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Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Instrument [Line Items] |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2024 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2023 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Scheduled principal repayments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Mortgage notes payable, net as of June 30, 2024 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,398,598 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 792 |  |  | $ | 454 |  |  | $ | 1,399,844 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Tax Exempt |  |  | 234,304 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 620 |  |  |  | 70 |  |  |  | 234,994 |
Total |  | $ | 1,632,902 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,412 |  |  | $ | 524 |  |  | $ | 1,634,838 |
(1) Represents amortization of deferred financing costs, net of debt financing costs.
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the six months ended June 30, 2024 (amounts in thousands):
|  | Notes, net as of December 31, 2023 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of June 30, 2024 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,348,417 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,124 |  |  | $ | 1,920 |  |  | $ | 5,351,461 |
(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 June 30, 2024 (amounts in thousands):
|  | June 30, 2024 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (171,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,438 | )
Unsecured revolving credit facility availability |  | $ | 2,325,562 |
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 six months ended June 30, 2024:
|  | June 30, 2024
Interest Rate Ranges (ending) |  | 0.10% - 5.25%
Weighted Average Interest Rate |  | 3.86%
Maturity Date Ranges |  | 2029-2061
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 six months ended June 30, 2024:
|  | June 30, 2024
Interest Rate Ranges (ending) |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.52%
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, maturity and amount outstanding information for the commercial paper program as of and for the six months ended June 30, 2024:
|  | June 30, 2024 |
Weighted Average Interest Rate (1) |  | 5.59% |
Weighted Average Maturity (in days) |  | 5 |
Weighted Average Amount Outstanding |  | $300.1 million |
(1) The notes bear interest at various floating rates.

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