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Unsecured Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Unsecured Debt
Unsecured debt consisted of the following as of December 31, 2024 and 2023 ($ in thousands):
Weighted Average Maturity
In Years as of December 31, 2024
December 31,
20242023
Term loan - variable rate, net (1)
$298,571$298,5522.8
Bonds public offering - fixed rate, net5,175,2175,019,9797.0
Unsecured debt, net (2)
5,473,7885,318,531 
Lines of credit (3)
137,945—N/A
Total unsecured debt$5,611,733$5,318,531 
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering3.4 %3.3 % 
Weighted average interest rate on variable rate term loan4.2 %4.2 % 
Weighted average interest rate on lines of credit5.7 %6.3 % 

(1)In October 2022, the Operating Partnership obtained a $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85% with an original maturity date of October 2024 with three 12-month extension options, exercisable at the Company’s option. In September 2024, the Company exercised its first option, extending the maturity date to October 2025. This loan has been swapped to an all-in fixed rate of 4.2% and the swap has a termination date of October 2026. In April 2023, the Company drew down the $300.0 million unsecured term loan and in May 2023 used the proceeds to repay the Company’s $300.0 million unsecured notes due in May 2023.
(2)Includes unamortized premiums, net of discounts, of $0.1 million and unamortized discounts, net of premiums, of $6.1 million and unamortized debt issuance costs of $26.3 million and $25.3 million as of December 31, 2024 and 2023, respectively.
(3)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.28 billion, excludes unamortized debt issuance costs of $6.2 million and $3.8 million as of December 31, 2024 and 2023, respectively. These debt issuance costs are included in prepaid expenses and other assets in the consolidated balance sheets. As of December 31, 2024, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and a scheduled maturity of January 2029 with two six-month extension options, exercisable at the Company’s option. In September 2024, the scheduled maturity date was extended from January 2027 to January 2029. As of December 31, 2024, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature. Prior to its maturity in July 2024 the line of credit facility was amended such that the line’s capacity was increased from $35.0 million to $75.0 million and the scheduled maturity date was extended to July 2026.
Summary of Senior Unsecured Notes
The following is a summary of the Company’s senior unsecured notes as of December 31, 2024 and 2023 ($ in thousands):
December 31,
Maturity20242023Coupon
Rate
May 2024$— $400,000 3.875%
April 2025500,000 500,000 3.500%
April 2026450,000 450,000 3.375%
May 2027350,000 350,000 3.625%
March 2028450,000 450,000 1.700%
March 2029500,000 500,000 4.000%
January 2030550,000 550,000 3.000%
January 2031300,000 300,000 1.650%
June 2031300,000 300,000 2.550%
March 2032650,000 650,000 2.650%
April 2034550,000 — 5.500%
March 2048300,000 300,000 4.500%
September 2050300,000 300,000 2.650%
  $5,200,000 $5,050,000  
Mortgage notes payable consisted of the following as of December 31, 2024 and 2023 ($ in thousands):
December 31,
 20242023
Fixed rate mortgage notes payable $674,092 $665,711 
Variable rate mortgage notes payable (1)
315,792 221,493 
Total mortgage notes payable (2)
$989,884 $887,204 
Number of properties securing mortgage notes19 15 
Remaining terms
1-22 years
1-23 years
Weighted average interest rate4.2 %4.3 %
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit, as of December 31, 2024 were as follows ($ in thousands):
2025$500,000 
2026450,000 
2027650,000 
2028450,000 
2029500,000 
Thereafter2,950,000 
$5,500,000 
The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2024 were as follows ($ in thousands):
2025$144,054 
2026194,405 
2027153,955 
202868,332 
20291,456 
Thereafter430,481 
 $992,683 

(1)Variable rate mortgage notes payable, including $220.8 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate as defined in the Loan Agreement (approximately 4.2% as of December 2024 and 4.6% as of December 2023) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from April 2026 through December 2046. The Company had no interest rate cap agreements as of December 31, 2024 and 2023, respectively.
(2)In October 2024, the Company assumed $95.0 million of variable rate secured loans as part of its acquisition of its joint venture partner’s interests in the BEX II portfolio. Includes total unamortized discount, net of premiums, of $0.2 million and total unamortized premiums, net of discount, of $0.5 million and reduced by unamortized debt issuance costs of $2.6 million and $3.1 million as of December 31, 2024 and 2023, respectively.