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Debt
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of September 30, 2021 and December 31, 2020:
Notes Payable and Finance Lease ObligationSeptember 30,
2021		December 31,
2020
 (In thousands)
Senior unsecured notes$498,000 $535,000 
Unsecured term loan facilities310,000 310,000 
Fixed rate mortgages83,388 85,254 
Unsecured revolving credit facility55,000 100,000 
 946,388 1,030,254 
Unamortized premium475 1,103 
Unamortized deferred financing costs(3,035)(3,606)
Total notes payable, net$943,828 $1,027,751 
Finance lease obligation $875 $875 
 
Senior Unsecured Notes

On June 28, 2021, we repaid $37.0 million of debt which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied.

The following table summarizes the Company's senior unsecured notes:
September 30, 2021December 31, 2020
Senior Unsecured NotesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Senior unsecured notes 6/27/2021$— — %$37,000 3.75 %
Senior unsecured notes 6/27/202341,500 4.12 %41,500 4.12 %
Senior unsecured notes5/28/202450,000 4.65 %50,000 4.65 %
Senior unsecured notes11/18/202425,000 4.05 %25,000 4.05 %
Senior unsecured notes 6/27/202531,500 4.27 %31,500 4.27 %
Senior unsecured notes7/6/202550,000 4.20 %50,000 4.20 %
Senior unsecured notes 9/30/202550,000 4.09 %50,000 4.09 %
Senior unsecured notes5/28/202650,000 4.74 %50,000 4.74 %
Senior unsecured notes11/18/202625,000 4.28 %25,000 4.28 %
Senior unsecured notes 12/21/202730,000 4.57 %30,000 4.57 %
Senior unsecured notes11/30/202875,000 3.64 %75,000 3.64 %
Senior unsecured notes12/21/202920,000 4.72 %20,000 4.72 %
Senior unsecured notes12/27/202950,000 4.15 %50,000 4.15 %
 $498,000 4.24 %$535,000 4.20 %
Unamortized deferred financing costs(1,459)(1,715)
Total$496,541 $533,285 
Unsecured Term Loan Facilities and Revolving Credit Facility

The following table summarizes the Company's unsecured term loan facilities and revolving credit facility:
September 30, 2021December 31, 2020
Unsecured Credit FacilitiesMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Unsecured term loan - fixed rate (1)
3/3/2023$60,000 3.02 %$60,000 3.02 %
Unsecured term loan - fixed rate (2)
11/6/202450,000 2.51 %50,000 2.51 %
Unsecured term loan - fixed rate (3)
2/6/202550,000 2.57 %50,000 2.57 %
Unsecured term loan - fixed rate (4)
11/6/202650,000 2.95 %50,000 2.95 %
Unsecured term loan - fixed rate (5)
2/5/2027100,000 3.04 %100,000 3.12 %
 $310,000 2.86 %$310,000 2.89 %
Unamortized deferred financing costs(1,576)(1,891)
Term loans, net$308,424 $308,109 
Revolving credit facility - variable rate11/6/2023$55,000 1.23 %100,000 1.30 %
(1)Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021.
(2)Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021.
(3)Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021.
(4)Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021.
(5)Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021.

As of September 30, 2021 we had $55.0 million outstanding under our unsecured revolving credit facility, which represented a decrease of $45.0 million from December 31, 2020, primarily a result of repayments made in February 2021. We had no outstanding letters of credit issued under our revolving credit facility as of September 30, 2021. We had $295.0 million of unused capacity under our $350.0 million unsecured revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. The interest rate as of September 30, 2021 was 1.23%.

Mortgages

The following table summarizes the Company's fixed rate mortgages:
September 30, 2021December 31, 2020
Mortgage DebtMaturity DatePrincipal BalanceInterest Rate/Weighted Average Interest RatePrincipal BalanceInterest Rate/Weighted Average Interest Rate
 (in thousands)(in thousands)
Bridgewater Falls Shopping Center2/6/2022$51,365 5.70 %$52,274 5.70 %
The Shops on Lane Avenue1/10/202327,762 3.76 %28,169 3.76 %
Nagawaukee II6/1/20264,261 5.80 %4,811 5.80 %
 $83,388 5.06 %$85,254 5.06 %
Unamortized premium475 1,103 
Total$83,863 $86,357 

The fixed rate mortgages are secured by properties that have an approximate net book value of $143.7 million as of September 30, 2021.
The mortgage loans encumbering our properties are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses.

Covenants

On June 30, 2020, the Company entered into amendments to the note purchase agreements governing all of the Company's outstanding senior unsecured notes. The following is a summary of the material amendments:

•The occupancy tests relating to the minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness were eliminated during the period from June 30, 2020 through and including September 30, 2021 (the “Specified Period”) and were otherwise reduced during the fiscal quarters ended December 31, 2021 and March 31, 2022;
•The minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness that the Operating Partnership is required to maintain was reduced during the Specified Period; and
•The Operating Partnership agreed to a minimum liquidity requirement during the Specified Period.

Our revolving credit facility, senior unsecured notes as amended and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of September 30, 2021, we were in compliance with these covenants.

Debt Maturities

The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of September 30, 2021:
Year Ending December 31,
 (In thousands)
2021 (remaining)$642 
202252,397 
2023 (1)
184,388 
2024125,879 
2025182,431 
Thereafter400,651 
Subtotal debt946,388 
Unamortized premium475 
Unamortized deferred financing costs(3,035)
Total debt $943,828 
(1)Scheduled maturities in 2023 include the $55.0 million balance on the unsecured revolving credit facility drawn as of September 30, 2021. The unsecured revolving credit facility has two six-month extensions available at the the Company's option provided compliance with financial covenants is maintained