Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instrument [Line Items]

Schedule of maturities of long-term debt

Principal Maturities

The following is a summary of principal maturities of debt outstanding, including mortgages payable, revolving credit facility and the term loans, as of December 31, 2021:

Year ending December 31,	Amount
	(In thousands)
2022	$	112,516
2023		373,344
2024		322,571
2025		858,890
2026		113,845
Thereafter		707,093
Total	$	2,488,259

Mortgages Payable

Debt Instrument [Line Items]

Summary of debt

Mortgages Payable

The following is a summary of mortgages payable:

	Weighted Average
	Effective	December 31,
	Interest Rate (1)	2021		2020
		(In thousands)
Variable rate (2)	2.01%	$	867,246	$	678,346
Fixed rate (3)	4.32%		921,013		925,523
Mortgages payable			1,788,259		1,603,869
Unamortized deferred financing costs and premium / discount, net (4)			(10,560)		(10,131)
Mortgages payable, net		$	1,777,699	$	1,593,738

(1) Weighted average effective interest rate as of December 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 December 31, 2021, excludes $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net."

Line of credit

Debt Instrument [Line Items]

Summary of debt

	Effective	December 31,
	Interest Rate (1)	2021		2020
		(In thousands)
Revolving credit facility (2) (3) (4)	1.15%	$	300,000	$	—
Tranche A-1 Term Loan (5)	2.59%	$	200,000	$	200,000
Tranche A-2 Term Loan (5)	2.49%		200,000		200,000
Unsecured term loans			400,000		400,000
Unamortized deferred financing costs, net			(1,336)		(2,021)
Unsecured term loans, net		$	398,664	$	397,979

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

(2) As of December 31, 2021 and 2020, letters of credit with an aggregate face amount of $911,000 and $1.5 million were outstanding under our revolving credit facility.

(3) As of December 31, 2021 and 2020, excludes net deferred financing costs related to our revolving credit facility of $5.0 million and $6.7 million that were included in "Other assets, net."

(4) The interest rate for the revolving credit facility excludes a 0.15% facility fee.

(5) As of December 31, 2021 and 2020, the outstanding balance was fixed by interest rate swap agreements. As of December 31, 2021, the interest rate swaps mature concurrently with the respective term loan and fix LIBOR at a weighted average interest rate of 1.39% for the Tranche A-1 Term Loan and 1.34% for the Tranche A-2 Term Loan.