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Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Notes Payable [Abstract]

Summary Of Indebtedness

The following is a summary of our indebtedness:

(in millions)						June 30, 2023						December 31, 2022
Commercial banks
6.35% Term Loan, due 2024						$	39.9					$	39.8
5.95% Term Loan, due 2024						300.0						300.0
5.88% Unsecured revolving credit facility						477.0						42.0
						$	816.9					$	381.8
Senior unsecured notes
5.07% Notes, due 2023						—						249.8
4.36% Notes, due 2024						249.9						249.7
3.68% Notes, due 2024						249.5						249.2
3.74% Notes, due 2028						398.4						398.3
3.67% Notes, due 2029 (1)						595.8						595.5
2.91% Notes, due 2030						745.1						744.8
3.41% Notes, due 2049						296.8						296.8
						$	2,535.5					$	2,784.1
Total unsecured notes payable						$	3,352.4					$	3,165.9
Secured notes
Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028						$	291.3					$	291.2
6.69% Variable Rate Notes, due 2026						—						166.2
6.99% Variable Rate Construction Note, due 2024						—						18.9
3.87% note, due 2028						38.7						38.7
Total secured notes payable						$	330.0					$	515.0
Total notes payable (2)						$	3,682.4					$	3,680.9

(1)    The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

(2) Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $15.5 million and $18.0 million are included in notes payable as of June 30, 2023 and December 31, 2022, respectively.

Scheduled Repayments On Outstanding Debt

The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2023:

(in millions) (1)						Amount (2)						Weighted Average  Interest Rate (3)
Remainder of 2023						$	(1.4)					—		%
2024						537.6						4.2
2025						298.0						6.0
2026						22.1						4.0
2027						649.9						5.3
Thereafter						2,176.2						3.4
Total						$	3,682.4					4.1		%

(1)Includes all available extension options.

(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.

(3)Includes the effects of the applicable settled forward interest rate swaps.

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