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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Instrument [Line Items] |
Summary of Mortgage Notes Payable Activity | The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2022 and 2021, respectively (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 December 31, 2022 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,896,472 |  |  | $ | — |  |  | $ | (286,461 | ) |  | $ | (3,311 | ) |  | $ | 941 |  |  | $ | 1,197 |  |  | $ | 1,608,838 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 59,890 |  |  |  | 48,054 |  | (2) |  | — |  |  |  | (81 | ) |  |  | — |  |  |  | 515 |  |  |  | 108,378 |
Secured – Tax Exempt |  |  | 234,839 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,243 |  |  |  | 140 |  |  |  | 236,222 |
Floating Rate Debt |  |  | 294,729 |  |  |  | 48,054 |  |  |  | — |  |  |  | (81 | ) |  |  | 1,243 |  |  |  | 655 |  |  |  | 344,600 |
Total |  | $ | 2,191,201 |  |  | $ | 48,054 |  |  | $ | (286,461 | ) |  | $ | (3,392 | ) |  | $ | 2,184 |  |  | $ | 1,852 |  |  | $ | 1,953,438 |
(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.
|  | 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 December 31, 2021 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,901,091 |  |  | $ | 28,500 |  | (2) | $ | (28,200 | ) |  | $ | (7,465 | ) |  | $ | 1,522 |  |  | $ | 1,024 |  |  | $ | 1,896,472 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 31,494 |  |  |  | 29,928 |  | (3) |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,532 | ) |  |  | 59,890 |
Secured – Tax Exempt |  |  | 361,305 |  |  |  | — |  |  |  | (128,615 | ) |  |  | — |  |  |  | 1,242 |  |  |  | 907 |  |  |  | 234,839 |
Floating Rate Debt |  |  | 392,799 |  |  |  | 29,928 |  |  |  | (128,615 | ) |  |  | — |  |  |  | 1,242 |  |  |  | (625 | ) |  |  | 294,729 |
Total |  | $ | 2,293,890 |  |  | $ | 58,428 |  |  | $ | (156,815 | ) |  | $ | (7,465 | ) |  | $ | 2,764 |  |  | $ | 399 |  |  | $ | 2,191,201 |
(1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Obtained a 3.58% fixed rate mortgage debt maturing on March 1, 2031. (3) See Note 6 for additional discussion of the variable rate construction mortgage debt.
Summary of Certain Interest Rate, Maturity Days and Amount Outstanding | The following table summarizes certain weighted average interest rate, maturity and amounts outstanding information for the commercial paper program as of and for the years ended December 31, 2022 and 2021, respectively:
|  | December 31, 2022 |  | December 31, 2021
Weighted Average Interest Rate (1) |  | 1.52% |  | 0.27%
Weighted Average Maturity (in days) |  | 4 |  | 27
Weighted Average Amounts Outstanding |  | $156.1 million |  | $471.0 million
(1) The notes bear interest at various floating rates.
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2022 and 2021, respectively (amounts in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |  |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (130,000 | ) |  |  | (315,121 | )
Unsecured revolving credit facility balance outstanding |  |  | — |  |  |  | — |
Other restricted amounts |  |  | (3,463 | ) |  |  | (3,507 | )
Unsecured revolving credit facility availability |  | $ | 2,366,537 |  |  | $ | 2,181,372 |
Summary 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 years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands):
|  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Prepayment premiums/penalties |  | $ | — |  |  | $ | — |  |  | $ | 26,150 |
Write-offs of unamortized deferred financing costs |  |  | 717 |  |  |  | 744 |  |  |  | 634 |
Write-offs of unamortized (premiums)/discounts/OCI |  |  | 3,947 |  |  |  | — |  |  |  | 12,508 |
Total |  | $ | 4,664 |  |  | $ | 744 |  |  | $ | 39,292 |
Summary of Aggregate Payments of Principal on All Debt | The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2022 (amounts in thousands):
Year |  | Total |
2023 (1), (2) |  | $ | 998,275 |
2024 |  |  | 6,100 |
2025 |  |  | 503,180 |
2026 |  |  | 601,025 |
2027 |  |  | 409,800 |
Thereafter |  |  | 4,975,870 |
Subtotal |  |  | 7,494,250 |
Deferred Financing Costs and Unamortized (Discount) |  |  | (68,528 | )
Total |  | $ | 7,425,722 |
(1) Includes $130.0 million in principal outstanding on the Company’s commercial paper program. (2) During 2022, the Company entered into $450.0 million of ten-year forward starting SOFR swaps at a weighted average rate of 2.90% (currently equivalent to a ten-year U.S. Treasury of approximately 3.23%) to hedge the U.S. Treasury risk for the refinancing of 2023 maturities.
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 years ended December 31, 2022 and 2021, respectively:
|  | December 31, 2022 |  | December 31, 2021
Interest Rate Ranges |  | 0.10% - 7.10% |  | 0.06% - 4.21%
Weighted Average Interest Rate |  | 3.46% |  | 3.18%
Maturity Date Ranges |  | 2023-2061 |  | 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 years ended December 31, 2022 and 2021, respectively:
|  | December 31, 2022 |  | December 31, 2021
Interest Rate Ranges |  | 1.85% - 7.57% |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.61% |  | 3.65%
Maturity Date Ranges |  | 2025-2047 |  | 2023-2047
Summary of Notes Activity | The following tables summarize the Company’s notes activity for the years ended December 31, 2022 and 2021, respectively (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 December 31, 2022 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,835,222 |  |  | $ | — |  |  | $ | (500,000 | ) |  | $ | 2,820 |  |  | $ | 4,287 |  |  | $ | 5,342,329 |
(1) Represents amortization of deferred financing costs, net of debt financing costs.
|  | Notes, net as of December 31, 2020 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of December 31, 2021 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,335,536 |  |  | $ | 497,470 |  | (2) | $ | — |  |  | $ | 2,538 |  |  | $ | (322 | ) |  | $ | 5,835,222 |
(1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $500.0 million of ten-year 1.85% unsecured notes, receiving net proceeds before underwriting fees and other expenses.

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