NOTE 8—DEBT OBLIGATIONS

Mortgages Payable

At December 31, 2015, there were 65 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate carrying value of $510,717,000 before accumulated depreciation of $61,079,000. After giving effect to the interest rate swap agreements (see Note 9), the mortgage payments bear interest at fixed rates ranging from 3.13% to 7.81%, and mature between 2016 and 2037. The weighted average interest rate on all mortgage debt was 4.72% and 5.02% at December 31, 2015 and 2014, respectively.

Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands):

Year Ending December 31,
2016	$	31,146	(a)(b)
2017		31,005	(a)
2018		19,099
2019		17,398
2020		12,987
Thereafter		222,793

Total	$	334,428


(a)	Includes $176 and $7,638 in 2016 and 2017, respectively, related to a mortgage loan on a portfolio of eight properties that was sold on February 1, 2016.
(b)	Does not give effect to the Company's pay off (i) during February through March 2016 of $8,553 of such debt with a weighted average interest rate of 5.3%, and (ii) in March 2016 of $12,200 of such debt with a 6.1% interest rate with new debt refinancing of $18 million with a 3.38% interest rate and maturing in 2028.

Line of Credit

On December 31, 2014, the Company entered into an amendment of its $75,000,000 credit facility with Manufacturers & Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York, which, among other things, extended the facility's maturity to December 31, 2018, decreased the minimum required average outstanding deposit balances to $3,000,000 and eliminated the 4.75% interest rate floor. Under the amendment, the interest rate equals the one month LIBOR rate plus an applicable margin which ranges from 175 basis points to 300 basis points, depending on the ratio of the Company's total debt to total value, as determined pursuant to the facility. An unused facility fee of .25% per annum applies to the facility. For 2015, the average interest rate on the facility was approximately 1.95%. Prior to the amendment, the interest rate was 4.75% per annum. In connection with the amendment, the Company incurred a $562,500 commitment fee which is being amortized over the remaining term of the facility. At December 31, 2015 and March 9, 2016, there were outstanding balances of $18,250,000 and $18,550,000, respectively, under the facility.

The credit facility includes certain restrictions and covenants which may limit, among other things, the incurrence of liens, and which require compliance with financial ratios relating to, among other things, minimum tangible net worth, minimum debt service coverage, minimum amount of fixed charge coverage, maximum amount of debt to value, minimum level of net income, certain investment limitations and minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2015.

The facility is guaranteed by subsidiaries of the Company that own unencumbered properties and the Company pledged to the lenders the equity interests in the Company's subsidiaries. The facility is available for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15,000,000 and 15% of the borrowing base and if used for working capital purposes, will not exceed $10,000,000. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the credit facility.