Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary of Debt

The following is a summary of mortgages payable:

	Weighted Average Effective Interest Rate (1)	June 30, 2019			December 31, 2018
		(In thousands)
Variable rate (2)	4.05%	$	14,000		$	308,918
Fixed rate (3)	4.20%	1,349,977			1,535,734
Mortgages payable		1,363,977			1,844,652
Unamortized deferred financing costs and premium/   discount, net		(3,510		)	(6,271		)
Mortgages payable, net		$	1,360,467		$	1,838,381

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⁽¹⁾  Weighted average effective interest rate as of June 30, 2019.

⁽²⁾  Includes a variable rate mortgage payable with an interest rate cap agreement as of December 31, 2018.

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

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

	Interest Rate (1)	June 30, 2019			December 31, 2018
		(In thousands)
Revolving credit facility (2) (3) (4)	3.50%	$	—		$	—
Tranche A-1 Term Loan (5)	3.32%	$	100,000		$	100,000
Tranche A-2 Term Loan (5)	4.34%	200,000			200,000
Unsecured term loans		300,000			300,000
Unamortized deferred financing costs, net		(3,048		)	(2,871		)
Unsecured term loans, net		$	296,952		$	297,129

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⁽¹⁾  Interest rate as of June 30, 2019.

⁽²⁾  As of June 30, 2019 and December 31, 2018, letters of credit with an aggregate face amount of $5.8 million and $5.7 million were provided under our revolving credit facility.

⁽³⁾  As of June 30, 2019 and December 31, 2018, net deferred financing costs related to our revolving credit facility totaling $3.9 million and $4.8 million were included in "Other assets, net."

⁽⁴⁾ 

The interest rate for the revolving credit facility excludes a 0.15% facility fee