v3.26.1
Mortgage Notes and Secured Credit Facilities
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 ($ in thousands):

 

 

 

 

 

 

 

 

 

Principal Balance Outstanding(3)

 

Indebtedness

 

Weighted
Average
Interest Rate(1)

 

Weighted
Average
Maturity Date(2)

 

Maximum
Facility
Size

 

March 31, 2026

 

 

December 31, 2025

 

Fixed rate loans

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate mortgages

 

3.41%

 

January 2031

 

N/A

 

$

3,161,776

 

 

$

3,167,322

 

Total fixed rate loans

 

 

 

 

 

 

 

 

3,161,776

 

 

 

3,167,322

 

Variable rate loans

 

 

 

 

 

 

 

 

 

 

 

 

Floating rate mortgages

 

B + 1.95%

 

January 2031

 

N/A

 

 

8,714,858

 

 

 

8,690,438

 

Variable rate secured credit facility(4)

 

B + 2.25%

 

May 2026

 

$160,378

 

 

160,378

 

 

 

161,140

 

Senior secured revolving credit facility(5)

 

B + 2.50%

 

January 2027

 

$150,000

 

 

—

 

 

 

—

 

Total variable rate loans

 

 

 

 

 

 

 

 

8,875,236

 

 

 

8,851,578

 

Total loans secured by the Company’s
    properties

 

 

 

 

 

 

 

 

12,037,012

 

 

 

12,018,900

 

Deferred financing costs, net

 

 

 

 

 

 

 

 

(61,436

)

 

 

(55,327

)

Discount on assumed debt, net

 

 

 

 

 

 

 

 

(6,381

)

 

 

(6,363

)

Mortgage notes and secured credit facilities, net

 

 

 

$

11,969,195

 

 

$

11,957,210

 

__________

(1)
The symbol “B” refers to the relevant floating benchmark rates, which includes one-month Secured Overnight Financing Rate (“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)
The repayment of the variable rate secured credit facility is guaranteed by the Operating Partnership.
(5)
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 2027, at which time the Company may seek to refinance the senior secured revolving credit facility. 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 March 31, 2026 ($ in thousands):

 

Year

 

Amount

 

2026 (remaining)

 

$

 

1,160,800

 

2027

 

 

 

1,961,432

 

2028

 

 

 

562,613

 

2029

 

 

 

193,636

 

2030

 

 

 

3,175,280

 

2031

 

 

 

701,599

 

Thereafter

 

 

 

4,281,652

 

Total

 

$

 

12,037,012

 

 

The Company actively monitors upcoming debt maturities and capital market conditions. The Company has approximately $4.0 billion of indebtedness, including $2.2 billion related to mortgage notes, $0.2 billion related to secured credit facilities and $1.6 billion related to the Company’s unsecured line of credit (Refer to Note 8 — “Unsecured Line of Credit” for additional details), that are coming due within 12 months of issuance of the condensed consolidated financial statements. As of March 31, 2026, the Company has $211.1 million of available liquidity in cash and cash equivalents. Management plans to address upcoming debt maturities by pursuing potential strategic capital transactions and refinancing its remaining debt obligations prior to maturity. Management believes

these actions are probable of being completed and that market-based alternatives will be available to support these actions and provide the necessary cash flows to meet its obligations as they come due.

 

Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $5.0 million for leasing commissions and tenant and building improvements as of March 31, 2026.

 

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 March 31, 2026 and December 31, 2025, respectively.