Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility

The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2022 and 2021, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.

	December 31, 2022				December 31, 2021
Fixed rate unsecured notes	$	7,500,000	3.3	%	$	7,150,000	3.2	%
Term Loans	150,000		5.4	%	250,000		1.1	%
Fixed rate mortgage notes payable—conventional and tax-exempt	270,677		3.4	%	306,281		3.7	%
Variable rate mortgage notes payable—conventional and tax-exempt	457,150		5.3	%	464,150		1.7	%
Total mortgage notes payable and unsecured notes and Term Loans	8,377,827		3.4	%	8,170,431		3.1	%
Credit Facility	—		—	%	—		—	%
Commercial paper	—		—	%	—		—	%
Total principal outstanding	8,377,827		3.4	%	8,170,431		3.1	%
Less deferred financing costs and debt discount (1)	(61,782)				(66,884)
Total	$	8,316,045			$	8,103,547

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(1)     Excludes deferred financing costs and debt discount associated with the Credit Facility and the Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Schedule of borrowing capacity under the Credit Facility

The borrowing capacity under the Credit Facility is impacted by the Commercial Paper Program and the following letters of credit (dollars in thousands):

	December 31, 2022		December 31, 2021
Letters of credit	$	1,914	$	11,969

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 December 31, 2022 were 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
2023	$	8,300	$	—	$	350,000		4.200	%
					250,000			2.850	%
2024	9,100		—		300,000			3.500	%
					150,000		(1)	SOFR + 0.95%
2025	9,700		—		525,000			3.450	%
					300,000			3.500	%
2026	10,600		—		475,000			2.950	%
					300,000			2.900	%
2027	12,900		236,100		400,000			3.350	%
2028	17,600		—		450,000			3.200	%
					400,000			1.900	%
2029	8,500		66,250		450,000			3.300	%
2030	9,000		—		700,000			2.300	%
2031	9,600		—		600,000			2.450	%
2032	10,300		—		700,000			2.050	%
Thereafter	74,800		245,077		350,000			5.000	%
					350,000			3.900	%
					300,000			4.150	%
					300,000			4.350	%
	$	180,400	$	547,427	$	7,650,000

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(1)     In October 2022, the Company amended the Term Loan transitioning the benchmark rate from LIBOR to SOFR. The borrowing spread to SOFR of 0.95% per annum, consists of a 0.10% SOFR adjustment plus 0.85% per annum.