(1)	Weighted average effective interest rate as of March 31, 2023.

(2)

Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike is 2.35%, and the weighted average maturity date of the interest rate caps is August 1, 2023. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of March 31, 2023, one-month LIBOR was 4.86% and one-month term Secured Overnight Financing Rate ("SOFR") was 4.80%.

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

(4)	As of March 31, 2023 and December 31, 2022, excludes $2.1 million and $2.2 million of net deferred financing costs related to unfunded mortgage loans that were included in "Other assets, net" in our balance sheets.

As of March 31, 2023 and December 31, 2022, the net carrying value of real estate collateralizing our mortgage loans totaled $2.2 billion. Our mortgage loans 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 mortgage loans are recourse to us. See Note 17 for additional information.

In January 2023, we entered into a $187.6 million loan facility, collateralized by The Wren and F1RST Residences. The loan has a seven-year term and a fixed interest rate of 5.13%. This loan is the initial advance under a Fannie Mae multifamily credit facility which provides flexibility for collateral substitutions, future advances tied to performance, ability to mix fixed and floating rates, and staggered maturities. Proceeds from the loan were used, in part, to repay the $131.5 million mortgage loan on 2121 Crystal Drive, which had a fixed interest rate of 5.51%.

As of March 31, 2023 and December 31, 2022, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $1.2 billion and $1.3 billion. See Note 15 for additional information.

Credit Facility

As of March 31, 2023 and December 31, 2022, our $1.6 billion credit facility consisted of an undrawn $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 $350.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in January 2028, which has a $50.0 million additional advance available, which we will draw in May 2023.

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


	Effective
	Interest Rate ⁽¹⁾	March 31, 2023		December 31, 2022

		(In thousands)
Revolving credit facility ^{(2) (3)}	5.95%	$	—	$	—

Tranche A-1 Term Loan ⁽⁴⁾	2.61%	$	200,000	$	200,000
Tranche A-2 Term Loan ⁽⁴⁾	3.39%		350,000		350,000
Unsecured term loans			550,000		550,000
Unamortized deferred financing costs, net			(2,744)		(2,928)
Unsecured term loans, net		$	547,256	$	547,072

(1)	Effective interest rate as of March 31, 2023. The interest rate for our revolving credit facility excludes a 0.15% facility fee.

(2)	As of March 31, 2023, one-month term SOFR was 4.80%. As of March 31, 2023 and December 31, 2022, letters of credit with an aggregate face amount of $467,000 were outstanding under our revolving credit facility.

(3)	As of March 31, 2023 and December 31, 2022, excludes $2.9 million and $3.3 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets.

(4)

As of March 31, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements, which fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.14% for the Tranche A-2 Term Loan. Interest rate swaps for the Tranche A-1 Term Loan with a total notional value of $200.0 million mature in July 2024. Interest rate swaps for the Tranche A-2 Term Loan with a total notional value of $200.0 million mature in July 2024 and with a total notional value of $150.0 million mature in January 2028. We have two forward-starting interest rate swaps that will be effective July 2024 with a total notional value of $200.0 million, which will effectively fix SOFR at a weighted average interest rate of 2.61% through the maturity date. The interest rate for our Tranche A-2 Term Loan excludes a 0.15% per annum commitment fee on the undrawn $50.0 million of commitments.