v3.25.2
Mortgage Notes and Secured Credit Facilities
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Mortgage Notes and Secured Credit Facilities
6.
Mortgage Notes and Secured Credit Facilities

The following table is a summary of the mortgage notes and credit facilities secured by the Company’s properties as of December 31, 2024 and 2023 ($ in thousands):

 

 

 

 

 

 

 

 

 

Principal Balance Outstanding(3)(4)

 

Indebtedness

 

Weighted
Average
Interest Rate(1)

 

Weighted
Average
Maturity Date(2)

 

Maximum
Facility
Size

 

December 31, 2024

 

 

December 31, 2023

 

Fixed rate loans

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate mortgages

 

3.09%

 

April 2031

 

N/A

 

$

2,978,914

 

 

$

3,049,322

 

Total fixed rate loans

 

 

 

 

 

 

 

 

2,978,914

 

 

 

3,049,322

 

Variable rate loans

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate mortgages

 

B + 1.83%

 

September 2027

 

N/A

 

 

9,658,934

 

 

 

9,893,894

 

Variable rate secured credit facility(5)

 

B + 2.25%

 

December 2025

 

$164,152

 

 

164,152

 

 

 

165,000

 

Senior secured revolving credit facility(6)

 

B + 2.50%

 

January 2027

 

$150,000

 

 

—

 

 

 

—

 

Total variable rate loans

 

 

 

 

 

 

 

 

9,823,086

 

 

 

10,058,894

 

Total loans secured by the Company’s properties

 

 

 

 

 

 

 

 

12,802,000

 

 

 

13,108,216

 

Deferred financing costs, net

 

 

 

 

 

 

 

 

(51,246

)

 

 

(73,066

)

Discount on assumed debt, net

 

 

 

 

 

 

 

 

(6,167

)

 

 

(6,240

)

Mortgage notes and secured credit facilities, net

 

 

 

$

12,744,587

 

 

$

13,028,910

 

__________

(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 Norwegian Interbank Offered Rate (“NIBOR”), 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)
Excludes a $12.6 million mortgage loan on a property classified as held-for-sale as of December 31, 2024. As of December 31, 2023, there were no properties, and their related mortgage loans, that met the criteria to be classified as held-for-sale.
(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.

 

In July 2024, the Company entered into a senior secured revolving credit facility agreement with a total borrowing capacity of $150.0 million. The senior secured revolving credit facility agreement matures in January 2026, at which time the Company may request an additional one-year extension thereafter. Interest under the senior secured revolving credit facility is determined based on one-month U.S. dollar denominated SOFR plus 2.5%.

 

The following table presents the future principal payments under the Company’s mortgage notes and secured credit facilities as of December 31, 2024 ($ in thousands):

 

Year

 

Amount

 

2025

 

$

 

1,370,609

 

2026

 

 

 

4,835,910

 

2027

 

 

 

2,116,753

 

2028

 

 

 

223,462

 

2029

 

 

 

194,100

 

Thereafter

 

 

 

4,061,166

 

Total

 

$

 

12,802,000

 

 

Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $50.9 million for leasing commissions, and tenant and building improvements.

 

The Company’s mortgage notes and secured credit facilities may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company was in compliance with all corporate and all property level financial covenants with no events of default as of December 31, 2024 and 2023, respectively.