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Mortgage Notes Payable, Unsecured Notes and Credit Facility
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Mortgage Notes Payable, Unsecured Notes and Credit Facility Mortgage Notes Payable, Unsecured Notes, Term Loans and Credit Facility
The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans (the “Term Loans”) and Credit Facility, as defined below, as of December 31, 2021 and 2020 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of December 31, 2021 and 2020, as shown in the Consolidated Balance Sheets (dollars in thousands) (see Note 6, “Real Estate Disposition Activities”).
 12/31/2112/31/20
Fixed rate unsecured notes (1)$7,150,000 $6,500,000 
Term Loans (1)250,000 250,000 
Fixed rate mortgage notes payable—conventional and tax-exempt (2)306,281 408,964 
Variable rate mortgage notes payable—conventional and tax-exempt (2)464,150 470,850 
Total mortgage notes payable and unsecured notes and Term Loans8,170,431 7,629,814 
Credit Facility— — 
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility$8,170,431 $7,629,814 
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(1)     Balances at December 31, 2021 and 2020 exclude $10,033 and $10,380, respectively, of debt discount, and $40,573 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Consolidated Balance Sheets.
(2)     Balances at December 31, 2021 and 2020 exclude $13,528 and $14,478 of debt discount, respectively, and $2,750 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Consolidated Balance Sheets.

The following debt activity occurred during the year ended December 31, 2021:

•In January 2021, the Company repaid $27,795,000 principal amount of 5.37% fixed rate secured debt at par in advance of its April 2021 maturity date.

•In September 2021, the Company repaid $450,000,000 principal amount of its 2.95% unsecured notes in advance of the September 2022 scheduled maturity, recognizing a loss on debt extinguishment of $17,890,000, composed of a prepayment penalty of $12,147,000, and the non-cash write off of unamortized deferred hedging losses and unamortized deferred financing costs of $5,743,000.

•In September 2021, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $694,617,000, before considering the impact of other offering costs. The notes mature in January 2032 and were issued at a 2.05% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

•In November 2021, the Company repaid an aggregate of $73,060,000 principal amount of fixed rate secured debt with a weighted average interest rate of 3.79% at par in advance of the November 2036 maturity date.

•In November 2021, the Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $396,976,000, before considering the impact of other offering costs. The notes mature in December 2028 and were issued at a 1.90% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.
At December 31, 2021, the Company had a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (0.88% at December 31, 2021), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating.

The Company had no borrowings outstanding under the Credit Facility and had $11,969,000 and $2,900,000 outstanding in letters of credit that reduced the borrowing capacity as of December 31, 2021 and 2020, respectively. In addition, the Company had $39,581,000 and $32,079,000 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2021 and 2020, respectively.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,256,155,000, excluding communities classified as held for sale, as of December 31, 2021).

The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.7% and 3.8% at December 31, 2021 and 2020, respectively. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax exempt) including the effect of certain financing related fees, was 1.7% at both December 31, 2021 and 2020.

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2021 are as follows (dollars in thousands):
YearSecured notes
principal payments		Secured notes
maturities		Unsecured notes and
Term Loans maturities		Stated interest rate of
unsecured notes and Term Loans
2022$8,263 $— $100,000 
LIBOR + 0.90%
20238,999 — 350,000 4.200 %
250,000 2.850 %
20249,837 — 300,000 3.500 %
150,000 
LIBOR + 0.85%
202510,478 — 525,000 3.450 %
300,000 3.500 %
202611,420 — 475,000 2.950 %
300,000 2.900 %
202713,765 236,100 400,000 3.350 %
202818,512 — 450,000 3.200 %
400,000 1.900 %
20299,462 66,250 450,000 3.300 %
203010,014 — 700,000 2.300 %
203110,669 — 600,000 2.450 %
Thereafter111,164 245,498 700,000 2.050 %
350,000 3.900 %
300,000 4.150 %
300,000 4.350 %
$222,583 $547,848 $7,400,000  
The Company's unsecured notes are redeemable at the Company's option, in whole or in part, generally at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) the sum of the present value of the remaining scheduled payments of principal and interest discounted at a rate equal to the yield on U.S. Treasury securities with a comparable maturity plus a spread between 20 and 45 basis points depending on the specific series of unsecured notes, plus accrued and unpaid interest to the redemption date.

The Company is subject to financial covenants contained in the Credit Facility, the Term Loans and the indentures under which the unsecured notes were issued. The principal financial covenants include the following:

•limitations on the amount of total and secured debt in relation to our overall capital structure;
•limitations on the amount of our unsecured debt relative to the undepreciated basis of real estate assets that are not encumbered by property-specific financing; and
•minimum levels of debt service coverage.

The Company was in compliance at December 31, 2021 with customary covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.