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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Instrument [Line Items] |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2025 (amounts in thousands):
|  | Mortgage notes payable, net as of December 31, 2024 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Scheduled principal repayments |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Mortgage notes payable, net as of March 31, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,401,099 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 392 |  |  | $ | 320 |  |  | $ | 1,401,811 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Tax Exempt |  |  | 229,591 |  |  |  | — |  |  |  | (37,940 | ) |  |  | — |  |  |  | 306 |  |  |  | 35 |  |  |  | 191,992 |
Total |  | $ | 1,630,690 |  |  | $ | — |  |  | $ | (37,940 | ) |  | $ | — |  |  | $ | 698 |  |  | $ | 355 |  |  | $ | 1,593,803 |
(1) Represents amortization of deferred financing costs, net of debt financing costs.
Summary of Notes Activity | The following table summarizes the Company’s notes activity for the quarter ended March 31, 2025 (amounts in thousands):
|  | Notes, net as of December 31, 2024 |  |  | Proceeds |  |  | Lump sum payoffs |  |  | Amortization of premiums/ discounts |  |  | Amortization of deferred financing costs, net (1) |  |  | Notes, net as of March 31, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,947,376 |  |  | $ | — |  |  | $ | — |  |  | $ | 613 |  |  | $ | 1,092 |  |  | $ | 5,949,081 |
(1) Represents amortization of deferred financing costs, net of debt financing costs.
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2025 (amounts in thousands):
|  | March 31, 2025 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (304,000 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,438 | )
Unsecured revolving credit facility availability |  | $ | 2,192,562 |
Mortgages [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2025:
|  | March 31, 2025
Interest Rate Ranges (ending) |  | 0.10% - 5.25%
Weighted Average Interest Rate |  | 3.77%
Maturity Date Ranges |  | 2029-2061
Notes [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2025:
|  | March 31, 2025
Interest Rate Ranges (ending) |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.68%
Maturity Date Ranges |  | 2025-2047
Commercial Paper [Member] |
Debt Instrument [Line Items] |
Summary of Certain Interest Rate and Maturity Date Information | The following table summarizes certain weighted average interest rate, maturity and amount outstanding information for the commercial paper program as of and for the quarter ended March 31, 2025:
|  | March 31, 2025 |
Weighted Average Interest Rate (1) |  | 4.55% |
Weighted Average Maturity (in days) |  | 1 |
Weighted Average Amount Outstanding |  | $390.2 million |
(1) The notes bear interest at various floating rates.

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