Debt (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023, 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.

	June 30, 2024				December 31, 2023
Fixed rate unsecured notes	$	7,700,000	3.4	%	$	7,300,000	3.3	%
Fixed rate mortgage notes payable - conventional and tax-exempt	333,811		3.9	%	333,892		3.9	%
Variable rate mortgage notes payable - conventional and tax-exempt	402,250		5.5	%	410,150		5.5	%
Total mortgage notes payable and unsecured notes	8,436,061		3.5	%	8,044,042		3.5	%
Credit Facility	—		—	%	—		—	%
Commercial paper	—		—	%	—		—	%
Total principal outstanding	8,436,061		3.5	%	8,044,042		3.5	%
Less deferred financing costs and debt discount (1)	(62,030)				(62,220)
Total	$	8,374,031			$	7,981,822

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(1)Excludes deferred financing costs and debt discount associated with the Credit Facility and 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 June 30, 2024 and December 31, 2023, respectively, was as follows (dollars in thousands):

	June 30, 2024		December 31, 2023
Credit Facility commitment	$	2,250,000	$	2,250,000
Credit Facility outstanding	—		—
Commercial paper outstanding	—		—
Letters of credit outstanding (1)	(1,814)		(1,914)
Total Credit Facility available	$	2,248,186	$	2,248,086

_____________________________________

(1)In addition, the Company had $62,816 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2024 and December 31, 2023, 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 June 30, 2024 were as follows (dollars in thousands):

Year	Secured notes principal payments and maturities		Unsecured notes maturities		Stated interest rate of  unsecured notes
2024	$	1,612	$	300,000	3.50	%
2025	10,765		525,000		3.45	%
			300,000		3.50	%
2026	11,811		475,000		2.95	%
			300,000		2.90	%
2027	250,159		400,000		3.35	%
2028	18,902		450,000		3.20	%
			400,000		1.90	%
2029	132,661		450,000		3.30	%
2030	9,100		700,000		2.30	%
2031	9,700		600,000		2.45	%
2032	10,400		700,000		2.05	%
2033	12,000		350,000		5.00	%
			400,000		5.30	%
Thereafter	268,951		400,000		5.35	%
			350,000		3.90	%
			300,000		4.15	%
			300,000		4.35	%
	$	736,061	$	7,700,000