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SECURED AND UNSECURED DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2025

Secured and Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at September 30, 2025 and December 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Principal Outstanding

​

As of September 30, 2025

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

​

​

Average

​

Average

​

Number of

​

​

September 30,

​

December 31,

​

Interest

​

Years to

​

Communities

​

2025

2024

Rate

Maturity

Encumbered

Secured Debt:

​

​

​

​

​

​

​

Fixed Rate Debt

​

​

Mortgage notes payable (a)

​

$

1,066,710

​

$

1,115,798

3.48

%

3.4

18

Deferred financing costs and other non-cash adjustments (b)

​

(3,360)

​

(3,429)

Total fixed rate secured debt, net

​

1,063,350

​

1,112,369

3.54

%

3.4

18

Variable Rate Debt

​

​

Tax-exempt secured notes payable (c)

​

27,000

​

27,000

3.26

%

6.5

1

Deferred financing costs

​

(45)

​

(38)

Total variable rate secured debt, net

​

26,955

​

26,962

3.29

%

6.5

1

Total Secured Debt, net

​

1,090,305

​

1,139,331

3.53

%

3.5

19

Unsecured Debt:

​

​

Variable Rate Debt

​

​

Borrowings outstanding under unsecured credit facility due August 2028 (d) (l)

​

—

​

—

—

%

2.9

Borrowings outstanding under unsecured commercial paper program due October 2025 (e) (l)

​

​

340,000

​

​

289,900

​

4.32

%

0.1

​

​

Borrowings outstanding under unsecured working capital credit facility due January 2026 (f)

​

15,686

​

9,361

5.00

%

0.3

Term Loan due January 2029 (d) (l)

​

175,000

​

175,000

5.26

%

3.3

Fixed Rate Debt

​

​

​

Term Loan due January 2029 (d) (l)

​

​

175,000

​

175,000

4.04

%

3.3

​

​

2.95% Medium-Term Notes due September 2026 (l)

​

300,000

​

300,000

2.95

%

0.9

3.50% Medium-Term Notes due July 2027 (net of discounts of $123 and $176, respectively) (l)

​

​

299,877

​

​

299,824

​

3.50

%

1.8

​

​

3.50% Medium-Term Notes due January 2028 (net of discounts of $272 and $361, respectively) (l)

​

​

299,728

​

​

299,639

​

3.50

%

2.3

​

​

4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $2, respectively) (g) (l)

​

​

299,998

​

​

299,998

​

4.27

%

3.3

​

​

3.20% Medium-Term Notes due January 2030 (net of premiums of $5,892 and $6,921, respectively) (h) (l)

​

​

605,892

​

​

606,921

​

3.32

%

4.3

​

​

3.00% Medium-Term Notes due August 2031 (net of premiums of $7,018 and $7,914, respectively) (i) (l)

​

​

607,018

​

​

607,914

​

3.01

%

5.9

​

​

2.10% Medium-Term Notes due August 2032 (net of discounts of $241 and $267, respectively) (l)

​

​

399,759

​

​

399,733

​

2.10

%

6.8

​

​

1.90% Medium-Term Notes due March 2033 (net of discounts of $898 and $989, respectively) (l)

​

​

349,102

​

​

349,011

​

1.90

%

7.5

​

​

2.10% Medium-Term Notes due June 2033 (net of discounts of $767 and $842, respectively) (l)

​

​

299,233

​

​

299,158

​

2.10

%

7.7

​

​

5.125% Medium-Term Notes due September 2034 (net of discounts of $2,725 and $2,954, respectively) (j) (l)

​

​

297,275

​

​

297,046

​

4.95

%

8.9

​

​

3.10% Medium-Term Notes due November 2034 (net of discounts of $802 and $868, respectively) (k) (l)

​

​

299,198

​

​

299,132

​

3.13

%

9.1

​

​

Deferred financing costs

​

(18,902)

​

(20,003)

Total Unsecured Debt, net

​

4,743,864

​

4,687,634

3.39

%

4.8

Total Debt, net

​

$

5,834,169

​

$

5,826,965

3.42

%

4.6

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to September 30, 2025 are as follows (dollars in thousands):

​	​	​	​	​	​	​	​	​	​
​		Total			Total			Total
Year	​	Secured Debt		​	Unsecured Debt		​	Debt
2025	​	$	129,235	​	$	340,000	​	$	469,235
2026	​		56,672	​		315,686	​		372,358
2027	​		6,939	​		300,000	​		306,939
2028	​		166,526	​		300,000	​		466,526
2029	​		315,811	​		650,000	​		965,811
2030	​		230,597	​		600,000	​		830,597
2031	​		160,930	​		600,000	​		760,930
2032	​		27,000	​		400,000	​		427,000
2033	​		—	​		650,000	​		650,000
2034	​		—	​		600,000	​		600,000
Thereafter	​		—	​		—	​		—
Subtotal	​		1,093,710	​		4,755,686	​		5,849,396
Non-cash (a)	​		(3,405)	​		(11,822)	​		(15,227)
Total	​	$	1,090,305	​	$	4,743,864	​	$	5,834,169

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.3 million and $1.2 million during the three months ended September 30, 2025 and 2024, respectively, and $3.8 million and $3.7 million during the nine months ended September 30, 2025 and 2024, respectively, of deferred financing costs into Interest expense.

Commercial paper

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at September 30, 2025 and December 31, 2024 (dollars in thousands):

​	​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
Total unsecured commercial paper program		$	700,000	​	$	700,000	​
Borrowings outstanding at end of period	​		340,000	​		289,900	​
Weighted average daily borrowings during the period ended	​		268,202	​		390,237	​
Maximum daily borrowings during the period ended	​		405,000	​		645,000	​
Weighted average interest rate during the period ended	​		4.6	%		5.4	%
Interest rate at end of the period	​		4.3	%		4.7	%

Revolving Credit Facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at September 30, 2025 and December 31, 2024 (dollars in thousands):

​	​	​	​	​	​	​	​
​		September 30,			December 31,		​
​		2025			2024		​
Total revolving credit facility	​	$	1,300,000	​	$	1,300,000	​
Borrowings outstanding at end of period (1)	​		—	​		—	​
Weighted average daily borrowings during the period ended	​		—	​		—	​
Maximum daily borrowings during the period ended	​		—	​		—	​
Weighted average interest rate during the period ended	​		—	%		—	%
Interest rate at end of the period	​		—	%		—	%

(1) Excludes $4.3 million and $3.4 million of letters of credit at September 30, 2025 and December 31, 2024, respectively.

Working Capital Credit Facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at September 30, 2025 and December 31, 2024 (dollars in thousands):

​	​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2025		​	2024
Total working capital credit facility	​	$	75,000	​	$	75,000	​
Borrowings outstanding at end of period	​		15,686	​		9,361	​
Weighted average daily borrowings during the period ended	​		16,736	​		15,102	​
Maximum daily borrowings during the period ended	​		52,913	​		62,077	​
Weighted average interest rate during the period ended	​		5.2	%		6.0	%
Interest rate at end of the period	​		5.0	%		5.2	%

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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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