XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt The Company's debt, which consists of unsecured notes, mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of March 31, 2024 and December 31, 2023 is 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 March 31, 2024 and December 31, 2023, 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.
| March 31, 2024 |  | December 31, 2023
Fixed rate unsecured notes | $ | 7,300,000 |  |  | 3.3 | % |  | $ | 7,300,000 |  |  | 3.3 | %
Fixed rate mortgage notes payable - conventional and tax-exempt | 333,892 |  |  | 3.9 | % |  | 333,892 |  |  | 3.9 | %
Variable rate mortgage notes payable - conventional and tax-exempt | 409,350 |  |  | 5.2 | % |  | 410,150 |  |  | 5.5 | %
Total mortgage notes payable and unsecured notes | 8,043,242 |  |  | 3.4 | % |  | 8,044,042 |  |  | 3.5 | %
Credit Facility | — |  |  | — | % |  | — |  |  | — | %
Commercial paper | — |  |  | — | % |  | — |  |  | — | %
Total principal outstanding | 8,043,242 |  |  | 3.4 | % |  | 8,044,042 |  |  | 3.5 | %
Less deferred financing costs and debt discount (1) | (59,971) |  |  |  |  | (62,220) |  |  |
Total | $ | 7,983,271 |  |  |  |  | $ | 7,981,822 |  |  |
_____________________________________ (1)Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets. The Company has a $2,250,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in September 2026. The interest rate that would be applicable to borrowings under the Credit Facility was 6.15% at March 31, 2024 and was composed of (i) the Secured Overnight Financing Rate ("SOFR"), 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.), plus (ii) the current borrowing spread to SOFR of 0.805% per annum, which consisted of a 0.10% SOFR adjustment plus 0.705% per annum, assuming a daily SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.63% to SOFR plus 1.38% based upon the rating of the Company's unsecured senior notes. There is also an annual facility commitment fee of 0.12% of the borrowing capacity under the facility, which can vary from 0.095% to 0.295% based upon the rating of the Company's unsecured senior notes. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually. The first determination under the sustainability-linked pricing component occurred in July 2023, resulting in reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets. The availability on the Company's Credit Facility as of March 31, 2024 and December 31, 2023, respectively, was as follows (dollars in thousands):
| March 31, 2024 |  | December 31, 2023
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 $68,770 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of March 31, 2024 and December 31, 2023, respectively. The Company has an unsecured commercial paper note program (the “Commercial Paper Program”) with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. 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. 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. 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 $1,271,040,000, excluding communities classified as held for sale, as of March 31, 2024). Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2024 were as follows (dollars in thousands):
Year |  | Secured notes principal payments and maturities |  | Unsecured notes maturities |  | Stated interest rate of unsecured notes
2024 |  | $ | 8,793 |  |  | $ | 300,000 |  |  | 3.50 | %
2025 |  | 10,765 |  |  | 525,000 |  |  | 3.45 | %
|  |  |  | 300,000 |  |  | 3.50 | %
2026 |  | 11,811 |  |  | 475,000 |  |  | 2.95 | %
|  |  |  | 300,000 |  |  | 2.90 | %
2027 |  | 250,159 |  |  | 400,000 |  |  | 3.35 | %
2028 |  | 18,902 |  |  | 450,000 |  |  | 3.20 | %
|  |  |  | 400,000 |  |  | 1.90 | %
2029 |  | 132,661 |  |  | 450,000 |  |  | 3.30 | %
2030 |  | 9,100 |  |  | 700,000 |  |  | 2.30 | %
2031 |  | 9,700 |  |  | 600,000 |  |  | 2.45 | %
2032 |  | 10,400 |  |  | 700,000 |  |  | 2.05 | %
2033 |  | 12,000 |  |  | 350,000 |  |  | 5.00 | %
|  |  |  | 400,000 |  |  | 5.30 | %
Thereafter |  | 268,951 |  |  | 350,000 |  |  | 3.90 | %
|  |  |  | 300,000 |  |  | 4.15 | %
|  |  |  | 300,000 |  |  | 4.35 | %
|  | $ | 743,242 |  |  | $ | 7,300,000 |  |  |
The Company was in compliance at March 31, 2024 with customary covenants under the Credit Facility and the indentures under which the unsecured notes were issued.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration