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v3.25.3

Secured and unsecured senior debt | 9 Months Ended
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Sep. 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 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. 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. 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 September 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 September 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 nine months ended September 30, 2025, the commercial paper notes were issued at a weighted-average yield to maturity of 4.64% and had a weighted-average maturity term of 17 days. As of September 30, 2025, we had a $1.5 billion outstanding balance on our commercial paper program. Repayment of secured note payable In August 2025, we repaid a secured construction loan aggregating $154.6 million with an interest rate of 7.18%, which was related to our development project at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. In connection with the repayment, we recognized a loss on early extinguishment of debt of $107 thousand for the write-off of unamortized deferred financing costs during the three and nine months ended September 30, 2025. Interest expense 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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- 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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