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v3.25.2

Notes Payable and Unsecured Credit Facilities | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Notes Payable and Unsecured Credit Facilities |
5. | Notes Payable and Unsecured Credit Facilities
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:
(in thousands) |  | Scheduled Maturity Date |  | Weighted Average Contractual Rate |  | Weighted Average Effective Rate |  | June 30, 2025 |  |  | December 31, 2024 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 11/5/2025 - 6/1/2037 |  | 3.9% |  | 4.4% |  | $ | 366,886 |  |  |  | 337,703 |
Variable rate mortgage loans (1) |  | 10/1/2026 - 2/20/2032 |  | 4.5% |  | 4.6% |  |  | 282,311 |  |  |  | 282,117 |
Fixed rate unsecured debt |  | 11/1/2025 - 3/15/2049 |  | 4.2% |  | 4.4% |  |  | 4,119,985 |  |  |  | 3,723,880 |
Total notes payable, net |  |  |  |  |  |  |  |  | 4,769,182 |  |  |  | 4,343,700 |
Unsecured credit facility: |  |  |  |  |  |  |  |  |  |  |  |
$1.5 Billion Line of Credit (the "Line") (1)(2) |  | 3/23/2028 |  | 5.1% |  | 5.5% |  |  | 30,000 |  |  |  | 65,000 |
Total unsecured credit facility |  |  |  |  |  |  |  |  | 30,000 |  |  |  | 65,000 |
Total debt outstanding |  |  |  |  |  |  |  | $ | 4,799,182 |  |  |  | 4,408,700 |
(1) As of June 30, 2025, 96.5% of the variable rate debt 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. Significant financing activity during 2025 includes: On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes"). Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
(in thousands) |  | June 30, 2025 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2025 (2) |  | $ | 5,117 |  |  |  | 16,000 |  |  |  | 250,000 |  |  |  | 271,117 |
2026 |  |  | 10,445 |  |  |  | 147,850 |  |  |  | 200,000 |  |  |  | 358,295 |
2027 |  |  | 7,558 |  |  |  | 226,308 |  |  |  | 525,000 |  |  |  | 758,866 |
2028 |  |  | 5,734 |  |  |  | 57,374 |  |  |  | 330,000 |  |  |  | 393,108 |
2029 |  |  | 2,786 |  |  |  | 97,120 |  |  |  | 425,000 |  |  |  | 524,906 |
Beyond 5 Years |  |  | 5,172 |  |  |  | 78,468 |  |  |  | 2,450,000 |  |  |  | 2,533,640 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (10,735 | ) |  |  | (30,015 | ) |  |  | (40,750 | )
Total |  | $ | 36,812 |  |  |  | 612,385 |  |  |  | 4,149,985 |  |  |  | 4,799,182 |
(1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year. The Company was in compliance as of June 30, 2025, with all debt covenants.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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