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Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, which consists of unsecured notes, the variable rate unsecured term loan (the "Term Loan"), mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of September 30, 2023 and December 31, 2022 is 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 September 30, 2023 and December 31, 2022, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities"). The weighted average interest rates in the following table for secured and unsecured notes include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
 September 30, 2023December 31, 2022
Fixed rate unsecured notes$7,250,000 3.3 %$7,500,000 3.3 %
Term Loan— — %150,000 5.4 %
Fixed rate mortgage notes payable - conventional and tax-exempt270,851 3.4 %270,677 3.4 %
Variable rate mortgage notes payable - conventional and tax-exempt411,450 5.6 %457,150 5.3 %
Total mortgage notes payable and unsecured notes and Term Loan7,932,301 3.4 %8,377,827 3.4 %
Credit Facility— — %— — %
Commercial paper70,000 5.9 %— — %
Total principal outstanding8,002,301 3.4 %8,377,827 3.4 %
Less deferred financing costs and debt discount (1)(55,296)(61,782)
Total$7,947,005 $8,316,045 
_____________________________________
(1)Excludes deferred financing costs and debt discount associated with the Credit Facility and the Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.

The Company has a $2,250,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in September 2026. The interest rate that would be applicable to borrowings under the Credit Facility was 6.12% at September 30, 2023 and was composed of (i) the Secured Overnight Financing Rate ("SOFR") plus (ii) the current borrowing spread to SOFR of 0.805% per annum, which consisted of a 0.10% SOFR adjustment plus 0.705% per annum, assuming a daily SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.63% to SOFR plus 1.38% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. There is also an annual facility commitment fee of 0.12% of the borrowing capacity under the facility, which can vary from 0.095% to 0.295% based upon the rating of the Company's unsecured and unsubordinated long-term indebtedness. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases by meeting or missing targets related to environmental sustainability, specifically greenhouse gas emission reductions, with the adjustment determined annually. The first determination under the sustainability-linked pricing component occurred in July 2023, resulting in reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to our achievement of sustainability targets.
The availability on the Company's Credit Facility as of September 30, 2023 and December 31, 2022, respectively, was as follows (dollars in thousands):
 September 30, 2023December 31, 2022
Credit Facility commitment$2,250,000 $2,250,000 
Credit Facility outstanding— — 
Commercial paper outstanding(70,000)— 
Letters of credit outstanding (1)(1,914)(1,914)
Total Credit Facility available$2,178,086 $2,248,086 
_____________________________________
(1)In addition, the Company had $50,418 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of September 30, 2023 and December 31, 2022, respectively.

The Company has an unsecured commercial paper note program (the “Commercial Paper Program”) with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program.

The following debt activity occurred during the nine months ended September 30, 2023:

•In March 2023, the Company repaid $250,000,000 principal amount of its 2.85% unsecured notes at its maturity.

•In September 2023, the Company repaid its $150,000,000 Term Loan at par in advance of its February 2024 scheduled maturity.

•In September 2023, the Company utilized $37,600,000 of restricted cash held in a principal reserve fund to repay a portion of the outstanding secured variable rate indebtedness of Avalon Clinton North and Avalon Clinton South.

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 $1,159,639,000, excluding communities classified as held for sale, as of September 30, 2023).

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at September 30, 2023 were as follows (dollars in thousands):

YearSecured notes principal
payments and maturities		Unsecured notes maturitiesStated interest rate of
 unsecured notes
2023$200 $350,000 4.20 %
20249,100 300,000 3.50 %
20259,700 525,000 3.45 %
300,000 3.50 %
202610,600 475,000 2.95 %
300,000 2.90 %
2027249,000 400,000 3.35 %
202817,600 450,000 3.20 %
400,000 1.90 %
202974,750 450,000 3.30 %
20309,000 700,000 2.30 %
20319,600 600,000 2.45 %
203210,300 700,000 2.05 %
Thereafter282,451 350,000 5.00 %
350,000 3.90 %
300,000 4.15 %
300,000 4.35 %
 $682,301 $7,250,000  
The Company was in compliance at September 30, 2023 with customary covenants under the Credit Facility and the Commercial Paper Program and the indentures under which the Company's unsecured notes were issued.