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

3 Months Ended

Mar. 31, 2021

Summary of Company's 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.

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

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details