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Debt and Line of Credit (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):
| Carrying Amount |  | Weighted Average Years to Maturity |  | Weighted Average Interest Rates
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023
Secured Debt |  |  |  |  |  |  |  |  |  |  |
Mortgage loans payable(1) | $ | 3,452.0 |  |  | $ | 3,478.9 |  |  | 8.7 |  | 9.2 |  | 3.995 | % |  | 3.994 | %
Secured borrowings on collateralized receivables(2) | 54.3 |  |  | 55.8 |  |  | 13.7 |  | 14.2 |  | 8.592 | % |  | 8.556 | %
Total Secured Debt | $ | 3,506.3 |  |  | $ | 3,534.7 |  |  |  |  |  |  |  |  |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |
Senior unsecured notes(3) | 2,674.6 |  |  | 2,177.5 |  |  | 6.5 |  | 7.5 |  | 3.778 | % |  | 3.375 | %
Line of credit and other debt(4) | 1,671.9 |  |  | 2,065.1 |  |  | 1.8 |  | 1.7 |  | 5.195 | % |  | 5.428 | %
Total Unsecured Debt | 4,346.5 |  |  | 4,242.6 |  |  |  |  |  |  |  |  |
Total Debt | $ | 7,852.8 |  |  | $ | 7,777.3 |  |  | 6.5 |  | 6.8 |  | 4.208 | % |  | 4.234 | %
(1) Balances at June 30, 2024 and December 31, 2023 include zero net debt premiums, as of each such date, and $15.6 million and $16.9 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (2) Balances at June 30, 2024 and December 31, 2023 include fair value adjustments of $3.5 million and $1.9 million, respectively. (3) Balances at June 30, 2024 and December 31, 2023 include $6.7 million and $6.5 million of net debt discount, respectively, and $18.6 million and $16.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. (4) Balances at June 30, 2024 and December 31, 2023 include zero and $1.6 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity. During the six months ended June 30, 2024 we did not enter into any mortgage term loans. During the year ended December 31, 2023, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):
Period |  | Loan Amount |  | Term (in years) |  | Interest Rate |  | Maturity Date
Three months ended December 31, 2023 |  | $ | 252.8 |  | (1) | 7 |  | 6.49 | % |  | November 1, 2030
Three months ended March 31, 2023 |  | $ | 85.0 |  | (2) | 3 |  | 5.0 | % |  | February 13, 2026
Three months ended March 31, 2023 |  | $ | 99.1 |  | (3) | 7 - 10 |  | 5.72 | % |  | April 1, 2030 - April 1, 2033
(1)Includes two newly encumbered properties. (2)Includes five existing encumbered properties. (3)Includes 22 existing encumbered properties.
Schedule of Interest Capitalized | Interest Capitalized We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the three and six months ended June 30, 2024 and 2023 were as follows (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
Interest capitalized |  | $ | 2.2 |  |  | $ | 2.6 |  |  | $ | 4.9 |  |  | $ | 5.1 |
Schedule of Long-Term Debt Instruments | The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets.
|  |  |  | Carrying Amount
|  | Principal Amount |  | June 30, 2024 |  | December 31, 2023
5.5% notes, issued in January 2024 and due in January 2029(1) |  | $ | 500.0 |  |  | $ | 495.8 |  |  | $ | — |
5.7% notes, issued in January 2023 and due in January 2033 |  | 400.0 |  |  | 395.9 |  |  | 395.7
4.2% notes, issued in April 2022 and due in April 2032 |  | 600.0 |  |  | 592.8 |  |  | 592.6 |
2.3% notes, issued in October 2021 and due in November 2028 |  | 450.0 |  |  | 447.1 |  |  | 446.8 |
2.7% notes, issued in June 2021 and October 2021, and due in July 2031 |  | 750.0 |  |  | 743.0 |  |  | 742.4 |
Total |  | $ | 2,700.0 |  |  | $ | 2,674.6 |  |  | $ | 2,177.5 |
(1) In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029 (the "2029 Notes"). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility.

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