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Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities, Net
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities, Net Mortgage Loans, Secured Term Loans, and Secured Revolving Credit Facilities, Net
The following table details the mortgage loans, secured term loans, and secured revolving credit facilities secured by the Company’s real estate ($ in thousands):
September 30, 2026Principal Balance Outstanding
Indebtedness
Weighted
Average
Interest Rate(1)
Weighted
Average
Maturity Date (2)(3)
Maximum
Facility Size		September 30, 2026December 31, 2025
Fixed rate loans:
Fixed rate mortgages(4)
4.1%6/11/2031N/A$18,077,097 $20,763,325 
Variable rate loans:
Variable rate mortgages and secured term loans+2.0%6/25/2030N/A30,444,090 30,964,083 
Variable rate secured revolving credit facilities
+1.9%7/15/2030$3,158,855 2,747,456 2,666,334 
Variable rate warehouse facilities(5)
+1.3%10/25/2028$1,262,500 788,554 1,580,141 
Total variable rate loans+2.0%6/12/203033,980,100 35,210,558 
Total loans secured by real estate5.2%10/17/203052,057,197 55,973,883 
(Discount) premium on assumed debt, net(73,603)(78,845)
Deferred financing costs, net
(403,781)(354,277)
Mortgage loans, secured term loans, and secured revolving credit facilities, net$51,579,813 $55,540,761 
(1)“+” means that the figure represents a spread over the relevant floating benchmark rates, primarily SOFR and similar indices for non-USD facilities, as applicable to each loan. As of September 30, 2026, the Company had outstanding interest rate swaps with an aggregate notional balance of $26.2 billion and interest rate caps with an aggregate notional balance of $19.7 billion that mitigate its exposure to potential future interest rate increases under its floating-rate debt. Total weighted average interest rate does not include the impact of derivatives.
(2)Weighted average maturity assumes maximum maturity date, including any extensions, where the Company, at its sole discretion, has one or more extension options.
(3)The majority of the Company’s mortgages contain yield or spread maintenance provisions.
(4)Includes $138.8 million and $201.9 million of loans related to investments in affordable housing properties as of September 30, 2026 and December 31, 2025, respectively. Such loans are generally from municipalities, housing authorities, and other third parties administered through government sponsored affordable housing programs. Certain of these loans may be forgiven if specific affordable housing conditions are maintained.
(5)Additional borrowings under the Company’s variable rate warehouse facilities require additional collateral, which are subject to lender approval.

The following table details the future principal payments due under the Company’s mortgage loans, secured term loans, and secured revolving credit facilities as of September 30, 2026 ($ in thousands):
Year
Amount
2026 (remaining)$2,999,851 
20275,338,338 
20282,751,537 
202911,138,236 
20304,758,616 
203115,902,153 
Thereafter9,168,466 
Total$52,057,197 
 
The Company repaid certain of its loans in connection with the sale or refinancing of the underlying properties, resulting in a realized net gain of $17.6 million and realized net loss of $19.7 million on extinguishment of debt, respectively, during the three and nine months ended September 30, 2026. During the three and nine months ended September 30, 2026, the Company recognized a gain of $42.0 million primarily attributable to the extinguishment of debt in connection with the sale of an office property and the related settlement of the associated loan obligation. The Company incurred a realized net loss on extinguishment of debt of $17.2 million and $54.1 million for the three and nine months ended September 30, 2025, respectively. Realized losses across all periods primarily related to the acceleration of related deferred financing costs, prepayment penalties, and transaction costs.
The Company is subject to various financial and operational covenants under certain of its mortgage loans, secured term loans, and secured revolving credit facilities. These covenants require the Company to maintain certain financial ratios, which include leverage, debt yield, and debt service coverage, among others. As of September 30, 2026 and December 31, 2025, the Company was in compliance with all of its loan covenants.