Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of December 31, 2023 and 2022 (dollars in thousands):

							As of December 31, 2023
Unsecured debt	December 31, 2023			December 31, 2022			Weighted Average Effective Rate			Weighted Average Contract Maturity
Variable rate commercial paper program	$	495,000		$	20,000			5.7	%	1/7/2024
Fixed rate senior notes		3,700,000			4,050,000			3.3	%	11/23/2029
Debt issuance costs, discounts, premiums and fair market value adjustments		(14,916	)		(19,090	)
Total unsecured debt	$	4,180,084		$	4,050,910			3.6	%
Secured debt
Fixed rate property mortgages	$	363,293		$	367,154			4.4	%	1/26/2049
Debt issuance costs		(3,152	)		(3,161	)
Total secured debt	$	360,141		$	363,993			4.4	%
Total outstanding debt	$	4,540,225		$	4,414,903			3.6	%

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2023, as well as the amortization of debt issuance costs, discounts, premiums and fair market value adjustments (in thousands):

	Maturities		Amortization			Total
2024	$	895,000	$	(340	)	$	894,660
2025		400,000		(1,453	)		398,547
2026		300,000		(2,027	)		297,973
2027		600,000		(2,666	)		597,334
2028		400,000		(2,697	)		397,303
Thereafter		1,963,293		(8,885	)		1,954,408
Total	$	4,558,293	$	(18,068	)	$	4,540,225