Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Instrument [Line Items]

Summary of Mortgage Notes Payable Activity

The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2023 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2022		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Mortgage notes payable, net as of June 30, 2023
Fixed Rate Debt:
Secured – Conventional	$	1,608,838	$	—		$	—		$	—		$	—	$	460	$	1,609,298
Floating Rate Debt:
Secured – Conventional		108,378		22,896	(2)		(64,722	)		(54	)		—		365		66,863
Secured – Tax Exempt		236,222		—			—			—			616		70		236,908
Floating Rate Debt		344,600		22,896			(64,722	)		(54	)		616		435		303,771
Total	$	1,953,438	$	22,896		$	(64,722	)	$	(54	)	$	616	$	895	$	1,913,069

(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.

Summary of Notes Activity

The following table summarizes the Company’s notes activity for the six months ended June 30, 2023 (amounts in thousands):

	Notes, net as of December 31, 2022		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2023
Fixed Rate Debt:
Unsecured – Public	$	5,342,329	$	—	$	—	$	1,124	$	1,920	$	5,345,373

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

Schedule of Unsecured Revolving Credit Facility

The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2023 (amounts in thousands):

	June 30, 2023
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(185,187	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,484	)
Unsecured revolving credit facility availability	$	2,311,329

Summary of Debt Extinguishment Costs Recorded as Additional Expense

The following table summarizes the Company's total debt extinguishment costs recorded as additional expense for the six months and quarters ended June 30, 2023 and 2022 (amounts in thousands):

	Six Months Ended June 30,				Quarter Ended June 30,
	2023		2022		2023		2022
Write-offs of unamortized deferred financing costs	$	47	$	92	$	47	$	92
Write-offs of unamortized (premiums)/discounts/OCI		—		377		—		377
Total	$	47	$	469	$	47	$	469

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 six months ended June 30, 2023:

	June 30, 2023
Interest Rate Ranges	0.10% - 7.91%
Weighted Average Interest Rate	3.63%
Maturity Date Ranges	2023-2061

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 six months ended June 30, 2023:

	June 30, 2023
Interest Rate Ranges	1.85% - 7.57%
Weighted Average Interest Rate	3.54%
Maturity Date Ranges	2025-2047

Commercial Paper [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2023:

	June 30, 2023
Weighted Average Interest Rate (1)	5.12%
Weighted Average Maturity (in days)	26
Weighted Average Amount Outstanding	$164.5 million

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