Mortgage Notes and Revolving Credit Facility

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Mortgage Notes and Revolving Credit Facility

6.Mortgage Notes and Revolving Credit Facility

The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties ($ in thousands):

					Principal Balance Outstanding(3)
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date(2)	Maximum Facility Size		December 31, 2022			December 31, 2021
Fixed rate loans
Fixed rate mortgages	3.06%	December 2030	N/A		$	3,843,346		$	3,110,689
Total fixed rate loans						3,843,346			3,110,689
Variable rate loans
Floating rate mortgages	L + 1.84%	May 2027	N/A			10,445,553			7,052,819
Variable rate revolving credit facility(4)	L + 1.85%	December 2025	$	800,000		175,000			1,190,683
Total variable rate loans						10,620,553			8,243,502
Total loans secured by the Company’s     properties						14,463,899			11,354,191
Deferred financing costs, net						(102,064	)		(80,410	)
(Discount) premium on assumed debt, net						(6,377	)		630
Mortgage notes and revolving credit facility, net					$	14,355,458		$	11,274,411

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(1)The term “L” refers to the relevant floating benchmark rates, which includes one-month LIBOR, one-month SOFR, Federal Reserve Bank of New York (“NYFED”) 30 day SOFR, three-month Euro Interbank Offered Rate (“EURIBOR”) and three-month Copenhagen Interbank Offered Rate (“CIBOR”), as applicable to each loan.

(2)For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.

(3)The majority of the Company’s mortgages contain prepayment provisions including (but not limited to) lockout periods, yield or spread maintenance provisions and fixed penalties.

(4)The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.

The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2022 ($ in thousands):

Year	Amount
2023	$	43,175
2024		736,436
2025		1,652,590
2026		4,825,366
2027		2,070,914
Thereafter		5,135,418
Total	$	14,463,899

Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $71.8 million for leasing commissions, tenant and building improvements.

The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of material noncompliance with financial covenants as of December 31, 2022.