SECURED AND UNSECURED DEBT, NET (Tables)

3 Months Ended

Mar. 31, 2024

Secured and Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at March 31, 2024 and December 31, 2023 (dollars in thousands):

	Principal Outstanding				As of March 31, 2024
					Weighted		Weighted
					Average		Average	Number of
	March 31,		December 31,		Interest		Years to	Communities
	2024		2023		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	1,213,019	$	1,213,751	3.48	%	4.4	20
Deferred financing costs and other non-cash adjustments (b)		(3,196)		(3,009)
Total fixed rate secured debt, net		1,209,823		1,210,742	3.42	%	4.4	20
Variable Rate Debt
Mortgage notes payable (c)		—		40,017	—	%	—	—
Tax-exempt secured notes payable (d)		27,000		27,000	4.05	%	8.0	1
Deferred financing costs		(44)		(46)
Total variable rate secured debt, net		26,956		66,971	4.08	%	8.0	1
Total Secured Debt, net		1,236,779		1,277,713	3.44	%	4.5	21
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2026 (e) (n)		—		—	—	%	1.8
Borrowings outstanding under unsecured commercial paper program due April 2024 (f) (n)		390,000		408,075	5.53	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2025 (g)		27,059		4,593	6.21	%	0.8
Term Loan due January 2027 (e) (n)		87,500		—	6.24	%	2.8
Fixed Rate Debt
Term Loan due January 2027 (e) (n)		262,500		350,000	2.68	%	2.8
8.50% Debentures due September 2024		15,644		15,644	8.50	%	0.5
2.95% Medium-Term Notes due September 2026 (h) (n)		300,000		300,000	2.89	%	2.4
3.50% Medium-Term Notes due July 2027 (net of discounts of $229 and $247, respectively) (i) (n)		299,771		299,753	4.03	%	3.3
3.50% Medium-Term Notes due January 2028 (net of discounts of $450 and $479, respectively) (n)		299,550		299,521	3.50	%	3.8
4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $3, respectively) (j) (n)		299,997		299,997	4.27	%	4.8
3.20% Medium-Term Notes due January 2030 (net of premiums of $7,951 and $8,294, respectively) (k) (n)		607,951		608,294	3.32	%	5.8
3.00% Medium-Term Notes due August 2031 (net of premiums of $8,810 and $9,109, respectively) (l) (n)		608,810		609,109	3.01	%	7.4
2.10% Medium-Term Notes due August 2032 (net of discounts of $294 and $303, respectively) (n)		399,706		399,697	2.10	%	8.3
1.90% Medium-Term Notes due March 2033 (net of discounts of $1,079 and $1,110, respectively) (n)		348,921		348,890	1.90	%	9.0
2.10% Medium-Term Notes due June 2033 (net of discounts of $916 and $941, respectively) (n)		299,084		299,059	2.10	%	9.2
3.10% Medium-Term Notes due November 2034 (net of discounts of $934 and $956, respectively) (m) (n)		299,066		299,044	3.13	%	10.6
Other		1		2
Deferred financing costs		(20,011)		(20,682)
Total Unsecured Debt, net		4,525,549		4,520,996	3.36	%	5.7
Total Debt, net	$	5,762,328	$	5,798,709	3.38	%	5.4

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 March 31, 2024 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total		Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt		Debt
2024	$	97,222	$	—	$	97,222	$	405,644	$	502,866
2025		178,323		—		178,323		27,059		205,382
2026		56,672		—		56,672		300,000		356,672
2027		6,939		—		6,939		650,000		656,939
2028		166,526		—		166,526		300,000		466,526
2029		315,811		—		315,811		300,000		615,811
2030		230,596		—		230,596		600,000		830,596
2031		160,930		—		160,930		600,000		760,930
2032		—		27,000		27,000		400,000		427,000
2033		—				—		650,000		650,000
Thereafter		—		—		—		300,000		300,000
Subtotal		1,213,019		27,000		1,240,019		4,532,703		5,772,722
Non-cash (a)		(3,196)		(44)		(3,240)		(7,154)		(10,394)
Total	$	1,209,823	$	26,956	$	1,236,779	$	4,525,549	$	5,762,328

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.2 million and $1.0 million, respectively, during the three months ended March 31, 2024 and 2023, of deferred financing costs into Interest expense.

Commercial Paper

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,			December 31,
	2024			2023
Total unsecured commercial paper program	$	700,000		$	700,000
Borrowings outstanding at end of period		390,000			408,075
Weighted average daily borrowings during the period ended		423,478			384,068
Maximum daily borrowings during the period ended		560,000			505,000
Weighted average interest rate during the period ended		5.6	%		5.4	%
Interest rate at end of the period		5.5	%		5.7	%

Revolving Credit Facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,			December 31,
	2024			2023
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		—			2,055
Maximum daily borrowings during the period ended		—			250,000
Weighted average interest rate during the period ended		—	%		5.6	%
Interest rate at end of the period		—	%		—	%

(1) Excludes $3.8 million and $2.3 million of letters of credit at March 31, 2024 and December 31, 2023, respectively.

Working capital credit facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2024 and December 31, 2023 (dollars in thousands):

	March 31,			December 31,
	2024			2023
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		27,059			4,593
Weighted average daily borrowings during the period ended		13,287			15,829
Maximum daily borrowings during the period ended		39,381			57,107
Weighted average interest rate during the period ended		6.2	%		5.9	%
Interest rate at end of the period		6.2	%		6.3	%