Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

9 Months Ended

Sep. 30, 2020

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

6. Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

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

							Principal Balance Outstanding⁽³⁾
Indebtedness	Weighted Average Interest Rate⁽¹⁾		Weighted Average Maturity Date⁽²⁾		Maximum Facility Size		September 30, 2020			December 31, 2019
Fixed rate loans:
Fixed rate mortgages	3.8%		7/15/2027		N/A		$	12,713,738		$	12,424,717
Mezzanine loan		—		—				—			195,878
Total fixed rate loans	3.8%		7/15/2027					12,713,738			12,620,595
Variable rate loans:
Floating rate mortgages	L+1.8%		2/8/2026		N/A			3,209,340			1,826,435
Variable rate term loans	L+1.7%		2/11/2024		N/A			1,639,495			1,533,561
Variable rate secured revolving credit facilities		—		—	$	2,339,495		—			1,063,837
Variable rate mezzanine loans	L+4.3%		4/9/2025		N/A			142,200			—
Total variable rate loans	L+1.8%		6/5/2025					4,991,035			4,423,833
Total loans secured by the Company's properties	3.3%		2/18/2027					17,704,773			17,044,428
Premium on assumed debt, net								9,758			10,794
Deferred financing costs, net								(135,499	)		(125,563	)
Mortgage notes, term loans, and secured revolving credit facilities, net							$	17,579,032		$	16,929,659

⁽¹⁾	The term “L” refers to the one-month LIBOR.

⁽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.

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, 2020 ($ in thousands):

Year	Amount
2020 (remaining)	$	1,790
2021		49,102
2022		553,191
2023		495,174
2024		2,895,943
2025		3,675,311
Thereafter		10,034,262
Total	$	17,704,773

During the three and nine months ended September 30, 2020, the Company paid off certain of its loans at carrying value in conjunction with the sale of the underlying property or a refinancing. As such, the Company incurred a realized loss on extinguishment of debt of $5.3 million and $6.5 million for the three and nine months ended September 30, 2020, respectively, resulting from the acceleration of related deferred financing costs, prepayment penalties and transactions costs, which are recorded on the Company’s Condensed Consolidated Statements of Operations.

The Company is subject to various financial and operational covenants pursuant to certain of the executed mortgage notes, term loans, and secured revolving credit facilities agreements. These covenants require the Company, to maintain certain financial ratios, which may include leverage, debt yield, and debt service coverage, among others. As of September 30, 2020, the Company believes it was in compliance with all of its loan covenants. The Company’s continued compliance with these covenants depends on many factors and could be impacted by current or future economic conditions associated with the COVID-19 pandemic.