Mortgage Notes and Revolving Credit Facility (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties

The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of September 30, 2023 and December 31, 2022 ($ in thousands):

				Principal Balance Outstanding(3)(4)
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date(2)	Maximum Facility Size	September 30, 2023			December 31, 2022
Fixed rate loans
Fixed rate mortgages	3.13%	January 2031	N/A	$	3,200,228		$	3,843,346
Total fixed rate loans					3,200,228			3,843,346
Variable rate loans
Floating rate mortgages	B + 1.86%	June 2027	N/A		9,916,307			10,445,553
Variable rate revolving credit facility(5)	B + 1.85%	December 2023	$800,000		175,000			175,000
Total variable rate loans					10,091,307			10,620,553
Total loans secured by the Company’s     properties					13,291,535			14,463,899
Deferred financing costs, net					(77,730	)		(102,064	)
Discount on assumed debt, net					(6,462	)		(6,377	)
Mortgage notes and revolving credit facility, net				$	13,207,343		$	14,355,458

(1)The symbol “B” refers to the relevant floating benchmark rates, which includes 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)Excludes a total of $203.7 million of mortgage loans on properties classified as held-for-sale as of September 30, 2023. As of December 31, 2022, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale.

(5)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.

Summary of Future Principal Payment Under Company's Mortgage Notes and Revolving Credit Facility

The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of September 30, 2023 ($ in thousands):

Year	Amount
2023 (remaining)	$	176,656
2024		774,405
2025		927,694
2026		4,825,465
2027		2,067,129
Thereafter		4,520,186
Total	$	13,291,535