Mortgage Notes and Credit Facility (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

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

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

				Principal Balance Outstanding(3)
Indebtedness	Weighted Average Interest Rate(1)	Weighted Average Maturity Date(2)	Maximum Facility Size	December 31, 2023			December 31, 2022
Fixed rate loans
Fixed rate mortgages	3.10%	March 2031	N/A	$	3,049,322		$	3,843,346
Total fixed rate loans					3,049,322			3,843,346
Variable rate loans
Floating rate mortgages	B + 1.84%	July 2027	N/A		9,893,894			10,445,553
Variable rate credit facility(4)	B + 2.25%	December 2024	$165,000		165,000			175,000
Total variable rate loans					10,058,894			10,620,553
Total loans secured by the Company’s     properties					13,108,216			14,463,899
Deferred financing costs, net					(73,066	)		(102,064	)
Discount on assumed debt, net					(6,240	)		(6,377	)
Mortgage notes and credit facility, net				$	13,028,910		$	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)The Company’s credit facility can be drawn upon to fund the acquisition of future real estate investments. The repayment of the credit facility is guaranteed by the Operating Partnership.

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

The following table presents the future principal payments under the Company’s mortgage notes and credit facility as of December 31, 2023 ($ in thousands):

Year	Amount
2024	$	901,408
2025		917,891
2026		4,693,742
2027		2,084,868
2028		228,847
Thereafter		4,281,460
Total	$	13,108,216