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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility | The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2024 and 2023, as shown in the accompanying 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.
| December 31, 2024 |  | December 31, 2023
Fixed rate unsecured notes | $ | 7,400,000 |  |  | 3.4 | % |  | $ | 7,300,000 |  |  | 3.3 | %
Fixed rate mortgage notes payable—conventional and tax-exempt | 333,479 |  |  | 3.9 | % |  | 333,892 |  |  | 3.9 | %
Variable rate mortgage notes payable—conventional and tax-exempt | 400,950 |  |  | 5.2 | % |  | 410,150 |  |  | 5.5 | %
Total mortgage notes payable and unsecured notes | 8,134,429 |  |  | 3.5 | % |  | 8,044,042 |  |  | 3.5 | %
Credit Facility | — |  |  | — | % |  | — |  |  | — | %
Commercial paper | — |  |  | — | % |  | — |  |  | — | %
Total principal outstanding | 8,134,429 |  |  | 3.5 | % |  | 8,044,042 |  |  | 3.5 | %
Less deferred financing costs and debt discount (1) | (57,180) |  |  |  |  | (62,220) |  |  |
Total | $ | 8,077,249 |  |  |  |  | $ | 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 Consolidated Balance Sheets.
Schedule of borrowing capacity under the Credit Facility | The availability on the Company's Credit Facility as of December 31, 2024 and 2023, respectively, was as follows (dollars in thousands):
| December 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) | (1,714) |  | (1,914)
Total Credit Facility available | $ | 2,248,286 |  |  | $ | 2,248,086 |
_____________________________________ (1) In addition, the Company had $45,910 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2024 and 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 December 31, 2024 were as follows (dollars in thousands):
Year |  | Secured notes principal payments and maturities |  | Unsecured notes maturities |  | Stated interest rate of unsecured notes
2025 |  | $ | 11,365 |  |  | $ | 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 |  | 19,002 |  |  | 450,000 |  |  | 3.20 | %
|  |  |  | 400,000 |  |  | 1.90 | %
2029 |  | 131,561 |  |  | 450,000 |  |  | 3.30 | %
2030 |  | 9,000 |  |  | 700,000 |  |  | 2.30 | %
2031 |  | 9,600 |  |  | 600,000 |  |  | 2.45 | %
2032 |  | 10,400 |  |  | 700,000 |  |  | 2.05 | %
2033 |  | 11,900 |  |  | 350,000 |  |  | 5.00 | %
|  |  |  | 400,000 |  |  | 5.30 | %
2034 |  | 12,800 |  |  | 400,000 |  |  | 5.35 | %
Thereafter |  | 256,831 |  |  | 350,000 |  |  | 3.90 | %
|  |  |  | 300,000 |  |  | 4.15 | %
|  |  |  | 300,000 |  |  | 4.35 | %
|  | $ | 734,429 |  |  | $ | 7,400,000 |  |  |

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