v3.26.1
Mortgage Notes and Secured Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Mortgage Notes and Credit Facilities Secured by Company's Properties

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.
Summary of Future Principal Payment Under Company's Mortgage Notes and Secured Credit Facility

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