Debt Obligations

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019 (dollars in thousands):



	Interest Rate⁽¹⁾	June 30, 2020			December 31, 2019
Revolving credit facility⁽²⁾	LIBOR + 1.4%	$	—		$	—
Term loans⁽³⁾	2.58% - 4.59%	1,622,500			1,652,500
Secured loan facilities	3.35% - 3.52%	395,000			395,000
Mortgages	3.45% - 7.91%	319,654			324,578
Finance lease liability		312			443
Assumed market debt adjustments, net		(1,352		)	(1,218		)
Deferred financing expenses, net		(15,395		)	(17,204		)
Total		$	2,320,719		$	2,354,099


⁽¹⁾	Interest rates are as of June 30, 2020.


⁽²⁾	We had $255.0 million of gross borrowings and payments under our revolving credit facility during the six months ended June 30, 2020. The gross borrowings and payments under our revolving credit facility were $105.6 million and $179.0 million, respectively, during the six months ended June 30, 2019.


⁽³⁾	Our term loans carry an interest rate of LIBOR plus a spread. While a majority of the rates are fixed through the use of swaps, some of these rates are not fixed through a swap, and thus are 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 April 2020, we borrowed $200 million on our revolving credit facility to meet our operating needs for a sustained period due to the COVID-19 pandemic. In June 2020, we paid down the outstanding balance on our revolving credit facility. Our debt is subject to certain covenants, and as of June 30, 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 June 30, 2020 and December 31, 2019, is summarized below (in thousands):



	June 30, 2020			December 31, 2019
As to interest rate:⁽¹⁾
Fixed-rate debt	$	1,756,966		$	2,122,021
Variable-rate debt	580,500			250,500
Total	$	2,337,466		$	2,372,521
As to collateralization:
Unsecured debt	$	1,622,500		$	1,652,500
Secured debt	714,966			720,021
Total	$	2,337,466		$	2,372,521

Weighed-average interest rate⁽¹⁾	3.1		%	3.4		%


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