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Debt (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 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.
| June 30, 2024 |  | December 31, 2023
Fixed rate unsecured notes | $ | 7,700,000 |  |  | 3.4 | % |  | $ | 7,300,000 |  |  | 3.3 | %
Fixed rate mortgage notes payable - conventional and tax-exempt | 333,811 |  |  | 3.9 | % |  | 333,892 |  |  | 3.9 | %
Variable rate mortgage notes payable - conventional and tax-exempt | 402,250 |  |  | 5.5 | % |  | 410,150 |  |  | 5.5 | %
Total mortgage notes payable and unsecured notes | 8,436,061 |  |  | 3.5 | % |  | 8,044,042 |  |  | 3.5 | %
Credit Facility | — |  |  | — | % |  | — |  |  | — | %
Commercial paper | — |  |  | — | % |  | — |  |  | — | %
Total principal outstanding | 8,436,061 |  |  | 3.5 | % |  | 8,044,042 |  |  | 3.5 | %
Less deferred financing costs and debt discount (1) | (62,030) |  |  |  |  | (62,220) |  |  |
Total | $ | 8,374,031 |  |  |  |  | $ | 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 June 30, 2024 and December 31, 2023, respectively, was as follows (dollars in thousands):
| June 30, 2024 |  | December 31, 2023
Credit Facility commitment | $ | 2,250,000 |  |  | $ | 2,250,000 |
Credit Facility outstanding | — |  |  | — |
Commercial paper outstanding | — |  |  | — |
Letters of credit outstanding (1) | (1,814) |  |  | (1,914) |
Total Credit Facility available | $ | 2,248,186 |  |  | $ | 2,248,086 |
_____________________________________ (1)In addition, the Company had $62,816 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 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 June 30, 2024 were as follows (dollars in thousands):
Year |  | Secured notes principal payments and maturities |  | Unsecured notes maturities |  | Stated interest rate of unsecured notes
2024 |  | $ | 1,612 |  |  | $ | 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 |  |  | 400,000 |  |  | 5.35 | %
|  |  |  | 350,000 |  |  | 3.90 | %
|  |  |  | 300,000 |  |  | 4.15 | %
|  |  |  | 300,000 |  |  | 4.35 | %
|  | $ | 736,061 |  |  | $ | 7,700,000 |  |  |

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