Secured and unsecured senior debt (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of maturities of secured and unsecured debt

The 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	Stated Rate	Interest Rate(1)		Maturity Date(2)		2025	2026	2027	2028	2029	Thereafter	Principal	Unamortized (Deferred Financing Cost), (Discount)/ Premium	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)		Remaining Term (in years)
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 is 11.1 years. The commercial paper notes sold during the 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