Debt (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2021		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, 2022
Fixed Rate Debt:
Secured – Conventional	$	1,896,472	$	—		$	(260,874	)	$	(2,985	)	$	928	$	714	$	1,634,255
Floating Rate Debt:
Secured – Conventional		59,890		14,586	(2)		—			—			—		148		74,624
Secured – Tax Exempt		234,839		—			—			—			617		69		235,525
Floating Rate Debt		294,729		14,586			—			—			617		217		310,149
Total	$	2,191,201	$	14,586		$	(260,874	)	$	(2,985	)	$	1,545	$	931	$	1,944,404

(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, 2022 (amounts in thousands):

	Notes, net as of December 31, 2021		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of June 30, 2022
Fixed Rate Debt:
Unsecured – Public	$	5,835,222	$	—	$	—	$	1,346	$	2,125	$	5,838,693

(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, 2022 (amounts in thousands):

	June 30, 2022
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(185,037	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,463	)
Unsecured revolving credit facility availability	$	2,311,500

Summary 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 for the six months and quarters ended June 30, 2022 and 2021 (amounts in thousands):

	Six Months Ended June 30,				Quarter Ended June 30,
	2022		2021		2022		2021
Write-offs of unamortized deferred financing costs	$	92	$	264	$	92	$	—
Write-offs of unamortized (premiums)/discounts/OCI		377		—		377		—
Total	$	469	$	264	$	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, 2022:

	June 30, 2022
Interest Rate Ranges	0.10% - 4.21%
Weighted Average Interest Rate	3.37%
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, 2022:

	June 30, 2022
Interest Rate Ranges	1.85% - 7.57%
Weighted Average Interest Rate	3.60%
Maturity Date Ranges	2023-2047