Debt (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, 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, 2024				December 31, 2023
Fixed rate unsecured notes	$	7,400,000	3.4	%	$	7,300,000	3.3	%
Fixed rate mortgage notes payable—conventional and tax-exempt	333,479		3.9	%	333,892		3.9	%
Variable rate mortgage notes payable—conventional and tax-exempt	400,950		5.2	%	410,150		5.5	%
Total mortgage notes payable and unsecured notes	8,134,429		3.5	%	8,044,042		3.5	%
Credit Facility	—		—	%	—		—	%
Commercial paper	—		—	%	—		—	%
Total principal outstanding	8,134,429		3.5	%	8,044,042		3.5	%
Less deferred financing costs and debt discount (1)	(57,180)				(62,220)
Total	$	8,077,249			$	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 Consolidated Balance Sheets.

Schedule of borrowing capacity under the Credit Facility

The availability on the Company's Credit Facility as of December 31, 2024 and 2023, respectively, was as follows (dollars in thousands):

	December 31, 2024		December 31, 2023
Credit Facility commitment	$	2,250,000	$	2,250,000
Credit Facility outstanding	—		—
Commercial paper outstanding	—		—
Letters of credit outstanding (1)	(1,714)		(1,914)
Total Credit Facility available	$	2,248,286	$	2,248,086

_____________________________________

(1) In addition, the Company had $45,910 and $58,116 outstanding in additional letters of credit unrelated to the Credit Facility as of December 31, 2024 and 2023, 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, 2024 were as follows (dollars in thousands):

Year	Secured notes principal payments and maturities		Unsecured notes maturities		Stated interest rate of unsecured notes
2025	$	11,365	$	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	19,002		450,000		3.20	%
			400,000		1.90	%
2029	131,561		450,000		3.30	%
2030	9,000		700,000		2.30	%
2031	9,600		600,000		2.45	%
2032	10,400		700,000		2.05	%
2033	11,900		350,000		5.00	%
			400,000		5.30	%
2034	12,800		400,000		5.35	%
Thereafter	256,831		350,000		3.90	%
			300,000		4.15	%
			300,000		4.35	%
	$	734,429	$	7,400,000