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v3.23.3

Debt - Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
--- | --- | --- | ---
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Commercial paper, maximum borrowing capacity | $ 500,000,000 |  | $ 500,000,000 |  |
Repayments of unsecured debt |  |  | 400,000,000 | $ 100,000,000 |
Restricted cash | 271,535,000 |  | 271,535,000 | $ 286,127,000 | $ 121,056,000
Net carrying value of apartment communities and improved land parcels securing debt | 19,143,025,000 |  | 19,143,025,000 |  | 18,992,807,000
Avalon Clinton North and Avalon Clinton South |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Restricted cash | 37,600,000 |  | 37,600,000 |  |
Asset Pledged as Collateral | Notes Payable, Other Payables |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Net carrying value of apartment communities and improved land parcels securing debt | 1,159,639,000 |  | 1,159,639,000 |  |
Notes Payable 2.850 Maturities 2023 | Unsecured notes |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Repayments of unsecured debt |  | $ 250,000,000 |  |  |
Credit Facility |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Available borrowing capacity | $ 2,250,000,000 |  | $ 2,250,000,000 |  | $ 2,250,000,000
Annual facility fee, percentage |  |  | 0.12% |  |
Line of Credit Facility, Commitment Fee Percentage, Increase (Decrease) |  |  | 0.005% |  |
Credit Facility | Minimum |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Annual facility fee, percentage |  |  | 0.095% |  |
Credit Facility | Maximum |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Annual facility fee, percentage |  |  | 0.295% |  |
Credit Facility | Secured Overnight Financing Rate (SOFR) |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Current interest rate (as a percent) | 6.12% |  | 6.12% |  |
Debt instrument, basis spread on variable rate (as a percent) |  |  | 0.805% |  |
Debt Instrument, Basis Spread On Variable Rate, Increase (Decrease) |  |  | 0.02% |  |
Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Debt instrument, basis spread on variable rate (as a percent) |  |  | 0.63% |  |
Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Debt instrument, basis spread on variable rate (as a percent) |  |  | 1.38% |  |
Credit Facility | SOFR Adjustment |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Debt instrument, basis spread on variable rate (as a percent) |  |  | 0.10% |  |
Credit Facility | SOFR Base Rate |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Debt instrument, basis spread on variable rate (as a percent) |  |  | 0.705% |  |
Variable Rate Unsecured Term Loan $150 Million | Unsecured notes |  |  |  |  |
Notes Payable, Unsecured Notes and Credit Facility |  |  |  |  |
Repayments of unsecured debt | $ 150,000,000 |  |  |  |

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