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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt as of December 31, 2022 and December 31, 2021 (dollars in thousands):
|  |  |  |  | As of December 31, 2022
Unsecured debt |  | December 31, 2022 |  |  | December 31, 2021 |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity
Variable rate commercial paper program |  | $ | 20,000 |  |  | $ | — |  |  |  | 4.7 | % |  | 1/3/2023
Fixed rate senior notes |  | $ | 4,050,000 |  |  | $ | 4,175,000 |  |  |  | 3.4 | % |  | 5/14/2029
Debt issuance costs, discounts, premiums and fair market value adjustments |  |  | (19,090 | ) |  |  | (23,625 | ) |  |  |  |  |
Total unsecured debt |  | $ | 4,050,910 |  |  | $ | 4,151,375 |  |  |  | 3.4 | % |  |
Secured debt |  |  |  |  |  |  |  |  |  |  |
Fixed rate property mortgages |  | $ | 367,154 |  |  | $ | 368,555 |  |  |  | 4.4 | % |  | 10/27/2048
Debt issuance costs |  |  | (3,161 | ) |  |  | (3,240 | ) |  |  |  |  |
Total secured debt |  | $ | 363,993 |  |  | $ | 365,315 |  |  |  | 4.4 | % |  |
Total outstanding debt |  | $ | 4,414,903 |  |  | $ | 4,516,690 |  |  |  | 3.4 | % |  |
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2022, as well as the amortization of debt issuance costs, discounts, premiums and fair market value adjustments (in thousands):
|  | Maturities |  |  | Amortization |  |  | Total |
2023 |  | $ | 370,000 |  |  | $ | (491 | ) |  | $ | 369,509 |
2024 |  |  | 400,000 |  |  |  | (1,158 | ) |  |  | 398,842 |
2025 |  |  | 403,861 |  |  |  | (2,110 | ) |  |  | 401,751 |
2026 |  |  | 300,000 |  |  |  | (2,798 | ) |  |  | 297,202 |
2027 |  |  | 600,000 |  |  |  | (3,452 | ) |  |  | 596,548 |
Thereafter |  |  | 2,363,293 |  |  |  | (12,242 | ) |  |  | 2,351,051 |
Total |  | $ | 4,437,154 |  |  | $ | (22,251 | ) |  | $ | 4,414,903 |

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