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v3.25.3

Secured and unsecured senior debt (Tables) | 9 Months Ended
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Sep. 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 September 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
Unsecured senior line of credit and commercial paper program(3) |  | (3) |  | 4.52% | (3) | 1/22/30 | (3) | $— |  | $— |  | $— |  | $— |  | $— |  | $1,550,000 |  | $1,550,000 |  | $(1,458) |  | $1,548,542
Unsecured senior notes payable |  | 4.30% |  | 4.50 |  | 1/15/26 |  | — |  | 300,000 |  | — |  | — |  | — |  | — |  | 300,000 |  | (160) |  | 299,840
Unsecured senior notes payable |  | 3.80% |  | 3.96 |  | 4/15/26 |  | — |  | 350,000 |  | — |  | — |  | — |  | — |  | 350,000 |  | (285) |  | 349,715
Unsecured senior notes payable |  | 3.95% |  | 4.13 |  | 1/15/27 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (684) |  | 349,316
Unsecured senior notes payable |  | 3.95% |  | 4.07 |  | 1/15/28 |  | — |  | — |  | — |  | 425,000 |  | — |  | — |  | 425,000 |  | (994) |  | 424,006
Unsecured senior notes payable |  | 4.50% |  | 4.60 |  | 7/30/29 |  | — |  | — |  | — |  | — |  | 300,000 |  | — |  | 300,000 |  | (860) |  | 299,140
Unsecured senior notes payable |  | 2.75% |  | 2.87 |  | 12/15/29 |  | — |  | — |  | — |  | — |  | 400,000 |  | — |  | 400,000 |  | (1,757) |  | 398,243
Unsecured senior notes payable |  | 4.70% |  | 4.81 |  | 7/1/30 |  | — |  | — |  | — |  | — |  | — |  | 450,000 |  | 450,000 |  | (1,779) |  | 448,221
Unsecured senior notes payable |  | 4.90% |  | 5.05 |  | 12/15/30 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | (4,143) |  | 695,857
Unsecured senior notes payable |  | 3.375% |  | 3.48 |  | 8/15/31 |  | — |  | — |  | — |  | — |  | — |  | 750,000 |  | 750,000 |  | (3,866) |  | 746,134
Unsecured senior notes payable |  | 2.00% |  | 2.12 |  | 5/18/32 |  | — |  | — |  | — |  | — |  | — |  | 900,000 |  | 900,000 |  | (6,275) |  | 893,725
Unsecured senior notes payable |  | 1.875% |  | 1.97 |  | 2/1/33 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (6,458) |  | 993,542
Unsecured senior notes payable |  | 2.95% |  | 3.07 |  | 3/15/34 |  | — |  | — |  | — |  | — |  | — |  | 800,000 |  | 800,000 |  | (6,668) |  | 793,332
Unsecured senior notes payable |  | 4.75% |  | 4.88 |  | 4/15/35 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (4,615) |  | 495,385
Unsecured senior notes payable |  | 5.50% |  | 5.66 |  | 10/1/35 |  | — |  | — |  | — |  | — |  | — |  | 550,000 |  | 550,000 |  | (6,470) |  | 543,530
Unsecured senior notes payable |  | 5.25% |  | 5.38 |  | 5/15/36 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (3,853) |  | 396,147
Unsecured senior notes payable |  | 4.85% |  | 4.93 |  | 4/15/49 |  | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (2,785) |  | 297,215
Unsecured senior notes payable |  | 4.00% |  | 3.91 |  | 2/1/50 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | 9,880 |  | 709,880
Unsecured senior notes payable |  | 3.00% |  | 3.08 |  | 5/18/51 |  | — |  | — |  | — |  | — |  | — |  | 850,000 |  | 850,000 |  | (10,938) |  | 839,062
Unsecured senior notes payable |  | 3.55% |  | 3.63 |  | 3/15/52 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (13,339) |  | 986,661
Unsecured senior notes payable |  | 5.15% |  | 5.26 |  | 4/15/53 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (7,427) |  | 492,573
Unsecured senior notes payable |  | 5.625% |  | 5.71 |  | 5/15/54 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | 600,000 |  | (6,525) |  | 593,475
Unsecured debt weighted-average interest rate/subtotal |  |  |  | 3.97 |  |  |  | — |  | 650,000 |  | 350,000 |  | 425,000 |  | 700,000 |  | 11,550,000 |  | 13,675,000 |  | (81,459) |  | 13,593,541
Weighted-average interest rate/total |  |  |  | 3.97% |  |  |  | $— |  | $650,000 |  | $350,000 |  | $425,000 |  | $700,000 |  | $11,550,000 |  | $13,675,000 |  | $(81,459) |  | $13,593,541
(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)Refer to footnote 3 on the following page.
Summary of secured and unsecured debt | The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of September 30, 2025 (dollars in thousands):
| Fixed-Rate Debt |  | Variable-Rate Debt |  |  |  |  |  | Weighted-Average |
|  |  |  |  |  |  | Interest |  | Remaining Term (in years) |
|  |  | Total |  | Percentage |  | Rate(1) |  |
Unsecured senior notes payable | $12,044,999 |  | $— |  | $12,044,999 |  | 88.6% |  | 3.90% |  | 12.6 |
Unsecured senior line of credit and commercial paper program | — |  | 1,548,542 |  | 1,548,542 | (2) | 11.4 |  | 4.52 | (2) | 4.3 | (3)
Total/weighted average | $12,044,999 |  | $1,548,542 |  | $13,593,541 |  | 100.0% |  | 3.97% |  | 11.6 | (3)
Percentage of total debt | 88.6% |  | 11.4% |  | 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 September 30, 2025, we had no outstanding balance on our unsecured senior line of credit and $1.5 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 11.1 years. The commercial paper notes sold during t he nine months ended September 30, 2025 were issued at a weighted-average yield to maturity of 4.64% 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, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest incurred | $140,943 |  | $130,046 |  | $409,603 |  | $379,554
Capitalized interest | (86,091) |  | (86,496) |  | (248,579) |  | (249,375)
Interest expense | $54,852 |  | $43,550 |  | $161,024 |  | $130,179

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