Mortgage Notes and Revolving Credit Facility (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020 ($ in thousands):

					Principal Balance Outstanding ⁽³⁾
Indebtedness	Weighted Average Interest Rate ⁽¹⁾	Weighted Average Maturity Date⁽²⁾	Maximum Facility Size		September 30, 2021			December 31, 2020
Fixed rate loans
Fixed rate mortgages	3.08%	9/7/2030	N/A		$	2,693,436		$	2,236,290
Total fixed rate loans						2,693,436			2,236,290
Variable rate loans
Floating rate mortgages	L + 1.84%	7/26/2024	N/A			3,092,387			886,594
Variable rate revolving credit facility ⁽⁴⁾	L + 2.00%	10/21/2021	$	200,000		—			172,800
Total variable rate loans						3,092,387			1,059,394
Total loans secured by the Company's properties						5,785,823			3,295,684
Deferred financing costs, net						(39,297	)		(17,208	)
Premium on assumed debt, net						612			286
Mortgage notes and revolving credit facility, net					$	5,747,138		$	3,278,762

⁽¹⁾	^{The term “L” refers to the one-month LIBOR. As of September 30, 2021, one-month LIBOR was equal to 0.08%.}

⁽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 yield or spread maintenance provisions.

⁽⁴⁾	The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. During October 2021, the Company extended this facility to October 21, 2022.

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, 2021 ($ in thousands):

Year	Amount
2021 (remaining)	$	914
2022		51,689
2023		1,651,164
2024		483,255
2025		648,982
Thereafter		2,949,819
Total	$	5,785,823

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details