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Mortgage Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Payable [Abstract] |
Summary of Mortgages Notes Payable | The following is a summary of the Company’s senior unsecured notes as of December 31, 2022 and 2021 ($ in thousands):
| Maturity |  | 2022 |  | 2021 |  | Coupon Rate
Senior notes | May 2023 |  | $ | 300,000 |  |  | $ | 300,000 |  |  | 3.250 | %
Senior notes | May 2024 |  | 400,000 |  |  | 400,000 |  |  | 3.875 | %
Senior notes | April 2025 |  | 500,000 |  |  | 500,000 |  |  | 3.500 | %
Senior notes | April 2026 |  | 450,000 |  |  | 450,000 |  |  | 3.375 | %
Senior notes | May 2027 |  | 350,000 |  |  | 350,000 |  |  | 3.625 | %
Senior notes | March 2028 |  | 450,000 |  |  | 450,000 |  |  | 1.700 | %
Senior notes | March 2029 |  | 500,000 |  |  | 500,000 |  |  | 4.000 | %
Senior notes | January 2030 |  | 550,000 |  |  | 550,000 |  |  | 3.000 | %
Senior notes | January 2031 |  | 300,000 |  |  | 300,000 |  |  | 1.650 | %
Senior notes | June 2031 |  | 300,000 |  |  | 300,000 |  |  | 2.550 | %
Senior notes | March 2032 |  | 650,000 |  |  | 650,000 |  |  | 2.650 | %
Senior notes | March 2048 |  | 300,000 |  |  | 300,000 |  |  | 4.500 | %
Senior notes | September 2050 |  | 300,000 |  |  | 300,000 |  |  | 2.650 | %
|  |  | $ | 5,350,000 |  |  | $ | 5,350,000 |  |  |
Mortgage notes payable consist of the following as of December 31, 2022 and 2021 ($ in thousands):
| 2022 |  | 2021
Fixed rate mortgage notes payable | $ | 371,849 |  |  | $ | 415,350 |
Variable rate mortgage notes payable (1) | 222,094 |  |  | 223,609 |
Total mortgage notes payable (2) | $ | 593,943 |  |  | $ | 638,959 |
Number of properties securing mortgage notes | 11 |  |  | 12 |
Remaining terms | 2-24 years |  | 1-25 years
Weighted average interest rate | 3.5 | % |  | 2.7 | %
Aggregate Scheduled Principal Payments of Mortgage Notes Payable | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2022 are as follows ($ in thousands):
2023 | $ | 300,000 |
2024 | 400,000 |
2025 | 500,000 |
2026 | 450,000 |
2027 | 350,000 |
Thereafter | 3,350,000 |
| $ | 5,350,000 |
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2022 are as follows ($ in thousands):
2023 | $ | 2,945 |
2024 | 3,109 |
2025 | 133,054 |
2026 | 99,405 |
2027 | 153,955 |
Thereafter | 202,269 |
| $ | 594,737 |
(1)Variable rate mortgage notes payable, including $223.6 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 3.5% at December 2022 and 1.1% at December 2021) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from December 2027 through December 2046. The Company had no interest rate cap agreements as of December 31, 2022 and 2021, respectively. (2)Includes total unamortized premium, net of discounts, of $1.2 million and $2.5 million and reduced by unamortized debt issuance costs of $2.0 million and $1.5 million as of December 31, 2022 and 2021, respectively.

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