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Debt (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 (amounts in thousands):

 

 

 

Mortgage notes
payable, net as of
December 31, 2022

 

 

Proceeds

 

 

Assumptions

 

 

Lump sum
payoffs

 

 

Scheduled
principal
repayments

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Mortgage notes
payable, net as of
September 30, 2023

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

$

1,608,838

 

 

$

550,000

 

(2)

$

42,256

 

(3)

$

(800,000

)

(2)

$

—

 

 

$

200

 

 

$

(3,324

)

 

$

1,397,970

 

Floating Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

 

108,378

 

 

 

22,896

 

 

 

—

 

 

 

(132,598

)

 

 

(54

)

 

 

—

 

 

 

1,378

 

 

 

—

 

Secured – Tax Exempt

 

 

236,222

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(500

)

 

 

929

 

 

 

105

 

 

 

236,756

 

Floating Rate Debt

 

 

344,600

 

 

 

22,896

 

 

 

—

 

 

 

(132,598

)

 

 

(554

)

 

 

929

 

 

 

1,483

 

 

 

236,756

 

Total

 

$

1,953,438

 

 

$

572,896

 

 

$

42,256

 

 

$

(932,598

)

 

$

(554

)

 

$

1,129

 

 

$

(1,841

)

 

$

1,634,726

 

 

(1)
Represents amortization of deferred financing costs, net of debt financing costs.
(2)
Obtained $200.0 million of 5.18% fixed rate mortgage debt maturing in September 2033 and $350.0 million of 5.25% fixed rate mortgage debt maturing in September 2033. The secured notes totaling $550.0 million have an all-in effective interest rate of approximately 4.7%. The proceeds from these loans were used, along with funding from the Company’s commercial paper note program, to repay $800.0 million of 4.21% fixed rate mortgage debt that was due to mature in November 2023.
(3)
Assumed $53.5 million of 2.24% fixed rate mortgage debt maturing in September 2030 on one acquired property and recorded an initial discount of approximately $11.2 million.
Summary of Notes Activity

The following table summarizes the Company’s notes activity for the nine months ended September 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
September 30, 2023

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured – Public

 

$

5,342,329

 

 

$

—

 

 

$

—

 

 

$

1,686

 

 

$

2,880

 

 

$

5,346,895

 

 

(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 September 30, 2023 (amounts in thousands):

 

 

September 30, 2023

 

Unsecured revolving credit facility commitment

 

$

2,500,000

 

Commercial paper balance outstanding

 

 

(500,005

)

Unsecured revolving credit facility balance outstanding

 

 

—

 

Other restricted amounts

 

 

(3,415

)

Unsecured revolving credit facility availability

 

$

1,996,580

 
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 nine months and quarters ended September 30, 2023 and 2022 (amounts in thousands):

 

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Write-offs of unamortized deferred financing costs

 

$

1,143

 

 

$

369

 

 

$

1,096

 

 

$

277

 

Write-offs of unamortized (premiums)/discounts/OCI

 

 

—

 

 

 

3,947

 

 

 

—

 

 

 

3,570

 

Total

 

$

1,143

 

 

$

4,316

 

 

$

1,096

 

 

$

3,847

 
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 nine months ended September 30, 2023:

 

 

 

September 30, 2023

Interest Rate Ranges (ending)

 

0.10% - 5.25%

Weighted Average Interest Rate

 

3.64%

Maturity Date Ranges

 

2029-2061
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 nine months ended September 30, 2023:

 

 

 

September 30, 2023

Interest Rate Ranges (ending)

 

1.85% - 7.57%

Weighted Average Interest Rate

 

3.52%

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 nine months ended September 30, 2023:

 

 

 

September 30, 2023

 

Weighted Average Interest Rate (1)

 

5.36%

 

Weighted Average Maturity (in days)

 

31

 

Weighted Average Amount Outstanding

 

$236.4 million

 

 

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