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Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Instrument [Line Items] |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2021 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2020 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Scheduled principal repayments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Mortgage notes payable, net as of March 31, 2021 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,901,091 |  |  | $ | 28,500 |  | (2) | $ | (28,200 | ) |  | $ | (1,871 | ) |  | $ | 378 |  |  | $ | 19 |  |  | $ | 1,899,917 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 31,494 |  |  |  | 8,992 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60 |  |  |  | 40,546 |
Secured – Tax Exempt |  |  | 361,305 |  |  |  | — |  |  |  | (31,680 | ) |  |  | — |  |  |  | 306 |  |  |  | 306 |  |  |  | 330,237 |
Floating Rate Debt |  |  | 392,799 |  |  |  | 8,992 |  |  |  | (31,680 | ) |  |  | — |  |  |  | 306 |  |  |  | 366 |  |  |  | 370,783 |
Total |  | $ | 2,293,890 |  |  | $ | 37,492 |  |  | $ | (59,880 | ) |  | $ | (1,871 | ) |  | $ | 684 |  |  | $ | 385 |  |  | $ | 2,270,700 |
(1) | Represents amortization of deferred financing costs, net of debt financing costs.
(2) | Obtained 3.58% fixed rate mortgage debt maturing on March 1, 2031.
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the quarter ended March 31, 2021 (amounts in thousands):
|  | Notes, net as of December 31, 2020 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Realized/unrealized (gain) loss on derivative instruments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of March 31, 2021 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,335,536 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 610 |  |  | $ | 957 |  |  | $ | 5,337,103 |
(1) | Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2021 (amounts in thousands):
|  | March 31, 2021 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (430,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (100,699 | )
Unsecured revolving credit facility availability |  | $ | 1,969,301 |
Schedule of Debt Extinguishment Costs Recorded as Additional Interest Expense | The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the quarter ended March 31, 2021 (amounts in thousands):
|  | March 31, 2021 |
Write-offs of unamortized deferred financing costs |  | $ | 264 |
Mortgages [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021:
|  | March 31, 2021 |
Interest Rate Ranges |  | 0.05% - 4.21% |
Weighted Average Interest Rate |  | 3.18% |
Maturity Date Ranges |  | 2022-2061 |
Notes [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021:
|  | March 31, 2021 |
Interest Rate Ranges |  | 2.50% - 7.57% |
Weighted Average Interest Rate |  | 3.77% |
Maturity Date Ranges |  | 2023-2047 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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