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Secured and unsecured senior debt
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 (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
Debt20242025202620272028ThereafterPrincipalTotal
Secured notes payable
Greater Boston(3)
SOFR+2.70 %8.37 %11/19/26$— $— $129,890 $— $— $— $129,890 $(459)$129,431 
San Francisco Bay Area6.50 %6.50 7/1/3632 34 36 38 41 438 619 — 619 
Secured debt weighted-average interest rate/subtotal8.36 32 34 129,926 38 41 438 130,509 (459)130,050 
Unsecured senior line of credit and commercial paper program(4)
(4)
—
(4)
1/22/28
(4)
— — — — — — — — — 
Unsecured senior notes payable
3.45 %3.62 4/30/25— 600,000 — — — — 600,000 (960)599,040 
Unsecured senior notes payable
4.30 %4.50 1/15/26— — 300,000 — — — 300,000 (900)299,100 
Unsecured senior notes payable3.80 %3.96 4/15/26— — 350,000 — — — 350,000 (1,021)348,979 
Unsecured senior notes payable
3.95 %4.13 1/15/27— — — 350,000 — — 350,000 (1,448)348,552 
Unsecured senior notes payable
3.95 %4.07 1/15/28— — — — 425,000 — 425,000 (1,628)423,372 
Unsecured senior notes payable
4.50 %4.60 7/30/29— — — — — 300,000 300,000 (1,193)298,807 
Unsecured senior notes payable
2.75 %2.87 12/15/29— — — — — 400,000 400,000 (2,371)397,629 
Unsecured senior notes payable
4.70 %4.81 7/1/30— — — — — 450,000 450,000 (2,333)447,667 
Unsecured senior notes payable
4.90 %5.05 12/15/30— — — — — 700,000 700,000 (5,316)694,684 
Unsecured senior notes payable
3.375 %3.48 8/15/31— — — — — 750,000 750,000 (4,830)745,170 
Unsecured senior notes payable2.00 %2.12 5/18/32— — — — — 900,000 900,000 (7,657)892,343 
Unsecured senior notes payable
1.875 %1.97 2/1/33— — — — — 1,000,000 1,000,000 (7,760)992,240 
Unsecured senior notes payable2.95 %3.07 3/15/34— — — — — 800,000 800,000 (7,801)792,199 
Unsecured senior notes payable4.75 %4.88 4/15/35— — — — — 500,000 500,000 (5,298)494,702 
Unsecured senior notes payable5.25 %5.38 5/15/36— — — — — 400,000 400,000 (4,364)395,636 
Unsecured senior notes payable
4.85 %4.93 4/15/49— — — — — 300,000 300,000 (2,958)297,042 
Unsecured senior notes payable
4.00 %3.91 2/1/50— — — — — 700,000 700,000 10,080 710,080 
Unsecured senior notes payable
3.00 %3.08 5/18/51— — — — — 850,000 850,000 (11,513)838,487 
Unsecured senior notes payable
3.55 %3.63 3/15/52— — — — — 1,000,000 1,000,000 (14,002)985,998 
Unsecured senior notes payable
5.15 %5.26 4/15/53— — — — — 500,000 500,000 (7,757)492,243 
Unsecured senior notes payable
5.625 %5.71 5/15/54— — — — — 600,000 600,000 (6,857)593,143 
Unsecured debt weighted-average interest rate/subtotal3.81 — 600,000 650,000 350,000 425,000 10,150,000 12,175,000 (87,887)12,087,113 
Weighted-average interest rate/total
3.86 %$32 $600,034 $779,926 $350,038 $425,041 $10,150,438 $12,305,509 $(88,346)$12,217,163 
(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 for 99 Coolidge Avenue, of which we own a 75.0% interest. As of March 31, 2024, this joint venture has $65.4 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 following 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 March 31, 2024 (dollars in thousands):
Fixed-Rate DebtVariable-Rate DebtWeighted-Average
InterestRemaining Term
(in years)
TotalPercentage
Rate(1)
Secured notes payable
$619 $129,431 $130,0501.1 %8.36 %2.7
Unsecured senior notes payable
12,087,113 — 12,087,11398.9 3.81 13.5
Unsecured senior line of credit and commercial paper program
— — —
(2)
— —
(2)
3.8
(3)
Total/weighted average
$12,087,732 $129,431 $12,217,163 100.0 %3.86 %13.4
(3)
Percentage of total debt
98.9 %1.1 %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 March 31, 2024, 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 13.4 years. The commercial paper notes sold during the three months ended March 31, 2024 were issued at a weighted-average yield to maturity of 5.60% and had a weighted-average maturity term of 15 days.
Unsecured senior notes payable

In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes consisted of $400.0 million of 5.25% unsecured senior notes due 2036 and $600.0 million of 5.625% unsecured senior notes due 2054.

$5.0 billion unsecured senior line of credit

As of March 31, 2024, our unsecured senior line of credit had aggregate commitments of $5.0 billion and bore an interest rate of SOFR plus 0.855%. In addition to the cost of borrowing, the unsecured senior line of credit is subject to an annual facility fee of 0.145% based on the aggregate commitments outstanding. Based upon our ability to achieve certain annual sustainability metrics, 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.

Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit agreement, the borrowing rate was reduced for a one-year period by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%, and the facility fee was reduced by 0.5 basis point to 0.145% from 0.15%. As of March 31, 2024, we had no outstanding balance on our unsecured line of credit.

$2.5 billion commercial paper program

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 three months ended March 31, 2024 were issued at a weighted-average yield to maturity of 5.60% and had a weighted-average maturity term of 15 days. As of March 31, 2024, we had no commercial paper notes outstanding.
Interest expense

The following table summarizes interest expense for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
20242023
Interest incurred$122,680 $100,824 
Capitalized interest(81,840)(87,070)
Interest expense$40,840 $13,754