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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Instrument [Line Items]  
Summary of Mortgage Notes Payable Activity

The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2024 (amounts in thousands):

 

 

 

Mortgage notes
payable, net as of
December 31, 2023

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Scheduled
principal
repayments

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Mortgage notes
payable, net as of
March 31, 2024

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Conventional

 

$

1,398,598

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

396

 

 

$

227

 

 

$

1,399,221

 

Floating Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured – Tax Exempt

 

 

234,304

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

310

 

 

 

35

 

 

 

234,649

 

Total

 

$

1,632,902

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

706

 

 

$

262

 

 

$

1,633,870

 

 

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

The following table summarizes the Company’s notes activity for the quarter ended March 31, 2024 (amounts in thousands):

 

 

 

Notes, net as of
December 31, 2023

 

 

Proceeds

 

 

Lump sum
payoffs

 

 

Amortization
of premiums/
discounts

 

 

Amortization
of deferred
financing
costs, net (1)

 

 

Notes, net as of
March 31, 2024

 

Fixed Rate Debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured – Public

 

$

5,348,417

 

 

$

—

 

 

$

—

 

 

$

561

 

 

$

960

 

 

$

5,349,938

 

 

(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 March 31, 2024 (amounts in thousands):

 

 

March 31, 2024

 

Unsecured revolving credit facility commitment

 

$

2,500,000

 

Commercial paper balance outstanding

 

 

(226,000

)

Unsecured revolving credit facility balance outstanding

 

 

—

 

Other restricted amounts

 

 

(3,438

)

Unsecured revolving credit facility availability

 

$

2,270,562

 
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 quarter ended March 31, 2024:

 

 

 

March 31, 2024

Interest Rate Ranges (ending)

 

0.10% - 5.25%

Weighted Average Interest Rate

 

3.84%

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 quarter ended March 31, 2024:

 

 

 

March 31, 2024

Interest Rate Ranges (ending)

 

1.85% - 7.57%

Weighted Average Interest Rate

 

3.53%

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 quarter ended March 31, 2024:

 

 

 

March 31, 2024

 

Weighted Average Interest Rate (1)

 

5.60%

 

Weighted Average Maturity (in days)

 

3

 

Weighted Average Amount Outstanding

 

$333.1 million

 

 

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