v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total non-recourse indebtedness (in thousands):
June 30, 2025December 31, 2024
Fixed-rate property debt due July 2025 to January 2055 (1)
$1,952,651 $2,144,797 
Variable-rate property debt due July 2029 to June 2030 (2)
3,983,833 4,140,409 
Total non-recourse property debt5,936,484 6,285,206 
Debt issuance costs, net of accumulated amortization(31,197)(43,337)
Total non-recourse property debt, net$5,905,287 $6,241,869 
(1)The stated rates on our fixed-rate property debt are between 2.7% to 7.1%.
(2)As of June 30, 2025, all $4.0 billion of our floating rate debt is economically hedged through interest rate swaps and caps.
During the three months ended June 30, 2025, $107.3 million of fixed-rate property debt was assumed and we repaid $89.5 million of variable-rate property debt in connection with the dispositions of two apartment communities. The repayment of debt resulted in a loss on extinguishment of debt of $0.9 million, representing the write-off of deferred financing costs.
During the three months ended March 31, 2025, we repaid $129.3 million of variable-rate property debt in connection with the first quarter 2025 disposition of three apartment communities. The repayment of debt resulted in a loss on extinguishment of debt of $1.1 million, representing the write-off of deferred financing costs.