Mortgage Notes Payable, Net

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Mortgage Notes Payable Disclosure

7. Mortgage Notes Payable, Net

The Company had outstanding mortgage notes payable totaling approximately $2.9 billion as of December 31, 2020 and 2019, each collateralized by one or more buildings and related land included in real estate assets. The mortgage notes payable are generally due in monthly installments and mature at various dates through June 9, 2027.

Fixed rate mortgage notes payable totaled approximately $2.9 billion at December 31, 2020 and 2019, with contractual interest rates ranging from 3.43% to 6.94% per annum at December 31, 2020 and 2019 (with a weighted-average interest rate of 3.72% and 3.73% per annum at December 31, 2020 and 2019, respectively). There were no variable rate mortgage loans at December 31, 2020 and 2019.

Contractual aggregate principal payments of mortgage notes payable at December 31, 2020 are as follows (in thousands): 

	Principal Payments
2021	$	17,276
2022	614,710
2023	—
2024	—
2025	—
Thereafter	2,300,000
Total aggregate principal payments	2,931,986
Deferred financing costs, net	(22,905)
Total carrying value of mortgage notes payable, net	$	2,909,081