Summary of Financing Our consolidated debt, adjusted to reflect outstanding derivative instruments, and the effective weighted average interest rates as of December 31, 2022 and 2021, consisted of the following (dollars in thousands): Effective Effective Adjusted Balance Weighted Adjusted Weighted as of Average Balance as of Average Debt Subject to December 31, 2022 Interest Rate(1) December 31, 2021 Interest Rate(1) Fixed Rate .................... $ 22,673,703 3.15% $ 23,364,566 2.99% Variable Rate ................. 2,286,583 3.93% 1,956,456 1.22% $ 24,960,286 3.22% $ 25,321,022 2.86%
(1) Effective weighted average interest rate excludes the impact of net discounts and debt issuance costs.
Contractual Obligations and Off-balance Sheet Arrangements In regards to long-term debt arrangements, the following table summarizes the material aspects of these future obligations on our consolidated indebtedness as of December 31, 2022, and subsequent years thereafter (dollars in thousands) assuming the obligations remain outstanding through initial maturities: 2023 2024-2025 2026-2027 After 2027 Total Long Term Debt (1) . . . . . . . . . . . $ 1,342,656 $ 5,988,390 $ 7,202,582 $ 10,501,408 $ 25,035,036 Interest Payments (2) ......... 803,119 1,343,300 870,646 3,527,289 6,544,353 Consolidated Capital Expenditure Commitments (3) . 192,707 — — — 192,707 Lease Commitments (4) ....... 33,163 61,443 61,510 828,521 984,637 (1) Represents principal maturities only and, therefore, excludes net discounts and debt issuance costs. (2) Variable rate interest payments are estimated based on the LIBOR or other applicable rate at December 31, 2022. (3) Represents contractual commitments for capital projects and services at December 31, 2022. Our share of estimated 2023 development, redevelopment and expansion activity is further discussed below under “Development Activity”. (4) Represents only the minimum non-cancellable lease period, excluding applicable lease extension and renewal options, unless reasonably certain of exercise. Our off-balance sheet arrangements consist primarily of our investments in joint ventures which are common in the real estate industry and are described in Note 6 of the notes to the consolidated financial statements. Our joint ventures typically fund their cash needs through secured non-recourse debt financings obtained by and in the name of the joint venture entity. The joint venture debt is secured by a first mortgage, is without recourse to the joint venture partners, and does not represent a liability of the partners, except to the extent the partners or their affiliates expressly guarantee the joint venture debt. As of December 31, 2022, the Operating Partnership guaranteed joint venture-related mortgage indebtedness of $128.0 million. Mortgages guaranteed by the Operating Partnership are secured by the property of the joint venture which could be sold in order to satisfy the outstanding obligation and which has an estimated fair value in excess of the guaranteed amount. We may elect to fund cash needs of a joint venture through equity contributions (generally on a basis proportionate to our ownership interests), advances or partner loans, although such fundings are not required contractually or otherwise. Hurricane Impacts As discussed further in Note 10 of the notes to the consolidated financial statements, during the third quarter of 2017, two of our wholly-owned properties located in Puerto Rico sustained significant property damage and business interruption as a result of Hurricane Maria. Since the date of the loss, we have received $84.0 million of insurance proceeds from third-party carriers related to the two properties located in Puerto Rico, of which $48.3 million was used for property restoration and remediation and to reduce the insurance recovery receivable. During the years ended December 31, 2021 and 2020, we recorded $2.1 million
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