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SECURED AND UNSECURED DEBT, NET (Tables)

6 Months Ended

Jun. 30, 2021

The following is a summary of our secured and unsecured debt at June 30, 2021 and December 31, 2020 (dollars in thousands):


	Principal Outstanding				As of June 30, 2021
					Weighted		Weighted
					Average		Average	Number of
	June 30,		December 31,		Interest		Years to	Communities
	2021		2020		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	1,007,317	$	824,550	3.42	%	6.9	14
Deferred financing costs and other non-cash adjustments (b)		25,660		10,665
Total fixed rate secured debt, net		1,032,977		835,215	3.42	%	6.9	14
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	0.73	%	10.7	1
Deferred financing costs		(64)		(68)
Total variable rate secured debt, net		26,936		26,932	0.73	%	10.7	1
Total Secured Debt, net		1,059,913		862,147	3.35	%	7.0	15
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (o)		—		—	—	%	1.6
Borrowings outstanding under unsecured commercial paper program due July 2021 (e) (o)		470,000		190,000	0.25	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2022 (f)		27,318		28,024	0.93	%	0.5
Term Loan due September 2023 (d) (o)		35,000		35,000	1.07	%	2.3
Fixed Rate Debt
Term Loan due September 2023 (d) (o)		315,000		315,000	1.07	%	2.3
8.50% Debentures due September 2024		15,644		15,644	8.50	%	3.2
4.00% Medium-Term Notes due October 2025 (net of discounts of $0 and $327, respectively) (g) (o)		—		299,673	—	%	—
2.95% Medium-Term Notes due September 2026 (h) (o)		300,000		300,000	2.89	%	5.2
3.50% Medium-Term Notes due July 2027 (net of discounts of $423 and $458, respectively) (i) (o)		299,577		299,542	4.03	%	6.0
3.50% Medium-Term Notes due January 2028 (net of discounts of $776 and $835, respectively) (o)		299,224		299,165	3.50	%	6.5
4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $5, respectively) (j) (o)		299,996		299,995	4.27	%	7.6
3.20% Medium-Term Notes due January 2030 (net of premiums of $11,726 and $12,412, respectively) (k) (o)		611,726		612,412	3.32	%	8.5
3.00% Medium-Term Notes due August 2031 (net of discounts of $979 and $1,027, respectively) (l) (o)		399,021		398,973	3.01	%	10.1
2.10% Medium-Term Notes due August 2032 (net of discounts of $391 and $408, respectively) (o)		399,609		399,592	2.10	%	11.1
1.90% Medium-Term Notes due March 2033 (net of discounts of $1,411 and $1,471, respectively) (o)		348,589		348,529	1.90	%	11.7
2.10% Medium-Term Notes due June 2033 (net of discounts of $1,190 and $0, respectively) (m) (o)		298,810		—	2.10	%	12.0
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,177 and $1,221, respectively) (n) (o)		298,823		298,779	3.13	%	13.3
Other		9		10
Deferred financing costs		(26,152)		(25,937)
Total Unsecured Debt, net		4,392,194		4,114,401	2.57	%	7.7
Total Debt, net	$	5,452,107	$	4,976,548	2.71	%	7.5

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2021 are as follows (dollars in thousands):


	Total Fixed		Total Variable		Total		Total			Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt			Debt
2021	$	555	$	—	$	555	$	470,000	(a)	$	470,555
2022		1,140		—		1,140		27,318			28,458
2023		1,242		—		1,242		350,000			351,242
2024		96,747		—		96,747		15,644			112,391
2025		174,793		—		174,793		—			174,793
2026		52,744		—		52,744		300,000			352,744
2027		2,860		—		2,860		300,000			302,860
2028		162,310		—		162,310		300,000			462,310
2029		191,986		—		191,986		300,000			491,986
2030		162,010		—		162,010		600,000			762,010
Thereafter		160,930		27,000		187,930		1,750,000			1,937,930
Subtotal		1,007,317		27,000		1,034,317		4,412,962			5,447,279
Non-cash (b)		25,660		(64)		25,596		(20,768)			4,828
Total	$	1,032,977	$	26,936	$	1,059,913	$	4,392,194		$	5,452,107

(a)	All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program.

(b)

Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.2 million and $1.1 million, respectively, during the three months ended June 30, 2021 and 2020, and $2.4 million and $2.1 million, respectively, during the six months ended June 30, 2021 and 2020, of deferred financing costs into Interest expense.

Commercial Paper

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2021 and December 31, 2020 (dollars in thousands):


	June 30,			December 31,
	2021			2020
Total unsecured commercial paper program	$	500,000		$	500,000
Borrowings outstanding at end of period		470,000			190,000
Weighted average daily borrowings during the period ended		278,177			227,090
Maximum daily borrowings during the period ended		470,000			500,000
Weighted average interest rate during the period ended		0.3	%		0.9	%
Interest rate at end of the period		0.3	%		0.3	%

Revolving Credit Facility

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands):


	June 30,			December 31,
	2021			2020
Total revolving credit facility	$	1,100,000		$	1,100,000
Borrowings outstanding at end of period (1)		—			—
Weighted average daily borrowings during the period ended		—			42,186
Maximum daily borrowings during the period ended		—			375,000
Weighted average interest rate during the period ended		—	%		1.4	%
Interest rate at end of the period		—	%		—	%

(1)	Excludes $2.6 million and $2.8 million of letters of credit at June 30, 2021 and December 31, 2020, respectively.

Working Capital Credit Facility

Unsecured Debt

Schedule of short-term debt

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2021 and December 31, 2020 (dollars in thousands):


	June 30,			December 31,
	2021			2020
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		27,318			28,024
Weighted average daily borrowings during the period ended		8,839			20,132
Maximum daily borrowings during the period ended		39,503			54,974
Weighted average interest rate during the period ended		0.9	%		1.4	%
Interest rate at end of the period		0.9	%		1.0	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details