Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Company's Mortgage Notes, Term Loans and Secured Revolving Credit Facilities

The following table is a summary of the Company’s mortgage notes, term loans, and secured revolving credit facilities ($ in thousands):

					Principal Balance Outstanding(3)
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date(2)(3)	Maximum Facility Size		September 30, 2019			December 31, 2018
Fixed rate
Fixed rate mortgages	3.85%	6/27/2026	N/A		$	9,019,813		$	4,782,326
Mezzanine loan	5.85%	4/5/2025	N/A			195,878			200,000
Total fixed rate loans	3.90%	6/17/2026				9,215,691			4,982,326
Variable rate
Floating rate mortgages	L+1.71%	7/23/2025	N/A			1,540,166			675,116
Variable rate term loans	L+1.59%	12/15/2023	N/A			1,432,479			603,500
Variable rate secured revolving credit facilities	L+1.49%	5/18/2025	$	2,132,479		1,178,979			624,200
Total variable rate loans	L+1.60%	12/14/2024				4,151,624			1,902,816
Total loans secured by the Company's properties	3.83%	12/28/2025				13,367,315			6,885,142
Deferred financing costs, net						(127,494	)		(53,546	)
Premium on assumed debt, net						10,718			1,673
Mortgage notes, term loans, and secured revolving credit facilities, net					$	13,250,539		$	6,833,269

⁽¹⁾ The term “L” refers to the one-month LIBOR. As of September 30, 2019, one-month LIBOR was equal to 2.0%.

⁽²⁾ For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed.

⁽³⁾ The majority of the Company’s mortgages contain yield or spread maintenance provisions.

Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of September 30, 2019 ($ in thousands):

Year	Amount
2019 (remaining)	$	15,223
2020		98,938
2021		48,859
2022		551,874
2023		409,617
2024		3,702,912
Thereafter		8,539,892
Total	$	13,367,315