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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Outstanding Debt | The following table summarizes the Company’s outstanding debt as of December 31, 2024 and 2023 (dollars in thousands):
|  |  |  |  | As of December 31, 2024
Unsecured debt |  | December 31, 2024 |  |  | December 31, 2023 |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity
Fixed rate senior notes |  | $ | 4,400,000 |  |  | $ | 3,700,000 |  |  |  | 3.7 | % |  | 5/9/2031
Variable rate commercial paper program |  |  | 250,000 |  |  |  | 495,000 |  |  |  | 4.7 | % |  | 1/6/2025
Debt issuance costs, discounts and premiums |  |  | (29,310 | ) |  |  | (14,916 | ) |  |  |  |  |
Total unsecured debt |  | $ | 4,620,690 |  |  | $ | 4,180,084 |  |  |  | 3.8 | % |  |
Secured debt |  |  |  |  |  |  |  |  |  |  |
Fixed rate property mortgages |  | $ | 363,293 |  |  | $ | 363,293 |  |  |  | 4.4 | % |  | 1/26/2049
Debt issuance costs |  |  | (3,026 | ) |  |  | (3,152 | ) |  |  |  |  |
Total secured debt |  | $ | 360,267 |  |  | $ | 360,141 |  |  |  | 4.4 | % |  |
Total outstanding debt |  | $ | 4,980,957 |  |  | $ | 4,540,225 |  |  |  | 3.8 | % |  |
Scheduled Principal Repayments on Borrowings | The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2024, as well as the amortization of debt issuance costs, discounts and premiums (in thousands):
|  | Maturities |  |  | Amortization |  |  | Total |
2025 |  | $ | 650,000 |  |  | $ | (660 | ) |  | $ | 649,340 |
2026 |  |  | 300,000 |  |  |  | (1,256 | ) |  |  | 298,744 |
2027 |  |  | 600,000 |  |  |  | (1,879 | ) |  |  | 598,121 |
2028 |  |  | 400,000 |  |  |  | (2,089 | ) |  |  | 397,911 |
2029 |  |  | 550,000 |  |  |  | 6,359 |  |  |  | 556,359 |
Thereafter |  |  | 2,513,293 |  |  |  | (32,811 | ) |  |  | 2,480,482 |
Total |  | $ | 5,013,293 |  |  | $ | (32,336 | ) |  | $ | 4,980,957 |

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