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Mortgage Notes Payable, Revolving Credit Facility, and Term Loan Facility (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Credit Facility | Our mortgage notes payable and Credit Facility as of December 31, 2016 and December 31, 2015 are summarized below (dollars in thousands):
|  | Encumbered properties at |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | December 31, 2016 |  | December 31, 2016 |  | December 31, 2015 |  | December 31, 2016 |  | December 31, 2016
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 52 |  |  | $ | 378,477 |  |  | $ | 427,334 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 18 |  |  | 71,707 |  |  | 33,044 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  |  | 217 |  |  | 392 |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  |  | (5,123 | ) |  | (4,907 | ) |  | N/A |  | N/A
Total mortgage notes payable, net |  | 70 |  |  | $ | 445,278 |  |  | $ | 455,863 |  |  | (4) |  |
Variable rate revolving credit facility |  | 24 |  | (6) | 39,700 |  |  | 45,300 |  |  | LIBOR + 2.25% |  | 8/7/2018
Deferred financing costs, revolving credit facility |  | - |  |  | (475 | ) |  | (709 | ) |  | N/A |  | N/A
Total revolving credit facility, net |  | 24 |  |  | $ | 39,225 |  |  | $ | 44,591 |  |  |  |  |
Variable rate term loan facility |  | - |  |  | 25,000 |  |  | 25,000 |  |  | LIBOR + 2.20% |  | 10/5/2020
Deferred financing costs, term loan facility |  | - |  |  | (108 | ) |  | (122 | ) |  | N/A |  | N/A
Total term loan facility, net |  | N/A |  |  | $ | 24,892 |  |  | $ | 24,878 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 94 |  |  | $ | 509,395 |  |  | $ | 525,332 |  |  | (5) |  |
(1) | Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63%.
(2) | We have 44 mortgage notes payable with maturity dates ranging from 3/1/2017 through 7/1/2045.
(3) | Interest rates on our variable rate mortgage notes payable vary from one month LIBOR + 2.15% to one month LIBOR +2.75%. At December 31, 2016, one month LIBOR was approximately 0.77%.
(4) | The weighted average interest rate on the mortgage notes outstanding at December 31, 2016, was approximately 4.69%.
(5) | The weighted average interest rate on all debt outstanding at December 31, 2016, was approximately 4.48%.
(6) | The amount we may draw under our Credit Facility is based on a percentage of the fair value of a combined pool of 24 unencumbered properties as of December 31, 2016.
N/A - Not Applicable
Summary of Long-Term Mortgages | During the year ended December 31, 2016, we issued 7 long-term mortgages collateralized by 12 properties, which are aggregated below (dollars in thousands):
Aggregate Fixed Rate Debt Issued |  | Weighted Average Interest Rate on Fixed Rate Debt |  | Aggregate Variable Rate Debt Issued |
$ | 38,800 |  | (1) | 4.68 | % |  | $ | 39,905 |  | (2)
(1) | We issued $38.8 million of new fixed rate debt in connection with our three property acquisitions with maturity dates ranging from 6/1/2026 to 1/1/2027.
(2) | The interest rate for all of our new variable rate debt is equal to one month LIBOR plus a spread ranging from 2.35% to 2.75%. Maturity dates on this new variable rate debt range from 4/22/2019 to 3/1/2023. We have entered into rate cap agreements on all new variable rate debt.
During the year ended December 31, 2016, we repaid 7 mortgages collateralized by 16 properties, which are aggregated below (dollars in thousands):
Aggregate Fixed Rate Debt Repaid |  | Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ | 79,383 |  |  | 6.06 | %
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
2017 |  | $ | 58,940 |  |
2018 |  | 46,631 |  |
2019 |  | 46,269 |  |
2020 |  | 12,756 |  |
2021 |  | 31,774 |  |
Thereafter |  | 253,814 |  |
|  | $ | 450,184 |  | (1)
(1) | This figure is does not include $0.2 million premiums and (discounts), net, and $5.1 million of deferred financing costs, which are reflected in mortgage notes payable on the consolidated balance sheet.
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps for the year ended December 31, 2016 and 2015 (dollars in thousands):
|  | December 31, 2016 |  | December 31, 2015
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 333 |  | (1) | $ | 71,721 |  |  | $ | 101 |  |  | $ | 33,044 |  |  | $ | 40 |
(1) We have entered into various interest rate cap agreements on new variable rate debt with LIBOR caps ranging from 2.50% to 3.00%.

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