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Mortgage Notes Payable and Credit Facility (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of March 31, 2017 and December 31, 2016 are summarized below (dollars in thousands):
|  | Encumbered properties at |  |  |  | Carrying Value at |  | Stated Interest Rates at |  | Scheduled Maturity Dates at
|  | March 31, 2017 |  |  |  | March 31, 2017 |  | December 31, 2016 |  | March 31, 2017 |  | March 31, 2017
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 46 |  |  |  |  | $ | 348,983 |  |  | $ | 378,477 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 17 |  |  |  |  | 63,138 |  |  | 71,707 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  |  |  |  | 187 |  |  | 217 |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  |  |  |  | (4,734 | ) |  | (5,123 | ) |  | N/A |  | N/A
Total mortgage notes payable, net |  | 63 |  |  |  |  | $ | 407,574 |  |  | $ | 445,278 |  |  | (4) |  |
Variable rate revolving credit facility |  | 28 |  |  | (6) |  | $ | 64,200 |  |  | $ | 39,700 |  |  | LIBOR + 2.25% |  | 8/7/2018
Deferred financing costs, revolving credit facility |  | - |  |  |  |  | (403 | ) |  | (475 | ) |  | N/A |  | N/A
Total revolver, net |  | 28 |  |  |  |  | $ | 63,797 |  |  | $ | 39,225 |  |  |  |  |
Variable rate term loan facility |  | - |  |  |  |  | $ | 25,000 |  |  | $ | 25,000 |  |  | LIBOR + 2.20% |  | 10/5/2020
Deferred financing costs, term loan facility |  | - |  |  |  |  | (103 | ) |  | (108 | ) |  | N/A |  | N/A
Total term loan, net |  | N/A |  |  |  |  | $ | 24,897 |  |  | $ | 24,892 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 91 |  |  |  |  | $ | 496,268 |  |  | $ | 509,395 |  |  | (5) |  |
(1) | Interest rates on our fixed rate mortgage notes payable vary from 3.75% to 6.63%.
(2) | We have 42 mortgage notes payable with maturity dates ranging from 11/8/2017 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 March 31, 2017, one month LIBOR was approximately 0.98%.
(4) | The weighted average interest rate on the mortgage notes outstanding at March 31, 2017 was approximately 4.66%.
(5) | The weighted average interest rate on all debt outstanding at March 31, 2017 was approximately 4.40%.
(6) | The amount we may draw under our Revolver and Term Loan is based on a percentage of the fair value of a combined pool of 28 unencumbered properties as of March 31, 2017.
N/A - Not Applicable
Summary of Long-Term Mortgages | During the three months ended March 31, 2017, we repaid 3 mortgages, collateralized by 7 properties, which is aggregated below (dollars in thousands):
Aggregate Fixed Rate Debt Repaid |  | Weighted Average Interest Rate on Fixed Rate Debt Repaid
$ | 27,188 |  |  | 6.05%
Aggregate Variable Rate Debt Repaid |  | Weighted Average Interest Rate on Variable Rate Debt Repaid
$ | 8,163 |  |  | LIBOR + | 2.50%
Schedule of Principal Payments of Mortgage Notes Payable | Scheduled principal payments of mortgage notes payable for the remainder of 2017, and each of the five succeeding fiscal years and thereafter are as follows (dollars in thousands):
Year |  | Scheduled Principal Payments |
Nine Months Ending December 31, 2017 |  | $ | 27,259 |  |
2018 |  | 46,462 |  |
2019 |  | 46,094 |  |
2020 |  | 12,573 |  |
2021 |  | 31,583 |  |
2022 |  | 95,963 |  |
Thereafter |  | 152,187 |  |
Total |  | $ | 412,121 |  | (1)
(1) This figure does not include $0.2 million of premiums and (discounts), net and $4.7 million of deferred financing costs, which are reflected in mortgage notes payable on the condensed consolidated balance sheet.
Summary of Interest Rate Cap Agreement | The following table summarizes the interest rate caps at March 31, 2017 and December 31, 2016 (dollars in thousands):
|  | March 31, 2017 |  | December 31, 2016
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 455 |  | (1) | $ | 88,144 |  |  | $ | 131 |  |  | $ | 71,721 |  |  | $ | 101 |
(1) We have entered into various interest rate cap agreements on variable rate debt with LIBOR caps ranging from 2.50% to 3.00%.

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