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Debt (Tables)

9 Months Ended

Sep. 30, 2021

Mortgages Payable

Debt Instrument [Line Items]

Summary of debt

​

​	​	​	​	​	​	​	​	​	​
​	​	Weighted Average	​	​	​	​	​	​	​
​	​	Effective	​	​	​
​		Interest Rate (1)		​	September 30, 2021			December 31, 2020
​	​	​	​	​	(In thousands)
Variable rate (2)		2.08%	​	​	$	762,246	​	$	678,346
Fixed rate (3)		4.32%	​	​		922,161	​		925,523
Mortgages payable	​	​	​	​		1,684,407	​		1,603,869
Unamortized deferred financing costs and premium / discount, net (4)		​	​	​		(10,122)	​		(10,131)
Mortgages payable, net	​	​	​	​	$	1,674,285	​	$	1,593,738

(1) Weighted average effective interest rate as of September 30, 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 September 30, 2021, net deferred financing costs related to an unfunded mortgage loan totaling $4.0 million were included in "Other assets, net."

Credit Facility

Debt Instrument [Line Items]

Summary of debt

​	​	​	​	​	​	​	​	​	​
​	​	Effective	​	​	​
​		Interest Rate (1)		​	September 30, 2021			December 31, 2020
​	​	​	​	​	(In thousands)
Revolving credit facility (2) (3) (4)		1.13%	​	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
Tranche A-1 Term Loan (5)		2.59%	​	​	$	200,000	​	$	200,000
Tranche A-2 Term Loan (5)		2.49%	​	​		200,000	​		200,000
Unsecured term loans			​	​		400,000	​		400,000
Unamortized deferred financing costs, net			​	​		(1,507)	​		(2,021)
Unsecured term loans, net			​	​	$	398,493	​	$	397,979

(1) Effective interest rate as of September 30, 2021.

(2) As of September 30, 2021 and December 31, 2020, letters of credit with an aggregate face amount of $1.4 million and $1.5 million were outstanding under our revolving credit facility.

(3) As of September 30, 2021 and December 31, 2020, net deferred financing costs related to our revolving credit facility totaling $5.4 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 September 30, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements. The interest rate swaps mature concurrently with the respective term loan and provide a weighted average interest rate of 1.39% for the Tranche A-1 Term Loan and 1.34% for the Tranche A-2 Term Loan.

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