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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2022 |  |  | 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, 2023 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,608,838 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 230 |  |  | $ | 1,609,068 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  |  | 108,378 |  |  |  | 14,090 |  | (2) |  | — |  |  |  | (40 | ) |  |  | — |  |  |  | 184 |  |  |  | 122,612 |
Secured – Tax Exempt |  |  | 236,222 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 306 |  |  |  | 35 |  |  |  | 236,563 |
Floating Rate Debt |  |  | 344,600 |  |  |  | 14,090 |  |  |  | — |  |  |  | (40 | ) |  |  | 306 |  |  |  | 219 |  |  |  | 359,175 |
Total |  | $ | 1,953,438 |  |  | $ | 14,090 |  |  | $ | — |  |  | $ | (40 | ) |  | $ | 306 |  |  | $ | 449 |  |  | $ | 1,968,243 |
(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, 2023 (amounts in thousands):
|  | Notes, net as of December 31, 2022 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of March 31, 2023 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,342,329 |  |  | $ | — |  |  | $ | — |  |  | $ | 562 |  |  | $ | 960 |  |  | $ | 5,343,851 |
(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, 2023 (amounts in thousands):
|  | March 31, 2023 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | — |
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,484 | )
Unsecured revolving credit facility availability |  | $ | 2,496,516 |
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, 2023:
|  | March 31, 2023
Interest Rate Ranges |  | 0.10% - 7.58%
Weighted Average Interest Rate |  | 3.82%
Maturity Date Ranges |  | 2023-2061
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, 2023:
|  | March 31, 2023
Interest Rate Ranges |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.56%
Maturity Date Ranges |  | 2025-2047
Commercial Paper [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain weighted average interest rate and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2023:
|  | March 31, 2023
Weighted Average Interest Rate (1) |  | 4.70%
Weighted Average Amount Outstanding |  | $109.0 million
(1) The notes bear interest at various floating rates.

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