Mortgages, Notes and Loans Payable, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary and Activity for Mortgages, Notes and Loans Payable

Mortgages, notes, and loans payable, net are summarized as follows:

thousands	September 30, 2023		December 31, 2022
Fixed-rate debt
Senior unsecured notes	$	2,050,000	$	2,050,000
Secured mortgages payable	1,492,580		1,500,841
Special Improvement District bonds	55,380		59,777
Variable-rate debt (a)
Secured Bridgeland Notes	475,000		275,000
Secured mortgages payable	1,174,574		916,570
Unamortized deferred financing costs (b)	(51,534)		(55,005)
Mortgages, notes, and loans payable, net	$	5,196,000	$	4,747,183

(a)The Company has entered into derivative instruments to manage the variable interest rate exposure. The Company had an interest rate swap and two interest rate caps that expired in the third quarter of 2023. See Note 8 - Derivative Instruments and Hedging Activities for additional information.

(b)Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

Schedule of Senior Unsecured Note

The following table summarizes the Company’s senior unsecured notes by issuance date:

$ in thousands	Principal		Maturity Date	Interest Rate
August 2020	$	750,000	August 2028	5.375%
February 2021	650,000		February 2029	4.125%
February 2021	650,000		February 2031	4.375%
Senior unsecured notes	$	2,050,000

Schedule of Secured Mortgages Payable

The following table summarizes the Company’s Secured mortgages payable:

	September 30, 2023						December 31, 2022
$ in thousands	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity	Principal		Range of Interest Rates	Weighted-average Interest Rate		Weighted-average Years to Maturity
Fixed rate (a)	$	1,492,580	3.13% - 7.67%	4.39	%	7.3	$	1,500,841	3.13% - 7.67%	4.39	%	8.1
Variable rate (b)	1,174,574		7.06% - 13.87%	8.59	%	2.5	916,570		6.05% - 9.39%	7.36	%	3.2
Secured mortgages payable	$	2,667,154	3.13% - 13.87%	6.24	%	5.2	$	2,417,411	3.13% - 9.39%	5.51	%	6.2

(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.

(b)Interest rates presented are based on the applicable reference interest rates as of September 30, 2023, and December 31, 2022, excluding the effects of interest rate derivatives.