XML 41 R32.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt - Narrative (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Feb. 28, 2019
USD ($)
Sep. 30, 2022
USD ($)
extensionOption
Feb. 28, 2022
USD ($)
Sep. 30, 2022
USD ($)
extensionOption
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
extensionOption
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of unsecured debt           $ 100,000,000 $ 462,147,000  
Commercial paper, maximum borrowing capacity   $ 500,000,000   $ 500,000,000   500,000,000    
Commercial paper   49,985,000   49,985,000   49,985,000   $ 0
Loss on debt extinguishment       1,646,000 $ 17,890,000 1,646,000 $ 17,768,000  
Credit Facility   0   0   0   0
Net carrying value of apartment communities and improved land parcels securing debt   18,948,643,000   18,948,643,000   18,948,643,000   18,709,584,000
Asset Pledged as Collateral | Notes Payable, Other Payables                
Notes Payable, Unsecured Notes and Credit Facility                
Net carrying value of apartment communities and improved land parcels securing debt   1,189,325,000   $ 1,189,325,000   $ 1,189,325,000    
Variable Rate Unsecured Term Loan $100 Million | Fixed rate unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of unsecured debt     $ 100,000,000          
Notes Payable Maturities 2047                
Notes Payable, Unsecured Notes and Credit Facility                
Loss on debt extinguishment   $ 1,399,000            
Notes Payable Maturities 2047 | Fixed rate unsecured notes                
Notes Payable, Unsecured Notes and Credit Facility                
Fixed interest rate   4.15%   4.15%   4.15%    
Notes Payable Maturities 2047 | Secured Debt                
Notes Payable, Unsecured Notes and Credit Facility                
Repayments of secured debt   $ 35,276,000            
Fixed interest rate   6.16%   6.16%   6.16%    
Line of Credit                
Notes Payable, Unsecured Notes and Credit Facility                
Available borrowing capacity $ 1,750,000,000 $ 2,250,000,000   $ 2,250,000,000   $ 2,250,000,000    
Number of extension options | extensionOption   2   2   2    
Extension option period   6 months            
Extension fee   $ 1,406,000            
Capitalization rate 6.00% 5.75%            
Accordion feature, higher borrowing capacity option   $ 3,000,000,000   $ 3,000,000,000   $ 3,000,000,000    
Annual facility fee, percentage 0.125%         0.125%    
Percent of credit facility available to competitive bid option   65.00%   65.00%   65.00%    
Credit Facility   $ 0   $ 0   $ 0   0
Outstanding balance of letters of credit   6,914,000   6,914,000   6,914,000   11,969,000
Amount available under commercial paper program and letters of credit   $ 2,193,101,000   $ 2,193,101,000   $ 2,193,101,000    
Line of Credit | Minimum                
Notes Payable, Unsecured Notes and Credit Facility                
Annual facility fee, percentage           0.10%    
Line of Credit | Maximum                
Notes Payable, Unsecured Notes and Credit Facility                
Annual facility fee, percentage           0.30%    
Line of Credit | Secured Overnight Financing Rate (SOFR)                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)           0.825%    
Current interest rate (as a percent)   3.81%   3.81%   3.81%    
Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)           0.65%    
Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)           1.40%    
Line of Credit | SOFR Adjustment                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)           0.10%    
Line of Credit | SOFR Base Rate                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent)           0.725%    
Line of Credit | LIBOR                
Notes Payable, Unsecured Notes and Credit Facility                
Debt instrument, basis spread on variable rate (as a percent) 0.775%              
Other Letter of Credit                
Notes Payable, Unsecured Notes and Credit Facility                
Outstanding balance of letters of credit   $ 45,182,000   $ 45,182,000   $ 45,182,000   $ 39,581,000
Fixed Rate Mortgage Notes Payable                
Notes Payable, Unsecured Notes and Credit Facility                
Weighted average interest rate, debt (as a percent)   3.40%   3.40%   3.40%   3.70%
Variable Rate Mortgage Notes Payable Unsecured Term Loan and Credit Facility                
Notes Payable, Unsecured Notes and Credit Facility                
Weighted average interest rate, debt (as a percent)   4.10%   4.10%   4.10%   1.70%