Debt (Tables)

9 Months Ended

Sep. 30, 2020

Mortgages Payable

Debt Instrument [Line Items]

Summary of Debt

	Weighted Average
	Effective
	Interest Rate (1)	September 30, 2020		December 31, 2019
		(In thousands)
Variable rate (2)	2.18%	$	679,446	$	2,200
Fixed rate (3)	4.37%		1,021,825		1,125,648
Mortgages payable			1,701,271		1,127,848
Unamortized deferred financing costs and premium/ discount, net			(10,548)		(2,071)
Mortgages payable, net		$	1,690,723	$	1,125,777

(1) Weighted average effective interest rate as of September 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)	September 30, 2020		December 31, 2019
		(In thousands)
Revolving credit facility (2) (3) (4)	1.20%	$	—	$	200,000
Tranche A-1 Term Loan (5)	2.59%	$	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			(2,192)		(2,705)
Unsecured term loans, net		$	397,808	$	297,295

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

(2) As of both September 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 September 30, 2020 and December 31, 2019, net deferred financing costs related to our revolving credit facility totaling $7.1 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.

(5) As of September 30, 2020 and December 31, 2019, $200.0 million and $100.0 million of the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39%.

(6) As of September 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 September 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34%.