Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities.

Debt consists of the following ($ in thousands):

	September 30, 2022			December 31, 2021			Weighted Average Maturity In Years as of September 30, 2022
Unsecured debt, net (1)	$	5,312,131		$	5,307,196		7.9
Lines of credit (2)	219,481			341,257
Mortgage notes payable, net (3)	635,389			638,957			7.7
Total debt, net	$	6,167,001		$	6,287,410
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering	3.3		%	3.3		%
Weighted average interest rate on lines of credit	3.1		%	1.0		%
Weighted average interest rate on mortgage notes payable	3.1		%	2.7		%

(1) Unsecured debt, net, consists of fixed rate public bond offerings which includes unamortized discount, net of premiums, of $8.4 million and $9.9 million and unamortized debt issuance costs of $29.5 million and $32.9 million, as of September 30, 2022 and December 31, 2021, respectively.

(2) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of September 30, 2022, excludes unamortized debt issuance costs of $5.4 million and $4.4 million as of September 30, 2022 and December 31, 2021, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of January 2027 with two six-month extensions, exercisable at the Company’s option.

As of September 30, 2022, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity date of July 2024.

(3) Includes total unamortized premium, net of discounts of $1.5 million and $2.5 million, reduced by unamortized debt issuance costs of $1.2 million and $1.5 million, as of September 30, 2022 and December 31, 2021, respectively.

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of September 30, 2022 are as follows ($ in thousands):

Remaining in 2022	$	40,439
2023	302,945
2024	403,109
2025	633,054
2026	549,405
Thereafter	4,056,224
Total	$	5,985,176