Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company’s outstanding debt obligations consist of the following ($ in thousands):

	As of				Interest		Scheduled
	December 31, 2021		December 31, 2020		Rate(1)		Maturity Date(2)
Secured credit financing:
Mortgages	$	1,498,113	$	1,498,113	3.99	%	April 2027 to November 2069
Revolver(3)		—		215,000	N/A		N/A
Total secured credit financing(4)		1,498,113		1,713,113
Unsecured financing:
Unsecured Revolver		490,000		—	LIBOR plus 1.00	%	March 2026
2.80% senior notes		400,000		—	2.80	%	June 2031
2.85% senior notes		350,000		—	2.85	%	January 2032
Total unsecured financing		1,240,000		—
Total debt obligations		2,738,113		1,713,113
Debt premium, discount and deferred financing costs, net		(40,610)		(28,387)
Total debt obligations, net	$	2,697,503	$	1,684,726

(1) For mortgages, represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of December 31, 2021, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.23%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within "Accounts payable, accrued expenses, and other liabilities" on the Company’s consolidated balance sheets. As of December 31, 2021, the Company’s combined weighted average interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6) and the Company’s unsecured senior notes were 3.62% and 3.06%, respectively.

(2) Represents the extended maturity date for all debt obligations.

(3) This revolver was replaced in March 2021 with the Company’s Unsecured Revolver.

(4) As of December 31, 2021, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.

Schedule of Maturities of Long-term Debt

As of December 31, 2021, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company’s option, are as follows ($ in thousands):

	Secured		Unsecured		Total
2022	$	—	$	—	$	—
2023		—		—		—
2024		—		—		—
2025		—		—		—
2026		—		490,000		490,000
Thereafter(1)		1,498,113		750,000		2,248,113
Total principal maturities		1,498,113		1,240,000		2,738,113
Debt premium, discount and deferred financing costs, net		(27,744)		(12,866)		(40,610)
Total debt obligations, net	$	1,470,369	$	1,227,134	$	2,697,503

(1) As of December 31, 2021, the Company’s weighted average maturity for its secured mortgages was 29.5 years.