted average interest rate on mortgages payable | 4.59 | % | 4.69 | % |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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