SECURED AND UNSECURED DEBT, NET (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Secured and Unsecured Debt |
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| Schedule of debt instruments |
The following is a summary of our secured and unsecured debt at June 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | | | | | | Principal Outstanding | | As of June 30, 2024 | | | | | | | | | Weighted | | Weighted | | | | | | | | | | | Average | | Average | | Number of | | | June 30, | | December 31, | | Interest | | Years to | | Communities | | | 2024 | | 2023 | | Rate | | Maturity | | Encumbered | Secured Debt: | | | | | | | | | | | | | Fixed Rate Debt | | | | | | | | | | | | | Mortgage notes payable (a) | | $ | 1,212,173 | | $ | 1,213,751 | | 3.48 | % | 4.2 | | 20 | Deferred financing costs and other non-cash adjustments (b) | | | (3,383) | | | (3,009) | | | | | | | Total fixed rate secured debt, net | | | 1,208,790 | | | 1,210,742 | | 3.42 | % | 4.2 | | 20 | Variable Rate Debt | | | | | | | | | | | | | Mortgage notes payable (c) | | | — | | | 40,017 | | — | % | — | | — | Tax-exempt secured notes payable (d) | | | 27,000 | | | 27,000 | | 4.04 | % | 7.7 | | 1 | Deferred financing costs | | | (42) | | | (46) | | | | | | | Total variable rate secured debt, net | | | 26,958 | | | 66,971 | | 4.07 | % | 7.7 | | 1 | Total Secured Debt, net | | | 1,235,748 | | | 1,277,713 | | 3.44 | % | 4.3 | | 21 | Unsecured Debt: | | | | | | | | | | | | | Variable Rate Debt | | | | | | | | | | | | | Borrowings outstanding under unsecured credit facility due January 2026 (e) (n) | | | — | | | — | | — | % | 1.6 | | | Borrowings outstanding under unsecured commercial paper program due July 2024 (f) (n) | | | 430,000 | | | 408,075 | | 5.54 | % | 0.1 | | | Borrowings outstanding under unsecured working capital credit facility due January 2025 (g) | | | 1,557 | | | 4,593 | | 6.19 | % | 0.5 | | | Term Loan due January 2027 (e) (n) | | | 87,500 | | | — | | 6.25 | % | 2.6 | | | Fixed Rate Debt | | | | | | | | | | | | | Term Loan due January 2027 (e) (n) | | | 262,500 | | | 350,000 | | 2.68 | % | 2.6 | | | 8.50% Debentures due September 2024 | | | 15,644 | | | 15,644 | | 8.50 | % | 0.2 | | | 2.95% Medium-Term Notes due September 2026 (h) (n) | | | 300,000 | | | 300,000 | | 2.89 | % | 2.2 | | | 3.50% Medium-Term Notes due July 2027 (net of discounts of $212 and $247, respectively) (i) (n) | | | 299,788 | | | 299,753 | | 4.03 | % | 3.0 | | | 3.50% Medium-Term Notes due January 2028 (net of discounts of $420 and $479, respectively) (n) | | | 299,580 | | | 299,521 | | 3.50 | % | 3.5 | | | 4.40% Medium-Term Notes due January 2029 (net of discounts of $3 and $3, respectively) (j) (n) | | | 299,997 | | | 299,997 | | 4.27 | % | 4.6 | | | 3.20% Medium-Term Notes due January 2030 (net of premiums of $7,607 and $8,294, respectively) (k) (n) | | | 607,607 | | | 608,294 | | 3.32 | % | 5.5 | | | 3.00% Medium-Term Notes due August 2031 (net of premiums of $8,512 and $9,109, respectively) (l) (n) | | | 608,512 | | | 609,109 | | 3.01 | % | 7.1 | | | 2.10% Medium-Term Notes due August 2032 (net of discounts of $285 and $303, respectively) (n) | | | 399,715 | | | 399,697 | | 2.10 | % | 8.1 | | | 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,049 and $1,110, respectively) (n) | | | 348,951 | | | 348,890 | | 1.90 | % | 8.7 | | | 2.10% Medium-Term Notes due June 2033 (net of discounts of $891 and $941, respectively) (n) | | | 299,109 | | | 299,059 | | 2.10 | % | 9.0 | | | 3.10% Medium-Term Notes due November 2034 (net of discounts of $912 and $956, respectively) (m) (n) | | | 299,088 | | | 299,044 | | 3.13 | % | 10.3 | | | Other | | | — | | | 2 | | | | | | | Deferred financing costs | | | (19,160) | | | (20,682) | | | | | | | Total Unsecured Debt, net | | | 4,540,388 | | | 4,520,996 | | 3.36 | % | 5.4 | | | Total Debt, net | | $ | 5,776,136 | | $ | 5,798,709 | | 3.38 | % | 5.2 | | |
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| Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt |
The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2024 are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | Total Fixed | | Total Variable | | Total | | Total | | Total | Year | | Secured Debt | | Secured Debt | | Secured Debt | | Unsecured Debt | | Debt | 2024 | | $ | 96,375 | | $ | — | | $ | 96,375 | | $ | 445,644 | | $ | 542,019 | 2025 | | | 178,323 | | | — | | | 178,323 | | | 1,557 | | | 179,880 | 2026 | | | 56,672 | | | — | | | 56,672 | | | 300,000 | | | 356,672 | 2027 | | | 6,939 | | | — | | | 6,939 | | | 650,000 | | | 656,939 | 2028 | | | 166,526 | | | — | | | 166,526 | | | 300,000 | | | 466,526 | 2029 | | | 315,811 | | | — | | | 315,811 | | | 300,000 | | | 615,811 | 2030 | | | 230,597 | | | — | | | 230,597 | | | 600,000 | | | 830,597 | 2031 | | | 160,930 | | | — | | | 160,930 | | | 600,000 | | | 760,930 | 2032 | | | — | | | 27,000 | | | 27,000 | | | 400,000 | | | 427,000 | 2033 | | | — | | | | | | — | | | 650,000 | | | 650,000 | Thereafter | | | — | | | — | | | — | | | 300,000 | | | 300,000 | Subtotal | | | 1,212,173 | | | 27,000 | | | 1,239,173 | | | 4,547,201 | | | 5,786,374 | Non-cash (a) | | | (3,383) | | | (42) | | | (3,425) | | | (6,813) | | | (10,238) | Total | | $ | 1,208,790 | | $ | 26,958 | | $ | 1,235,748 | | $ | 4,540,388 | | $ | 5,776,136 |
| (a) | Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.3 million and $1.0 million during the three months ended June 30, 2024 and 2023, respectively, and $2.5 million and $1.9 million during the six months ended June 30, 2024 and 2023, respectively, of deferred financing costs into Interest expense. |
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| Commercial Paper |
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| Secured and Unsecured Debt |
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| Schedule of short-term bank borrowings |
The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | June 30, | | December 31, | | | | 2024 | | 2023 | | Total unsecured commercial paper program | | $ | 700,000 | | $ | 700,000 | | Borrowings outstanding at end of period | | | 430,000 | | | 408,075 | | Weighted average daily borrowings during the period ended | | | 416,335 | | | 384,068 | | Maximum daily borrowings during the period ended | | | 560,000 | | | 505,000 | | Weighted average interest rate during the period ended | | | 5.5 | % | | 5.4 | % | Interest rate at end of the period | | | 5.5 | % | | 5.7 | % |
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| Revolving Credit Facility |
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| Secured and Unsecured Debt |
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| Schedule of short-term bank borrowings |
The following is a summary of short-term bank borrowings under the Revolving Credit Facility at June 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | June 30, | | December 31, | | | | 2024 | | 2023 | | Total revolving credit facility | | $ | 1,300,000 | | $ | 1,300,000 | | Borrowings outstanding at end of period (1) | | | — | | | — | | Weighted average daily borrowings during the period ended | | | — | | | 2,055 | | Maximum daily borrowings during the period ended | | | — | | | 250,000 | | Weighted average interest rate during the period ended | | | — | % | | 5.6 | % | Interest rate at end of the period | | | — | % | | — | % |
| (1) | Excludes $3.8 million and $2.3 million of letters of credit at June 30, 2024 and December 31, 2023, respectively. |
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| Working capital credit facility |
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| Secured and Unsecured Debt |
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| Schedule of short-term bank borrowings |
The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2024 and December 31, 2023 (dollars in thousands): | | | | | | | | | | June 30, | | December 31, | | | | 2024 | | 2023 | | Total working capital credit facility | | $ | 75,000 | | $ | 75,000 | | Borrowings outstanding at end of period | | | 1,557 | | | 4,593 | | Weighted average daily borrowings during the period ended | | | 13,775 | | | 15,829 | | Maximum daily borrowings during the period ended | | | 45,927 | | | 57,107 | | Weighted average interest rate during the period ended | | | 6.2 | % | | 5.9 | % | Interest rate at end of the period | | | 6.2 | % | | 6.3 | % |
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