Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Notes Payable [Abstract]

Summary of Mortgages Notes Payable

The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands):

	Maturity	2023		2022		Coupon Rate
Senior notes	May 2023	$	—	$	300,000	3.250	%
Senior notes	May 2024	400,000		400,000		3.875	%
Senior notes	April 2025	500,000		500,000		3.500	%
Senior notes	April 2026	450,000		450,000		3.375	%
Senior notes	May 2027	350,000		350,000		3.625	%
Senior notes	March 2028	450,000		450,000		1.700	%
Senior notes	March 2029	500,000		500,000		4.000	%
Senior notes	January 2030	550,000		550,000		3.000	%
Senior notes	January 2031	300,000		300,000		1.650	%
Senior notes	June 2031	300,000		300,000		2.550	%
Senior notes	March 2032	650,000		650,000		2.650	%
Senior notes	March 2048	300,000		300,000		4.500	%
Senior notes	September 2050	300,000		300,000		2.650	%
		$	5,050,000	$	5,350,000

Mortgage notes payable consist of the following as of December 31, 2023 and 2022 ($ in thousands):

	2023			2022
Fixed rate mortgage notes payable	$	665,711		$	371,849
Variable rate mortgage notes payable (1)	221,493			222,094
Total mortgage notes payable (2)	$	887,204		$	593,943
Number of properties securing mortgage notes	15			11
Remaining terms	1-23 years			2-24 years
Weighted average interest rate	4.3		%	3.5		%

Aggregate Scheduled Principal Payments of Mortgage Notes Payable

The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands):

2024	$	400,000
2025	500,000
2026	450,000
2027	650,000
2028	450,000
Thereafter	2,900,000
	$	5,350,000

The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands):

2024	$	3,109
2025	133,054
2026	99,405
2027	153,955
2028	68,332
Thereafter	431,937
	$	889,792

(1)Variable rate mortgage notes payable, including $222.7 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 4.6% at December 2023 and 3.5% at December 2022) 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, 2023 and 2022, respectively.

(2)In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively.