Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

3 Months Ended

Mar. 31, 2021

Mortgage Notes, Term Loans, and Secured Revolving Credit Facilities

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

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

							Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate⁽¹⁾		Weighted Average Maturity Date⁽²⁾⁽³⁾		Maximum Facility Size		March 31, 2021			December 31, 2020
Fixed rate loans:
Fixed rate mortgages	3.8%		8/25/2027		N/A		$	13,020,170		$	13,124,595
Mezzanine loans		—		—				—			—
Total fixed rate loans	3.8%		8/25/2027					13,020,170			13,124,595
Variable rate loans:
Floating rate mortgages	L+1.8%		3/16/2026		N/A			4,790,933			4,544,044
Variable rate term loans	L+1.7%		3/18/2024		N/A			1,795,520			1,761,920
Variable rate secured revolving credit facilities	L+1.8%		4/9/2026		$	2,195,520		33,600			481,725
Variable rate mezzanine loans	L+3.6%		1/15/2025		N/A			131,100			202,200
Total variable rate loans	L+1.8%		8/26/2025					6,751,153			6,989,889
Total loans secured by the Company's properties	3.1%		12/19/2026					19,771,323			20,114,484
Premium on assumed debt, net								14,673			15,191
Deferred financing costs, net								(147,285	)		(153,514	)
Mortgage notes, term loans, and secured revolving credit facilities, net							$	19,638,711		$	19,976,161

⁽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 details the future principal payments due under the Company’s mortgage notes, term loans, and secured revolving credit facilities as of March 31, 2021 ($ in thousands):

Year	Amount
2021 (remaining)	$	8,325
2022		523,255
2023		491,803
2024		3,042,878
2025		4,197,090
2026		3,598,216
Thereafter		7,909,756
Total	$	19,771,323

During the three months ended March 31, 2021 and 2020, the Company repaid 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 $3.4 million and $1.2 million for the three months ended March 31, 2021 and 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 facility 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 March 31, 2021, the Company believes it was in compliance with all of its loan covenants that could result in a default under such agreements, and with respect to the other financial ratio-based covenants, the Company has provided limited guarantees of excess cash to allow the applicable properties to continue to distribute cash up to the Company. 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.