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Debt Obligations, net (Tables)

9 Months Ended

Sep. 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
​		September 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	​	​	881,000	​	​	689,000	​	SOFR plus 0.85	%	May 2029
Trust preferred securities	​	​	100,000	​	​	100,000	​	Adjusted SOFR plus 1.50	%	October 2035
Total unsecured financing	​	​	3,068,327	​	​	2,874,204	​	​	​	​
Total debt obligations	​		4,566,440	​		4,372,317
Debt premium, discount and deferred financing costs, net	​		(52,480)	​		(54,878)
Total debt obligations, net	​	$	4,513,960	​	$	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 September 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 3.44%. 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 September 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 September 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 September 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 three months)		$	—		$	—		$	—
2026	​	​	—	​	​	—		​	—
2027	​		237,000	​		—	​		237,000
2028	​		79,193	​		—	​		79,193
2029	​		—	​		881,000	​		881,000
Thereafter	​		1,181,920	​		2,187,327	​		3,369,247
Total principal maturities	​		1,498,113	​		3,068,327	​		4,566,440
Debt premium, discount and deferred financing costs, net	​		(25,932)	​		(26,548)	​		(52,480)
Total debt obligations, net	​	$	1,472,181	​	$	3,041,779	​	$	4,513,960

(1) As of September 30, 2025, the Company’s weighted average maturity for its secured mortgages was 25.8 years. In October 2025, the Company defeased $227.0 million principal amount of debt obligations scheduled to mature in April 2027.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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