Mortgage Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

Notes Payable [Abstract]

Summary of Mortgages Notes Payable

The following is a summary of the Company’s senior unsecured notes as of December 31, 2024 and 2023 ($ in thousands):

	December 31,
Maturity	2024		2023		Coupon Rate
May 2024	$	—	$	400,000	3.875%
April 2025	500,000		500,000		3.500%
April 2026	450,000		450,000		3.375%
May 2027	350,000		350,000		3.625%
March 2028	450,000		450,000		1.700%
March 2029	500,000		500,000		4.000%
January 2030	550,000		550,000		3.000%
January 2031	300,000		300,000		1.650%
June 2031	300,000		300,000		2.550%
March 2032	650,000		650,000		2.650%
April 2034	550,000		—		5.500%
March 2048	300,000		300,000		4.500%
September 2050	300,000		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,
	2024			2023
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 notes	19			15
Remaining terms	1-22 years			1-23 years
Weighted average interest rate	4.2		%	4.3		%

Schedule of Aggregate Principal Payments of Mortgage Notes Payable

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
2026	450,000
2027	650,000
2028	450,000
2029	500,000
Thereafter	2,950,000
	$	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
2026	194,405
2027	153,955
2028	68,332
2029	1,456
Thereafter	430,481
	$	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.