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v3.23.3

Secured and unsecured senior debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of maturities of secured and unsecured debt | The following table summarizes our outstanding indebtedness and respective principal payments remaining as of September 30, 2023 (dollars in thousands):
|  | Stated Rate |  | Interest Rate(1) |  | Maturity Date(2) |  | Principal Payments Remaining for the Periods Ending December 31, |  |  |  | Unamortized (Deferred Financing Cost), (Discount)/ Premium |  |
Debt |  |  |  |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Principal |  |  | Total
Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70 | % |  | 8.36 | % |  | 11/19/26 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 109,295 |  |  | $ | — |  |  | $ | — |  |  | $ | 109,295 |  |  | $ | (804) |  |  | $ | 108,491 |
San Francisco Bay Area |  | 6.50 | % |  | 6.50 |  |  | 7/1/36 |  | — |  |  | 32 |  |  | 34 |  |  | 36 |  |  | 38 |  |  | 479 |  |  | 619 |  |  | — |  |  | 619 |
Secured debt weighted average interest rate/subtotal |  |  |  | 8.35 |  |  |  |  | — |  |  | 32 |  |  | 34 |  |  | 109,331 |  |  | 38 |  |  | 479 |  |  | 109,914 |  |  | (804) |  |  | 109,110 |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | N/A | (4) | 1/22/28 | (4) | (4) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | (4) | — |  |  | — |  |  | — |
Unsecured senior notes payable |  | 3.45 | % |  | 3.62 |  |  | 4/30/25 |  | — |  |  | — |  |  | 600,000 |  |  | — |  |  | — |  |  | — |  |  | 600,000 |  |  | (1,402) |  |  | 598,598 |
Unsecured senior notes payable |  | 4.30 | % |  | 4.50 |  |  | 1/15/26 |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | — |  |  | — |  |  | 300,000 |  |  | (1,144) |  |  | 298,856 |
Unsecured senior notes payable – green bond |  | 3.80 | % |  | 3.96 |  |  | 4/15/26 |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | — |  |  | 350,000 |  |  | (1,265) |  |  | 348,735 |
Unsecured senior notes payable |  | 3.95 | % |  | 4.13 |  |  | 1/15/27 |  | — |  |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | — |  |  | 350,000 |  |  | (1,699) |  |  | 348,301 |
Unsecured senior notes payable |  | 3.95 | % |  | 4.07 |  |  | 1/15/28 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 425,000 |  |  | 425,000 |  |  | (1,838) |  |  | 423,162 |
Unsecured senior notes payable |  | 4.50 | % |  | 4.60 |  |  | 7/30/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (1,304) |  |  | 298,696 |
Unsecured senior notes payable |  | 2.75 | % |  | 2.87 |  |  | 12/15/29 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |  |  | (2,574) |  |  | 397,426 |
Unsecured senior notes payable |  | 4.70 | % |  | 4.81 |  |  | 7/1/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 450,000 |  |  | 450,000 |  |  | (2,518) |  |  | 447,482 |
Unsecured senior notes payable |  | 4.90 | % |  | 5.05 |  |  | 12/15/30 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | (5,706) |  |  | 694,294 |
Unsecured senior notes payable |  | 3.375 | % |  | 3.48 |  |  | 8/15/31 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 750,000 |  |  | 750,000 |  |  | (5,149) |  |  | 744,851 |
Unsecured senior notes payable – green bond |  | 2.00 | % |  | 2.12 |  |  | 5/18/32 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 900,000 |  |  | 900,000 |  |  | (8,116) |  |  | 891,884 |
Unsecured senior notes payable |  | 1.875 | % |  | 1.97 |  |  | 2/1/33 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (8,192) |  |  | 991,808 |
Unsecured senior notes payable – green bond |  | 2.95 | % |  | 3.07 |  |  | 3/15/34 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 800,000 |  |  | 800,000 |  |  | (8,177) |  |  | 791,823 |
Unsecured senior notes payable – green bond |  | 4.75 | % |  | 4.88 |  |  | 4/15/35 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (5,524) |  |  | 494,476 |
Unsecured senior notes payable |  | 4.85 | % |  | 4.93 |  |  | 4/15/49 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300,000 |  |  | 300,000 |  |  | (3,016) |  |  | 296,984 |
Unsecured senior notes payable |  | 4.00 | % |  | 3.91 |  |  | 2/1/50 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 700,000 |  |  | 700,000 |  |  | 10,140 |  |  | 710,140 |
Unsecured senior notes payable |  | 3.00 | % |  | 3.08 |  |  | 5/18/51 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 850,000 |  |  | 850,000 |  |  | (11,703) |  |  | 838,297 |
Unsecured senior notes payable |  | 3.55 | % |  | 3.63 |  |  | 3/15/52 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  |  | (14,221) |  |  | 985,779 |
Unsecured senior notes payable |  | 5.15 | % |  | 5.26 |  |  | 4/15/53 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |  |  | 500,000 |  |  | (7,867) |  |  | 492,133 |
Unsecured debt weighted average interest rate/subtotal |  |  |  | 3.65 |  |  |  |  | — |  |  | — |  |  | 600,000 |  |  | 650,000 |  |  | 350,000 |  |  | 9,575,000 |  |  | 11,175,000 |  |  | (81,275) |  |  | 11,093,725 |
Weighted-average interest rate/total |  |  |  | 3.70 | % |  |  |  | $ | — |  |  | $ | 32 |  |  | $ | 600,034 |  |  | $ | 759,331 |  |  | $ | 350,038 |  |  | $ | 9,575,479 |  |  | $ | 11,284,914 |  |  | $ | (82,079) |  |  | $ | 11,202,835 |
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2)Reflects any extension options that we control. (3)Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we have a 75.0% interest. As of September 30, 2023, this joint venture h as $86.0 million available under existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. (4)Refer to “$5.0 billion unsecured senior line of credit” and “$2.5 billion commercial paper program” on the next page.
Summary of secured and unsecured debt | The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of September 30, 2023 (dollars in thousands):
| Fixed-Rate Debt |  | Variable-Rate Debt |  |  |  |  |  | Weighted-Average |
|  |  |  |  |  |  | Interest |  | Remaining Term (in years) |
|  |  | Total |  | Percentage |  | Rate(1) |  |
Secured notes payable | $ | 619 |  |  | $ | 108,491 |  |  | $ | 109,110 |  | 1.0 | % |  | 8.35 | % |  | 3.2 |
Unsecured senior notes payable | 11,093,725 |  |  | — |  |  | 11,093,725 |  | 99.0 |  |  | 3.65 |  |  | 13.2 |
Unsecured senior line of credit and commercial paper program | — |  |  | — |  |  | — | (2) | — |  |  | N/A | (2) | 4.3 | (3)
Total/weighted average | $ | 11,094,344 |  |  | $ | 108,491 |  |  | $ | 11,202,835 |  |  | 100.0 | % |  | 3.70 | % |  | 13.1 | (3)
Percentage of total debt | 99.0 | % |  | 1.0 | % |  | 100 | % |  |  |  |  |  |  |
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2)As of September 30, 2023, we had no outstanding balance on our unsecured senior line of credit and no commercial paper notes outstanding. (3)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt i s 13.1 years. The commercial paper notes sold during the nine months ended September 30, 2023 were issued at a weighted-average yield to maturity of 5.15% and had a weighted-average maturity term of 13 days.
Schedule of Interest Incurred | The following table summarizes interest expense for the three and nine months ended September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest incurred | $ | 107,530 |  |  | $ | 96,173 |  |  | $ | 317,100 |  |  | $ | 275,835 |
Capitalized interest | (96,119) |  |  | (73,189) |  |  | (274,863) |  |  | (199,154) |
Interest expense | $ | 11,411 |  |  | $ | 22,984 |  |  | $ | 42,237 |  |  | $ | 76,681 |

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