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Mortgage Notes Payable and Credit Facility (Tables) | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Company's Mortgage Notes Payable and Line of Credit | Our mortgage notes payable and Credit Facility as of June 30, 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
|  | June 30, 2017 |  |  |  | June 30, 2017 |  | December 31, 2016 |  | June 30, 2017 |  | June 30, 2017
Mortgage and other secured loans: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 47 |  |  |  |  | $ | 357,997 |  |  | $ | 378,477 |  |  | (1) |  | (2)
Variable rate mortgage loans |  | 19 |  |  |  |  | 69,493 |  |  | 71,707 |  |  | (3) |  | (2)
Premiums and discounts, net |  | - |  |  |  |  | (242 | ) |  | 217 |  |  | N/A |  | N/A
Deferred financing costs, mortgage loans, net |  | - |  |  |  |  | (4,850 | ) |  | (5,123 | ) |  | N/A |  | N/A
Total mortgage notes payable, net |  | 66 |  |  |  |  | $ | 422,398 |  |  | $ | 445,278 |  |  | (4) |  |
Variable rate revolving credit facility |  | 24 |  |  | (6) |  | $ | 37,800 |  |  | $ | 39,700 |  |  | LIBOR + 2.25% |  | 8/7/2018
Deferred financing costs, revolving credit facility |  | - |  |  |  |  | (322 | ) |  | (475 | ) |  | N/A |  | N/A
Total revolver, net |  | 24 |  |  |  |  | $ | 37,478 |  |  | $ | 39,225 |  |  |  |  |
Variable rate term loan facility |  | - |  |  | (6) |  | $ | 25,000 |  |  | $ | 25,000 |  |  | LIBOR + 2.20% |  | 10/5/2020
Deferred financing costs, term loan facility |  | - |  |  |  |  | (95 | ) |  | (108 | ) |  | N/A |  | N/A
Total term loan, net |  | N/A |  |  |  |  | $ | 24,905 |  |  | $ | 24,892 |  |  |  |  |
Total mortgage notes payable and credit facility |  | 90 |  |  |  |  | $ | 484,781 |  |  | $ | 509,395 |  |  | (5) |  |
(1) | Interest rates on our fixed rate mortgage notes payable vary from 3.55% to 6.63%.
(2) | We have 44 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 June 30, 2017, one month LIBOR was approximately 1.23%.
(4) | The weighted average interest rate on the mortgage notes outstanding at June 30, 2017 was approximately 4.65%.
(5) | The weighted average interest rate on all debt outstanding at June 30, 2017 was approximately 4.50%.
(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 24 unencumbered properties as of June 30, 2017.
N/A - Not Applicable
Summary of Long-Term Mortgages | During the six months ended June 30, 2017, we repaid 3 mortgages, collateralized by 7 properties, which are 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%
During the six months ended June 30, 2017, we issued or assumed 2 mortgages, collateralized by 3 properties, which are aggregated in the table below (dollars in thousands):
Aggregate Fixed Rate Debt Issued or Assumed |  | Weighted Average Interest Rate on Fixed Rate Debt |  | Aggregate Variable Rate Debt Issued or Assumed |
$ | 11,179 |  | (1) | 3.55% | (2) | $ | 6,700 |  | (3)
(1) We assumed $11.2 million of debt in connection with our property acquisition with a maturity date of April 1, 2026. (2) We assumed an interest rate swap in connection with our property acquisition and will be paying an all in fixed rate of 3.55%. (3) The interest rate for our issued variable rate mortgage debt is equal to one month LIBOR plus a spread of 2.75%. The maturity date on this new variable rate debt is May 15, 2020. We have entered into a rate cap agreement on our new variable rate debt and will record all fair value changes into interest expense on the condensed consolidated statement of operations.
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 |
Six Months Ending December 31, 2017 |  | $ | 26,784 |  |
2018 |  | 47,091 |  |
2019 |  | 46,732 |  |
2020 |  | 18,619 |  |
2021 |  | 31,868 |  |
2022 |  | 96,258 |  |
Thereafter |  | 160,138 |  |
Total |  | $ | 427,490 |  | (1)
(1) This figure does not include $0.2 million of premiums and (discounts), net, and $4.8 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 June 30, 2017 and December 31, 2016 (dollars in thousands):
|  | June 30, 2017 |  | December 31, 2016
Aggregate Cost |  | Aggregate Notional Amount |  | Aggregate Fair Value |  | Aggregate Notional Amount |  | Aggregate Fair Value
$ | 482 |  | (1) | $ | 94,411 |  |  | $ | 72 |  |  | $ | 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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