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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt as of December 31, 2021 and 2020 (dollars in thousands):
|  |  |  |  | As of December 31, 2021 |
Unsecured debt |  | December 31, 2021 |  |  | December 31, 2020 |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity |
Variable rate commercial paper program |  | $ | — |  |  | $ | 172,000 |  |  |  | — |  |  |  | — |
Fixed rate senior notes |  |  | 4,175,000 |  |  |  | 3,922,000 |  |  |  | 3.3 | % |  | 3/4/2029 |
Debt issuance costs, discounts, premiums and fair market value adjustments |  |  | (23,625 | ) |  |  | (16,627 | ) |  |  |  |  |  |
Total unsecured debt |  | $ | 4,151,375 |  |  | $ | 4,077,373 |  |  |  | 3.3 | % |  |  |
Secured debt |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate property mortgages |  | $ | 368,555 |  |  | $ | 488,709 |  |  |  | 4.4 | % |  | 9/24/2048 |
Debt issuance costs |  |  | (3,240 | ) |  |  | (3,370 | ) |  |  |  |  |  |
Total secured debt |  | $ | 365,315 |  |  | $ | 485,339 |  |  |  | 4.4 | % |  |  |
Total outstanding debt |  | $ | 4,516,690 |  |  | $ | 4,562,712 |  |  |  | 3.4 | % |  |  |
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2021, as well as the amortization of the fair market value of debt assumed, debt discounts, premiums and issuance costs (in thousands):
|  | Maturities |  |  | Amortization |  |  | Total |
2022 |  | $ | 125,000 |  |  | $ | (173 | ) |  | $ | 124,827 |
2023 |  |  | 350,000 |  |  |  | (1,166 | ) |  |  | 348,834 |
2024 |  |  | 400,000 |  |  |  | (1,976 | ) |  |  | 398,024 |
2025 |  |  | 405,262 |  |  |  | (2,838 | ) |  |  | 402,424 |
2026 |  |  | 300,000 |  |  |  | (3,570 | ) |  |  | 296,430 |
Thereafter |  |  | 2,963,293 |  |  |  | (17,142 | ) |  |  | 2,946,151 |
Total |  | $ | 4,543,555 |  |  | $ | (26,865 | ) |  | $ | 4,516,690 |

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