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Notes Payable and Unsecured Credit Facility (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:
|  | Maturing Through |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | December 31, |
(in thousands) |  |  |  |  |  |  |  | 2024 |  |  | 2023 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 6/1/2037 |  | 3.9% |  | 4.3% |  | $ | 337,703 |  |  |  | 449,615 |
Variable rate mortgage loans (1) |  | 1/31/2032 |  | 4.3% |  | 4.4% |  |  | 282,117 |  |  |  | 299,579 |
Fixed rate unsecured debt |  | 3/15/2049 |  | 4.1% |  | 4.3% |  |  | 3,723,880 |  |  |  | 3,252,755 |
Total notes payable, net |  |  |  |  |  |  |  |  | 4,343,700 |  |  |  | 4,001,949 |
Unsecured credit facility: |  |  |  |  |  |  |  |  |  |  |  |
$1.5 Billion Line of Credit (the "Line") (2) |  | 3/23/2028 |  | 5.3% |  | 5.6% |  |  | 65,000 |  |  |  | 152,000 |
Total unsecured credit facility |  |  |  |  |  |  |  |  | 65,000 |  |  |  | 152,000 |
Total debt outstanding |  |  |  |  |  |  |  | $ | 4,408,700 |  |  |  | 4,153,949 |
(1) As of December 31, 2024, 96.1% of the Variable rate mortgage loans are fixed through interest rate swaps. (2) The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.
Schedule of Maturities of Long-term Debt | Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:
(in thousands) |  | December 31, 2024 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2025 |  | $ | 9,798 |  |  |  | 52,537 |  |  |  | 250,000 |  |  |  | 312,335 |
2026 |  |  | 10,040 |  |  |  | 147,847 |  |  |  | 200,000 |  |  |  | 357,887 |
2027 |  |  | 7,133 |  |  |  | 222,558 |  |  |  | 525,000 |  |  |  | 754,691 |
2028 |  |  | 5,402 |  |  |  | 42,004 |  |  |  | 365,000 |  |  |  | 412,406 |
2029 |  |  | 2,786 |  |  |  | 53,620 |  |  |  | 425,000 |  |  |  | 481,406 |
Beyond 5 Years |  |  | 5,170 |  |  |  | 68,466 |  |  |  | 2,050,000 |  |  |  | 2,123,636 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (7,541 | ) |  |  | (26,120 | ) |  |  | (33,661 | )
Total |  | $ | 40,329 |  |  |  | 579,491 |  |  |  | 3,788,880 |  |  |  | 4,408,700 |
(1) Includes unsecured public and private debt and unsecured credit facilities.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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