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Secured and unsecured senior debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Secured and unsecured senior debt | SECURED AND UNSECURED SENIOR DEBT T h e following table summarizes our outstanding indebtedness and respective principal payments remaining as of June 30, 2025 (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 note payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greater Boston(3) |  | SOFR+2.70% |  | 7.16% |  | 11/19/26 | (3) | $— |  | $153,624 |  | $— |  | $— |  | $— |  | $— |  | $153,624 |  | $(124) |  | $153,500
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | 4.71 | (4) | 1/22/30 | (4) | — |  | — |  | — |  | — |  | — |  | 1,100,000 |  | 1,100,000 |  | (2,007) |  | 1,097,993
Unsecured senior notes payable |  | 4.30% |  | 4.50 |  | 1/15/26 |  | — |  | 300,000 |  | — |  | — |  | — |  | — |  | 300,000 |  | (284) |  | 299,716
Unsecured senior notes payable |  | 3.80% |  | 3.96 |  | 4/15/26 |  | — |  | 350,000 |  | — |  | — |  | — |  | — |  | 350,000 |  | (408) |  | 349,592
Unsecured senior notes payable |  | 3.95% |  | 4.13 |  | 1/15/27 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (812) |  | 349,188
Unsecured senior notes payable |  | 3.95% |  | 4.07 |  | 1/15/28 |  | — |  | — |  | — |  | 425,000 |  | — |  | — |  | 425,000 |  | (1,100) |  | 423,900
Unsecured senior notes payable |  | 4.50% |  | 4.60 |  | 7/30/29 |  | — |  | — |  | — |  | — |  | 300,000 |  | — |  | 300,000 |  | (916) |  | 299,084
Unsecured senior notes payable |  | 2.75% |  | 2.87 |  | 12/15/29 |  | — |  | — |  | — |  | — |  | 400,000 |  | — |  | 400,000 |  | (1,860) |  | 398,140
Unsecured senior notes payable |  | 4.70% |  | 4.81 |  | 7/1/30 |  | — |  | — |  | — |  | — |  | — |  | 450,000 |  | 450,000 |  | (1,872) |  | 448,128
Unsecured senior notes payable |  | 4.90% |  | 5.05 |  | 12/15/30 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | (4,339) |  | 695,661
Unsecured senior notes payable |  | 3.375% |  | 3.48 |  | 8/15/31 |  | — |  | — |  | — |  | — |  | — |  | 750,000 |  | 750,000 |  | (4,027) |  | 745,973
Unsecured senior notes payable |  | 2.00% |  | 2.12 |  | 5/18/32 |  | — |  | — |  | — |  | — |  | — |  | 900,000 |  | 900,000 |  | (6,506) |  | 893,494
Unsecured senior notes payable |  | 1.875% |  | 1.97 |  | 2/1/33 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (6,675) |  | 993,325
Unsecured senior notes payable |  | 2.95% |  | 3.07 |  | 3/15/34 |  | — |  | — |  | — |  | — |  | — |  | 800,000 |  | 800,000 |  | (6,857) |  | 793,143
Unsecured senior notes payable |  | 4.75% |  | 4.88 |  | 4/15/35 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (4,730) |  | 495,270
Unsecured senior notes payable |  | 5.50% |  | 5.66 |  | 10/1/35 |  | — |  | — |  | — |  | — |  | — |  | 550,000 |  | 550,000 |  | (6,624) |  | 543,376
Unsecured senior notes payable |  | 5.25% |  | 5.38 |  | 5/15/36 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (3,939) |  | 396,061
Unsecured senior notes payable |  | 4.85% |  | 4.93 |  | 4/15/49 |  | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (2,814) |  | 297,186
Unsecured senior notes payable |  | 4.00% |  | 3.91 |  | 2/1/50 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | 9,916 |  | 709,916
Unsecured senior notes payable |  | 3.00% |  | 3.08 |  | 5/18/51 |  | — |  | — |  | — |  | — |  | — |  | 850,000 |  | 850,000 |  | (11,034) |  | 838,966
Unsecured senior notes payable |  | 3.55% |  | 3.63 |  | 3/15/52 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (13,450) |  | 986,550
Unsecured senior notes payable |  | 5.15% |  | 5.26 |  | 4/15/53 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (7,482) |  | 492,518
Unsecured senior notes payable |  | 5.625% |  | 5.71 |  | 5/15/54 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | 600,000 |  | (6,580) |  | 593,420
Unsecured debt weighted-average interest rate/subtotal |  |  |  | 3.97 |  |  |  | — |  | 650,000 |  | 350,000 |  | 425,000 |  | 700,000 |  | 11,100,000 |  | 13,225,000 |  | (84,400) |  | 13,140,600
Weighted-average interest rate/total |  |  |  | 4.01% |  |  |  | $— |  | $803,624 |  | $350,000 |  | $425,000 |  | $700,000 |  | $11,100,000 |  | $13,378,624 |  | $(84,524) |  | $13,294,100
(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, where we have a 76.9% interest. As of June 30, 2025, this joint venture h as $41.7 million available under existing lender commitments. We expect to repay the entire $153.5 million balance in August 2025. (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 June 30, 2025 (dollars in thousands):
| Fixed-Rate Debt |  | Variable-Rate Debt |  |  |  |  |  | Weighted-Average |
|  |  |  |  |  |  | Interest |  | Remaining Term (in years) |
|  |  | Total |  | Percentage |  | Rate(1) |  |
Secured note payable | $— |  | $153,500 |  | $153,500 |  | 1.2% |  | 7.16% |  | 1.4 |
Unsecured senior notes payable | 12,042,607 |  | — |  | 12,042,607 |  | 90.5 |  | 3.90 |  | 12.8 |
Unsecured senior line of credit and commercial paper program | — |  | 1,097,993 |  | 1,097,993 | (2) | 8.3 |  | 4.71 | (2) | 4.6 | (3)
Total/weighted average | $12,042,607 |  | $1,251,493 |  | $13,294,100 |  | 100.0% |  | 4.01% |  | 12.0 | (3)
Percentage of total debt | 90.6% |  | 9.4% |  | 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 June 30, 2025, we had no outstanding balance on our unsecured senior line of credit and $1.1 billion of 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 11.6 years. The commercial paper notes sold during the six months ended June 30, 2025 were issued at a weighted-average yield to maturity of 4.67% and had a weighted-average maturity term of 16 days. Issuance and repayment of u nsecured senior note s payable In February 2025, we issued $550.0 million of unsecured senior notes payable, due 2035, with an interest rate of 5.50%. In April 2025, we repaid our 3.45% unsecured senior notes payable aggregating $600.0 million upon their maturity, using proceeds from our February 2025 unsecured senior notes payable offering, with no gain or loss incurred in connection with this repayment. $5.0 billion unsecured senior line of credit As of June 30, 2025, our unsecured senior line of credit, which matures in 2030, including extension options under our control, 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 June 30, 2025, we had no outstanding balance on our unsecured line of credit. $2.5 billion co mmercial 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. During the six months ended June 30, 2025, the commercial paper notes were issued at a weighted-average yield to maturity of 4.67% and had a weighted-average maturity term of 16 days. As of June 30, 2025, we had a $1.1 billion outstanding balance on our commercial paper program. Interest expense The following table summarizes interest expense for the three and six months ended June 30, 2025 and 2024 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest incurred | $137,719 |  | $126,828 |  | $268,660 |  | $249,508
Capitalized interest | (82,423) |  | (81,039) |  | (162,488) |  | (162,879)
Interest expense | $55,296 |  | $45,789 |  | $106,172 |  | $86,629

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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