Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Instrument [Line Items]

Summary of Mortgage Notes Payable Activity

The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2021		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Mortgage notes payable, net as of December 31, 2022
Fixed Rate Debt:
Secured – Conventional	$	1,896,472	$	—		$	(286,461	)	$	(3,311	)	$	941	$	1,197	$	1,608,838
Floating Rate Debt:
Secured – Conventional		59,890		48,054	(2)		—			(81	)		—		515		108,378
Secured – Tax Exempt		234,839		—			—			—			1,243		140		236,222
Floating Rate Debt		294,729		48,054			—			(81	)		1,243		655		344,600
Total	$	2,191,201	$	48,054		$	(286,461	)	$	(3,392	)	$	2,184	$	1,852	$	1,953,438

(1)Represents amortization of deferred financing costs, net of debt financing costs.

(2)See Note 6 for additional discussion of the variable rate construction mortgage debt.

	Mortgage notes payable, net as of December 31, 2020		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)			Mortgage notes payable, net as of December 31, 2021
Fixed Rate Debt:
Secured – Conventional	$	1,901,091	$	28,500	(2)	$	(28,200	)	$	(7,465	)	$	1,522	$	1,024		$	1,896,472
Floating Rate Debt:
Secured – Conventional		31,494		29,928	(3)		—			—			—		(1,532	)		59,890
Secured – Tax Exempt		361,305		—			(128,615	)		—			1,242		907			234,839
Floating Rate Debt		392,799		29,928			(128,615	)		—			1,242		(625	)		294,729
Total	$	2,293,890	$	58,428		$	(156,815	)	$	(7,465	)	$	2,764	$	399		$	2,191,201

(1)Represents amortization of deferred financing costs, net of debt financing costs.

(2)Obtained a 3.58% fixed rate mortgage debt maturing on March 1, 2031.

(3)See Note 6 for additional discussion of the variable rate construction mortgage debt.

Summary of Certain Interest Rate, Maturity Days and Amount Outstanding

The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2022 and 2021, respectively:

	December 31, 2022	December 31, 2021
Weighted Average Interest Rate (1)	1.52%	0.27%
Weighted Average Maturity (in days)	4	27
Weighted Average Amounts Outstanding	$156.1 million	$471.0 million

(1)The notes bear interest at various floating rates.

Schedule of Unsecured Revolving Credit Facility

The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2022 and 2021, respectively (amounts in thousands):

	December 31, 2022			December 31, 2021
Unsecured revolving credit facility commitment	$	2,500,000		$	2,500,000
Commercial paper balance outstanding		(130,000	)		(315,121	)
Unsecured revolving credit facility balance outstanding		—			—
Other restricted amounts		(3,463	)		(3,507	)
Unsecured revolving credit facility availability	$	2,366,537		$	2,181,372

Summary of Debt Extinguishment Costs Recorded as Additional Interest Expense

The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands):

	December 31, 2022		December 31, 2021		December 31, 2020
Prepayment premiums/penalties	$	—	$	—	$	26,150
Write-offs of unamortized deferred financing costs		717		744		634
Write-offs of unamortized (premiums)/discounts/OCI		3,947		—		12,508
Total	$	4,664	$	744	$	39,292

Summary of Aggregate Payments of Principal on All Debt

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2022 (amounts in thousands):

Year	Total
2023 (1), (2)	$	998,275
2024		6,100
2025		503,180
2026		601,025
2027		409,800
Thereafter		4,975,870
Subtotal		7,494,250
Deferred Financing Costs and Unamortized (Discount)		(68,528	)
Total	$	7,425,722

(1)Includes $130.0 million in principal outstanding on the Company’s commercial paper program.

(2)During 2022, the Company entered into $450.0 million of ten-year forward starting SOFR swaps at a weighted average rate of 2.90% (currently equivalent to a ten-year U.S. Treasury of approximately 3.23%) to hedge the U.S. Treasury risk for the refinancing of 2023 maturities.

Mortgages [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively:

	December 31, 2022	December 31, 2021
Interest Rate Ranges	0.10% - 7.10%	0.06% - 4.21%
Weighted Average Interest Rate	3.46%	3.18%
Maturity Date Ranges	2023-2061	2022-2061

Notes [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2022 and 2021, respectively:

	December 31, 2022	December 31, 2021
Interest Rate Ranges	1.85% - 7.57%	1.85% - 7.57%
Weighted Average Interest Rate	3.61%	3.65%
Maturity Date Ranges	2025-2047	2023-2047

Summary of Notes Activity

The following tables summarize the Company’s notes activity for the years ended December 31, 2022 and 2021, respectively (amounts in thousands):

	Notes, net as of December 31, 2021		Proceeds		Lump sum payoffs			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of December 31, 2022
Fixed Rate Debt:
Unsecured – Public	$	5,835,222	$	—	$	(500,000	)	$	2,820	$	4,287	$	5,342,329

(1)Represents amortization of deferred financing costs, net of debt financing costs.

	Notes, net as of December 31, 2020		Proceeds			Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)			Notes, net as of December 31, 2021
Fixed Rate Debt:
Unsecured – Public	$	5,335,536	$	497,470	(2)	$	—	$	2,538	$	(322	)	$	5,835,222

(1)Represents amortization of deferred financing costs, net of debt financing costs.

(2)Issued $500.0 million of ten-year 1.85% unsecured notes, receiving net proceeds before underwriting fees and other expenses.