Debt (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 (amounts in thousands):

	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 June 30, 2021
Fixed Rate Debt:
Secured – Conventional	$	1,901,091	$	28,500	(2)	$	(28,200	)	$	(3,713	)	$	758	$	354	$	1,898,790
Floating Rate Debt:
Secured – Conventional		31,494		19,259			—			—			—		120		50,873
Secured – Tax Exempt		361,305		—			(31,680	)		—			616		347		330,588
Floating Rate Debt		392,799		19,259			(31,680	)		—			616		467		381,461
Total	$	2,293,890	$	47,759		$	(59,880	)	$	(3,713	)	$	1,374	$	821	$	2,280,251

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

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

Summary of Notes Activity

The following table summarizes the Company’s notes activity for the six months ended June 30, 2021 (amounts in thousands):

	Notes, net as of December 31, 2020		Proceeds		Lump sum payoffs		Realized/unrealized (gain) loss on derivative instruments		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2021
Fixed Rate Debt:
Unsecured – Public	$	5,335,536	$	—	$	—	$	—	$	1,219	$	1,916	$	5,338,671

(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, 2021 (amounts in thousands):

	June 30, 2021
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(632,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(100,699	)
Unsecured revolving credit facility availability	$	1,767,301

Schedule 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 six months ended June 30, 2021 (amounts in thousands):

	June 30, 2021
Write-offs of unamortized deferred financing costs	$	264

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, 2021:

	June 30, 2021
Interest Rate Ranges	0.03% - 4.21%
Weighted Average Interest Rate	3.17%
Maturity Date Ranges	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 six months ended June 30, 2021:

	June 30, 2021
Interest Rate Ranges	2.50% - 7.57%
Weighted Average Interest Rate	3.75%
Maturity Date Ranges	2023-2047