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Debt | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Essex does not have indebtedness as debt is incurred by the Operating Partnership. Essex guarantees the Operating Partnership’s unsecured debt including the revolving credit facilities for the full term of the facilities. Debt consists of the following ($ in thousands):
| June 30, 2024 |  | December 31, 2023 |  | Weighted Average Maturity In Years as of June 30, 2024
Term loan - variable rate, net | $ | 298,745 |  |  | $ | 298,552 |  |  | 3.3
Bonds public offering - fixed rate, net (1) | 4,969,157 |  |  | 5,019,979 |  |  | 7.4
Unsecured debt, net (2) | 5,267,902 |  |  | 5,318,531 |  |  |
Lines of credit (3) | 129,391 |  |  | — |  |  |
Mortgage notes payable, net (4) | 885,563 |  |  | 887,204 |  |  | 7.4
Total debt, net | $ | 6,282,856 |  |  | $ | 6,205,735 |  |  |
Weighted average interest rate on fixed rate unsecured bonds public offering | 3.3 | % |  | 3.3 | % |  |
Weighted average interest rate on variable rate term loan | 4.2 | % |  | 4.2 | % |  |
Weighted average interest rate on lines of credit | 6.4 | % |  | 6.3 | % |  |
Weighted average interest rate on mortgage notes payable | 4.3 | % |  | 4.3 | % |  |
(1) In March 2024, the Operating Partnership issued $350.0 million of senior unsecured notes due on April 1, 2034 with a coupon rate of 5.500% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2024. The 2034 Notes were offered to investors at a price of 99.752% of the principal amount. In May 2024, the Company repaid its $400.0 million unsecured notes at maturity. (2) Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loan which includes unamortized discount, net of premiums, of $6.2 million and $6.1 million and unamortized debt issuance costs of $25.9 million and $25.3 million, as of June 30, 2024 and December 31, 2023, respectively. (3) Lines of credit, related to the Company's two lines of unsecured credit aggregating $1.24 billion as of June 30, 2024, excludes unamortized debt issuance costs of $3.2 million and $3.8 million as of June 30, 2024 and December 31, 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets on the condensed consolidated balance sheets. As of June 30, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate ("Adjusted SOFR") plus 0.765%, 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 date of January 2027 with two six-month extensions, exercisable at the Company’s option. As of June 30, 2024, the Company’s $35.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the Company's sustainability metric grid. Prior to its maturity in July 2024 the line of credit facility was amended such that the line's capacity increased to $75.0 million and the scheduled maturity date was extended to July 2026. (4) Includes total unamortized premium, net of discounts of $0.1 million and $0.5 million, reduced by unamortized debt issuance costs of $2.8 million and $3.1 million, as of June 30, 2024 and December 31, 2023, respectively. The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of June 30, 2024 are as follows ($ in thousands):
2024 | $ | 1,576 |
2025 | 633,054 |
2026 | 549,405 |
2027 | 803,955 |
2028 | 518,332 |
Thereafter | 3,681,937 |
Total | $ | 6,188,259 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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