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Notes Payable and Unsecured Credit Facilities | 9 Months Ended
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Sep. 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 |  | 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. 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"). In July 2025, in connection with the acquisition of the Rancho Mission Viejo portfolio, the Company assumed $150 million of fixed-rate mortgage loans with a weighted average interest rate of 4.2% and a weighted average remaining term to maturity of approximately 12 years. Subsequent to September 30, 2025, the Company repaid $250 million of fixed rate unsecured debt and $16 million of fixed rate mortgage loans upon maturity on November 3 and November 5, 2025, respectively. 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. The Company was in compliance as of September 30, 2025, with all debt covenants.

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