Debt (Tables)

3 Months Ended

Mar. 31, 2021

Mortgages Payable

Debt Instrument [Line Items]

Summary of debt

	Weighted Average
	Effective
	Interest Rate (1)	March 31, 2021		December 31, 2020
		(In thousands)
Variable rate (2)	2.15%	$	677,246	$	678,346
Fixed rate (3)	4.32%		924,389		925,523
Mortgages payable			1,601,635		1,603,869
Unamortized deferred financing costs and premium/ discount, net (4)			(9,752)		(10,131)
Mortgages payable, net		$	1,591,883	$	1,593,738

(1) Weighted average effective interest rate as of March 31, 2021.

(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.

(4) As of March 31, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.6 million were included in "Other assets, net."

Credit Facility

Debt Instrument [Line Items]

Summary of debt

	Effective
	Interest Rate (1)	March 31, 2021		December 31, 2020
		(In thousands)
Revolving credit facility (2) (3) (4)	1.16%	$	—	$	—
Tranche A-1 Term Loan (5)	2.59%	$	200,000	$	200,000
Tranche A-2 Term Loan (6)	2.49%		200,000		200,000
Unsecured term loans			400,000		400,000
Unamortized deferred financing costs, net			(1,849)		(2,021)
Unsecured term loans, net		$	398,151	$	397,979

(1) Effective interest rate as of March 31, 2021.

(2) As of March 31, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility.

(3) As of March 31, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $6.2 million and $6.7 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, 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 1.34%.