Debt (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020, respectively (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 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 3.58% fixed rate mortgage debt maturing on March 1, 2031.

(3) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million).

	Mortgage notes payable, net as of December 31, 2019		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, 2020
Fixed Rate Debt:
Secured – Conventional	$	1,574,699	$	495,000	(2)	$	(160,522	)	$	(7,759	)	$	988	$	(1,315	)	$	1,901,091
Floating Rate Debt:
Secured – Conventional		7,050		24,204	(3)		—			—			—		240			31,494
Secured – Tax Exempt		359,861		—			—			—			1,246		198			361,305
Floating Rate Debt		366,911		24,204			—			—			1,246		438			392,799
Total	$	1,941,610	$	519,204		$	(160,522	)	$	(7,759	)	$	2,234	$	(877	)	$	2,293,890

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

(2) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030.

(3) Variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million).

Schedule of Unsecured Revolving Credit Facility

The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2021 and 2020 (amounts in thousands):

	December 31, 2021			December 31, 2020
Unsecured revolving credit facility commitment	$	2,500,000		$	2,500,000
Commercial paper balance outstanding		(315,121	)		(415,000	)
Unsecured revolving credit facility balance outstanding		—			—
Other restricted amounts		(3,507	)		(100,949	)
Unsecured revolving credit facility availability	$	2,181,372		$	1,984,051

Summary of Debt Extinguishment Costs Recorded as Additional Interest Expense

Other

The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the years ended December 31, 2021, 2020 and 2019, respectively (amounts in thousands):

	December 31, 2021		December 31, 2020		December 31, 2019
Prepayment premiums/penalties	$	—	$	26,150	$	13,647
Write-offs of unamortized deferred financing costs		744		634		3,148
Write-offs of unamortized (premiums)/discounts/OCI		—		12,508		7,196
Total	$	744	$	39,292	$	23,991

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, 2021 (amounts in thousands):

Year	Total
2022 (1)	$	641,089
2023		1,329,088
2024		6,100
2025		458,200
2026		601,025
Thereafter		5,385,670
Subtotal		8,421,172
Deferred Financing Costs and Unamortized (Discount)		(79,719	)
Total	$	8,341,453

(1) Includes $315.1 million in principal outstanding on the Company’s commercial paper program.

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, 2021 and 2020, respectively:

	December 31, 2021	December 31, 2020
Interest Rate Ranges	0.06% - 4.21%	0.06% - 4.71%
Weighted Average Interest Rate	3.18%	3.33%
Maturity Date Ranges	2022-2061	2021-2061

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, 2021 and 2020, respectively:

	December 31, 2021	December 31, 2020
Interest Rate Ranges	1.85% - 7.57%	2.50% - 7.57%
Weighted Average Interest Rate	3.65%	4.03%
Maturity Date Ranges	2023-2047	2023-2047

Summary of Notes Activity

The following tables summarize the Company’s notes activity for the years ended December 31, 2021 and 2020, respectively (amounts in thousands):

	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.

	Notes, net as of December 31, 2019		Proceeds		Lump sum payoffs			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of December 31, 2020
Fixed Rate Debt:
Unsecured – Public	$	6,077,513	$	—	$	(750,000	)	$	2,997	$	5,026	$	5,335,536

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