Debt (Tables)

3 Months Ended

Mar. 31, 2020

Mortgages Payable

Debt Instrument [Line Items]

Summary of Debt

	Weighted Average
	Effective
	Interest Rate (1)	March 31, 2020		December 31, 2019
		(In thousands)
Variable rate	2.35%	$	177,200	$	2,200
Fixed rate (2)	4.28%		1,123,426		1,125,648
Mortgages payable			1,300,626		1,127,848
Unamortized deferred financing costs and premium/ discount, net			(5,820)		(2,071)
Mortgages payable, net		$	1,294,806	$	1,125,777

(1) Weighted average effective interest rate as of March 31, 2020.

(2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.

Credit Facility

Debt Instrument [Line Items]

Summary of Debt

	Effective
	Interest Rate (1)	March 31, 2020		December 31, 2019
		(In thousands)
Revolving credit facility (2) (3) (4)	2.04%	$	200,000	$	200,000
Tranche A-1 Term Loan (5)	3.32%	$	100,000	$	100,000
Tranche A-2 Term Loan (6)	2.49%		200,000		200,000
Unsecured term loans			300,000		300,000
Unamortized deferred financing costs, net			(2,534)		(2,705)
Unsecured term loans, net		$	297,466	$	297,295

(1) Effective interest rate as of March 31, 2020.

(2) As of both March 31, 2020 and December 31, 2019, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility.

(3) As of March 31, 2020 and December 31, 2019, net deferred financing costs related to our revolving credit facility totaling $7.9 million and $3.1 million were included in "Other assets, net."

(4) The interest rate for the revolving credit facility excludes a 0.15% facility fee. In April 2020, we drew an additional $300.0 million under the revolving credit facility.

(5) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements. In April 2020, we drew $100.0 million under the Tranche A-1 Term Loan.

(6) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements with a notional value of $200.0 million and $137.6 million.