Mortgage and Unsecured Debt As of December 31, 2025 (Dollars in thousands)
The changes in consolidated mortgages and unsecured indebtedness for the years ended December 31, 2025, 2024 and 2023 are as follows: 2025 2024 2023 Balance,BeginningofYear.............................. $ 24,264,495 $ 26,033,423 $ 24,960,286 Additions during period: NewLoanOriginations.............................. 3,665,036 1,089,989 3,610,389 Loans assumed in acquisitions and consolidation . . . . . . . . 3,344,979 318,750 — Net(Discount)/Premium............................. (6,674) (6,910) (43,438) NetDebtIssuanceCosts............................ (18,882) (23,298) (60,891) Deductions during period: LoanRetirements.................................. (3,282,812) (2,960,208) (2,559,276) Amortization of Net Discounts/(Premiums). . . . . . . . . . . . . . 8,961 5,827 432 Debt Issuance Cost Amortization ..................... 32,291 32,477 28,660 Scheduled Principal Amortization ..................... (13,797) (16,278) (16,455) Other............................................ (34,466) — — Foreign Currency Translation ........................ 471,044 (209,277) 113,716 Balance, Close of Year ................................. $ 28,430,175 $ 24,264,495 $ 26,033,423
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