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Mortgages, Notes and Loans Payable, Net (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of mortgages, notes and loans payable Mortgages, notes and loans payable, net are summarized as follows:
December 31,
thousands20222021
Fixed-rate debt
Senior unsecured notes$2,050,000 $2,050,000 
Secured mortgages payable1,500,841 1,006,428 
Special Improvement District bonds59,777 69,131 
Variable-rate debt (a)
Secured Bridgeland Notes275,000 275,000 
Senior Secured Credit Facility— 316,656 
Secured mortgages payable916,570 922,201 
Unamortized deferred financing costs (b)(55,005)(48,259)
Mortgages, notes and loans payable, net$4,747,183 $4,591,157 
(a)The Company has entered into derivative instruments to manage a portion of the variable interest rate exposure. See Note 9 - Derivative Instruments and Hedging Activities for additional information.
(b)Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).
Schedule of senior unsecured note The following table summarizes the Company’s senior unsecured notes by issuance date:
$ in thousandsPrincipalMaturity DateInterest Rate
August 2020$750,000 August 2028
5.375%
February 2021650,000 February 2029
4.125%
February 2021650,000 February 2031
4.375%
Senior unsecured notes$2,050,000 
Schedule of secured mortgages payable
The following table summarizes the Company’s Secured mortgages payable:
December 31, 2022December 31, 2021
$ in thousandsPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to MaturityPrincipalRange of Interest RatesWeighted-average Interest RateWeighted-average Years to Maturity
Fixed rate (a)$1,500,841 
3.13% - 7.67%
4.39 %7.4$1,006,428 
3.13% - 4.92%
3.92 %8.7
Variable rate (b)916,570 
6.05% - 9.39%
7.36 %2.6922,201 
1.70% - 5.10%
2.99 %1.9
Secured mortgages payable$2,417,411 
3.13% - 9.39%
5.51 %5.6$1,928,629 
1.70% - 5.10%
3.48 %5.5
(a)Interest rates presented are based upon the coupon rates of the Company’s fixed-rate debt obligations.
(b)Interest rates presented are based on the applicable reference interest rates as of December 31, 2022 and 2021, excluding the effects of interest rate derivatives.
Summary of contractual obligations relating to mortgages, notes, and loans payable The following table summarizes the contractual obligations relating to the Company’s mortgages, notes and loans payable as of December 31, 2022:
thousandsMortgages, notes and loans payable principal payments
2023$166,062 
202462,150 
2025386,314 
2026556,475 
2027298,458 
Thereafter3,332,729 
Total principal payments4,802,188 
Unamortized deferred financing costs(55,005)
Mortgages, notes and loans payable$4,747,183