Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of December 31, 2022 and December 31, 2021 (dollars in thousands):

							As of December 31, 2022
Unsecured debt	December 31, 2022			December 31, 2021			Weighted Average Effective Rate			Weighted Average Contract Maturity
Variable rate commercial paper program	$	20,000		$	—			4.7	%	1/3/2023
Fixed rate senior notes	$	4,050,000		$	4,175,000			3.4	%	5/14/2029
Debt issuance costs, discounts, premiums and fair market value adjustments		(19,090	)		(23,625	)
Total unsecured debt	$	4,050,910		$	4,151,375			3.4	%
Secured debt
Fixed rate property mortgages	$	367,154		$	368,555			4.4	%	10/27/2048
Debt issuance costs		(3,161	)		(3,240	)
Total secured debt	$	363,993		$	365,315			4.4	%
Total outstanding debt	$	4,414,903		$	4,516,690			3.4	%

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2022, as well as the amortization of debt issuance costs, discounts, premiums and fair market value adjustments (in thousands):

	Maturities		Amortization			Total
2023	$	370,000	$	(491	)	$	369,509
2024		400,000		(1,158	)		398,842
2025		403,861		(2,110	)		401,751
2026		300,000		(2,798	)		297,202
2027		600,000		(3,452	)		596,548
Thereafter		2,363,293		(12,242	)		2,351,051
Total	$	4,437,154	$	(22,251	)	$	4,414,903