Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of March 31, 2022 and December 31, 2021, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").

	3/31/2022		12/31/2021
Fixed rate unsecured notes (1)	$	7,150,000	$	7,150,000
Term Loans (1)	150,000		250,000
Fixed rate mortgage notes payable - conventional and tax-exempt (2)	306,118		306,281
Variable rate mortgage notes payable - conventional and tax-exempt (2)	463,950		464,150
Total mortgage notes payable and unsecured notes and Term Loans	8,070,068		8,170,431
Credit Facility	—		—
Commercial paper	—		—
Total	$	8,070,068	$	8,170,431

_____________________________________

(1)Balances at March 31, 2022 and December 31, 2021 exclude $9,617 and $10,033, respectively, of debt discount, and $39,481 and $40,573, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets.

(2)Balances at March 31, 2022 and December 31, 2021 exclude $13,251 and $13,528, respectively, of debt discount, and $2,686 and $2,750, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets.

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding

In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2022 are as follows (dollars in thousands):

Year	Secured notes principal payments		Secured notes maturities		Unsecured notes and Term Loan maturities		Stated interest rate of unsecured notes and Term Loan
2022	$	7,901	$	—	$	—	—
2023	8,999		—		350,000		4.200	%
					250,000		2.850	%
2024	9,837		—		300,000		3.500	%
					150,000		LIBOR + 0.85%
2025	10,478		—		525,000		3.450	%
					300,000		3.500	%
2026	11,420		—		475,000		2.950	%
					300,000		2.900	%
2027	13,765		236,100		400,000		3.350	%
2028	18,512		—		450,000		3.200	%
					400,000		1.900	%
2029	9,462		66,250		450,000		3.300	%
2030	10,014		—		700,000		2.300	%
2031	10,669		—		600,000		2.450	%
Thereafter	111,538		245,123		700,000		2.050	%
					350,000		3.900	%
					300,000		4.150	%
					300,000		4.350	%
	$	222,595	$	547,473	$	7,300,000