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

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Summary of Company's 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.

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, 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