v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of company's mortgage notes payable, unsecured notes and Credit Facility excluding mortgage notes secured by communities classified as held for sale The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of June 30, 2025 and December 31, 2024, 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 including debt issuance costs as well as credit enhancement and trustees' fees, the impact of interest rate hedges and mark-to-market adjustments.
 June 30, 2025December 31, 2024
Fixed rate unsecured notes (1)$7,325,000 3.5 %$7,400,000 3.4 %
Fixed rate mortgage notes payable - conventional and tax-exempt332,949 3.9 %333,479 3.9 %
Variable rate mortgage notes payable - conventional and tax-exempt392,050 3.5 %400,950 5.2 %
Total mortgage notes payable, unsecured notes and Term Loan8,049,999 3.5 %8,134,429 3.5 %
Credit Facility— — %— — %
Commercial paper665,000 4.6 %— — %
Total principal outstanding8,714,999 3.6 %8,134,429 3.5 %
Less deferred financing costs and debt discount (2)(54,904)(57,180)
Total$8,660,095 $8,077,249 
_____________________________________
(1)Includes the $450,000,000 Term Loan that has been swapped to an effective fixed rate of 4.46% using interest rate hedges.
(2)Excludes deferred financing costs and debt discount associated with the Credit Facility which are included in prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.
Summary of availability on the credit facility
The availability on the Company's Credit Facility as of June 30, 2025 and December 31, 2024 was as follows (dollars in thousands):
 June 30, 2025December 31, 2024
Credit Facility commitment$2,500,000 $2,250,000 
Credit Facility outstanding— — 
Commercial paper outstanding(665,000)— 
Letters of credit outstanding (1)(864)(1,714)
Total Credit Facility available$1,834,136 $2,248,286 
_____________________________________
(1)In addition, the Company had $55,237 and $45,910 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 were as follows (dollars in thousands):

YearSecured notes principal
payments and maturities		Unsecured notes and Term Loan maturitiesStated interest rate of
 unsecured notes and Term Loan
2025$1,935 $300,000 3.50 %
202611,811 475,000 2.95 %
300,000 2.90 %
2027250,159 400,000 3.35 %
202819,002 450,000 3.20 %
400,000 1.90 %
2029131,561 450,000 3.30 %
450,000 
SOFR + 0.78%
20309,000 700,000 2.30 %
20319,600 600,000 2.45 %
203210,400 700,000 2.05 %
203311,900 350,000 5.00 %
400,000 5.30 %
203412,800 400,000 5.35 %
Thereafter256,831 350,000 3.90 %
300,000 4.15 %
300,000 4.35 %
 $724,999 $7,325,000