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Debt | 3 Months Ended
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Mar. 31, 2021
Debt |
Debt | 7.Debt Mortgages Payable The following is a summary of mortgages payable: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Weighted Average | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | ​ | ​
​ |  | Interest Rate (1) |  | ​ | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | ​ | (In thousands)
Variable rate (2) |  | 2.15% | ​ | ​ | $ | 677,246 | ​ | $ | 678,346
Fixed rate (3) |  | 4.32% | ​ | ​ |  | 924,389 | ​ |  | 925,523
Mortgages payable | ​ | ​ | ​ | ​ |  | 1,601,635 | ​ |  | 1,603,869
Unamortized deferred financing costs and premium/ discount, net (4) | ​ | ​ | ​ | ​ |  | (9,752) | ​ |  | (10,131)
Mortgages payable, net | ​ | ​ | ​ | ​ | $ | 1,591,883 | ​ | $ | 1,593,738
(1) | Weighted average effective interest rate as of March 31, 2021.
(2) | Includes variable rate mortgages payable with interest rate cap agreements.
(3) | Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
(4) | As of March 31, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.6 million were included in "Other assets, net."
As of March 31, 2021 and December 31, 2020, the net carrying value of real estate collateralizing our mortgages payable totaled $1.8 billion. Our mortgages payable contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. Certain mortgages payable are recourse to us. See Note 17 for additional information. As of March 31, 2021 and December 31, 2020, we had various interest rate swap and cap agreements on certain mortgages payable with an aggregate notional value of $1.3 billion. See Note 15 for additional information. Credit Facility As of March 31, 2021 and December 31, 2020, our $1.4 billion credit facility consisted of a $1.0 billion revolving credit facility maturing in January 2025, a $200.0 million unsecured term loan ("Tranche A-1 Term Loan") maturing in January 2023 and a $200.0 million unsecured term loan ("Tranche A-2 Term Loan") maturing in July 2024. The following is a summary of amounts outstanding under the credit facility:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Effective | ​ | ​ | ​
​ |  | Interest Rate (1) |  | ​ | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | ​ | (In thousands)
Revolving credit facility (2) (3) (4) |  | 1.16% | ​ | ​ | $ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tranche A-1 Term Loan (5) |  | 2.59% | ​ | ​ | $ | 200,000 | ​ | $ | 200,000
Tranche A-2 Term Loan (6) |  | 2.49% | ​ | ​ |  | 200,000 | ​ |  | 200,000
Unsecured term loans |  |  | ​ | ​ |  | 400,000 | ​ |  | 400,000
Unamortized deferred financing costs, net |  |  | ​ | ​ |  | (1,849) | ​ |  | (2,021)
Unsecured term loans, net |  |  | ​ | ​ | $ | 398,151 | ​ | $ | 397,979
(1) | Effective interest rate as of March 31, 2021.
(2) | As of March 31, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.5 million were outstanding under our revolving credit facility.
(3) | As of March 31, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $6.2 million and $6.7 million were included in "Other assets, net."
(4) | The interest rate for our revolving credit facility excludes a 0.15% facility fee.
(5) | As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39%.
(6) | As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34%.

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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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