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v3.25.3

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Instrument [Line Items] |
Summary of Mortgage Notes Payable Activity | The following table summarizes the Company’s mortgage notes payable activity for the nine months ended September 30, 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 September 30, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Conventional |  | $ | 1,401,099 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,189 |  |  | $ | 762 |  |  | $ | 1,403,050 |
Floating Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured – Tax Exempt |  |  | 229,591 |  |  |  | — |  |  |  | (37,940 | ) |  |  | (2,800 | ) |  |  | 930 |  |  |  | 104 |  |  |  | 189,885 |
Total |  | $ | 1,630,690 |  |  | $ | — |  |  | $ | (37,940 | ) |  | $ | (2,800 | ) |  | $ | 2,119 |  |  | $ | 866 |  |  | $ | 1,592,935 |
(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 nine months ended September 30, 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 September 30, 2025 |
Fixed Rate Debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured – Public |  | $ | 5,947,376 |  |  | $ | 498,580 |  | (2) | $ | (450,000 | ) |  | $ | 1,834 |  |  | $ | (1,104 | ) |  | $ | 5,996,686 |
(1) Represents amortization of deferred financing costs, net of debt financing costs. (2) Issued $500.0 million of seven-year 4.95% unsecured notes, receiving net proceeds before underwriting fees, hedge termination costs and other expenses.
Schedule of Unsecured Revolving Credit Facility | The following table presents the availability on the Company’s unsecured revolving credit facility as of September 30, 2025 (amounts in thousands):
|  | September 30, 2025 |
Unsecured revolving credit facility commitment |  | $ | 2,500,000 |
Commercial paper balance outstanding |  |  | (846,500 | )
Unsecured revolving credit facility balance outstanding |  |  | — |
Other restricted amounts |  |  | (3,448 | )
Unsecured revolving credit facility availability |  | $ | 1,650,052 |
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 nine months ended September 30, 2025:
|  | September 30, 2025
Interest Rate Ranges (ending) |  | 0.10% - 5.25%
Weighted Average Interest Rate |  | 3.76%
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 nine months ended September 30, 2025:
|  | September 30, 2025
Interest Rate Ranges (ending) |  | 1.85% - 7.57%
Weighted Average Interest Rate |  | 3.69%
Maturity Date Ranges |  | 2026-2047
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 nine months ended September 30, 2025:
|  | September 30, 2025 |
Weighted Average Interest Rate (1) |  | 4.59% |
Weighted Average Maturity (in days) |  | 4 |
Weighted Average Amount Outstanding |  | $513.6 million |
(1) The notes bear interest at various floating rates.

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