v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt, which consists of unsecured notes, the variable rate term loan (the "Term Loan"), mortgage notes payable, the Credit Facility and Commercial Paper, each as defined below, as of June 30, 2026 and December 31, 2025 is summarized below. 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, 2026 and December 31, 2025, 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 debt include financing costs, 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, 2026December 31, 2025
Fixed rate unsecured debt (1)$7,450,000 3.6 %$7,925,000 3.6 %
Fixed rate mortgage notes payable—conventional and tax-exempt332,049 3.9 %332,602 3.9 %
Variable rate mortgage notes payable—conventional and tax-exempt380,950 4.3 %390,550 4.0 %
Total mortgage notes payable and unsecured debt8,162,999 3.7 %8,648,152 3.6 %
Credit Facility— — %— — %
Commercial paper916,100 4.0 %740,000 4.0 %
Total principal outstanding9,079,099 3.7 %9,388,152 3.7 %
Less deferred financing costs and debt discount (2)(54,319)(59,600)
Total$9,024,780 $9,328,552 
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(1)Includes the $550,000 Term Loan that has been swapped to an effective fixed rate of 4.44% using interest rate hedges.
(2)Excludes deferred financing costs associated with the Credit Facility and Commercial Paper, which are included in Prepaid expenses and other assets on the accompanying Condensed Consolidated Balance Sheets.

The Company has a $2,500,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the "Credit Facility") which matures in April 2030. The interest rate that would be applicable to borrowings under the Credit Facility was 4.39% at June 30, 2026 and was composed of (i) the Secured Overnight Financing Rate ("SOFR"), applicable to the period of borrowing for a particular draw of funds from the Credit Facility (e.g., one month to maturity, three months to maturity, etc.), plus (ii) the current borrowing spread to SOFR of 0.705% per annum, assuming a daily SOFR borrowing rate. The borrowing spread to SOFR can vary from SOFR plus 0.65% to SOFR plus 1.40% based upon the rating of the Company's unsecured senior notes. There is also an annual facility commitment fee of 0.12% of the borrowing capacity under the Credit Facility, which can vary from 0.10% to 0.30% based upon the rating of the Company's unsecured senior notes. The Credit Facility contains a sustainability-linked pricing component which provides for interest rate margin and commitment fee reductions or increases related to certain environmental sustainability targets, specifically greenhouse gas emission reductions, with the adjustment determined annually. The annual determination under the sustainability-linked pricing component occurred in July 2025, maintaining reductions of approximately 0.02% to the interest rate margin and 0.005% to the commitment fee due to the Company's achievement of sustainability targets.

The Company has an unsecured commercial paper note program (the “Commercial Paper Program”) with a maximum amount of commercial paper notes that can be outstanding at any one time not to exceed $1,000,000,000. Under the terms of the Commercial Paper Program, the Company may issue unsecured commercial paper notes with maturities of less than one year. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under its Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program.
The availability under the Company's Credit Facility as of June 30, 2026 and December 31, 2025 was as follows (dollars in thousands):
 June 30, 2026December 31, 2025
Credit Facility commitment$2,500,000 $2,500,000 
Credit Facility outstanding— — 
Commercial paper outstanding(916,100)(740,000)
Letters of credit outstanding (1)(864)(864)
Total Credit Facility available$1,583,036 $1,759,136 
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(1)In addition, the Company had $60,627 and $52,584 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2026 and December 31, 2025, respectively.

In May 2026, the Company repaid $475,000,000 of its 2.95% unsecured notes at par upon maturity.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities with a net carrying value of $1,190,937,000, excluding communities classified as held for sale, if any, as of June 30, 2026.

Scheduled payments and maturities of secured notes payable and unsecured debt outstanding at June 30, 2026 were as follows (dollars in thousands):

YearSecured notes principal
payments and maturities		Unsecured debt maturitiesStated interest rate of
 unsecured debt
20261,658 300,000 2.90 %
2027248,859 400,000 3.35 %
202813,902 450,000 3.20 %
400,000 1.90 %
2029126,262 450,000 3.30 %
550,000 
SOFR + 0.78%
20303,300 700,000 2.30 %
400,000 4.35 %
20313,500 600,000 2.45 %
20324,000 700,000 2.05 %
20335,000 350,000 5.00 %
400,000 5.30 %
203410,900 400,000 5.35 %
203513,400 400,000 5.00 %
Thereafter282,218 350,000 3.90 %
300,000 4.15 %
300,000 4.35 %
 $712,999 $7,450,000  
The Company was in compliance at June 30, 2026 with customary covenants under the Credit Facility, the Term Loan and the indentures under which the unsecured notes were issued.