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

(2)	Includes variable rate mortgages with interest rate cap agreements. As of September 30, 2022, one-month LIBOR was 3.14% and one-month term Secured Overnight Financing Rate ("SOFR") was 3.04%, as applicable.

(3)	Includes variable rate mortgages with interest rates fixed by interest rate swap agreements.

(4)	As of September 30, 2022 and December 31, 2021, excludes $2.3 million and $6.4 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net."

As of September 30, 2022 and December 31, 2021, the net carrying value of real estate collateralizing our mortgages payable totaled $1.9 billion and $1.8 billion. Our mortgages payable contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain mortgages payable are recourse to us. See Note 17 for additional information.

In August 2022, we entered into a mortgage with a principal balance of $97.5 million collateralized by WestEnd25. The mortgage loan has a seven-year term and an interest rate of SOFR plus 1.45%. We also entered into an interest rate swap with a total notional value of $97.5 million, which effectively fixes SOFR at an average interest rate of 2.71% through the maturity date.

As of September 30, 2022 and December 31, 2021, we had various interest rate swap and cap agreements on certain mortgages payable with an aggregate notional value of $1.3 billion. See Note 15 for additional information.

Credit Facility

As of September 30, 2022, our $1.6 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2025, and a $400.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in January 2028, of which $50.0 million remains available to be borrowed until July 2023.

In January 2022, the Tranche A-1 Term Loan was amended to extend the maturity date to January 2025 with two one-year extension options, and to amend the interest rate to SOFR plus 1.15% to SOFR plus 1.75%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. In connection with the loan amendment, we amended the related interest rate swaps, extending the maturity to July 2024 and converting the hedged rate from one-month LIBOR to one-month term SOFR.

In July 2022, the Tranche A-2 Term Loan was amended to increase its borrowing capacity by $200.0 million. The incremental $200.0 million includes a delayed draw feature, of which $150.0 million was drawn in September 2022 and the remaining $50.0 million was undrawn as of the date of this filing. The amendment extends the maturity date of the term loan from July 2024 to January 2028 and amends the interest rate to SOFR plus 1.25% to SOFR plus 1.80%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets. We entered into two interest rate swaps with an effective date of September 30, 2022 and a total notional value of $150.0 million, which effectively fix SOFR at a weighted average interest rate of 2.15% through the maturity date. We also entered into two forward-starting

interest rate swaps with an effective date of July 2024 and a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.80% through the maturity date. Additionally, we amended the interest rate of the revolving credit facility to SOFR plus 1.15% to SOFR plus 1.60%, varying based on a ratio of our total outstanding indebtedness to a valuation of certain real property and assets.

The following is a summary of amounts outstanding under the credit facility:


	Effective
	Interest Rate ⁽¹⁾	September 30, 2022		December 31, 2021

		(In thousands)
Revolving credit facility ^{(2) (3)}	4.19%	$	100,000	$	300,000

Tranche A-1 Term Loan ⁽⁴⁾	2.61%	$	200,000	$	200,000
Tranche A-2 Term Loan ⁽⁴⁾	3.40%		350,000		200,000
Unsecured term loans			550,000		400,000
Unamortized deferred financing costs, net			(3,112)		(1,336)
Unsecured term loans, net		$	546,888	$	398,664

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

(2)

As of September 30, 2022, one-month term SOFR was 3.04%. As of September 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. In October 2022, we repaid the outstanding balance under our revolving credit facility.

(3)	As of September 30, 2022 and December 31, 2021, excludes $3.8 million and $5.0 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net."

(4)	As of September 30, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements. As of September 30, 2022, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.15% for the Tranche A-2 Term Loan.