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

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

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

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

	June 30, 2023				Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date (2)(3)	Maximum Facility Size		June 30, 2023		December 31, 2022
Fixed rate loans:
Fixed rate mortgages(4)	3.7%	1/19/2029	N/A		$	24,451,340	$	25,152,361
Variable rate loans:
Variable rate mortgages and secured term loans	+2.4%	2/27/2027	N/A		33,597,507		34,141,570
Variable rate secured revolving credit facilities(5)	+1.6%	8/9/2025	$	3,901,900	565,207		2,608,778
Variable rate warehouse facilities(6)	+2.0%	9/27/2025	$	4,388,249	3,620,786		3,728,340
Total variable rate loans	+2.3%	12/31/2026			37,783,500		40,478,688
Total loans secured by real estate	6.0%	10/22/2027			62,234,840		65,631,049
(Discount) premium on assumed debt, net					(116,086)		(121,435)
Deferred financing costs, net					(491,323)		(546,911)
Mortgage notes, secured term loans, and secured revolving credit facilities, net					$	61,627,431	$	64,962,703

(1)“+” refers to the relevant floating benchmark rates, which include one-month LIBOR, three-month LIBOR, 30-day SOFR, and one-month CDOR as applicable to each loan. As of June 30, 2023, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.3 billion and interest rate caps with an aggregate notional balance of $15.5 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives. The net weighted average interest rate including the impact of derivatives is 4.3%.

(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.

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

(4)Includes $343.4 million and $364.5 million of loans related to investments in affordable housing properties as of June 30, 2023 and December 31, 2022, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.

(5)Additional borrowings under the Company's variable rate secured revolving credit facilities are immediately available.

(6)Additional borrowings under the Company's variable rate warehouse facilities require additional collateral, which are subject to lender approval.

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, secured term loans, and secured revolving credit facilities as of June 30, 2023 ($ in thousands):

Year	Amount
2023 (remaining)	$	235,168
2024	3,885,772
2025	8,845,826
2026	16,071,333
2027	18,413,105
2028	3,586,371
Thereafter	11,197,265
Total	$	62,234,840