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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
The principal amount of the Company’s outstanding debt totaled approximately $1.1 billion at September 30, 2021, of which approximately $949.5 million was fixed-rate debt and approximately $198.0 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of September 30, 2021.
On August 31, 2021, the Company replaced its credit facility. The new credit facility, which can be used for working capital, property acquisitions, development projects or letters of credit, totals $525.0 million (the “New Facility”), of which $425.0 million is a revolving credit facility (the “Revolving Line”) and $100.0 million is a term loan (the “Term Loan”). The Revolving Line matures on August 29, 2025, which term may be extended by the Company for one additional year, subject to satisfaction of certain conditions. The Term Loan matures on February 26, 2027, and may not be extended. In general, loan availability under the New Facility is primarily determined by operating income from the Company’s existing unencumbered properties. Interest accrues at a rate of LIBOR plus a spread of 135 basis points to 195 basis points under the Revolving Line, and 130 basis points to 190 basis points under the Term Loan, each as determined by certain leverage tests. As of September 30, 2021, the applicable spread for borrowings is 140 basis points under the Revolving Line and 135 basis points under the Term Loan. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the New Facility. Letters of credit may be issued under the revolving credit facility. On September 30, 2021, based on the value of the Company’s unencumbered properties, approximately $228.2 million was available under the Revolving Line, $98.0 million was outstanding and approximately $185,000 was committed for letters of credit.
On January 5, 2021, the Company repaid in full the remaining principal balance of $6.1 million of the mortgage loan secured by Jamestown Place, which was scheduled to mature in February 2021.
On June 11, 2021, the Company repaid in full the remaining principal balance of $5.0 million of the mortgage loan secured by Hunt Club Corners, which was scheduled to mature in August 2021.
Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $3.3 million of the $65.1 million outstanding balance at September 30, 2021, which guarantee will be reduced to zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.7 million of the $29.9 million outstanding balance at September 30, 2021), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $24.4 million outstanding balance at September 30, 2021), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.5 million outstanding balance at September 30, 2021), (e) the Ashbrook Marketplace mortgage (totaling $21.5 million at September 30, 2021), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $29.2 million at September 30, 2021). All other notes payable are non-recourse.
At December 31, 2020, the principal amount of the Company’s outstanding debt totaled approximately $1.2 billion, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt, including $104.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of December 31, 2020.
At September 30, 2021, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(In thousands)Balloon
Payments		Scheduled
Principal
Amortization		Total
October 1 through December 31, 2021$— $7,679 $7,679 
202236,502 31,016 67,518 
20239,225 31,479 40,704 
202466,164 30,876 97,040 
2025118,363 (a)27,860 146,223 
2026134,088 24,333 158,421 
Thereafter537,673 92,253 629,926 
Principal amount$902,015 $245,496 1,147,511 
Unamortized deferred debt costs11,576 
Net$1,135,935 

(a) Includes $98.0 million outstanding under the Revolving Line.

Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $11.6 million and $9.3 million, net of accumulated amortization of $7.2 million and $8.7 million, at September 30, 2021 and December 31, 2020, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets.
Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2021 and 2020, were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2021202020212020
Interest incurred$12,481 $12,933 $38,062 $38,788 
Amortization of deferred debt costs425 402 1,237 1,163 
Capitalized interest(1,991)(909)(4,734)(5,813)
Interest expense10,915 12,426 34,565 34,138 
Less: Interest income1 28 6 127 
Interest expense, net and amortization of deferred debt costs$10,914 $12,398 $34,559 $34,011