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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, which consists of unsecured notes, the variable rate unsecured term loan (the "Term Loan"), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of March 31, 2023 and December 31, 2022 are summarized below. 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, 2023 and December 31, 2022, as shown in the accompanying Condensed 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.
 March 31, 2023December 31, 2022
Fixed rate unsecured notes$7,250,000 3.3 %$7,500,000 3.3 %
Term Loan150,000 5.9 %150,000 5.4 %
Fixed rate mortgage notes payable - conventional and tax-exempt270,677 3.4 %270,677 3.4 %
Variable rate mortgage notes payable - conventional and tax-exempt456,250 5.6 %457,150 5.3 %
Total mortgage notes payable and unsecured notes and Term Loan8,126,927 3.5 %8,377,827 3.4 %
Credit Facility— — %— — %
Commercial paper— — %— — %
Total principal outstanding8,126,927 3.5 %8,377,827 3.4 %
Less deferred financing costs and debt discount (1)(60,032)(61,782)
Total$8,066,895 $8,316,045 
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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 Condensed Consolidated Balance Sheets.

The borrowing capacity under the Credit Facility is impacted by the Commercial Paper Program and outstanding letters of credit, which as of March 31, 2023 and December 31, 2022, were $1,914,000.
After taking into account its letters of credit, the Company had $2,248,086,000 available under the Credit Facility as of March 31, 2023. In addition, the Company had $50,682,000 and $48,740,000 outstanding in additional letters of credit unrelated to the Credit Facility as of March 31, 2023 and December 31, 2022, respectively.

During the three months ended March 31, 2023, the Company repaid $250,000,000 principal amount of its 2.85% unsecured notes at its maturity.

In March 2022, the Company established an unsecured commercial paper note program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program.

At March 31, 2023, the Company had a $2,250,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in September 2026. The interest rate that would be applicable to borrowings under the Credit Facility is 5.70% at March 31, 2023 and is composed of (i) the Secured Overnight Financing Rate ("SOFR"), applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.), plus (ii) the current borrowing spread to SOFR of 0.825% per annum, which consists of a 0.10% SOFR adjustment plus 0.725% per annum, assuming a one month term SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.65% to SOFR plus 1.40% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. There is also an annual facility commitment fee of 0.125% of the borrowing capacity under the facility, which can vary from 0.10% to 0.30% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually beginning in July 2023.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,174,526,000, excluding communities classified as held for sale, as of March 31, 2023).

In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2023 were as follows (dollars in thousands):

YearSecured notes
principal payments
and maturities		Unsecured notes and Term Loan maturitiesStated interest rate of unsecured notes and Term Loan
2023$7,400 $350,000 4.200 %
20249,100 300,000 3.500 %
150,000 (1)
SOFR + 0.95%
20259,700 525,000 3.450 %
300,000 3.500 %
202610,600 475,000 2.950 %
300,000 2.900 %
2027249,000 400,000 3.350 %
202817,600 450,000 3.200 %
400,000 1.900 %
202974,750 450,000 3.300 %
20309,000 700,000 2.300 %
20319,600 600,000 2.450 %
203210,300 700,000 2.050 %
Thereafter319,877 350,000 5.000 %
350,000 3.900 %
300,000 4.150 %
300,000 4.350 %
 $726,927 $7,400,000  
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(1)     The borrowing spread to SOFR of 0.95% per annum, consists of a 0.10% SOFR adjustment plus 0.85% per annum.

The Company was in compliance at March 31, 2023 with customary covenants under the Credit Facility and the Commercial Paper Program, the Term Loan and the indentures under which the Company's unsecured notes were issued.