6. DEBT OBLIGATIONS

The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, for our debt obligations as of March 31, 2020 and December 31, 2019 (dollars in thousands):



	Interest Rate⁽¹⁾	March 31, 2020			December 31, 2019
Revolving credit facility⁽²⁾	LIBOR + 1.4%	$	34,000		$	—
Term loans⁽³⁾	2.01% - 4.59%	1,622,500			1,652,500
Secured loan facilities	3.35% - 3.52%	395,000			395,000
Mortgages	3.45% - 7.91%	322,127			324,578
Finance lease liability		384			443
Assumed market debt adjustments, net		(1,285		)	(1,218		)
Deferred financing expenses, net		(16,325		)	(17,204		)
Total		$	2,356,401		$	2,354,099


⁽¹⁾	Interest rates are as of March 31, 2020.


⁽²⁾	The gross borrowings and payments under our revolving credit facility were $55.0 million and $21.0 million, respectively, during the three months ended March 31, 2020. The gross borrowings and payments under our revolving credit facility were $64.0 million and $86.0 million, respectively, during the three months ended March 31, 2019.


⁽³⁾	Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is still a portion of these loans that is not fixed through a swap, and thus is still indexed to LIBOR.

In January 2020, we made the final $30 million payment on our term loan maturing in 2021. Following this payment, the next term loan maturity is in April 2022.

In March 2020, we borrowed $34 million on our $500 million revolving credit facility in order to satisfy general operating needs. In April 2020, we borrowed an additional $200 million on our revolving credit facility to meet our operating needs for a sustained period due to the COVID-19 pandemic. As of May 11, 2020, total availability on our revolving credit facility, net of any letters of credit, was $254.7 million. Our debt is subject to certain covenants, and as of March 31, 2020, we were in compliance with the restrictive covenants of our outstanding debt obligations.

The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of March 31, 2020 and December 31, 2019, is summarized below (in thousands):



	March 31, 2020			December 31, 2019
As to interest rate:⁽¹⁾
Fixed-rate debt	$	1,944,511		$	2,122,021
Variable-rate debt	429,500			250,500
Total	$	2,374,011		$	2,372,521
As to collateralization:
Unsecured debt	$	1,656,500		$	1,652,500
Secured debt	717,511			720,021
Total	$	2,374,011		$	2,372,521

Weighed-average interest rate⁽¹⁾	3.3		%	3.4		%


⁽¹⁾	Includes the effects of derivative financial instruments (see Notes 7 and 12).