v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
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, 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 
_____________________________________
(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.
Summary of availability on the credit facility
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 
_____________________________________
(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.
Scheduled payments and maturities of mortgage notes payable and unsecured notes outstanding
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