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DEBT OBLIGATIONS | 12 Months Ended
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Dec. 31, 2018
DEBT OBLIGATIONS |
DEBT OBLIGATIONS | NOTE 9—DEBT OBLIGATIONS Mortgages Payable The following table details the Mortgages payable, net, balances per the consolidated balance sheets (amounts in thousands):
|  | December 31,
|  | 2018 |  | 2017
Mortgages payable, gross |  | $ | 423,096 |  | $ | 396,946
Unamortized deferred financing costs |  |  | (4,298) |  |  | (3,789)
Mortgages payable, net |  |  | 418,798 |  | $ | 393,157
At December 31, 2018, 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 $656,342,000 before accumulated depreciation of $97,012,000. After giving effect to the interest rate swap agreements (see Note 10), the mortgage payments bear interest at fixed rates ranging from 3.02% to 5.88%, and mature between 2019 and 2042. The weighted average interest rate on all mortgage debt was 4.26% and 4.22% at December 31, 2018 and 2017, respectively. Scheduled principal repayments during the next five years and thereafter are as follows (amounts in thousands):
Year Ending December 31, |  |  |
2019 |  | $ | 15,969
2020 |  |  | 13,777
2021 |  |  | 22,704
2022 |  |  | 45,823
2023 |  |  | 40,952
Thereafter |  |  | 283,871
Total |  | $ | 423,096
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, 2018 and 2017. An unused facility fee of .25% per annum applies to the facility. The average interest rate on the facility was approximately 3.73%, 2.87% and 2.23% during 2018, 2017 and 2016, 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, 2018. 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,
|  | 2018 |  | 2017
Line of credit, gross |  | $ | 30,000 |  | $ | 9,400
Unamortized deferred financing costs |  |  | (312) |  |  | (624)
Line of credit, net |  | $ | 29,688 |  | $ | 8,776
At March 8, 2019, there was an outstanding balance of $12,500,000 (before unamortized deferred financing costs) under the facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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