XML 68 R53.htm IDEA: XBRL DOCUMENT v3.25.2
Mortgage Notes and Secured Credit Facilities - Summary of Mortgage Notes and Credit Facilities Secured by Company's Properties (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Jul. 31, 2024
May 31, 2024
Debt Instrument [Line Items]        
Maximum Facility Size       $ 1,600,000
Principal Balance Outstanding [1],[2] $ 12,015,227 $ 12,802,000    
Deferred financing costs, net [1],[2] (38,502) (51,246)    
Discount on assumed debt, net [1],[2] (6,324) (6,167)    
Mortgage notes and secured credit facilities, net [1],[2] 11,970,401 12,744,587    
Fixed Rate Loans        
Debt Instrument [Line Items]        
Principal Balance Outstanding [1],[2] 2,757,816 2,978,914    
Variable Rate Loans        
Debt Instrument [Line Items]        
Principal Balance Outstanding [1],[2] $ 9,257,411 9,823,086    
Fixed Rate Mortgages | Fixed Rate Loans        
Debt Instrument [Line Items]        
Weighted Average Interest Rate [3] 3.00%      
Principal Balance Outstanding [1],[2] $ 2,757,816 2,978,914    
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average        
Debt Instrument [Line Items]        
Weighted Average Maturity Date [4] 2031-03      
Floating Rate Mortgages | Variable Rate Loans        
Debt Instrument [Line Items]        
Principal Balance Outstanding [1],[2] $ 9,095,285 9,658,934    
Floating Rate Mortgages | Variable Rate Loans | Weighted Average        
Debt Instrument [Line Items]        
Debt instrument, interest rate description [3] B + 1.85%      
Debt Instrument, Basis Spread on Variable Rate [3] 1.85%      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Weighted Average Maturity Date [4] 2027-11      
Variable Rate Secured Credit Facility | Variable Rate Loans        
Debt Instrument [Line Items]        
Maximum Facility Size [5] $ 162,126      
Principal Balance Outstanding [1],[2],[5] $ 162,126 $ 164,152    
Variable Rate Secured Credit Facility | Variable Rate Loans | Weighted Average        
Debt Instrument [Line Items]        
Debt instrument, interest rate description [3],[5] B + 2.25%      
Debt Instrument, Basis Spread on Variable Rate [3],[5] 2.25%      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Weighted Average Maturity Date [4],[5] 2025-12      
Senior Secured Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum Facility Size     $ 150,000  
Senior Secured Revolving Credit Facility | Variable Rate Loans        
Debt Instrument [Line Items]        
Maximum Facility Size [6] $ 150,000      
Senior Secured Revolving Credit Facility | Variable Rate Loans | Weighted Average        
Debt Instrument [Line Items]        
Debt instrument, interest rate description [3],[6] B + 2.50%      
Debt Instrument, Basis Spread on Variable Rate [3],[6] 2.50%      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]      
Weighted Average Maturity Date [4],[6] 2027-01      
[1] Excludes a $12.6 million mortgage loan on a property classified as held-for-sale as of December 31, 2024. As of June 30, 2025, there were no properties or related mortgage loans that met the criteria to be classified as held-for-sale.
[2] 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.
[3] 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 Norwegian Interbank Offered Rate (“NIBOR”), as applicable to each loan.
[4] For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.
[5] The repayment of the variable rate secured credit facility is guaranteed by the Operating Partnership.
[6] The repayment of the senior secured revolving credit facility is secured by pledges of ownership interests in holding companies that are directly under the Operating Partnership.