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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2024

Notes Payable [Abstract]

Summary Of Indebtedness

The following is a summary of our indebtedness:

(in millions)						March 31, 2024						December 31, 2023
Commercial banks
6.55% Term Loan, due 2024						$	40.0					$	39.9
6.21% Term Loan, due 2024						—						300.0
						$	40.0					$	339.9
Senior unsecured notes
4.36% Notes, due 2024						$	—					$	250.0
3.68% Notes, due 2024						249.8						249.7
6.76% Notes, due 2026 (1)						501.1						508.6
3.74% Notes, due 2028						398.8						398.7
3.67% Notes, due 2029 (2)						596.3						596.1
2.91% Notes, due 2030						745.5						745.4
5.06% Notes, due 2034						394.9						—
3.41% Notes, due 2049						296.9						296.9
						$	3,183.3					$	3,045.4
Total unsecured notes payable						$	3,223.3					$	3,385.3
Secured notes
Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028						$	291.3					$	291.3
3.87% note, due 2028						38.9						38.8
Total secured notes payable						$	330.2					$	330.1
Total notes payable (3)						$	3,553.5					$	3,715.4

(1)    Balance includes $3.8 million and $11.6 million fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2024 and December 31, 2023, respectively. See Note 7, "Derivative Financial Instruments and Hedging Activities," for further discussion.

(2)     The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

(3) Unamortized debt discounts, debt issuance costs, and fair market value adjustments of $17.5 million and $5.5 million are included in notes payable as of March 31, 2024 and December 31, 2023, respectively.

Scheduled Repayments On Outstanding Debt

The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at March 31, 2024:

(in millions) (1)						Amount (2)						Weighted Average  Interest Rate (3)
Remainder of 2024						$	287.2					4.1		%
2025						(3.5)						—
2026						524.5						6.6
2027						172.5						3.9
2028						529.9						3.8
Thereafter						2,042.9						3.7
Total						$	3,553.5					4.2		%

(1)Includes all available extension options.

(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.

(3)Includes the effects of the applicable settled derivatives.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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