Debt (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 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.

	September 30, 2023				December 31, 2022
Fixed rate unsecured notes	$	7,250,000	3.3	%	$	7,500,000	3.3	%
Term Loan	—		—	%	150,000		5.4	%
Fixed rate mortgage notes payable - conventional and tax-exempt	270,851		3.4	%	270,677		3.4	%
Variable rate mortgage notes payable - conventional and tax-exempt	411,450		5.6	%	457,150		5.3	%
Total mortgage notes payable and unsecured notes and Term Loan	7,932,301		3.4	%	8,377,827		3.4	%
Credit Facility	—		—	%	—		—	%
Commercial paper	70,000		5.9	%	—		—	%
Total principal outstanding	8,002,301		3.4	%	8,377,827		3.4	%
Less deferred financing costs and debt discount (1)	(55,296)				(61,782)
Total	$	7,947,005			$	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.

Summary of availability on the credit facility

The availability on the Company's Credit Facility as of September 30, 2023 and December 31, 2022, respectively, was as follows (dollars in thousands):

	September 30, 2023		December 31, 2022
Credit Facility commitment	$	2,250,000	$	2,250,000
Credit Facility outstanding	—		—
Commercial paper outstanding	(70,000)		—
Letters of credit outstanding (1)	(1,914)		(1,914)
Total Credit Facility available	$	2,178,086	$	2,248,086

_____________________________________

(1)In addition, the Company had $50,418 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of September 30, 2023 and December 31, 2022, respectively.

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

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at September 30, 2023 were as follows (dollars in thousands):

Year	Secured notes principal payments and maturities		Unsecured notes maturities		Stated interest rate of  unsecured notes
2023	$	200	$	350,000	4.20	%
2024	9,100		300,000		3.50	%
2025	9,700		525,000		3.45	%
			300,000		3.50	%
2026	10,600		475,000		2.95	%
			300,000		2.90	%
2027	249,000		400,000		3.35	%
2028	17,600		450,000		3.20	%
			400,000		1.90	%
2029	74,750		450,000		3.30	%
2030	9,000		700,000		2.30	%
2031	9,600		600,000		2.45	%
2032	10,300		700,000		2.05	%
Thereafter	282,451		350,000		5.00	%
			350,000		3.90	%
			300,000		4.15	%
			300,000		4.35	%
	$	682,301	$	7,250,000