SECURED AND UNSECURED DEBT, NET (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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 March 31, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | | | | | | Principal Outstanding | | As of March 31, 2026 | | | | | | | | | Weighted | | Weighted | | | | | | | | | | | Average | | Average | | Number of | | | March 31, | | December 31, | | Interest | | Years to | | Communities | | | 2026 | | 2025 | | Rate | | Maturity | | Encumbered | Secured Debt: | | | | | | | | | | | | | Fixed Rate Debt | | | | | | | | | | | | | Mortgage notes payable (a) | | $ | 935,789 | | $ | 937,475 | | 3.46 | % | 3.4 | | 17 | Deferred financing costs and other non-cash adjustments (b) | | | (3,151) | | | (3,252) | | | | | | | Total fixed rate secured debt, net | | | 932,638 | | | 934,223 | | 3.51 | % | 3.4 | | 17 | Variable Rate Debt | | | | | | | | | | | | | Tax-exempt secured notes payable (c) | | | 27,000 | | | 27,000 | | 2.56 | % | 6.0 | | 1 | Deferred financing costs | | | (41) | | | (43) | | | | | | | Total variable rate secured debt, net | | | 26,959 | | | 26,957 | | 2.60 | % | 6.0 | | 1 | Total Secured Debt, net | | | 959,597 | | | 961,180 | | 3.49 | % | 3.5 | | 18 | Unsecured Debt: | | | | | | | | | | | | | Variable Rate Debt | | | | | | | | | | | | | Borrowings outstanding under unsecured credit facility due August 2028 (d) (l) | | | 135,000 | | | — | | 4.41 | % | 2.4 | | | Borrowings outstanding under unsecured commercial paper program due April 2026 (e) (l) | | | 170,000 | | | 445,000 | | 4.13 | % | 0.1 | | | Borrowings outstanding under unsecured working capital credit facility due January 2027 (f) | | | 9,553 | | | 26,381 | | 4.41 | % | 0.8 | | | Term Loan due January 2029 (d) (l) | | | 175,000 | | | 175,000 | | 4.50 | % | 2.8 | | | Fixed Rate Debt | | | | | | | | | | | | | Term Loan due January 2029 (d) (l) | | | 175,000 | | | 175,000 | | 4.04 | % | 2.8 | | | 2.95% Medium-Term Notes due September 2026 (l) | | | 300,000 | | | 300,000 | | 2.95 | % | 0.4 | | | 3.50% Medium-Term Notes due July 2027 (net of discounts of $88 and $106, respectively) (l) | | | 299,912 | | | 299,894 | | 3.50 | % | 1.3 | | | 3.50% Medium-Term Notes due January 2028 (net of discounts of $213 and $242, respectively) (l) | | | 299,787 | | | 299,758 | | 3.50 | % | 1.8 | | | 4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $2, respectively) (g) (l) | | | 299,998 | | | 299,998 | | 4.27 | % | 2.8 | | | 3.20% Medium-Term Notes due January 2030 (net of premiums of $5,205 and $5,548, respectively) (h) (l) | | | 605,205 | | | 605,548 | | 3.32 | % | 3.8 | | | 3.00% Medium-Term Notes due August 2031 (net of premiums of $6,421 and $6,720, respectively) (i) (l) | | | 606,421 | | | 606,720 | | 3.01 | % | 5.4 | | | 2.10% Medium-Term Notes due August 2032 (net of discounts of $223 and $232, respectively) (l) | | | 399,777 | | | 399,768 | | 2.10 | % | 6.3 | | | 1.90% Medium-Term Notes due March 2033 (net of discounts of $839 and $869, respectively) (l) | | | 349,161 | | | 349,131 | | 1.90 | % | 7.0 | | | 2.10% Medium-Term Notes due June 2033 (net of discounts of $717 and $742, respectively) (l) | | | 299,283 | | | 299,258 | | 2.10 | % | 7.2 | | | 5.125% Medium-Term Notes due September 2034 (net of discounts of $2,572 and $2,649, respectively) (j) (l) | | | 297,428 | | | 297,351 | | 4.95 | % | 8.4 | | | 3.10% Medium-Term Notes due November 2034 (net of discounts of $758 and $780, respectively) (k) (l) | | | 299,242 | | | 299,220 | | 3.13 | % | 8.6 | | | Deferred financing costs | | | (17,048) | | | (17,838) | | | | | | | Total Unsecured Debt, net | | | 4,703,719 | | | 4,860,189 | | 3.35 | % | 4.4 | | | Total Debt, net | | $ | 5,663,316 | | $ | 5,821,369 | | 3.37 | % | 4.3 | | |
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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 March 31, 2026 are as follows (dollars in thousands): | | | | | | | | | | | | Total | | Total | | Total | Year | | Secured Debt | | Unsecured Debt | | Debt | 2026 | | $ | 54,986 | | $ | 470,000 | | $ | 524,986 | 2027 | | | 6,939 | | | 309,553 | | | 316,492 | 2028 | | | 166,526 | | | 435,000 | | | 601,526 | 2029 | | | 315,811 | | | 650,000 | | | 965,811 | 2030 | | | 230,597 | | | 600,000 | | | 830,597 | 2031 | | | 160,930 | | | 600,000 | | | 760,930 | 2032 | | | 27,000 | | | 400,000 | | | 427,000 | 2033 | | | — | | | 650,000 | | | 650,000 | 2034 | | | — | | | 600,000 | | | 600,000 | 2035 | | | — | | | — | | | — | Thereafter | | | — | | | — | | | — | Subtotal | | | 962,789 | | | 4,714,553 | | | 5,677,342 | Non-cash (a) | | | (3,192) | | | (10,834) | | | (14,026) | Total | | $ | 959,597 | | $ | 4,703,719 | | $ | 5,663,316 |
| (a) | Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.3 million and $1.3 million during the three months ended March 31, 2026 and 2025, respectively, of deferred financing costs into Interest expense. |
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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 March 31, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | March 31, | | December 31, | | | | 2026 | | 2025 | | Total revolving credit facility | | $ | 1,300,000 | | $ | 1,300,000 | | Borrowings outstanding at end of period (1) | | | 135,000 | | | — | | Weighted average daily borrowings during the period ended | | | 1,500 | | | — | | Maximum daily borrowings during the period ended | | | 135,000 | | | — | | Weighted average interest rate during the period ended | | | 4.4 | % | | — | % | Interest rate at end of the period | | | 4.4 | % | | — | % |
| (1) | Excludes $4.3 million and $4.3 million of letters of credit at March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | March 31, | | December 31, | | | | 2026 | | 2025 | | Total working capital credit facility | | $ | 75,000 | | $ | 75,000 | | Borrowings outstanding at end of period | | | 9,553 | | | 26,381 | | Weighted average daily borrowings during the period ended | | | 17,233 | | | 18,403 | | Maximum daily borrowings during the period ended | | | 47,811 | | | 62,622 | | Weighted average interest rate during the period ended | | | 4.4 | % | | 5.1 | % | Interest rate at end of the period | | | 4.4 | % | | 4.4 | % |
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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 March 31, 2026 and December 31, 2025 (dollars in thousands): | | | | | | | | | | March 31, | | December 31, | | | | 2026 | | 2025 | | Total unsecured commercial paper program | | $ | 700,000 | | $ | 700,000 | | Borrowings outstanding at end of period | | | 170,000 | | | 445,000 | | Weighted average daily borrowings during the period ended | | | 462,556 | | | 318,244 | | Maximum daily borrowings during the period ended | | | 570,000 | | | 650,000 | | Weighted average interest rate during the period ended | | | 3.9 | % | | 4.4 | % | Interest rate at end of the period | | | 4.1 | % | | 3.9 | % |
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