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Debt Obligations, net (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | The Company’s outstanding debt obligations consist of the following ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of |  | Interest |  | Scheduled
​ |  | June 30, 2025 |  | December 31, 2024 |  | Rate(1) |  | Maturity Date(2)
Secured credit financing: |  | ​ |  |  | ​ |  |  |  |  |
Mortgages | ​ | $ | 1,498,113 | ​ | $ | 1,498,113 |  | 3.99 | % | April 2027 to November 2069
Total secured credit financing(3) | ​ |  | 1,498,113 | ​ |  | 1,498,113 |  |  |  |
Unsecured financing: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2.80% senior notes | ​ | ​ | 400,000 | ​ | ​ | 400,000 | ​ | 2.80 | % | June 2031
2.85% senior notes | ​ | ​ | 350,000 | ​ | ​ | 350,000 | ​ | 2.85 | % | January 2032
6.10% senior notes | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​ | 6.10 | % | April 2034
5.65% senior notes | ​ | ​ | 400,000 | ​ | ​ | 400,000 | ​ | 5.65 | % | January 2035
3.98% senior notes | ​ | ​ | 475,000 | ​ | ​ | 475,000 | ​ | 3.98 | % | February 2052
5.15% senior notes | ​ | ​ | 162,327 | ​ | ​ | 160,204 | ​ | 5.15 | % | May 2052
2024 Unsecured Revolver | ​ | ​ | 812,000 | ​ | ​ | 689,000 | ​ | Adjusted SOFR plus 0.85 | % | May 2029
Trust preferred securities | ​ | ​ | 100,000 | ​ | ​ | 100,000 | ​ | Adjusted SOFR plus 1.50 | % | October 2035
Total unsecured financing | ​ | ​ | 2,999,327 | ​ | ​ | 2,874,204 | ​ | ​ | ​ | ​
Total debt obligations | ​ |  | 4,497,440 | ​ |  | 4,372,317 |  |  |  |
Debt premium, discount and deferred financing costs, net | ​ |  | (53,028) | ​ |  | (54,878) |  |  |  |
Total debt obligations, net | ​ | $ | 4,444,412 | ​ | $ | 4,317,439 |  |  |  |
(1) | For mortgages, represents the weighted average stated interest rate over the term of the debt from funding through maturity based on the contractual payments owed excluding the effect of debt premium, discount and deferred financing costs. As of June 30, 2025, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.43%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of June 30, 2025, the Company’s combined weighted average stated interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 8), unsecured senior notes and trust preferred securities were 4.20% and 3.83%, respectively.
(2) | Represents the extended maturity date for all debt obligations.
(3) | As of June 30, 2025, $2.1 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.
Schedule of Maturities of Long-term Debt | Future Scheduled Maturities—As of June 30, 2025, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company’s option, are as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Secured(1) | ​ | Unsecured | ​ | Total
2025 (remaining six months) |  | $ | — |  | $ | — |  | $ | —
2026 | ​ | ​ | — | ​ | ​ | — |  | ​ | —
2027 | ​ |  | 237,000 | ​ |  | — | ​ |  | 237,000
2028 | ​ |  | 79,193 | ​ |  | — | ​ |  | 79,193
2029 | ​ |  | — | ​ |  | 812,000 | ​ |  | 812,000
Thereafter | ​ |  | 1,181,920 | ​ |  | 2,187,327 | ​ |  | 3,369,247
Total principal maturities | ​ |  | 1,498,113 | ​ |  | 2,999,327 | ​ |  | 4,497,440
Debt premium, discount and deferred financing costs, net | ​ |  | (25,856) | ​ |  | (27,172) | ​ |  | (53,028)
Total debt obligations, net | ​ | $ | 1,472,257 | ​ | $ | 2,972,155 | ​ | $ | 4,444,412
(1) | As of June 30, 2025, the Company’s weighted average maturity for its secured mortgages was 26.0 years.

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