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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Summary of Debt | The following is a summary of amounts outstanding under the credit facility:
|  | Effective |  | December 31,
|  | Interest Rate (1) |  | 2019 |  | 2018
|  |  |  | (In thousands)
Revolving credit facility (2) (3) (4) |  | 2.86% |  | $ | 200,000 |  |  | $ | — |
Tranche A-1 Term Loan (5) |  | 3.32% |  | $ | 100,000 |  |  | $ | 100,000 |
Tranche A-2 Term Loan (5) |  | 3.74% |  | 200,000 |  |  | 200,000 |
Unsecured term loans |  |  |  | 300,000 |  |  | 300,000 |
Unamortized deferred financing costs, net |  |  |  | (2,705 | ) |  | (2,871 | )
Unsecured term loans, net |  |  |  | $ | 297,295 |  |  | $ | 297,129 |
__________________________
(1) | Interest rate as of December 31, 2019.
(2) | As of December 31, 2019 and 2018, letters of credit with an aggregate face amount of $1.5 million and $5.7 million were provided under our revolving credit facility.
(3) | As of December 31, 2019 and 2018, net deferred financing costs related to our revolving credit facility totaling $3.1 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 The following is a summary of mortgages payable:
|  | Weighted Average Effective Interest Rate (1) |  | December 31,
|  |  | 2019 |  | 2018
|  |  |  | (In thousands)
Variable rate (2) |  | 3.36% |  | $ | 2,200 |  |  | $ | 308,918 |
Fixed rate (3) |  | 4.29% |  | 1,125,648 |  |  | 1,535,734 |
Mortgages payable |  |  |  | 1,127,848 |  |  | 1,844,652 |
Unamortized deferred financing costs and premium/ discount, net |  |  |  | (2,071 | ) |  | (6,271 | )
Mortgages payable, net |  |  |  | $ | 1,125,777 |  |  | $ | 1,838,381 |
__________________________
(1) | Weighted average effective interest rate as of December 31, 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.
Schedule of Maturities of Long-term Debt [Table Text Block] | Principal Maturities Principal maturities of debt outstanding as of December 31, 2019, including mortgages payable, revolving credit facility and the term loans, are as follows:
Year ending December 31, |  | Amount
|  | (In thousands)
2020 |  | $ | 99,341 |
2021 |  | 296,227 |
2022 |  | 107,500 |
2023 |  | 273,961 |
2024 |  | 334,290 |
Thereafter |  | 516,529 |
Total |  | $ | 1,627,848 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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