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v3.25.2

Secured and unsecured senior debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of maturities of secured and unsecured 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.
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 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.
Schedule of Interest Incurred | 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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