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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt as of December 31, 2023 and 2022 (dollars in thousands):
|  |  |  |  | As of December 31, 2023
Unsecured debt |  | December 31, 2023 |  |  | December 31, 2022 |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity
Variable rate commercial paper program |  | $ | 495,000 |  |  | $ | 20,000 |  |  |  | 5.7 | % |  | 1/7/2024
Fixed rate senior notes |  |  | 3,700,000 |  |  |  | 4,050,000 |  |  |  | 3.3 | % |  | 11/23/2029
Debt issuance costs, discounts, premiums and fair market value adjustments |  |  | (14,916 | ) |  |  | (19,090 | ) |  |  |  |  |
Total unsecured debt |  | $ | 4,180,084 |  |  | $ | 4,050,910 |  |  |  | 3.6 | % |  |
Secured debt |  |  |  |  |  |  |  |  |  |  |
Fixed rate property mortgages |  | $ | 363,293 |  |  | $ | 367,154 |  |  |  | 4.4 | % |  | 1/26/2049
Debt issuance costs |  |  | (3,152 | ) |  |  | (3,161 | ) |  |  |  |  |
Total secured debt |  | $ | 360,141 |  |  | $ | 363,993 |  |  |  | 4.4 | % |  |
Total outstanding debt |  | $ | 4,540,225 |  |  | $ | 4,414,903 |  |  |  | 3.6 | % |  |
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2023, as well as the amortization of debt issuance costs, discounts, premiums and fair market value adjustments (in thousands):
|  | Maturities |  |  | Amortization |  |  | Total |
2024 |  | $ | 895,000 |  |  | $ | (340 | ) |  | $ | 894,660 |
2025 |  |  | 400,000 |  |  |  | (1,453 | ) |  |  | 398,547 |
2026 |  |  | 300,000 |  |  |  | (2,027 | ) |  |  | 297,973 |
2027 |  |  | 600,000 |  |  |  | (2,666 | ) |  |  | 597,334 |
2028 |  |  | 400,000 |  |  |  | (2,697 | ) |  |  | 397,303 |
Thereafter |  |  | 1,963,293 |  |  |  | (8,885 | ) |  |  | 1,954,408 |
Total |  | $ | 4,558,293 |  |  | $ | (18,068 | ) |  | $ | 4,540,225 |

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