Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of December 31, 2021 and 2020 (dollars in thousands):

							As of December 31, 2021
Unsecured debt	December 31, 2021			December 31, 2020			Weighted Average Effective Rate			Weighted Average Contract Maturity
Variable rate commercial paper program	$	—		$	172,000			—			—
Fixed rate senior notes		4,175,000			3,922,000			3.3	%	3/4/2029
Debt issuance costs, discounts, premiums and fair market value adjustments		(23,625	)		(16,627	)
Total unsecured debt	$	4,151,375		$	4,077,373			3.3	%
Secured debt
Fixed rate property mortgages	$	368,555		$	488,709			4.4	%	9/24/2048
Debt issuance costs		(3,240	)		(3,370	)
Total secured debt	$	365,315		$	485,339			4.4	%
Total outstanding debt	$	4,516,690		$	4,562,712			3.4	%

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2021, as well as the amortization of the fair market value of debt assumed, debt discounts, premiums and issuance costs (in thousands):

	Maturities		Amortization			Total
2022	$	125,000	$	(173	)	$	124,827
2023		350,000		(1,166	)		348,834
2024		400,000		(1,976	)		398,024
2025		405,262		(2,838	)		402,424
2026		300,000		(3,570	)		296,430
Thereafter		2,963,293		(17,142	)		2,946,151
Total	$	4,543,555	$	(26,865	)	$	4,516,690