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Debt
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Debt
Debt
On February 28, 2020, we increased our unsecured term loan balance to $800,000,000 (from $750,000,000) by exercising an accordion feature. Pursuant to an existing swap agreement, $750,000,000 of the loan bears interest at a fixed rate of 3.87% through October 2023, and the balance of $50,000,000 floats at a rate of LIBOR plus 1.00% (1.18% as of June 30, 2020). The entire $800,000,000 will float thereafter for the duration of the loan through February 2024.
The following is a summary of our debt:
(Amounts in thousands)
Weighted Average Interest Rate at
June 30, 2020
 
Balance as of
 
 
June 30, 2020
 
December 31, 2019
Mortgages Payable:
 
 
 
 
 
Fixed rate
3.52%
 
$
4,589,860

 
$
4,601,516

Variable rate
1.76%
 
1,072,797

 
1,068,500

Total
3.19%
 
5,662,657

 
5,670,016

Deferred financing costs, net and other
 
 
(24,305
)
 
(30,119
)
Total, net
 
 
$
5,638,352

 
$
5,639,897

Unsecured Debt:
 
 
 
 
 
Senior unsecured notes
3.50%
 
$
450,000

 
$
450,000

Deferred financing costs, net and other
 
 
(3,721
)
 
(4,128
)
Senior unsecured notes, net
 
 
446,279

 
445,872

 
 
 
 
 
 
Unsecured term loan
3.70%
 
800,000

 
750,000

Deferred financing costs, net and other
 
 
(3,764
)
 
(4,160
)
Unsecured term loan, net
 
 
796,236

 
745,840

 
 
 
 
 
 
Unsecured revolving credit facilities
1.09%
 
1,075,000

 
575,000

 
 
 
 
 
 
Total, net
 
 
$
2,317,515

 
$
1,766,712