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Notes Payable and Unsecured Credit Facilities (Tables) | 9 Months Ended
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Sep. 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 |  | September 30, 2025 |  |  | December 31, 2024 |
Notes payable: |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans |  | 11/5/2025 - 10/1/2038 |  | 4.0% |  | 4.4% |  | $ | 492,848 |  |  |  | 337,703 |
Variable rate mortgage loans (1) |  | 10/1/2026 - 2/20/2032 |  | 4.4% |  | 4.6% |  |  | 271,669 |  |  |  | 282,117 |
Fixed rate unsecured debt |  | 11/3/2025 - 3/15/2049 |  | 4.2% |  | 4.3% |  |  | 4,121,437 |  |  |  | 3,723,880 |
Total notes payable, net |  |  |  |  |  |  |  |  | 4,885,954 |  |  |  | 4,343,700 |
Unsecured credit facility: |  |  |  |  |  |  |  |  |  |  |  |
$1.5 Billion Line of Credit (the "Line") (1)(2) |  | 3/23/2028 |  | 5.0% |  | 5.3% |  |  | 30,000 |  |  |  | 65,000 |
Total unsecured credit facility |  |  |  |  |  |  |  |  | 30,000 |  |  |  | 65,000 |
Total debt outstanding |  |  |  |  |  |  |  | $ | 4,915,954 |  |  |  | 4,408,700 |
(1) As of September 30, 2025, 99.5% 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) |  | September 30, 2025 |
Scheduled Principal Payments and Maturities by Year: |  | Scheduled Principal Payments |  |  | Mortgage Loan Maturities |  |  | Unsecured Maturities (1) |  |  | Total |
2025 (2) |  | $ | 3,160 |  |  |  | 16,000 |  |  |  | 250,000 |  |  |  | 269,160 |
2026 |  |  | 12,836 |  |  |  | 147,851 |  |  |  | 200,000 |  |  |  | 360,687 |
2027 |  |  | 10,051 |  |  |  | 222,558 |  |  |  | 525,000 |  |  |  | 757,609 |
2028 |  |  | 8,365 |  |  |  | 51,939 |  |  |  | 330,000 |  |  |  | 390,304 |
2029 |  |  | 5,619 |  |  |  | 97,120 |  |  |  | 425,000 |  |  |  | 527,739 |
Beyond 5 Years |  |  | 29,655 |  |  |  | 192,837 |  |  |  | 2,450,000 |  |  |  | 2,672,492 |
Unamortized debt premium/(discount) and issuance costs |  |  | — |  |  |  | (33,474 | ) |  |  | (28,563 | ) |  |  | (62,037 | )
Total |  | $ | 69,686 |  |  |  | 694,831 |  |  |  | 4,151,437 |  |  |  | 4,915,954 |
(1) Includes unsecured public and private debt and unsecured credit facilities. (2) Reflects scheduled principal payments and maturities for the remainder of the year.

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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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