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Secured and unsecured senior debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Secured and unsecured senior debt SECURED AND UNSECURED SENIOR 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
Debt20232024202520262027ThereafterPrincipalTotal
Secured notes payable
Greater Boston(3)
SOFR+2.70 %8.36 %11/19/26$— $— $— $109,295 $— $— $109,295 $(804)$108,491 
San Francisco Bay Area6.50 %6.50 7/1/36— 32 34 36 38 479 619 — 619 
Secured debt weighted average interest rate/subtotal8.35 — 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 bond4.75 %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/subtotal3.65 — — 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 has $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.
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 DebtVariable-Rate DebtWeighted-Average
InterestRemaining Term
(in years)
TotalPercentage
Rate(1)
Secured notes payable
$619 $108,491 $109,1101.0 %8.35 %3.2
Unsecured senior notes payable
11,093,725 — 11,093,72599.0 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 is 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.
Unsecured senior notes payable

In February 2023, we opportunistically issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 4.95% and a weighted-average maturity of 21.2 years. The unsecured senior notes consisted of $500.0 million of 4.75% green unsecured senior notes due 2035 and $500.0 million of 5.15% unsecured senior notes due 2053.

$5.0 billion unsecured senior line of credit

As of September 30, 2023, our unsecured senior line of credit has aggregate commitments of $5.0 billion and bears an interest rate of SOFR plus 0.835%. In addition to the cost of borrowing, the unsecured senior line of credit is subject to an annual facility fee of 0.14% based on the aggregate commitments outstanding. Based upon our ability to achieve certain annual sustainability targets, the interest rate and facility fee rate are also subject to upward or downward adjustments of up to four basis points with respect to the interest rate and up to one basis point with respect to the facility fee rate.

In June 2023, we amended our unsecured senior line of credit to increase the aggregate commitments available for borrowing to $5.0 billion from $4.0 billion.

During the three months ended March 31, 2023, we achieved certain annual sustainability targets, as described in our unsecured senior line of credit agreement, which reduced the borrowing rate by four basis points for a one-year period to SOFR plus 0.835%, from SOFR plus 0.875%, and reduced the facility fee by one basis point to 0.14% from 0.15%. As of September 30, 2023, we had no outstanding balance on our unsecured senior line of credit.

$2.5 billion commercial paper program

In July 2023, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.5 billion from $2.0 billion.

Our commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates with a maturity of generally 30 days or less and a maximum maturity of 397 days from the date of issuance. Our commercial paper program is backed by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing capacity under our unsecured senior line of credit equal to any outstanding notes issued under our commercial paper program. We use the net proceeds from the issuances of the notes for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. 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. As of September 30, 2023, we had no commercial paper notes outstanding.
Interest expense

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,
2023202220232022
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