Debt

9 Months Ended

Sep. 30, 2020

On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.15% as of September 30, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024.

On August 12, 2020, we amended the $700,000,000 mortgage loan on 770 Broadway, a 1.2 million square foot Manhattan office building, to extend the term one year through March 2022.

On October 15, 2020, we completed a $500,000,000 refinancing of PENN11, a 1.2 million square foot Manhattan office building. The interest-only loan carries a rate of LIBOR plus 2.75% (currently 2.90%) and matures in October 2023, with two one-year extension options. The loan replaces the previous $450,000,000 loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December 2020.

On November 2, 2020, we repaid the $52,476,000 mortgage loan on our land under a portion of the Borgata Hotel and Casino complex. The 10-year fixed rate amortizing loan bore interest at 5.14% and was scheduled to mature in February 2021.

The following is a summary of our debt:


(Amounts in thousands)	Weighted Average Interest Rate at September 30, 2020	Balance as of
		September 30, 2020		December 31, 2019
Mortgages Payable:
Fixed rate	3.69%	$	3,886,714	$	4,601,516
Variable rate	1.81%	1,774,418		1,068,500
Total	3.10%	5,661,132		5,670,016
Deferred financing costs, net and other		(21,981)		(30,119)
Total, net		$	5,639,151	$	5,639,897
Unsecured Debt:
Senior unsecured notes	3.50%	$	450,000	$	450,000
Deferred financing costs, net and other		(3,518)		(4,128)
Senior unsecured notes, net		446,482		445,872

Unsecured term loan	3.70%	800,000		750,000
Deferred financing costs, net and other		(3,501)		(4,160)
Unsecured term loan, net		796,499		745,840

Unsecured revolving credit facilities	1.05%	575,000		575,000

Total, net		$	1,817,981	$	1,766,712