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SECURED AND UNSECURED DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2022

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	%

- 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.

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+ Details