Our balances for long-term debt and finance lease obligations are as follows (in thousands):

	December 31,
	2020		2019
Revolving credit facility	$	513,180	$	519,000
Finance lease obligations		20,007		22,630
Total debt and finance lease obligations		533,187		541,630
Current portion		2,631		2,471
Noncurrent portion		530,556		539,159
Deferred financing costs, net		3,257		4,300
Noncurrent portion, net of deferred financing costs	$	527,299	$	534,859

As of December 31, 2020, future principal payments on debt and future minimum rental payments on finance lease obligations were as follows (in thousands):

	Debt		Finance Lease Obligations		Total
2021	$	—	$	3,245	$	3,245
2022		—		3,345		3,345
2023		—		3,446		3,446
2024		513,180		3,548		516,728
2025		—		3,652		3,652
Thereafter		—		5,019		5,019
Total future payments		513,180		22,255		535,435
Less interest component		—		2,248		2,248
		513,180		20,007		533,187
Current portion		—		2,631		2,631
Long-term portion	$	513,180	$	17,376	$	530,556

Our borrowings under the revolving credit facility had a weighted-average interest rate of 1.93% as of December 31, 2020 (LIBOR plus an applicable margin, which was 1.75% as of December 31, 2020). See Note 14 for information related to entering into interest rate swap contracts.

Letters of credit outstanding at December 31, 2020 and 2019 totaled $4.0 million and $5.4 million, respectively. The amount of availability under the credit facility at December 31, 2020, after taking into consideration debt covenant restrictions, was $188.1 million.

The credit facility is a $750 million senior secured revolving credit facility, maturing in April 2024. The facility can be increased from time to time upon our written request, subject to certain conditions, up to an additional $300 million. The aggregate amount of the outstanding loans and letters of credit under the credit facility cannot exceed the combined revolving commitments then in effect. All obligations under the credit facility are secured by substantially all of the Partnership’s assets.

Borrowings under the credit facility bear interest, at the Partnership’s option, at (1) a rate equal to LIBOR for interest periods of one, two, three or six months (or, if consented to by all lenders, for such other period that is twelve months or a period shorter than one month), plus a margin ranging from 1.50% to 2.50% per annum depending on our consolidated leverage ratio (as defined in the credit facility) or (2) (a) a base rate equal to the greatest of, (i) the federal funds rate, plus 0.5% per annum, (ii) LIBOR for one month interest periods, plus 1.00% per annum or (iii) the rate of interest established by the agent, from time to time, as its prime rate, plus (b) a margin ranging from 0.50% to 1.50% per annum depending on our consolidated leverage ratio. In addition, we incur a commitment fee based on the unused portion of the credit facility at a rate ranging from 0.25% to 0.45% per annum depending on our consolidated leverage ratio.

We also have the right to borrow swingline loans under the credit facility in an amount up to $35.0 million. Swingline loans will bear interest at the base rate plus the applicable base rate margin.

Standby letters of credit are permissible under the credit facility up to an aggregate amount of $65.0 million. Standby letters of credit are subject to a 0.125% fronting fee and other customary administrative charges. Standby letters of credit will accrue a fee at a rate based on the applicable margin of LIBOR loans.

The credit facility contains certain financial covenants. We are required to maintain a consolidated leverage ratio for the most recently completed four fiscal quarters of 4.75 to 1.00. Such threshold is increased to 5.50 to 1.00 for the quarter during a specified acquisition period (as defined in the credit facility). Upon the occurrence of a qualified note offering (as defined in the credit facility), the consolidated leverage ratio when not in a specified acquisition period is increased to 5.25 to 1.00, while the specified acquisition period threshold remains 5.50 to 1.00. Upon the occurrence of a qualified note offering, we are also required to maintain a consolidated senior secured leverage ratio (as defined in the credit facility) for the most recently completed four fiscal quarter period of not greater than 3.75 to 1.00. Such threshold is increased to 4.00 to 1.00 for the quarter during a specified acquisition period. We are also required to maintain a consolidated interest coverage ratio (as defined in the credit facility) of at least 2.50 to 1.00. As of December 31, 2020, we were in compliance with these financial covenants.

The credit facility prohibits us from making cash distributions to our unitholders if any event of default occurs or would result from the distribution.

In May 2012, the Predecessor Entity entered into a 15-year master lease agreement with renewal options of up to an additional 20 years with Getty Realty Corporation. Since then, the agreement has been amended from time to time to add or remove retail sites. As of December 31, 2020, we lease 113 sites under this lease with a weighted-average remaining lease term of 6.3 years. We pay fixed rent, which increases 1.5% per year. In addition, the lease requires variable lease payments based on gallons of motor fuel sold.

Because the fair value of the land at lease inception was estimated to represent more than 25% of the total fair value of the real property subject to the lease, the land element of the lease was analyzed for operating or capital treatment separately from the rest of the property subject to the lease. The land element of the lease was classified as an operating lease and all of the other property was classified as a capital lease. This assessment was not required to be reassessed upon adoption of ASC 842. As such, future minimum rental payments are included in both the finance lease obligations table above as well as the operating lease table in Note 15.

The weighted-average discount rate for this finance lease obligation at December 31, 2020 was 3.5%. Interest on this finance lease obligation amounted to $0.7 million and $0.8 million for 2020 and 2019, respectively.