Mortgage and Unsecured Debt As of December 31, 2022 (Dollars in thousands)
(38) Variable rate loan based on 3M EURIBOR plus interest rate spreads ranging from 270 bps to 380 bps. Through interest cap agreements, 3M EURIBOR is currently fixed at 1.00%. (39) Variable rate loan based on 1M SOFR plus an interest rate spread of 230 bps. Through an interest cap agreement, 1M SOFR is currently fixed at 4.00%. (40) Variable rate loan based on one-month (1M) CDOR plus an interest spread of 130 bps. 1M CDOR as of December 31, 2022, was 4.74%. (41) Variable rate loan based on 1M LIBOR plus an interest rate spread of 294 bps. Through interest cap agreement, 1M LIBOR is currently fixed at 4.00%. (42) Variable rate loan based on 30 day Average SOFR, which is subject to a floor of 0.035%, plus an interest rate spread of 272 bps. Through an interest rate cap agreement, 30 day Average SOFR is currently fixed at 4.00%. (43) Variable rate loan based on 1M LIBOR, which is subject to a floor of 0.00% plus an interest rate spread of 196bps. Through interest rate cap agreements, 1M LIBOR is currently fixed at 3.50%. (44) Variable rate loan based on 1M Term SOFR, which is subject to a floor of 0.00% plus an interest rate spread of 310bps. Through interest rate swap agreements, 1M Term SOFR is currently fixed at 0.88%. (45) Variable rate loan based on 1M LIBOR, which is subject to a floor of 0.00% plus an interest rate spread of 250bps. Through interest rate swap agreements related to a portion of the total outstanding debt, 1M LIBOR is currently fixed at 0.88%. (46) Amounts shown in USD Equivalent. CNY Equivalent is 1.9 billion. (47) Amounts shown in USD Equivalent. KRW Equivalent is 847.5 billion. The changes in consolidated mortgages and unsecured indebtedness for the years ended December 31, 2022, 2021 and 2020 are as follows: 2022 2021 2020 Balance,BeginningofYear............................. $ 25,321,022 $ 26,723,361 $ 24,163,230 Additions during period: NewLoanOriginations............................. 3,443,739 9,255,220 15,269,791 Loans assumed in acquisitions and consolidation . . . . . . . 85,689 46,263 — Net(Discount)/Premium............................ (1,922) (9,118) 28,906 NetDebtIssuanceCosts........................... (10,166) (35,818) (34,931) Deductions during period: LoanRetirements................................. (3,687,330) (10,386,133) (12,932,448) Amortization of Net Discounts/(Premiums). . . . . . . . . . . . . 7 168 174 Debt Issuance Cost Amortization .................... 26,113 24,794 23,076 Scheduled Principal Amortization .................... (22,446) (48,386) (51,728) Foreign Currency Translation ....................... (194,420) (249,329) 257,291 Balance, Close of Year ................................ $ 24,960,286 $ 25,321,022 $ 26,723,361
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