Debt Obligations, net (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The Company’s outstanding debt obligations consist of the following ($ in thousands):

	As of				Interest		Scheduled
	September 30, 2024		December 31, 2023		Rate(1)		Maturity Date(2)
Secured credit financing:
Mortgages	$	1,498,113	$	1,498,113	3.99	%	April 2027 to November 2069
Total secured credit financing(3)		1,498,113		1,498,113
Unsecured financing:
2.80% senior notes		400,000		400,000	2.80	%	June 2031
2.85% senior notes		350,000		350,000	2.85	%	January 2032
6.10% senior notes		300,000		—	6.10	%	April 2034
3.98% senior notes		475,000		475,000	3.98	%	February 2052
5.15% senior notes		158,109		156,042	5.15	%	May 2052
2024 Unsecured Revolver		1,061,000		—	Adjusted SOFR plus 0.85	%	May 2029
2021 Unsecured Revolver		—		1,117,000	Adjusted SOFR plus 0.90	%	N/A
Trust preferred securities		100,000		100,000	Adjusted SOFR plus 1.50	%	October 2035
Total unsecured financing		2,844,109		2,598,042
Total debt obligations		4,342,222		4,096,155
Debt premium, discount and deferred financing costs, net		(46,549)		(41,790)
Total debt obligations, net	$	4,295,673	$	4,054,365

(1) For mortgages, represents the weighted average stated interest rate over the term of the debt from funding through maturity based on the contractual payments owed excluding the effect of debt premium, discount and deferred financing costs. As of September 30, 2024, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.34%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of September 30, 2024, the Company’s combined weighted average stated interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 7), unsecured senior notes and trust preferred securities were 4.04% and 3.58%, respectively.

(2) Represents the extended maturity date for all debt obligations.

(3) As of September 30, 2024, $2.1 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.

Schedule of Maturities of Long-term Debt

Future Scheduled Maturities—As of September 30, 2024, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company’s option, are as follows ($ in thousands):

	Secured(1)		Unsecured		Total
2024 (remaining three months)	$	—	$	—	$	—
2025		—		—		—
2026		—		—		—
2027		237,000		—		237,000
2028		79,193		—		79,193
Thereafter		1,181,920		2,844,109		4,026,029
Total principal maturities		1,498,113		2,844,109		4,342,222
Debt premium, discount and deferred financing costs, net		(26,416)		(20,133)		(46,549)
Total debt obligations, net	$	1,471,697	$	2,823,976	$	4,295,673

(1) As of September 30, 2024, the Company’s weighted average maturity for its secured mortgages was 26.8 years.