XML 45 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

Notes Payable and Unsecured Credit Facilities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
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:
(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.
Schedule of Maturities of Long-term Debt | 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration