Debt (Tables)

6 Months Ended

Jun. 30, 2020

Mortgages Payable

Debt Instrument [Line Items]

Summary of Debt

	Weighted Average
	Effective
	Interest Rate (1)	June 30, 2020		December 31, 2019
		(In thousands)
Variable rate (2)	1.57%	$	294,500	$	2,200
Fixed rate (3)	4.38%		1,024,068		1,125,648
Mortgages payable			1,318,568		1,127,848
Unamortized deferred financing costs and premium/ discount, net			(6,044)		(2,071)
Mortgages payable, net		$	1,312,524	$	1,125,777

(1) Weighted average effective interest rate as of June 30, 2020.

(2) Includes variable rate mortgages payable with interest rate cap agreements.

(3) 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)	June 30, 2020		December 31, 2019
		(In thousands)
Revolving credit facility (2) (3) (4)	1.21%	$	500,000	$	200,000
Tranche A-1 Term Loan (5)	2.34%	$	200,000	$	100,000
Tranche A-2 Term Loan (6)	2.49%		200,000		200,000
Unsecured term loans			400,000		300,000
Unamortized deferred financing costs, net			(2,363)		(2,705)
Unsecured term loans, net		$	397,637	$	297,295

(1) Effective interest rate as of June 30, 2020.

(2) As of both June 30, 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 June 30, 2020 and December 31, 2019, net deferred financing costs related to our revolving credit facility totaling $7.5 million and $3.1 million were included in "Other assets, net."

(4) The interest rate for our revolving credit facility excludes a 0.15% facility fee. In July 2020, we repaid the $500.0 million outstanding on our revolving credit facility.

(5) As of both June 30, 2020 and December 31, 2019, $100.0 million of the outstanding balance was fixed by interest rate swap agreements. As of June 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.14%. As of June 30, 2020, we had a forward-starting swap that became effective on July 20, 2020 with a notional value of $100.0 million, which effectively converted the variable interest rate applicable to the remaining $100.0 million drawn in April 2020 under our Tranche A-1 Loan to a fixed interest rate upon the effective date of the swap.

(6) As of June 30, 2020 and December 31, 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements. As of June 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34%.