XML 69 R53.htm IDEA: XBRL DOCUMENT v3.21.2
Mortgage Notes and Revolving Credit Facility - Summary of Mortgage Notes and Revolving Credit Facility Secured by Company's Properties (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jun. 30, 2020
Sep. 30, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Debt Instrument, Basis Spread on Variable Rate 2.40%    
Maximum Facility Size   $ 450,000 $ 100,000
Principal Balance Outstanding [1]   5,785,823 3,295,684
Deferred financing costs, net [1]   (39,297) (17,208)
Premium on assumed debt, net [1]   612 286
Mortgage notes and revolving credit facility, net [1]   5,747,138 3,278,762
Fixed Rate Loans      
Debt Instrument [Line Items]      
Principal Balance Outstanding [1]   2,693,436 2,236,290
Variable Rate Loans      
Debt Instrument [Line Items]      
Principal Balance Outstanding [1]   $ 3,092,387 1,059,394
One-Month LIBOR      
Debt Instrument [Line Items]      
Weighted Average Interest Rate   0.08%  
Variable Rate Revolving Credit Facilities | Variable Rate Loans      
Debt Instrument [Line Items]      
Maximum Facility Size [2]   $ 200,000  
Principal Balance Outstanding [1],[2]     172,800
Variable Rate Revolving Credit Facilities | Variable Rate Loans | Weighted Average      
Debt Instrument [Line Items]      
Weighted Average Maturity Date [2],[3]   Oct. 21, 2021  
Variable Rate Revolving Credit Facilities | One-Month LIBOR | Variable Rate Loans | Weighted Average      
Debt Instrument [Line Items]      
Debt Instrument, Basis Spread on Variable Rate [2],[4]   2.00%  
Fixed Rate Mortgages | Fixed Rate Loans      
Debt Instrument [Line Items]      
Weighted Average Interest Rate [4]   3.08%  
Principal Balance Outstanding [1]   $ 2,693,436 2,236,290
Fixed Rate Mortgages | Fixed Rate Loans | Weighted Average      
Debt Instrument [Line Items]      
Weighted Average Maturity Date [3]   Sep. 07, 2030  
Floating Rate Mortgages | Variable Rate Loans      
Debt Instrument [Line Items]      
Principal Balance Outstanding [1]   $ 3,092,387 $ 886,594
Floating Rate Mortgages | Variable Rate Loans | Weighted Average      
Debt Instrument [Line Items]      
Weighted Average Maturity Date [3]   Jul. 26, 2024  
Floating Rate Mortgages | One-Month LIBOR | Variable Rate Loans | Weighted Average      
Debt Instrument [Line Items]      
Debt Instrument, Basis Spread on Variable Rate [4]   1.70%  
[1] The majority of the Company’s mortgages contain yield or spread maintenance provisions.
[2] 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.
[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 one-month LIBOR. As of September 30, 2021, one-month LIBOR was equal to 0.08%.