Debt (Tables)

6 Months Ended

Jun. 30, 2022

Mortgages Payable

Debt Instrument [Line Items]

Summary of debt

	Weighted Average
	Effective
	Interest Rate (1)	June 30, 2022		December 31, 2021
		(In thousands)
Variable rate (2)	3.68%	$	857,446	$	867,246
Fixed rate (3)	4.45%		763,681		921,013
Mortgages payable			1,621,127		1,788,259
Unamortized deferred financing costs and premium / discount, net (4)			(8,958)		(10,560)
Mortgages payable, net		$	1,612,169	$	1,777,699

(1) Weighted average effective interest rate as of June 30, 2022.

(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 June 30, 2022 and December 31, 2021, excludes $5.7 million and $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
	Interest Rate (1)	June 30, 2022		December 31, 2021
		(In thousands)
Revolving credit facility (2) (3) (4)	2.84%	$	—	$	300,000
Tranche A-1 Term Loan (5)	2.61%	$	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			(1,500)		(1,336)
Unsecured term loans, net		$	398,500	$	398,664

(1) Effective interest rate as of June 30, 2022. The interest rate for our revolving credit facility excludes a 0.15% facility fee.

(2) As of June 30, 2022 and December 31, 2021, letters of credit with an aggregate face amount of $467,000 and $911,000 were outstanding under our revolving credit facility.

(3) As of June 30, 2022 and December 31, 2021, excludes $4.2 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net."

(4) In July 2022, we borrowed $100.0 million under our revolving credit facility.

(5) As of June 30, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of June 30, 2022, the interest rate swaps mature in July 2024, fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan, and fix LIBOR at a weighted average interest rate of 1.34% for the Tranche A-2 Term Loan.