NOTE 10—DEBT OBLIGATIONS

Mortgages Payable

The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):

	December 31,
	2017			2016
Mortgages payable, gross	$	396,946		$	399,192
Unamortized deferred financing costs		(3,789	)		(4,294	)

Mortgages payable, net	$	393,157		$	394,898

At December 31, 2017, there were 70 outstanding mortgages payable, all of which are secured by first liens on individual real estate investments with an aggregate gross carrying value of $624,361,000 before accumulated depreciation of $83,015,000. After giving effect to the interest rate swap agreements (see Note 11), the mortgage payments bear interest at fixed rates ranging from 3.02% to 6.59%, and mature between 2018 and 2042. The weighted average interest rate on all mortgage debt was 4.22% and 4.27% at December 31, 2017 and 2016, respectively.

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

Year Ending December 31,
2018(a)	$	24,871
2019		14,610
2020		11,901
2021		20,742
2022		43,771
Thereafter		281,051

Total	$	396,946


(a)	Includes $4,423 related to a mortgage loan that was paid off on a property sold in January 2018.

Line of Credit

The Company has a credit facility with Manufacturers & Traders Trust Company, People's United Bank, VNB New York, LLC, and Bank Leumi USA, pursuant to which the Company may borrow up to $100,000,000, subject to borrowing base requirements. The facility, which matures December 31, 2019, provides that the Company pay an interest rate equal to the one month LIBOR rate plus an applicable margin ranging 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. The applicable margin was 175 basis points at December 31, 2017 and 2016. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 2.87%, 2.23% and 1.95% during 2017, 2016 and 2015, respectively.

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, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. The Company was in compliance with all covenants at December 31, 2017.

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.

The following table details the Line of credit, net, balances per the consolidated balance sheets (amounts in thousands):

	December 31,
	2017			2016
Line of credit, gross	$	9,400		$	10,000
Unamortized deferred financing costs		(624	)		(936	)

Line of credit, net	$	8,776		$	9,064

At March 5, 2018, there was an outstanding balance of $3,900,000 (before unamortized deferred financing costs) under the facility.