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

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

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

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

	March 31, 2025				Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date (2)(3)	Maximum Facility Size		March 31, 2025		December 31, 2024
Fixed rate loans:
Fixed rate mortgages(4)	3.8%	2/19/2030	N/A		$	21,069,972	$	21,645,080
Variable rate loans:
Variable rate mortgages and secured term loans	+2.3%	3/25/2028	N/A		32,845,166		32,006,218
Variable rate warehouse facilities(5)	+2.1%	7/16/2028	$	2,785,986	1,907,905		1,929,037
Variable rate secured revolving credit facilities	+1.9%	4/4/2028	$	3,575,831	3,575,831		3,490,870
Total variable rate loans	+2.3%	3/28/2028			38,328,902		37,426,125
Total loans secured by real estate	5.6%	11/22/2028			59,398,874		59,071,205
(Discount) premium on assumed debt, net					(93,728)		(96,048)
Deferred financing costs, net					(425,573)		(434,922)
Mortgage loans, secured term loans, and secured revolving credit facilities, net					$	58,879,573	$	58,540,235

(1)“+” means that the figure represents a spread over the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan. As of March 31, 2025, the Company had outstanding interest rate swaps with an aggregate notional balance of $32.4 billion and interest rate caps with an aggregate notional balance of $18.7 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.

(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 $251.3 million and $261.6 million of loans related to investments in affordable housing properties as of March 31, 2025 and December 31, 2024, 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 warehouse facilities require additional collateral, which are subject to lender approval.

Schedule 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 loans, secured term loans, and secured revolving credit facilities as of March 31, 2025 ($ in thousands):

Year	Amount
2025 (remaining)	$	323,121
2026	12,656,608
2027	17,594,240
2028	5,822,453
2029	12,379,198
2030	3,635,436
Thereafter	6,987,818
Total	$	59,398,874