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Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2021 |  |  | 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, 2022 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,896,472 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,933 | ) |  | $ | 378 |  |  | $ | 334 |  |  | $ | 1,895,251 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 59,890 |  |  |  | 2,689 |  | (2) |  | — |  |  |  | — |  |  |  | — |  |  |  | 188 |  |  |  | 62,767 |
Secured – Tax Exempt |  |  | 234,839 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 307 |  |  |  | 35 |  |  |  | 235,181 |
Floating Rate Debt |  |  | 294,729 |  |  |  | 2,689 |  |  |  | — |  |  |  | — |  |  |  | 307 |  |  |  | 223 |  |  |  | 297,948 |
Total |  | $ | 2,191,201 |  |  | $ | 2,689 |  |  | $ | — |  |  | $ | (1,933 | ) |  | $ | 685 |  |  | $ | 557 |  |  | $ | 2,193,199 |
(1) | Represents amortization of deferred financing costs, net of debt financing costs.
(2) | See Note 6 for additional discussion of the variable rate construction mortgage debt.
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the quarter ended March 31, 2022 (amounts in thousands):
|  | Notes, net as of December 31, 2021 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of March 31, 2022 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,835,222 |  |  | $ | — |  |  | $ | — |  |  | $ | 673 |  |  | $ | 1,062 |  |  | $ | 5,836,957 |
(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, 2022 (amounts in thousands):
|  | March 31, 2022 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (130,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,507 | )
Unsecured revolving credit facility availability |  | $ | 2,366,493 |
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, 2022:
|  | March 31, 2022 |
Interest Rate Ranges |  | 0.10% - 4.21% |
Weighted Average Interest Rate |  | 3.33% |
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, 2022:
|  | March 31, 2022 |
Interest Rate Ranges |  | 1.85% - 7.57% |
Weighted Average Interest Rate |  | 3.61% |
Maturity Date Ranges |  | 2023-2047 |

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