XML 81 R58.htm IDEA: XBRL DOCUMENT v3.22.4
Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Principal Balance Outstanding [1] $ 14,463,899 $ 11,354,191
Deferred financing costs, net [1] (102,064) (80,410)
(Discount) premium on assumed debt, net [1] (6,377) 630
Mortgage notes and revolving credit facility, net [1] 14,355,458 11,274,411
Fixed Rate Loans    
Debt Instrument [Line Items]    
Principal Balance Outstanding [1] 3,843,346 3,110,689
Variable Rate Loans    
Debt Instrument [Line Items]    
Principal Balance Outstanding [1] 10,620,553 8,243,502
Variable Rate Revolving Credit Facilities | Variable Rate Loans    
Debt Instrument [Line Items]    
Maximum Facility Size [2] 800,000  
Principal Balance Outstanding [1],[2] $ 175,000 1,190,683
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average    
Debt Instrument [Line Items]    
Weighted Average Maturity Date [2],[3] 2025-12  
Variable Rate Revolving Credit Facilities | One-Month LIBOR | Variable Rate Loans | Weighted Average    
Debt Instrument [Line Items]    
Debt instrument, interest rate description [2],[4] L + 1.85%  
Debt Instrument, Basis Spread on Variable Rate [2],[4] 1.85%  
Fixed Rate Mortgages | Fixed Rate Loans    
Debt Instrument [Line Items]    
Weighted Average Interest Rate [4] 3.06%  
Principal Balance Outstanding [1] $ 3,843,346 3,110,689
Floating Rate Mortgages | Fixed Rate Loans | Weighted Average    
Debt Instrument [Line Items]    
Weighted Average Maturity Date [3] 2030-12  
Floating Rate Mortgages | Variable Rate Loans    
Debt Instrument [Line Items]    
Principal Balance Outstanding [1] $ 10,445,553 $ 7,052,819
Floating Rate Mortgages | Variable Rate Loans | Weighted Average    
Debt Instrument [Line Items]    
Weighted Average Maturity Date [3] 2027-05  
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average    
Debt Instrument [Line Items]    
Debt instrument, interest rate description [4] L + 1.84%  
Debt Instrument, Basis Spread on Variable Rate [4] 1.84%  
[1] 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.
[2] 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.
[3] For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.
[4] 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.