XML 48 R33.htm IDEA: XBRL DOCUMENT v3.24.3
Secured Notes Payable, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Secured Notes Payable
Description
Maturity
Date(1)
Principal Balance as of September 30, 2024Principal Balance as of December 31, 2023Variable Interest Rate
Fixed Interest
Rate(2)
Swap Maturity Date
(In thousands)
Consolidated Wholly Owned Subsidiaries
Term loan(3)
3/3/2025$335,000 $335,000 
SOFR + 1.41%
N/AN/A
Fannie Mae loan(3)
4/1/2025102,400 102,400 
SOFR + 1.36%
N/AN/A
Term loan(3)
8/15/2026415,000 415,000 
SOFR + 1.20%
3.07%8/1/2025
Term loan(3)(4)
9/19/2026366,000 400,000 
SOFR + 1.25%
N/AN/A
Term loan(3)
9/26/2026200,000 200,000 
SOFR + 1.30%
2.36%10/1/2024
Term loan(3)
11/1/2026400,000 400,000 
SOFR + 1.25%
2.31%10/1/2024
Fannie Mae loan(3)(5)
6/1/2027550,000 550,000 
SOFR + 1.48%
N/AN/A
Term loan(3)
5/18/2028300,000 300,000 
SOFR + 1.51%
2.21%6/1/2026
Term loan(3)
1/1/2029300,000 300,000 
SOFR + 1.56%
2.66%1/1/2027
Fannie Mae loan(3)
6/1/2029255,000 255,000 
SOFR + 1.09%
3.26%6/1/2027
Fannie Mae loan(3)
6/1/2029125,000 125,000 
SOFR + 1.09%
3.25%6/1/2027
Fannie Mae loan(3)(6)
8/1/2033350,000 350,000 
SOFR + 1.37%
N/AN/A
Term loan(7)
6/1/203826,968 27,640 N/A4.55%N/A
Total Wholly-Owned Subsidiary Debt3,725,368 3,760,040 
Consolidated JVs
Term loan(3)
12/19/2024400,000 400,000 
SOFR + 1.40%
N/AN/A
Term loan(3)
5/15/2027450,000 450,000 
SOFR + 1.45%
2.26%4/1/2025
Term loan(3)
8/19/2028625,000 625,000 
SOFR + 1.45%
2.12%6/1/2025
Term loan(3)(8)
4/26/2029175,000 175,000 
SOFR + 1.25%
3.90%5/1/2026
Fannie Mae loan(3)
6/1/2029160,000 160,000 
SOFR + 1.09%
3.25%7/1/2027
Total Consolidated Debt(9)
5,535,368 5,570,040 
Unamortized loan premium, net(10)
2,805 3,087 
Unamortized deferred loan costs, net(11)
(25,087)(29,956)
Total Consolidated Debt, net$5,513,086 $5,543,171 
_______________________________________________________________________
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.
(1)Maturity dates include extension options.
(2)Effective rate as of September 30, 2024. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums.
(3)The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(4)During September 2024, we paid the loan principal down by $34.0 million in order to meet a minimum financial threshold to exercise an extension option. The related swaps expired during September 2024.
(5)The loan is secured by four residential properties. A portion of the loan totaling $472 million has a lender-required out-of-the-money interest rate cap at a weighted average of 8.99% until July 2026. For the portion of the loan relating to Barrington Plaza, in connection with the removal of that property from the rental market during 2023, the lender is treating the debt as a construction loan and we signed a construction completion guarantee in January 2024. See "Guarantees" in Note 16. The lender also required a $13.3 million cash deposit, which we placed into an interest bearing collateral account during 2023. The lender will return the deposit at the earlier of August 2026 or when the loan is paid in full. The deposit is included in Other assets in our consolidated balance sheets. See Note 7.
(6)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026.
(7)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(8)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 16.
(9)The table does not include our unconsolidated Fund's loan - see "Guarantees" in Note 16. See Note 13 for our debt fair value disclosures.
(10)Balances are net of accumulated amortization of $1.4 million and $4.1 million at September 30, 2024 and December 31, 2023, respectively.
(11)Balances are net of accumulated amortization of $61.7 million and $56.0 million at September 30, 2024 and December 31, 2023, respectively.
Debt Statistics

The table below summarizes our consolidated fixed and floating rate debt:
(In thousands)Principal Balance as of September 30, 2024Principal Balance as of December 31, 2023
Aggregate swap-fixed rate loans$3,405,000 $3,805,000 
Aggregate fixed rate loans26,968 27,640 
Aggregate capped rate loans822,000 822,000 
Aggregate floating rate loans1,281,400 915,400 
Total Debt$5,535,368 $5,570,040 
The table below summarizes certain consolidated debt statistics as of September 30, 2024:
Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)$3.43
Weighted average remaining life (including extension options)3.4 years
Weighted average remaining fixed interest period1.2 years
Weighted average annual interest rate2.68%
Schedule of Minimum Future Principal Payments
At September 30, 2024, the minimum future principal payments due on our consolidated secured notes payable were as follows:
Twelve months ending September 30:
Including Maturity Extension Options(1)
(In thousands)
2025$838,333 
2026981,976 
20271,401,022 
2028926,069 
20291,016,119 
Thereafter371,849 
Total future principal payments$5,535,368 
________________________________________________
(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs
The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
 Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Loan premium amortized and written off$(53)$(116)$(282)$(344)
Deferred loan costs amortized and written off2,396 2,261 6,811 6,623 
Loan costs expensed101 59 154 79 
Total$2,444 $2,204 $6,683 $6,358