XML 21 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, which consists of unsecured notes, mortgage notes payable, the Credit Facility and the Commercial Paper Program, each as defined below, as of March 31, 2024 and December 31, 2023 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 March 31, 2024 and December 31, 2023, 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.
 March 31, 2024December 31, 2023
Fixed rate unsecured notes$7,300,000 3.3 %$7,300,000 3.3 %
Fixed rate mortgage notes payable - conventional and tax-exempt333,892 3.9 %333,892 3.9 %
Variable rate mortgage notes payable - conventional and tax-exempt409,350 5.2 %410,150 5.5 %
Total mortgage notes payable and unsecured notes8,043,242 3.4 %8,044,042 3.5 %
Credit Facility— — %— — %
Commercial paper— — %— — %
Total principal outstanding8,043,242 3.4 %8,044,042 3.5 %
Less deferred financing costs and debt discount (1)(59,971)(62,220)
Total$7,983,271 $7,981,822 
_____________________________________
(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 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 6.15% at March 31, 2024 and was composed of (i) the Secured Overnight Financing Rate ("SOFR"), 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.), 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 senior notes. 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 senior notes. 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 March 31, 2024 and December 31, 2023, respectively, was as follows (dollars in thousands):
 March 31, 2024December 31, 2023
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 
_____________________________________
(1)In addition, the Company had $68,770 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of March 31, 2024 and December 31, 2023, 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. Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less
than one year. 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.

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 $1,271,040,000, excluding communities classified as held for sale, as of March 31, 2024).

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at March 31, 2024 were as follows (dollars in thousands):

YearSecured notes principal
payments and maturities		Unsecured notes maturitiesStated interest rate of
 unsecured notes
2024$8,793 $300,000 3.50 %
202510,765 525,000 3.45 %
300,000 3.50 %
202611,811 475,000 2.95 %
300,000 2.90 %
2027250,159 400,000 3.35 %
202818,902 450,000 3.20 %
400,000 1.90 %
2029132,661 450,000 3.30 %
20309,100 700,000 2.30 %
20319,700 600,000 2.45 %
203210,400 700,000 2.05 %
203312,000 350,000 5.00 %
400,000 5.30 %
Thereafter268,951 350,000 3.90 %
300,000 4.15 %
300,000 4.35 %
 $743,242 $7,300,000  

The Company was in compliance at March 31, 2024 with customary covenants under the Credit Facility and the indentures under which the unsecured notes were issued.