Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

Summary of Mortgage Notes Payable Activity

The following tables summarize the Company’s mortgage notes payable activity for the years ended December 31, 2020 and 2019, respectively (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2019		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)			Mortgage notes payable, net as of December 31, 2020
Fixed Rate Debt:
Secured – Conventional	$	1,574,699	$	495,000	(2)	$	(160,522	)	$	(7,759	)	$	988	$	(1,315	)	$	1,901,091
Floating Rate Debt:
Secured – Conventional		7,050		24,204			—			—			—		240			31,494
Secured – Tax Exempt		359,861		—			—			—			1,246		198			361,305
Floating Rate Debt		366,911		24,204			—			—			1,246		438			392,799
Total	$	1,941,610	$	519,204		$	(160,522	)	$	(7,759	)	$	2,234	$	(877	)	$	2,293,890

(1) Represents amortization of deferred financing costs, net of debt financing costs.

(2) Obtained a 2.60% fixed rate mortgage loan pool maturing on May 1, 2030.

	Mortgage notes payable, net as of December 31, 2018		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts			Amortization of deferred financing costs, net (1)			Mortgage notes payable, net as of December 31, 2019
Fixed Rate Debt:
Secured – Conventional	$	1,885,407	$	288,120	(2)	$	(584,536	)	$	(6,308	)	$	(7,999	)	$	15		$	1,574,699
Floating Rate Debt:
Secured – Conventional		6,357		7,651	(3)		(5,920	)		(500	)		—			(538	)		7,050
Secured – Tax Exempt		493,706		—			(152,565	)		—			16,617			2,103			359,861
Floating Rate Debt		500,063		7,651			(158,485	)		(500	)		16,617			1,565			366,911
Total	$	2,385,470	$	295,771		$	(743,021	)	$	(6,808	)	$	8,618		$	1,580		$	1,941,610

(1) Represents amortization of deferred financing costs, net of debt financing costs.

(2) Obtained 3.94% fixed rate mortgage debt held in a Fannie Mae loan pool maturing on March 1, 2029.

(3) Obtained variable rate construction mortgage debt that is non-recourse to the Company maturing on June 25, 2022 (total commitment of $67.6 million).

The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the years ended December 31, 2020 and 2019, respectively (amounts in thousands):

Description	2020			2019
Prepayment premiums/penalties	$	327		$	3,381
Write-offs of unamortized deferred financing costs		63			2,273
Write-offs of unamortized (premiums)/discounts/OCI		(190	)		6,153
Total	$	200		$	11,807

Summary of Notes Activity

The following tables summarize the Company’s notes activity for the years ended December 31, 2020 and 2019, respectively (amounts in thousands):

	Notes, net as of December 31, 2019		Proceeds		Lump sum payoffs			Realized/unrealized (gain) loss on derivative instruments		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of December 31, 2020
Fixed Rate Debt:
Unsecured – Public	$	6,077,513	$	—	$	(750,000	)	$	—	$	2,997	$	5,026	$	5,335,536

(1) Represents amortization of deferred financing costs, net of debt financing costs.

	Notes, net as of December 31, 2018		Proceeds			Lump sum payoffs			Realized/unrealized (gain) loss on derivative instruments		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)			Notes, net as of December 31, 2019
Fixed Rate Debt:
Unsecured – Public	$	5,485,884	$	1,194,468	(2)	$	(600,000	)	$	—	$	3,117	$	(5,956	)	$	6,077,513
Floating Rate Debt:
Unsecured – Public		447,402		—			(450,000	)		2,277		45		276			—
Total	$	5,933,286	$	1,194,468		$	(1,050,000	)	$	2,277	$	3,162	$	(5,680	)	$	6,077,513

(1) Represents amortization of deferred financing costs, net of debt financing costs.

(2) Issued $600.0 million of ten-year 3.00% unsecured notes, receiving net proceeds of approximately $597.5 million before underwriting fees, hedge termination costs and other expenses.  Additionally, issued $600.0 million of ten-year 2.50% unsecured notes, receiving net proceeds of approximately $597.0 million before underwriting fees and other expenses.

The following table summarizes the Company’s debt extinguishment costs on notes recorded as additional interest expense during the years ended December 31, 2020 and 2019, respectively (amounts in thousands):

Description	2020		2019
Prepayment premiums/penalties	$	25,823	$	10,266
Write-offs of unamortized deferred financing costs		571		287
Write-offs of unamortized (premiums)/discounts/OCI		12,698		1,043
Total	$	39,092	$	11,596

Schedule of Unsecured Revolving Credit Facility

The following table presents the availability on the Company’s unsecured revolving credit facility as of December 31, 2020 and 2019 (amounts in thousands):

	December 31, 2020			December 31, 2019
Unsecured revolving credit facility commitment	$	2,500,000		$	2,500,000
Commercial paper balance outstanding		(415,000	)		(1,000,000	)
Unsecured revolving credit facility balance outstanding		—			(20,000	)
Other restricted amounts		(100,949	)		(100,929	)
Unsecured revolving credit facility availability	$	1,984,051		$	1,379,071

The following table summarizes the Company’s debt extinguishment costs on the line of credit recorded as additional interest expense during the years ended December 31, 2020 and 2019, respectively (amounts in thousands):

Description	2020		2019
Write-offs of unamortized deferred financing costs	$	—	$	588
Total	$	—	$	588

Summary of Aggregate Payments of Principal on All Debt

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2020 (amounts in thousands):

Year	Total
2021 (1)	$	450,665
2022		296,040
2023		1,329,088
2024		6,100
2025		458,200
Thereafter		5,586,810
Subtotal		8,126,903
Deferred Financing Costs and Unamortized (Discount)		(82,647	)
Total	$	8,044,256

(1) Includes $415.0 million in principal outstanding on the Company’s commercial paper program.

Mortgages [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2020 and 2019, respectively:

	December 31, 2020	December 31, 2019
Interest Rate Ranges	0.06% - 4.71%	0.10% - 5.29%
Weighted Average Interest Rate	3.33%	3.84%
Maturity Date Ranges	2021-2061	2020-2061

Notes [Member]

Debt Instrument [Line Items]

Summary of Certain Interest Rate and Maturity Date Information

The following table summarizes certain interest rate and maturity date information as of and for the years ended December 31, 2020 and 2019, respectively:

	December 31, 2020	December 31, 2019
Interest Rate Ranges	2.50% - 7.57%	2.50% - 7.57%
Weighted Average Interest Rate	4.03%	4.21%
Maturity Date Ranges	2023-2047	2021-2047