XML 71 R56.htm IDEA: XBRL DOCUMENT v3.25.3
SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Secured Debt            
Percentage of secured debt which encumbers real estate owned based upon book value   12.00%   12.00%    
Percentage of secured debt of real estate owned which is unencumbered   88.00%   88.00%    
Payments on secured debt       $ 49,088 $ 136,631  
Total Debt, net   $ 5,834,169   5,834,169   $ 5,826,965
Outstanding balances   $ 5,849,396   $ 5,849,396    
All-in weighted average interest rate   4.04%   4.04%    
3.00% Medium-Term Notes due August 2031            
Secured Debt            
Outstanding balances   $ 600,000   $ 600,000    
Interest rate risk   $ 250,000   $ 250,000    
All-in weighted average interest rate   3.01%   3.01%    
5.125% Medium-Term Note due September 2034            
Secured Debt            
All-in weighted average interest rate   4.95%   4.95%    
Unsecured Debt            
Secured Debt            
Total Debt, net   $ 4,743,864   $ 4,743,864   4,687,634
Outstanding balances   4,755,686   4,755,686    
Secured Debt            
Secured Debt            
Total Debt, net   1,090,305   1,090,305   1,139,331
Outstanding balances   $ 1,093,710   $ 1,093,710    
Fixed Rate Debt | Mortgages loans            
Secured Debt            
Payments on secured debt $ 44,300          
Fixed Rate Debt | Mortgages loans | Minimum            
Secured Debt            
Notes payable maximum interest rates range   2.62%   2.62%    
Fixed Rate Debt | Mortgages loans | Maximum            
Secured Debt            
Notes payable maximum interest rates range   4.39%   4.39%    
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026            
Secured Debt            
Outstanding balances   $ 300,000   $ 300,000   $ 300,000
Stated interest rate   2.95%   2.95%   2.95%
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027            
Secured Debt            
Total Debt, net   $ 299,877   $ 299,877   $ 299,824
Stated interest rate   3.50%   3.50%   3.50%
Unamortized discount   $ (123)   $ (123)   $ (176)
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029            
Secured Debt            
Principal outstanding   300,000   300,000    
Total Debt, net   $ 299,998   $ 299,998   $ 299,998
Stated interest rate   4.40%   4.40%   4.40%
Portion of medium term note subject to interest rate swaps   $ 150,000   $ 150,000    
All-in weighted average interest rate   4.27%   4.27%    
Unamortized discount   $ (2)   $ (2)   $ (2)
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030            
Secured Debt            
Total Debt, net   $ 605,892   $ 605,892   $ 606,921
Stated interest rate   3.20%   3.20%   3.20%
All-in weighted average interest rate   3.32%   3.32%    
Unamortized net premium   $ 5,892   $ 5,892   $ 6,921
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031            
Secured Debt            
Total Debt, net   $ 607,018   $ 607,018   $ 607,914
Stated interest rate   3.00%   3.00%   3.00%
Unamortized net premium   $ 7,018   $ 7,018   $ 7,914
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034            
Secured Debt            
All-in weighted average interest rate   3.13%   3.13%    
Fixed Rate Debt | Secured Debt            
Secured Debt            
Total Debt, net   $ 1,063,350   $ 1,063,350   1,112,369
Fixed Rate Debt | Secured Debt | Mortgages loans            
Secured Debt            
Outstanding balances   1,066,710   1,066,710   1,115,798
Fixed Rate Debt | Secured Debt | 5.125% Medium-Term Note due September 2034            
Secured Debt            
Total Debt, net   $ 297,275   $ 297,275   $ 297,046
Stated interest rate   5.125%   5.125%   5.125%
Unamortized discount   $ (2,725)   $ (2,725)   $ (2,954)
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages loans            
Secured Debt            
Amortization of debt discount (Premium)   100 $ 200 600 $ 1,000  
Unamortized discount   (400)   (400)    
Unamortized net premium           200
Variable Rate Debt | Secured Debt            
Secured Debt            
Total Debt, net   26,955   26,955   26,962
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable            
Secured Debt            
Outstanding balances   27,000   27,000   $ 27,000
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages loans            
Secured Debt            
Principal outstanding   $ 27,000   $ 27,000    
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages loans            
Secured Debt            
Notes payable maximum interest rates range   3.26%   3.26%