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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs
The principal amount of the Company’s outstanding debt totaled approximately $1.1 billion at June 30, 2021, of which approximately $957.1 million was fixed-rate debt and approximately $184.0 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of June 30, 2021.
At June 30, 2021, the Company had a $400.0 million credit facility comprised of a $325.0 million revolving facility and a $75.0 million term loan. As of June 30, 2021, the applicable spread for borrowings was 140 basis points under the revolving credit facility and 135 basis points under the term loan. Letters of credit may be issued under the revolving credit facility. As of June 30, 2021, based on the value of the Company’s unencumbered properties, approximately $215.8 million was available under the revolving credit facility, $109.0 million was outstanding and approximately $185,000 was committed for letters of credit.
On January 5, 2021, the Company repaid in full the remaining principal balance of $6.1 million of the mortgage loan secured by Jamestown Place, which was scheduled to mature in February 2021.
On June 11, 2021, the Company repaid in full the remaining principal balance of $5.0 million of the mortgage loan secured by Hunt Club Corners, which was scheduled to mature in August 2021.
Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $3.3 million of the $65.6 million outstanding balance at June 30, 2021, which guarantee will be reduced to zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.8 million of the $30.1 million outstanding balance at June 30, 2021), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $24.7 million outstanding balance at June 30, 2021), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.5 million outstanding balance at June 30, 2021), (e) the Ashbrook Marketplace mortgage (totaling $21.7 million at June 30, 2021), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands Pad (totaling $29.4 million at June 30, 2021). All other notes payable are non-recourse.
At December 31, 2020, the principal amount of the Company’s outstanding debt totaled approximately $1.2 billion, of which $980.8 million was fixed rate debt and $179.5 million was variable rate debt, including $104.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of December 31, 2020.
At June 30, 2021, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(In thousands)Balloon
Payments		Scheduled
Principal
Amortization		Total
July 1 through December 31, 2021$— $15,263 $15,263 
2022145,502 (a)31,016 176,518 
202384,225 31,481 115,706 
202466,164 30,866 97,030 
202520,363 27,860 48,223 
2026134,088 24,333 158,421 
Thereafter437,673 92,253 529,926 
Principal amount$888,015 $253,072 1,141,087 
Unamortized deferred debt costs8,528 
Net$1,132,559 

(a) Includes $109.0 million outstanding under the revolving credit facility.

Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $8.5 million and $9.3 million, net of accumulated amortization of $9.1 million and $8.7 million, at June 30, 2021 and December 31, 2020, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets.
Interest expense, net and amortization of deferred debt costs for the three and six months ended June 30, 2021 and 2020, were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2021202020212020
Interest incurred$12,900 $12,837 $25,582 $25,856 
Amortization of deferred debt costs406 387 811 760 
Capitalized interest(1,647)(1,137)(2,742)(4,905)
Interest expense11,659 12,087 23,651 21,711 
Less: Interest income2 68 5 98 
Interest expense, net and amortization of deferred debt costs$11,657 $12,019 $23,646 $21,613