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v3.22.2.2

SECURED AND UNSECURED DEBT, NET (Tables) | 9 Months Ended
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Sep. 30, 2022
Unsecured Debt |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at September 30, 2022 and December 31, 2021 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal Outstanding | ​ | As of September 30, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Number of
​ | ​ | September 30, | ​ | December 31, | ​ | Interest | ​ | Years to | ​ | Communities
​ |  | 2022 |  | 2021 |  | Rate |  | Maturity |  | Encumbered
Secured Debt: | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |
Fixed Rate Debt |  | ​ |  |  | ​ |  |  |  |  |  |  |
Mortgage notes payable (a) | ​ | $ | 1,005,912 | ​ | $ | 1,006,762 |  | 3.42 | % | 5.7 |  | 14
Deferred financing costs and other non-cash adjustments (b) | ​ |  | 20,703 | ​ |  | 23,678 |  |  |  |  |  |
Total fixed rate secured debt, net | ​ |  | 1,026,615 | ​ |  | 1,030,440 |  | 3.42 | % | 5.7 |  | 14
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Tax-exempt secured notes payable (c) | ​ |  | 27,000 | ​ |  | 27,000 |  | 2.38 | % | 9.5 |  | 1
Deferred financing costs | ​ |  | (55) | ​ |  | (60) |  |  |  |  |  |
Total variable rate secured debt, net | ​ |  | 26,945 | ​ |  | 26,940 |  | 2.38 | % | 9.5 |  | 1
Total Secured Debt, net | ​ |  | 1,053,560 | ​ |  | 1,057,380 |  | 3.39 | % | 5.8 |  | 15
Unsecured Debt: | ​ |  |  | ​ |  |  |  |  |  |  |  |
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) | ​ |  | — | ​ |  | — |  | — | % | 3.3 |  |
Borrowings outstanding under unsecured commercial paper program due October 2022 (e) (m) | ​ | ​ | 425,000 | ​ | ​ | 220,000 | ​ | 3.44 | % | 0.1 | ​ | ​
Borrowings outstanding under unsecured working capital credit facility due January 2024 (f) | ​ |  | 41,181 | ​ |  | 29,546 |  | 3.92 | % | 1.3 |  |
Term Loan due January 2027 (d) (m) | ​ |  | 175,000 | ​ |  | 35,000 |  | 3.37 | % | 4.3 |  |
Fixed Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Term Loan due January 2027 (d) (m) | ​ | ​ | 175,000 | ​ |  | 315,000 |  | 1.43 | % | 4.3 | ​ | ​
8.50% Debentures due September 2024 | ​ |  | 15,644 | ​ |  | 15,644 |  | 8.50 | % | 2.0 |  |
2.95% Medium-Term Notes due September 2026 (g) (m) | ​ |  | 300,000 | ​ |  | 300,000 |  | 2.89 | % | 3.9 |  |
3.50% Medium-Term Notes due July 2027 (net of discounts of $335 and $388, respectively) (h) (m) | ​ | ​ | 299,665 | ​ | ​ | 299,612 | ​ | 4.03 | % | 4.8 | ​ | ​
3.50% Medium-Term Notes due January 2028 (net of discounts of $627 and $717, respectively) (m) | ​ | ​ | 299,373 | ​ | ​ | 299,283 | ​ | 3.50 | % | 5.3 | ​ | ​
4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) | ​ | ​ | 299,996 | ​ | ​ | 299,996 | ​ | 4.27 | % | 6.3 | ​ | ​
3.20% Medium-Term Notes due January 2030 (net of premiums of $10,010 and $11,040, respectively) (j) (m) | ​ | ​ | 610,010 | ​ | ​ | 611,040 | ​ | 3.32 | % | 7.3 | ​ | ​
3.00% Medium-Term Notes due August 2031 (net of premiums/discounts of $10,602 and $11,498, respectively) (k) (m) | ​ | ​ | 610,602 | ​ | ​ | 611,498 | ​ | 3.01 | % | 8.9 | ​ | ​
2.10% Medium-Term Notes due August 2032 (net of discounts of $346 and $373, respectively) (m) | ​ | ​ | 399,654 | ​ | ​ | 399,627 | ​ | 2.10 | % | 9.8 | ​ | ​
1.90% Medium-Term Notes due March 2033 (net of discounts of $1,260 and $1,351, respectively) (m) | ​ | ​ | 348,740 | ​ | ​ | 348,649 | ​ | 1.90 | % | 10.5 | ​ | ​
2.10% Medium-Term Notes due June 2033 (net of discounts of $1,066 and $1,140, respectively) (m) | ​ | ​ | 298,934 | ​ | ​ | 298,860 | ​ | 2.10 | % | 10.7 | ​ | ​
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,067 and $1,133, respectively) (l) (m) | ​ | ​ | 298,933 | ​ | ​ | 298,867 | ​ | 3.13 | % | 12.1 | ​ | ​
Other | ​ |  | 5 | ​ |  | 7 |  |  |  |  |  |
Deferred financing costs | ​ |  | (24,935) | ​ |  | (27,222) |  |  |  |  |  |
Total Unsecured Debt, net | ​ |  | 4,572,802 | ​ |  | 4,355,407 |  | 3.03 | % | 6.9 |  |
Total Debt, net | ​ | $ | 5,626,362 | ​ | $ | 5,412,787 |  | 3.06 | % | 6.7 |  |
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 September 30, 2022 are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Total Fixed |  | Total Variable |  | Total |  | Total |  | Total
Year | ​ | Secured Debt | ​ | Secured Debt | ​ | Secured Debt | ​ | Unsecured Debt | ​ | Debt
2022 | ​ | $ | 290 | ​ | $ | — | ​ | $ | 290 | ​ | $ | 425,000 | (a) | $ | 425,290
2023 | ​ | ​ | 1,242 | ​ | ​ | — | ​ | ​ | 1,242 | ​ | ​ | — | ​ | ​ | 1,242
2024 | ​ |  | 96,747 | ​ |  | — | ​ |  | 96,747 | ​ |  | 56,825 | ​ |  | 153,572
2025 | ​ |  | 174,793 | ​ |  | — | ​ |  | 174,793 | ​ |  | — | ​ |  | 174,793
2026 | ​ |  | 52,744 | ​ |  | — | ​ |  | 52,744 | ​ |  | 300,000 | ​ |  | 352,744
2027 | ​ |  | 2,860 | ​ |  | — | ​ |  | 2,860 | ​ |  | 650,000 | ​ |  | 652,860
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
2031 | ​ |  | 160,930 | ​ |  | — | ​ |  | 160,930 | ​ |  | 600,000 | ​ |  | 760,930
Thereafter | ​ |  | — | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | 1,350,000 | ​ |  | 1,377,000
Subtotal | ​ |  | 1,005,912 | ​ |  | 27,000 | ​ |  | 1,032,912 | ​ |  | 4,581,825 | ​ |  | 5,614,737
Non-cash (b) | ​ |  | 20,703 | ​ |  | (55) | ​ |  | 20,648 | ​ |  | (9,023) | ​ |  | 11,625
Total | ​ | $ | 1,026,615 | ​ | $ | 26,945 | ​ | $ | 1,053,560 | ​ | $ | 4,572,802 | ​ | $ | 5,626,362
(a) | All unsecured debt due in the remainder of 2022 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 $1.0 million and $1.2 million, respectively, during the three months ended September 30, 2022 and 2021, and $2.9 million and $3.6 million, respectively, during the nine months ended September 30, 2022 and 2021, 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 September 30, 2022 and December 31, 2021 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31, |
​ | ​ | 2022 | ​ | 2021 |
Total unsecured commercial paper program |  | $ | 700,000 | ​ | $ | 700,000 | ​
Borrowings outstanding at end of period | ​ |  | 425,000 | ​ |  | 220,000 | ​
Weighted average daily borrowings during the period ended | ​ |  | 389,560 | ​ |  | 419,563 | ​
Maximum daily borrowings during the period ended | ​ |  | 700,000 | ​ |  | 700,000 | ​
Weighted average interest rate during the period ended | ​ |  | 1.6 | % |  | 0.2 | %
Interest rate at end of the period | ​ |  | 3.4 | % |  | 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 September 30, 2022 and December 31, 2021 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31, | ​
​ |  | 2022 |  | 2021 | ​
Total revolving credit facility | ​ | $ | 1,300,000 | ​ | $ | 1,300,000 | ​
Borrowings outstanding at end of period (1) | ​ |  | — | ​ |  | — | ​
Weighted average daily borrowings during the period ended | ​ |  | — | ​ |  | 13,068 | ​
Maximum daily borrowings during the period ended | ​ |  | — | ​ |  | 305,000 | ​
Weighted average interest rate during the period ended | ​ |  | — | % |  | 0.9 | %
Interest rate at end of the period | ​ |  | — | % |  | — | %
(1) | Excludes $2.6 million and $2.6 million of letters of credit at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31, |
​ | ​ | 2022 | ​ | 2021 |
Total working capital credit facility | ​ | $ | 75,000 | ​ | $ | 75,000 | ​
Borrowings outstanding at end of period | ​ |  | 41,181 | ​ |  | 29,546 | ​
Weighted average daily borrowings during the period ended | ​ |  | 13,751 | ​ |  | 10,473 | ​
Maximum daily borrowings during the period ended | ​ |  | 55,812 | ​ |  | 46,038 | ​
Weighted average interest rate during the period ended | ​ |  | 2.3 | % |  | 0.9 | %
Interest rate at end of the period | ​ |  | 3.9 | % |  | 0.9 | %

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