XML 34 R24.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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 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.
Summary of availability on the credit facility | 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.
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 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 |  |  |

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 Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration