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Borrowings | 6 Months Ended
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Jun. 30, 2025
Notes To Financial Statements [Abstract] |
Borrowings | 6. Borrowings The following table summarizes the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):
|  | Balance |  |  | Weighted Average Effective Rate |  |  | Weighted Average Contract Maturity
Unsecured debt |  |  |  |  |  |  |  |
Fixed rate senior notes |  | $ | 4,400,000 |  |  |  | 3.7 | % |  | 5/9/2031
Variable rate commercial paper program |  |  | 315,000 |  |  |  | 4.7 | % |  | 7/6/2025
Debt issuance costs, discounts and premiums |  |  | (27,187 | ) |  |  |  |  |
Total unsecured debt |  | $ | 4,687,813 |  |  |  | 3.8 | % |  |
Secured debt |  |  |  |  |  |  |  |
Fixed rate property mortgages |  | $ | 363,293 |  |  |  | 4.4 | % |  | 1/26/2049
Debt issuance costs |  |  | (2,963 | ) |  |  |  |  |
Total secured debt |  | $ | 360,330 |  |  |  | 4.4 | % |  |
Total outstanding debt |  | $ | 5,048,143 |  |  |  | 3.8 | % |  |
Unsecured Revolving Credit Facility MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit. Unsecured Commercial Paper MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of June 30, 2025, MAALP had $315.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2025, the average daily borrowings outstanding under the commercial paper program were $301.6 million. Unsecured Senior Notes As of June 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031. Secured Property Mortgages As of June 30, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049. Upcoming Debt Obligations As of June 30, 2025, MAALP’s debt obligations over the next 12 months consist of approximately $715 million of principal obligations, including $315.0 million of commercial paper borrowings due July 2025 and $400.0 million of unsecured senior notes due November 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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