Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Summary of Debt

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

	Interest Rate (1)	September 30, 2018			December 31, 2017
		(In thousands)
Revolving credit facility (2) (3) (4) (5)	3.36%	$	—		$	115,751
Tranche A-1 Term Loan	3.32%	$	100,000		$	50,000
Tranche A-2 Term Loan	3.81%	200,000			—
Unsecured term loans		300,000			50,000
Unamortized deferred financing costs, net		(3,019		)	(3,463		)
Unsecured term loans, net		$	296,981		$	46,537

^{__________________________} 

⁽¹⁾  Interest rate as of September 30, 2018.

⁽²⁾  As of September 30, 2018 and December 31, 2017, letters of credit with an aggregate face amount of $5.7 million were provided under our revolving credit facility.

The following is a summary of mortgages payable:

	Weighted Average Effective Interest Rate (1)	September 30, 2018			December 31, 2017
		(In thousands)
Variable rate (2)	4.16%	$	182,996		$	498,253
Fixed rate (3) (4)	4.19%	1,590,983			1,537,706
Mortgages payable		1,773,979			2,035,959
Unamortized deferred financing costs and premium/   discount, net		(4,041		)	(10,267		)
Mortgages payable, net		$	1,769,938		$	2,025,692

^{__________________________} 

⁽¹⁾  Weighted average effective interest rate as of September 30, 2018.

⁽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.