Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our total non-recourse indebtedness (in thousands):

	September 30, 2025		December 31, 2024
Fixed-rate property debt due November 2025 to January 2055 (1)	$	1,747,022	$	2,144,797
Variable-rate property debt due July 2029 to June 2030 (2)	4,226,717		4,140,409
Total non-recourse property debt	5,973,739		6,285,206
Debt issuance costs, net of accumulated amortization	(28,863)		(43,337)
Total non-recourse property debt, net	$	5,944,876	$	6,241,869

(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%.

(2)As of September 30, 2025, all $4.2 billion of our floating rate debt is economically hedged through interest rate swaps and caps.

During the three months ended September 30, 2025, we refinanced $199.9 million of fixed-rate property debt due to loans nearing maturity. As a result, we placed $241.7 million of additional variable-rate property debt.

During the nine months ended September 30, 2025, $107.3 million of fixed-rate property debt was assumed and we repaid $218.8 million of variable-rate property debt in connection with the disposition of five apartment communities. The repayment of debt resulted in a loss on extinguishment of debt of $2.0 million, representing the write-off of deferred financing costs.