XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.2
Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, which consists of unsecured notes, variable rate unsecured term loans (the "Term Loans"), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of June 30, 2022 and December 31, 2021 are summarized below. 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, 2022 and December 31, 2021, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").
 6/30/202212/31/2021
Fixed rate unsecured notes (1)$7,150,000 $7,150,000 
Term Loans (1)150,000 250,000 
Fixed rate mortgage notes payable - conventional and tax-exempt (2)305,953 306,281 
Variable rate mortgage notes payable - conventional and tax-exempt (2)458,050 464,150 
Total mortgage notes payable and unsecured notes and Term Loans8,064,003 8,170,431 
Credit Facility— — 
Commercial paper— — 
Total$8,064,003 $8,170,431 
_____________________________________
(1)Balances at June 30, 2022 and December 31, 2021 exclude $9,201 and $10,033, respectively, of debt discount, and $38,014 and $40,573, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets.
(2)Balances at June 30, 2022 and December 31, 2021 exclude $12,973 and $13,528, respectively, of debt discount, and $2,622 and $2,750, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets.

During the six months ended June 30, 2022, the Company repaid its $100,000,000 variable rate unsecured term loan at par upon maturity.
At June 30, 2022, the Company had a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (2.56% at June 30, 2022), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating.

The Company had no borrowings outstanding under the Credit Facility and had $6,914,000 and $11,969,000 outstanding in letters of credit that reduced the borrowing capacity as of June 30, 2022 and December 31, 2021, respectively. In addition, the Company had $42,181,000 and $39,581,000 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2022 and December 31, 2021, respectively.

In March 2022, the Company established an unsecured commercial paper note program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program. The Company had no amounts outstanding under the Commercial Paper Program as of June 30, 2022.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,240,598,000, excluding communities classified as held for sale, as of June 30, 2022).

The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.7% at both June 30, 2022 and December 31, 2021. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax-exempt), including the effect of certain financing related fees, was 2.5% and 1.7% at June 30, 2022 and December 31, 2021, respectively.

In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at June 30, 2022 were as follows (dollars in thousands):
YearSecured notes
principal payments		Secured notes maturitiesUnsecured notes and Term Loan maturitiesStated interest rate of unsecured notes and Term Loan
2022$1,837 $— $— — 
20238,999 — 350,000 4.200 %
250,000 2.850 %
20249,837 — 300,000 3.500 %
150,000 
LIBOR + 0.85%
202510,478 — 525,000 3.450 %
300,000 3.500 %
202611,420 — 475,000 2.950 %
300,000 2.900 %
202713,765 236,100 400,000 3.350 %
202818,512 — 450,000 3.200 %
400,000 1.900 %
20299,462 66,250 450,000 3.300 %
203010,014 — 700,000 2.300 %
203110,669 — 600,000 2.450 %
Thereafter111,537 245,123 700,000 2.050 %
350,000 3.900 %
300,000 4.150 %
300,000 4.350 %
 $216,530 $547,473 $7,300,000  

The Company was in compliance at June 30, 2022 with customary covenants under the Credit Facility and the Commercial Paper Program, the Term Loan and the Company's fixed rate unsecured notes.