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Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Instrument [Line Items]  
Schedule of debt The following table summarizes the carrying value of debt as of March 31, 2021 and December 31, 2020, and the debt activity for the three months ended March 31, 2021 (in thousands):
Three Months Ended March 31, 2021
Balance as of December 31, 2020Debt IssuancesRepayments, Extinguishment and AssumptionsAccretion and AmortizationBalance as of March 31, 2021
Mortgage notes payable:
Outstanding balance
$1,333,195 $— $(292,806)

$— $1,040,389 
Net premiums (discounts) (1)
1,495 — (1,005)(493)(3)
Deferred costs(5,855)— 353 444 (5,058)
Mortgage notes payable, net1,328,835 — (293,458)(49)1,035,328 
Corporate bonds:
Outstanding balance4,650,000 — — — 4,650,000 
Discount (2)
(27,049)— — 747 (26,302)
Deferred costs(38,721)— — 1,275 (37,446)
Corporate bonds, net4,584,230 — — 2,022 4,586,252 
Total debt$5,913,065 $— $(293,458)$1,973 $5,621,580 
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(1)Net premiums (discounts) on mortgage notes payable were recorded upon the assumption of the respective mortgage notes in relation to the various mergers and acquisitions. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgage notes using the effective-interest method.
(2)Discounts on the corporate bonds were recorded based upon the fair value of the respective debt instruments as of the respective issuance dates. Amortization of these discounts is recorded as an increase to interest expense over the remaining term of the respective debt instruments using the effective-interest method.
Mortgages [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The Company’s mortgage notes payable consisted of the following as of March 31, 2021 (dollar amounts in thousands):
Encumbered Properties
Net Carrying Value of Collateralized Properties (1)
Outstanding Balance
Weighted-Average
Interest Rate (2)
Weighted-Average Years to Maturity (3)
Fixed-rate debt218 $1,239,657 $1,025,413 4.89 %2.3
Variable-rate debt1 28,698 14,976 3.75 %
(4)
0.4
Total (5)
219 $1,268,355 $1,040,389 4.87 %2.3
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(1)Net carrying value is real estate assets, including investment in direct financing leases, net of real estate liabilities.
(2)Weighted average interest rate is computed using the interest rate in effect until the anticipated repayment date. Should the loan not be repaid at the anticipated repayment date, the applicable interest rate will increase as specified in the respective loan agreement until the extended maturity date.
(3)Weighted average years remaining to maturity is computed using the anticipated repayment date as specified in each loan agreement, where applicable.
(4)Weighted-average interest rate for variable-rate debt represents the interest rate in effect as of March 31, 2021.
(5)The table above does not include mortgage notes associated with unconsolidated joint ventures and preferred equity investments of $591.0 million, which are non-recourse to the Company.
Schedule of aggregate principal payments of mortgages
The following table summarizes the scheduled aggregate principal repayments due on mortgage notes subsequent to March 31, 2021 (in thousands):
Total
April 1, 2021 - December 31, 2021$48,985 
2022239,201 
2023124,217 
2024621,021 
20251,078 
20261,138 
Thereafter4,749 
Total
$1,040,389 
Corporate Bonds [Member]  
Debt Instrument [Line Items]  
Schedule of debt
As of March 31, 2021, the OP had $4.65 billion aggregate principal amount of senior unsecured notes (the “Senior Notes”) outstanding comprised of the following (dollar amounts in thousands):
Outstanding Balance March 31, 2021Interest RateMaturity Date
Senior Notes due 2024$500,000 4.600 %February 6, 2024
Senior Notes due 2025550,000 4.625 %November 1, 2025
Senior Notes due 2026600,000 4.875 %June 1, 2026
Senior Notes due 2027600,000 3.950 %August 15, 2027
Senior Notes due January, 2028600,000 3.400 %January 15, 2028
Senior Notes due June, 2028500,000 2.200 %June 15, 2028
Senior Notes due 2029600,000 3.100 %December 15, 2029
Senior Notes due 2032700,000 2.850 %December 15, 2032
Total balance and weighted-average interest rate
$4,650,000 3.685 %