Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Summary of Mortgage Notes Payable Activity

The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2022 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2021		Proceeds			Lump sum payoffs		Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Mortgage notes payable, net as of March 31, 2022
Fixed Rate Debt:
Secured – Conventional	$	1,896,472	$	—		$	—	$	(1,933	)	$	378	$	334	$	1,895,251
Floating Rate Debt:
Secured – Conventional		59,890		2,689	(2)		—		—			—		188		62,767
Secured – Tax Exempt		234,839		—			—		—			307		35		235,181
Floating Rate Debt		294,729		2,689			—		—			307		223		297,948
Total	$	2,191,201	$	2,689		$	—	$	(1,933	)	$	685	$	557	$	2,193,199

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

(2) See Note 6 for additional discussion of the variable rate construction mortgage debt.

Summary of Notes Activity

The following table summarizes the Company’s notes activity for the quarter ended March 31, 2022 (amounts in thousands):

	Notes, net as of December 31, 2021		Proceeds		Lump sum payoffs		Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Notes, net as of March 31, 2022
Fixed Rate Debt:
Unsecured – Public	$	5,835,222	$	—	$	—	$	673	$	1,062	$	5,836,957

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

Schedule of Unsecured Revolving Credit Facility

The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2022 (amounts in thousands):

	March 31, 2022
Unsecured revolving credit facility commitment	$	2,500,000
Commercial paper balance outstanding		(130,000	)
Unsecured revolving credit facility balance outstanding		—
Other restricted amounts		(3,507	)
Unsecured revolving credit facility availability	$	2,366,493

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 quarter ended March 31, 2022:

	March 31, 2022
Interest Rate Ranges	0.10% - 4.21%
Weighted Average Interest Rate	3.33%
Maturity Date Ranges	2022-2061

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 quarter ended March 31, 2022:

	March 31, 2022
Interest Rate Ranges	1.85% - 7.57%
Weighted Average Interest Rate	3.61%
Maturity Date Ranges	2023-2047