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

6 Months Ended

Jun. 30, 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):

	June 30, 2025				Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date (2)(3)	Maximum Facility Size		June 30, 2025		December 31, 2024
Fixed rate loans:
Fixed rate mortgages(4)	3.8%	3/23/2030	N/A		$	20,980,896	$	21,645,080
Variable rate loans:
Variable rate mortgages and secured term loans	+2.3%	5/22/2028	N/A		32,907,515		32,006,218
Variable rate secured revolving credit facilities	+1.9%	4/17/2028	$	3,490,870	2,878,088		3,490,870
Variable rate warehouse facilities(5)	+2.1%	7/17/2028	$	2,785,986	1,893,431		1,929,037
Total variable rate loans	+2.3%	5/22/2028			37,679,034		37,426,125
Total loans secured by real estate	5.5%	1/17/2029			58,659,930		59,071,205
(Discount) premium on assumed debt, net					(92,900)		(96,048)
Deferred financing costs, net					(413,237)		(434,922)
Mortgage loans, secured term loans, and secured revolving credit facilities, net					$	58,153,793	$	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 June 30, 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 $22.1 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 $246.4 million and $261.6 million of loans related to investments in affordable housing properties as of June 30, 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 June 30, 2025 ($ in thousands):

Year	Amount
2025 (remaining)	$	259,233
2026	12,030,318
2027	16,517,117
2028	5,689,702
2029	11,403,056
2030	5,185,494
Thereafter	7,575,010
Total	$	58,659,930