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Secured and unsecured senior debt (Tables) | 12 Months Ended
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Dec. 31, 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 December 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 |  |
Debt |  |  |  |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Principal |  |  | Total
Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70% |  | 7.52% |  | 11/19/26 |  | $— |  | $149,594 |  | $— |  | $— |  | $— |  | $— |  | $149,594 |  | $(272) |  | $149,322
San Francisco Bay Area |  | 6.50% |  | 6.50 |  | 7/1/36 |  | 34 |  | 36 |  | 38 |  | 41 |  | 44 |  | 394 |  | 587 |  | — |  | 587
Secured debt weighted-average interest rate/subtotal |  |  |  | 7.51 |  |  |  | 34 |  | 149,630 |  | 38 |  | 41 |  | 44 |  | 394 |  | 150,181 |  | (272) |  | 149,909
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | N/A | (4) | 1/22/30 | (4) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Unsecured senior notes payable |  | 3.45% |  | 3.62 |  | 4/30/25 |  | 600,000 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | (296) |  | 599,704
Unsecured senior notes payable |  | 4.30% |  | 4.50 |  | 1/15/26 |  | — |  | 300,000 |  | — |  | — |  | — |  | — |  | 300,000 |  | (532) |  | 299,468
Unsecured senior notes payable |  | 3.80% |  | 3.96 |  | 4/15/26 |  | — |  | 350,000 |  | — |  | — |  | — |  | — |  | 350,000 |  | (653) |  | 349,347
Unsecured senior notes payable |  | 3.95% |  | 4.13 |  | 1/15/27 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (1,067) |  | 348,933
Unsecured senior notes payable |  | 3.95% |  | 4.07 |  | 1/15/28 |  | — |  | — |  | — |  | 425,000 |  | — |  | — |  | 425,000 |  | (1,312) |  | 423,688
Unsecured senior notes payable |  | 4.50% |  | 4.60 |  | 7/30/29 |  | — |  | — |  | — |  | — |  | 300,000 |  | — |  | 300,000 |  | (1,027) |  | 298,973
Unsecured senior notes payable |  | 2.75% |  | 2.87 |  | 12/15/29 |  | — |  | — |  | — |  | — |  | 400,000 |  | — |  | 400,000 |  | (2,064) |  | 397,936
Unsecured senior notes payable |  | 4.70% |  | 4.81 |  | 7/1/30 |  | — |  | — |  | — |  | — |  | — |  | 450,000 |  | 450,000 |  | (2,057) |  | 447,943
Unsecured senior notes payable |  | 4.90% |  | 5.05 |  | 12/15/30 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | (4,730) |  | 695,270
Unsecured senior notes payable |  | 3.375% |  | 3.48 |  | 8/15/31 |  | — |  | — |  | — |  | — |  | — |  | 750,000 |  | 750,000 |  | (4,348) |  | 745,652
Unsecured senior notes payable |  | 2.00% |  | 2.12 |  | 5/18/32 |  | — |  | — |  | — |  | — |  | — |  | 900,000 |  | 900,000 |  | (6,967) |  | 893,033
Unsecured senior notes payable |  | 1.875% |  | 1.97 |  | 2/1/33 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (7,109) |  | 992,891
Unsecured senior notes payable |  | 2.95% |  | 3.07 |  | 3/15/34 |  | — |  | — |  | — |  | — |  | — |  | 800,000 |  | 800,000 |  | (7,236) |  | 792,764
Unsecured senior notes payable |  | 4.75% |  | 4.88 |  | 4/15/35 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (4,958) |  | 495,042
Unsecured senior notes payable |  | 5.25% |  | 5.38 |  | 5/15/36 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (4,109) |  | 395,891
Unsecured senior notes payable |  | 4.85% |  | 4.93 |  | 4/15/49 |  | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (2,872) |  | 297,128
Unsecured senior notes payable |  | 4.00% |  | 3.91 |  | 2/1/50 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | 9,985 |  | 709,985
Unsecured senior notes payable |  | 3.00% |  | 3.08 |  | 5/18/51 |  | — |  | — |  | — |  | — |  | — |  | 850,000 |  | 850,000 |  | (11,227) |  | 838,773
Unsecured senior notes payable |  | 3.55% |  | 3.63 |  | 3/15/52 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (13,673) |  | 986,327
Unsecured senior notes payable |  | 5.15% |  | 5.26 |  | 4/15/53 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (7,592) |  | 492,408
Unsecured senior notes payable |  | 5.625% |  | 5.71 |  | 5/15/54 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | 600,000 |  | (6,691) |  | 593,309
Unsecured debt weighted-average interest rate/subtotal |  |  |  | 3.81 |  |  |  | 600,000 |  | 650,000 |  | 350,000 |  | 425,000 |  | 700,000 |  | 9,450,000 |  | 12,175,000 |  | (80,535) |  | 12,094,465
Weighted-average interest rate/total |  |  |  | 3.86% |  |  |  | $600,034 |  | $799,630 |  | $350,038 |  | $425,041 |  | $700,044 |  | $9,450,394 |  | $12,325,181 |  | $(80,807) |  | $12,244,374
(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 December 31, 2024, this joint venture h as $45.7 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. D uring the three months ended December 31, 2024, we extended the maturity date for a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025. We have a one-year option to extend the maturity date to November 19, 2026, subject to certain conditions. (4)Refer to “$5.0 billion unsecured senior line of credit” and “$2.5 billion commercial paper program” on the following 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 December 31, 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 |  | $149,322 |  | $149,909 |  | 1.2% |  | 7.51% |  | 1.9 |
Unsecured senior notes payable | 12,094,465 |  | — |  | 12,094,465 |  | 98.8 |  | 3.81 |  | 12.8 |
Unsecured senior line of credit and commercial paper program | — |  | — |  | — | (2) | — |  | N/A | (2) | 5.1 | (3)
Total/weighted average | $12,095,052 |  | $149,322 |  | $12,244,374 |  | 100.0% |  | 3.86% |  | 12.7 | (3)
Percentage of total debt | 98.8% |  | 1.2% |  | 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 December 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 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity o f 5.30% and had a weighted-average maturity term of 18 days.
Schedule of Interest Incurred | The following table summarizes i nterest expense for the years ended December 31, 2024, 2023, and 2022 (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Interest incurred |  | $516,799 |  | $438,182 |  | $372,848
Capitalized interest |  | (330,961) |  | (363,978) |  | (278,645)
Interest expense |  | $185,838 |  | $74,204 |  | $94,203

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