Mortgage Notes and Revolving Credit Facility

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Mortgage Notes and Revolving Credit Facility

6. Mortgage Notes and Revolving Credit Facility

The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of March 31, 2022 and December 31, 2021 ($ in thousands):

					Principal Balance Outstanding (3)
Indebtedness	Weighted Average Interest Rate (1)	Weighted Average Maturity Date (2)	Maximum Facility Size		March 31, 2022			December 31, 2021
Fixed rate loans
Fixed rate mortgages	3.00%	9/20/2030	N/A		$	3,105,544		$	3,110,689
Total fixed rate loans						3,105,544			3,110,689
Variable rate loans
Floating rate mortgages	L + 1.76%	2/11/2026	N/A			7,066,776			7,052,819
Variable rate revolving credit facility (4)	L + 1.85%	12/1/2023	$	1,200,000		1,190,683			1,190,683
Total variable rate loans						8,257,459			8,243,502
Total loans secured by the Companyʾs    properties						11,363,003			11,354,191
Deferred financing costs, net						(76,661	)		(80,410	)
Premium on assumed debt, net						598			630
Mortgage notes and revolving credit    facility, net					$	11,286,940		$	11,274,411

^{(1) The term “L” refers to the relevant floating benchmark rates, which include one-month LIBOR, one-month SOFR, three-month EURIBOR and three-month 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 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. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.

The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of March 31, 2022 and for loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed ($ in thousands):

Year	Amount
2022 (remaining)	$	658,234
2023		1,478,244
2024		484,320
2025		740,796
2026		4,829,530
Thereafter		3,171,879
Total	$	11,363,003

Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $86.6 million for leasing commissions and tenant and building improvements.

The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of noncompliance with financial covenants as of March 31, 2022.