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Debt Obligations | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Debt Obligations |
8. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, on our debt obligations as of September 30, 2019 and December 31, 2018 (dollars in thousands):
| Interest Rate(1) |  | September 30, 2019 |  | December 31, 2018
Revolving credit facility(2) | LIBOR + 1.40% |  | $ | — |  |  | $ | 73,359 |
Term loans(3) | 2.06% - 4.59% |  | 1,918,410 |  |  | 1,858,410 |
Secured portfolio loan facility | 3.52% |  | 195,000 |  |  | 195,000 |
Mortgages | 3.45% - 7.91% |  | 327,027 |  |  | 334,117 |
Finance lease liability |  |  | 517 |  |  | 552 |
Assumed market debt adjustments, net |  |  | (3,473 | ) |  | (4,571 | )
Deferred financing expenses, net |  |  | (15,924 | ) |  | (18,041 | )
Total |  |  | $ | 2,421,557 |  |  | $ | 2,438,826 |
(1) | Interest rates are as of September 30, 2019.
(2) | The gross borrowings and payments under our revolving credit facility were $116.6 million and $190.0 million, respectively, during the nine months ended September 30, 2019. The gross borrowings and payments under our revolving credit facility were $219.0 million and $225.0 million, respectively, during the nine months ended September 30, 2018.
(3) | Our term loans carry an interest rate of LIBOR plus a spread. While most of the rates are fixed through the use of swaps, there is still a portion of these loans that is not fixed through a swap, and thus is still indexed to LIBOR.
In May 2019, we executed a $60 million delayed draw feature on one of our term loans. We used the proceeds from this draw to pay down our revolving credit facility. In September 2019, we repriced a $200 million term loan, lowering the interest rate spread from 1.75% over LIBOR to 1.25% over LIBOR, while maintaining the current maturity of September 2024. In October 2019, we repriced a $175 million term loan from a spread of 1.75% over LIBOR to 1.25% over LIBOR, while maintaining the current maturity of October 2024. As of September 30, 2019 and December 31, 2018, the weighted-average interest rate, including the effect of derivative financial instruments, for all of our debt obligations was 3.5%. The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments and deferred financing expenses, net, as of September 30, 2019 and December 31, 2018, is summarized below (in thousands):
| September 30, 2019 |  | December 31, 2018
As to interest rate:(1) |  |  |
Fixed-rate debt | $ | 1,924,544 |  |  | $ | 2,216,669 |
Variable-rate debt | 516,410 |  |  | 244,769 |
Total | $ | 2,440,954 |  |  | $ | 2,461,438 |
As to collateralization: |  |  |
Unsecured debt | $ | 1,918,410 |  |  | $ | 1,931,769 |
Secured debt | 522,544 |  |  | 529,669 |
Total | $ | 2,440,954 |  |  | $ | 2,461,438 |
(1) | Includes the effects of derivative financial instruments (see Notes 9 and 15).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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