Borrowings

12 Months Ended

Dec. 31, 2024

Notes To Financial Statements [Abstract]

Borrowings

5.Borrowings

The following table summarizes the Company’s outstanding debt as of December 31, 2024 and 2023 (dollars in thousands):

							As of December 31, 2024
Unsecured debt	December 31, 2024			December 31, 2023			Weighted Average Effective Rate			Weighted Average Contract Maturity
Fixed rate senior notes	$	4,400,000		$	3,700,000			3.7	%	5/9/2031
Variable rate commercial paper program		250,000			495,000			4.7	%	1/6/2025
Debt issuance costs, discounts and premiums		(29,310	)		(14,916	)
Total unsecured debt	$	4,620,690		$	4,180,084			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293		$	363,293			4.4	%	1/26/2049
Debt issuance costs		(3,026	)		(3,152	)
Total secured debt	$	360,267		$	360,141			4.4	%
Total outstanding debt	$	4,980,957		$	4,540,225			3.8	%

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of December 31, 2024, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of December 31, 2024, MAALP had $250.0 million of borrowings outstanding under the commercial paper program. For the year ended December 31, 2024, the average daily borrowings outstanding under the commercial paper program were $336.3 million.

Unsecured Senior Notes

As of December 31, 2024, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031.

In January 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2034 with a coupon rate of 5.000% per annum and at an issue price of 99.019%. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.123%.

In May 2024, MAALP publicly issued $400.0 million in aggregate principal amount of unsecured senior notes due February 2032 with a coupon rate of 5.300% per annum and at an issue price of 99.496%. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2024. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.382%.

In June 2024, MAALP retired $400.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program.

In December 2024, MAALP publicly issued $350.0 million in aggregate principal amount of unsecured senior notes due March 2035 with a coupon rate of 4.950% per annum and at an issue price of 99.170%. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing September 1, 2025. The proceeds from the sale of the notes were used to repay borrowings on the commercial paper program. The notes have an effective interest rate of 5.053%.

In October 2023, MAALP retired $350.0 million of publicly issued unsecured senior notes at maturity using available cash on hand and borrowings under the commercial paper program.

Secured Property Mortgages

As of December 31, 2024, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

In July 2023, MAALP retired $3.0 million remaining on a mortgage associated with an apartment community prior to its June 2025 maturity.

Upcoming Debt Obligations

As of December 31, 2024, MAALP’s debt obligations over the next 12 months consist of approximately $650.0 million of principal obligations, including $250.0 million of commercial paper borrowings due January 2025 and $400.0 million of unsecured senior notes due November 2025.

Schedule of Maturities

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2024, as well as the amortization of debt issuance costs, discounts and premiums (in thousands):

	Maturities		Amortization			Total
2025	$	650,000	$	(660	)	$	649,340
2026		300,000		(1,256	)		298,744
2027		600,000		(1,879	)		598,121
2028		400,000		(2,089	)		397,911
2029		550,000		6,359			556,359
Thereafter		2,513,293		(32,811	)		2,480,482
Total	$	5,013,293	$	(32,336	)	$	4,980,957