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Mortgages, Notes and Loans Payable, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of mortgages, notes and loans payable Mortgages, notes, and loans payable, net are summarized as follows:
December 31,
thousands20232022
Fixed-rate debt
Senior unsecured notes$2,050,000 $2,050,000 
Secured mortgages payable1,485,494 1,500,841 
Special Improvement District bonds65,627 59,777 
Variable-rate debt (a)
Secured Bridgeland Notes475,000 275,000 
Secured mortgages payable1,276,489 916,570 
Unamortized deferred financing costs (b)(49,990)(55,005)
Mortgages, notes, and loans payable, net$5,302,620 $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 9 - 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 thousandsPrincipalMaturity DateInterest Rate
August 2020$750,000 August 2028
5.375%
February 2021650,000 February 2029
4.125%
February 2021650,000 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:
December 31, 2023December 31, 2022
$ in thousandsPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to MaturityPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to Maturity
Fixed rate (a)$1,485,494 
3.13% - 8.67%
4.46 %7.2$1,500,841 
3.13% - 7.67%
4.39 %7.4
Variable rate (b)1,276,489 
7.08% - 10.48%
8.73 %2.2916,570 
6.05% - 9.39%
7.36 %2.6
Secured mortgages payable$2,761,983 
3.13% - 10.48%
6.44 %4.9$2,417,411 
3.13% - 9.39%
5.51 %5.6
(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 December 31, 2023 and 2022, excluding the effects of interest rate derivatives.
Summary of contractual obligations relating to mortgages, notes, and loans payable The following table summarizes the contractual obligations relating to the Company’s mortgages, notes, and loans payable as of December 31, 2023:
thousandsMortgages, notes, and loans payable principal payments
2024$214,526 
2025527,478 
2026968,964 
2027298,601 
2028835,522 
Thereafter2,507,519 
Total principal payments5,352,610 
Unamortized deferred financing costs(49,990)
Mortgages, notes, and loans payable$5,302,620