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v3.23.1

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |  |  |  |
--- | --- | --- | --- | --- | --- | --- | ---
Jan. 31, 2023 | Mar. 31, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | May 31, 2022 | Jan. 31, 2022 | Nov. 30, 2021 | May 31, 2021
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 3,945,101 | $ 3,565,101 |  |  |  |
Debt premium, net |  |  |  | (43,263) | (43,742) |  |  |  |
Total debt obligations, net | [1] |  |  | 3,901,838 | 3,521,359 |  |  |  |
Secured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | 1,498,113 | 1,498,113 |  |  |  |
Debt premium, net |  |  |  | (26,918) |  |  |  |  |
Total debt obligations, net |  |  |  | 1,471,195 |  |  |  |  |
Secured Debt | Assets pledged as collateral without right |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Real estate, net investment in sales-type leases and Ground Leases receivables pledged as collateral on debt obligations |  |  |  | 2,000,000 |  |  |  |  |
Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | 2,446,988 | 2,066,988 |  |  |  |
Debt premium, net |  |  |  | (16,345) |  |  |  |  |
Total debt obligations, net |  |  |  | 2,430,643 |  |  |  |  |
Unsecured Debt | Adjusted SOFR |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Basis point spread on variable interest rate (percent) |  | 1.00% |  |  |  |  |  |  |
Mortgages | Secured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 1,498,113 | $ 1,498,113 |  |  |  |
Weighted average interest rate |  |  |  | 3.99% | 3.99% |  |  |  |
Weighted average cash interest rate |  |  |  | 3.27% |  |  |  |  |
Consolidated Mortgage Debt, Unconsolidated Mortgage Debt and Unsecured Senior Notes |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Weighted average interest rate |  |  |  | 3.82% |  |  |  |  |
Weighted average cash interest rate |  |  |  | 3.29% |  |  |  |  |
2.80% Senior Notes | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 400,000 | $ 400,000 |  |  |  |
Stated interest rate |  |  |  | 2.80% | 2.80% |  |  |  | 2.80%
2.85% Senior Notes | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 350,000 | $ 350,000 |  |  |  |
Stated interest rate |  |  |  | 2.85% | 2.85% |  |  | 2.85% |
3.98% Senior Notes | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 475,000 | $ 475,000 |  |  |  |
Stated interest rate |  |  |  | 3.98% | 3.98% |  | 3.98% |  |
5.15% Senior Notes | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 151,988 | $ 151,988 |  |  |  |
Stated interest rate |  |  |  | 5.15% | 5.15% | 5.15% |  |  |
Trust Preferred Securities | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 100,000 |  |  |  |  |
Trust Preferred Securities | Unsecured Debt | LIBOR |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Basis point spread on variable interest rate (percent) |  |  |  | 1.50% |  |  |  |  |
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Total debt obligations |  |  |  | $ 970,000 | $ 690,000 |  |  |  |
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt | LIBOR |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Basis point spread on variable interest rate (percent) |  |  | 1.00% |  |  |  |  |  |
2021 Unsecured Revolver maturing in 2026 | Unsecured Debt | Adjusted SOFR |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Basis point spread on variable interest rate (percent) |  |  |  | 1.00% | 1.00% |  |  |  |
2023 Unsecured Revolver maturing in 2025 | Unsecured Debt | Adjusted SOFR |  |  |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |  |  |
Basis point spread on variable interest rate (percent) |  |  |  | 1.00% |  |  |  |  |
[1] | Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

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