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Mortgage Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2020
Notes Payable [Abstract]  
Summary of Mortgages Notes Payable
The following is a summary of the Company’s senior unsecured notes as of December 31, 2020 and 2019 ($ in thousands):
Maturity20202019Coupon
Rate
Senior notesMarch 2021$— $300,000 5.200 %
Senior notesAugust 2022— 300,000 3.625 %
Senior notesJanuary 2023300,000 300,000 3.375 %
Senior notesMay 2023300,000 300,000 3.250 %
Senior notesMay 2024400,000 400,000 3.875 %
Senior notesApril 2025500,000 500,000 3.500 %
Senior notesApril 2026450,000 450,000 3.375 %
Senior notesMay 2027350,000 350,000 3.625 %
Senior notesMarch 2029500,000 500,000 4.000 %
Senior notesJanuary 2030550,000 550,000 3.000 %
Senior notesJanuary 2031300,000 — 1.650 %
Senior notesMarch 2032650,000 — 2.650 %
Senior notesMarch 2048300,000 300,000 4.500 %
Senior notesSeptember 2050300,000 — 2.650 %
   $4,900,000 $4,250,000  
Mortgage notes payable consist of the following as of December 31, 2020 and 2019 ($ in thousands):
 20202019
Fixed rate mortgage notes payable$419,323 $736,490 
Variable rate mortgage notes payable (1)
224,227 254,177 
Total mortgage notes payable (2)
$643,550 $990,667 
Number of properties securing mortgage notes12 24 
Remaining terms
1-26 years
1-27 years
Weighted average interest rate2.7 %4.1 %
Aggregate Scheduled Principal Payments of Mortgage Notes Payable The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2020 are as follows ($ in thousands):
2021$— 
2022— 
2023600,000 
2024400,000 
2025500,000 
Thereafter3,400,000 
$4,900,000 
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2020 are as follows ($ in thousands):
2021$3,501 
202243,188 
20232,945 
20243,109 
2025133,054 
Thereafter455,629 
 $641,426 

(1)Variable rate mortgage notes payable, including $225.1 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 1.2% at December 2020 and 2.3% at December 2019) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no
longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2020 and 2019, respectively.
(2)Includes total unamortized premium, net of discounts, of $3.9 million and $5.9 million and reduced by unamortized debt issuance costs of $1.8 million and $2.6 million as of December 31, 2020 and 2019, respectively.