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Unsecured Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Unsecured Debt | Unsecured debt consists of the following as of December 31, 2023 and 2022 ($ in thousands):
| 2023 |  | 2022 |  | Weighted Average Maturity In Years as of December 31, 2023
Term loan - variable rate, net (1) | $ | 298,552 |  | $ | (1,611) |  | 3.8
Bonds public offering - fixed rate, net | 5,019,979 |  | 5,313,779 |  | 7.1
Unsecured debt, net (2) | 5,318,531 |  | 5,312,168 |  |
Lines of credit (3) | — |  | 52,073 |  | N/A
Total unsecured debt | $ | 5,318,531 |  | $ | 5,364,241 |  |
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering | 3.3 | % |  | 3.3 | % |  |
Weighted average interest rate on variable rate term loan | 4.2 | % |  | — | % |  |
Weighted average interest rate on lines of credit | 6.3 | % |  | 4.4 | % |  |
(1)In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% and matures in October 2024 with three 12-month extension options, exercisable at the Company's option. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company's $300.0 million unsecured notes due in May 2023. The unsecured term loan includes unamortized debt issuance costs of $1.4 million and $1.6 million of as of December 31, 2023 and 2022, respectively. (2)Includes unamortized discount, net of premiums, of $6.1 million and $7.9 million and unamortized debt issuance costs of $25.3 million and $29.9 million as of December 31, 2023 and 2022, respectively. (3)Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion, excludes unamortized debt issuance costs of $3.8 million and $5.1 million as of December 31, 2023 and 2022, respectively. These debt issuance costs are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2023, the Company's $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of January 2027 with two six-month extension options, exercisable at the Company's option. As of December 31, 2023, the Company's $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's credit ratings, adjusted for the Company's sustainability metric grid, and a scheduled maturity of July 2024.
Summary of Senior Unsecured Notes | The following is a summary of the Company’s senior unsecured notes as of December 31, 2023 and 2022 ($ in thousands):
| Maturity |  | 2023 |  | 2022 |  | Coupon Rate
Senior notes | May 2023 |  | $ | — |  |  | $ | 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 | %
|  |  | $ | 5,050,000 |  |  | $ | 5,350,000 |  |  |
Mortgage notes payable consist of the following as of December 31, 2023 and 2022 ($ in thousands):
| 2023 |  | 2022
Fixed rate mortgage notes payable | $ | 665,711 |  |  | $ | 371,849 |
Variable rate mortgage notes payable (1) | 221,493 |  |  | 222,094 |
Total mortgage notes payable (2) | $ | 887,204 |  |  | $ | 593,943 |
Number of properties securing mortgage notes | 15 |  |  | 11 |
Remaining terms | 1-23 years |  | 2-24 years
Weighted average interest rate | 4.3 | % |  | 3.5 | %
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit | The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, at December 31, 2023 are as follows ($ in thousands):
2024 | $ | 400,000 |
2025 | 500,000 |
2026 | 450,000 |
2027 | 650,000 |
2028 | 450,000 |
Thereafter | 2,900,000 |
| $ | 5,350,000 |
The aggregate scheduled principal payments of mortgage notes payable at December 31, 2023 are as follows ($ in thousands):
2024 | $ | 3,109 |
2025 | 133,054 |
2026 | 99,405 |
2027 | 153,955 |
2028 | 68,332 |
Thereafter | 431,937 |
| $ | 889,792 |
(1)Variable rate mortgage notes payable, including $222.7 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 4.6% at December 2023 and 3.5% at December 2022) 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, 2023 and 2022, respectively. (2)In July 2023, the Company closed $298.0 million in 10-year secured loans priced at a 5.08% fixed interest rate. Includes total unamortized premium, net of discounts, of $0.5 million and $1.2 million and reduced by unamortized debt issuance costs of $3.1 million and $2.0 million as of December 31, 2023 and 2022, respectively.

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