Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of company's mortgage notes payable, unsecured notes, term loan and credit facility

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, 2023 and 2022, as shown in the accompanying 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.

	December 31, 2023				December 31, 2022
Fixed rate unsecured notes	$	7,300,000	3.3	%	$	7,500,000	3.3	%
Term Loan	—		—	%	150,000		5.4	%
Fixed rate mortgage notes payable—conventional and tax-exempt	333,892		3.9	%	270,677		3.4	%
Variable rate mortgage notes payable—conventional and tax-exempt	410,150		5.5	%	457,150		5.3	%
Total mortgage notes payable and unsecured notes and Term Loan	8,044,042		3.5	%	8,377,827		3.4	%
Credit Facility	—		—	%	—		—	%
Commercial paper	—		—	%	—		—	%
Total principal outstanding	8,044,042		3.5	%	8,377,827		3.4	%
Less deferred financing costs and debt discount (1)	(62,220)				(61,782)
Total	$	7,981,822			$	8,316,045

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(1) Excludes deferred financing costs and debt discount associated with the Credit Facility and Commercial Paper Program which are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Schedule of borrowing capacity under the Credit Facility

The availability on the Company's Credit Facility as of December 31, 2023 and 2022, respectively, was as follows (dollars in thousands):

	December 31, 2023		December 31, 2022
Credit Facility commitment	$	2,250,000	$	2,250,000
Credit Facility outstanding	—		—
Commercial paper outstanding	—		—
Letters of credit outstanding (1)	(1,914)		(1,914)
Total Credit Facility available	$	2,248,086	$	2,248,086

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(1) In addition, the Company had $58,116 and $48,740 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2023 and 2022, respectively.

Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at December 31, 2023 were as follows (dollars in thousands):

Year	Secured notes principal payments and maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2024	$	9,593	$	300,000	3.50	%
2025	10,765		525,000		3.45	%
			300,000		3.50	%
2026	11,811		475,000		2.95	%
			300,000		2.90	%
2027	250,159		400,000		3.35	%
2028	18,902		450,000		3.20	%
			400,000		1.90	%
2029	132,661		450,000		3.30	%
2030	9,100		700,000		2.30	%
2031	9,700		600,000		2.45	%
2032	10,400		700,000		2.05	%
2033	12,000		350,000		5.00	%
			400,000		5.30	%
Thereafter	268,951		350,000		3.90	%
			300,000		4.15	%
			300,000		4.35	%
	$	744,042	$	7,300,000