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Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale | 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, 2023 and December 31, 2022, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
| June 30, 2023 |  | December 31, 2022
Fixed rate unsecured notes | $ | 7,250,000 |  |  | 3.3 | % |  | $ | 7,500,000 |  |  | 3.3 | %
Term Loan | 150,000 |  |  | 6.2 | % |  | 150,000 |  |  | 5.4 | %
Fixed rate mortgage notes payable - conventional and tax-exempt | 270,677 |  |  | 3.4 | % |  | 270,677 |  |  | 3.4 | %
Variable rate mortgage notes payable - conventional and tax-exempt | 449,750 |  |  | 5.6 | % |  | 457,150 |  |  | 5.3 | %
Total mortgage notes payable and unsecured notes and Term Loan | 8,120,427 |  |  | 3.5 | % |  | 8,377,827 |  |  | 3.4 | %
Credit Facility | — |  |  | — | % |  | — |  |  | — | %
Commercial paper | — |  |  | — | % |  | — |  |  | — | %
Total principal outstanding | 8,120,427 |  |  | 3.5 | % |  | 8,377,827 |  |  | 3.4 | %
Less deferred financing costs and debt discount (1) | (57,728) |  |  |  |  | (61,782) |  |  |
Total | $ | 8,062,699 |  |  |  |  | $ | 8,316,045 |  |  |
_____________________________________ (1)Excludes deferred financing costs and debt discount associated with the Credit Facility and the Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.
Summary of availability on the credit facility | The availability on the Company's Credit Facility as of June 30, 2023 and December 31, 2022, respectively, was as follows (dollars in thousands):
| June 30, 2023 |  | December 31, 2022
Credit Facility commitment | $ | 2,250,000 |  |  | $ | 2,250,000 |
Credit Facility outstanding | — |  |  | — |
Commercial paper outstanding | — |  |  | — |
Letters of credit outstanding (1) | (1,914) |  |  | (1,914) |
Total Credit Facility available | $ | 2,248,086 |  |  | $ | 2,248,086 |
_____________________________________ (1)In addition, the Company had $51,832 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2023 and December 31, 2022, respectively.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding | Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at June 30, 2023 were as follows (dollars in thousands):
Year |  | Secured notes principal payments and maturities |  | Unsecured notes and Term Loan maturities |  | Stated interest rate of unsecured notes and Term Loan
2023 |  | $ | 900 |  |  | $ | 350,000 |  |  | 4.200 | %
2024 |  | 9,100 |  |  | 300,000 |  |  | 3.500 | %
|  |  |  | 150,000 |  | (1) |  | SOFR + 0.95%
2025 |  | 9,700 |  |  | 525,000 |  |  | 3.450 | %
|  |  |  | 300,000 |  |  | 3.500 | %
2026 |  | 10,600 |  |  | 475,000 |  |  | 2.950 | %
|  |  |  | 300,000 |  |  | 2.900 | %
2027 |  | 249,000 |  |  | 400,000 |  |  | 3.350 | %
2028 |  | 17,600 |  |  | 450,000 |  |  | 3.200 | %
|  |  |  | 400,000 |  |  | 1.900 | %
2029 |  | 74,750 |  |  | 450,000 |  |  | 3.300 | %
2030 |  | 9,000 |  |  | 700,000 |  |  | 2.300 | %
2031 |  | 9,600 |  |  | 600,000 |  |  | 2.450 | %
2032 |  | 10,300 |  |  | 700,000 |  |  | 2.050 | %
Thereafter |  | 319,877 |  |  | 350,000 |  |  | 5.000 | %
|  |  |  | 350,000 |  |  | 3.900 | %
|  |  |  | 300,000 |  |  | 4.150 | %
|  |  |  | 300,000 |  |  | 4.350 | %
|  | $ | 720,427 |  |  | $ | 7,400,000 |  |  |
_________________________________ (1) The borrowing spread to SOFR of 0.95% per annum, consists of a 0.10% SOFR adjustment plus 0.85% per annum.

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