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Secured and unsecured senior debt (Tables)

9 Months Ended

Sep. 30, 2024

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, 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
Debt								2024		2025		2026		2027		2028		Thereafter		Principal				Total
Secured notes payable
Greater Boston(3)		SOFR+2.70%		8.40%		11/19/26		$—		$—		$144,527		$—		$—		$—		$144,527		$(114)		$144,413
San Francisco Bay Area		6.50%		6.50		7/1/36		—		34		36		38		41		438		587		—		587
Secured debt weighted-average interest rate/ subtotal				8.39				—		34		144,563		38		41		438		145,114		(114)		145,000
Unsecured senior line of credit and commercial paper program(4)		(4)		5.05	(4)	1/22/30	(4)	—		—		—		—		—		455,000		455,000		(411)		454,589
Unsecured senior notes payable		3.45%		3.62		4/30/25		—		600,000		—		—		—		—		600,000		(518)		599,482
Unsecured senior notes payable		4.30%		4.50		1/15/26		—		—		300,000		—		—		—		300,000		(655)		299,345
Unsecured senior notes payable		3.80%		3.96		4/15/26		—		—		350,000		—		—		—		350,000		(776)		349,224
Unsecured senior notes payable		3.95%		4.13		1/15/27		—		—		—		350,000		—		—		350,000		(1,194)		348,806
Unsecured senior notes payable		3.95%		4.07		1/15/28		—		—		—		—		425,000		—		425,000		(1,418)		423,582
Unsecured senior notes payable		4.50%		4.60		7/30/29		—		—		—		—		—		300,000		300,000		(1,082)		298,918
Unsecured senior notes payable		2.75%		2.87		12/15/29		—		—		—		—		—		400,000		400,000		(2,167)		397,833
Unsecured senior notes payable		4.70%		4.81		7/1/30		—		—		—		—		—		450,000		450,000		(2,149)		447,851
Unsecured senior notes payable		4.90%		5.05		12/15/30		—		—		—		—		—		700,000		700,000		(4,926)		695,074
Unsecured senior notes payable		3.375%		3.48		8/15/31		—		—		—		—		—		750,000		750,000		(4,509)		745,491
Unsecured senior notes payable		2.00%		2.12		5/18/32		—		—		—		—		—		900,000		900,000		(7,198)		892,802
Unsecured senior notes payable		1.875%		1.97		2/1/33		—		—		—		—		—		1,000,000		1,000,000		(7,326)		992,674
Unsecured senior notes payable		2.95%		3.07		3/15/34		—		—		—		—		—		800,000		800,000		(7,425)		792,575
Unsecured senior notes payable		4.75%		4.88		4/15/35		—		—		—		—		—		500,000		500,000		(5,071)		494,929
Unsecured senior notes payable		5.25%		5.38		5/15/36		—		—		—		—		—		400,000		400,000		(4,195)		395,805
Unsecured senior notes payable		4.85%		4.93		4/15/49		—		—		—		—		—		300,000		300,000		(2,900)		297,100
Unsecured senior notes payable		4.00%		3.91		2/1/50		—		—		—		—		—		700,000		700,000		10,017		710,017
Unsecured senior notes payable		3.00%		3.08		5/18/51		—		—		—		—		—		850,000		850,000		(11,322)		838,678
Unsecured senior notes payable		3.55%		3.63		3/15/52		—		—		—		—		—		1,000,000		1,000,000		(13,782)		986,218
Unsecured senior notes payable		5.15%		5.26		4/15/53		—		—		—		—		—		500,000		500,000		(7,647)		492,353
Unsecured senior notes payable		5.625%		5.71		5/15/54		—		—		—		—		—		600,000		600,000		(6,745)		593,255
Unsecured debt weighted-average interest rate/ subtotal				3.85				—		600,000		650,000		350,000		425,000		10,605,000		12,630,000		(83,399)		12,546,601
Weighted-average interest rate/total				3.91%				$—		$600,034		$794,563		$350,038		$425,041		$10,605,438		$12,775,114		$(83,513)		$12,691,601

(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 September 30, 2024, this joint venture has $50.8 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. In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend

the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control.

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, 2024 (dollars in thousands):

	Fixed-Rate Debt		Variable-Rate Debt						Weighted-Average
									Interest		Remaining Term (in years)
					Total		Percentage		Rate(1)
Secured notes payable	$587		$144,413		$145,000		1.1%		8.39%		2.2
Unsecured senior notes payable	12,092,012		—		12,092,012		95.3		3.81		13.0
Unsecured senior line of credit and commercial paper program	—		454,589		454,589	(2)	3.6		5.05	(2)	5.3	(3)
Total/weighted average	$12,092,599		$599,002		$12,691,601		100.0%		3.91%		12.6	(3)
Percentage of total debt	95.3%		4.7%		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, 2024, we had no outstanding balance on our unsecured senior line of credit and $454.6 million of commercial paper notes outstanding with a

weighted-average interest rate of 5.05%.

(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 12.5 years. The commercial paper notes sold during the nine

months ended September 30, 2024 were issued at a weighted-average yield to maturity of 5.55% and had a weighted-average maturity term of 17 days.

Schedule of Interest Incurred

The following table summarizes interest expense for the three and nine months ended September 30, 2024 and 2023 (in

thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest incurred	$130,046		$107,530		$379,554		$317,100
Capitalized interest	(86,496)		(96,119)		(249,375)		(274,863)
Interest expense	$43,550		$11,411		$130,179		$42,237

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