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Debt
 6 Months Ended
Jun. 30, 2023
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):
 June 30, 2023December 31, 2022Weighted Average
Maturity
In Years as of June 30, 2023
Term loan - variable rate, net (1)
$298,359 $(1,611)4.3
Bonds public offering - fixed rate, net5,016,977 5,313,779 7.6
Unsecured debt, net (2)
5,315,336 5,312,168 
Lines of credit (3)
34,429 52,073 
Mortgage notes payable, net (4)
592,143 593,943 7.5
Total debt, net$5,941,908 $5,958,184  
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering3.3 %3.3 % 
Weighted average interest rate on variable rate term loan (1)
4.2 %— %
Weighted average interest rate on lines of credit5.9 %4.4 %
Weighted average interest rate on mortgage notes payable3.8 %3.5 % 

(1) In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company has drawn on the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.6 million as of both June 30, 2023 and December 31, 2022, respectively.
(2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $7.0 million and $7.9 million and unamortized debt issuance costs of $27.7 million and $29.9 million, as of June 30, 2023 and December 31, 2022, respectively.
(3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2023, excludes unamortized debt issuance costs of $4.5 million and $5.1 million as of June 30, 2023 and December 31, 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2023, 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 June 30, 2023, 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.
(4) Includes total unamortized premium, net of discounts of $0.9 million and $1.2 million, reduced by unamortized debt issuance costs of $2.0 million as of each of June 30, 2023 and December 31, 2022.
The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2023 are as follows ($ in thousands):
2023 (1)
$1,492 
2024403,109 
2025633,054 
2026549,405 
2027803,955 
Thereafter3,552,269 
Total$5,943,284 
(1) In April 2023, the Company has drawn on the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company’s $300.0 million unsecured notes due in May 2023.