XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Notes Payable (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes Payable [Abstract] |
Summary Of Indebtedness | The following is a summary of our indebtedness:
|  | December 31,
(in millions) |  | 2024 |  | 2023
Commercial banks |  |  |  |
5.52% Term loan, due 2026 |  | $ | 39.9 |  |  | $ | 39.9 |
6.21% Term loan, due 2024 |  | — |  |  | 300.0 |
5.14% Unsecured revolving credit facility |  | 178.0 |  |  | — |
|  | $ | 217.9 |  |  | $ | 339.9 |
Senior unsecured notes |  |  |  |
4.36% Notes, due 2024 |  | — |  |  | 250.0 |
3.68% Notes, due 2024 |  | — |  |  | 249.7 |
5.75% Notes, due 2026 (1) |  | 503.3 |  |  | 508.6 |
3.74% Notes, due 2028 |  | 399.1 |  |  | 398.7 |
3.67% Notes, due 2029 (2) |  | 596.8 |  |  | 596.1 |
2.91% Notes, due 2030 |  | 746.0 |  |  | 745.4 |
5.06% Notes, due 2034 |  | 395.2 |  |  | — |
3.41% Notes, due 2049 |  | 296.9 |  |  | 296.9 |
|  | $ | 2,937.3 |  |  | $ | 3,045.4 |
Total unsecured notes payable |  | $ | 3,155.2 |  |  | $ | 3,385.3 |
Secured notes |  |  |  |
Master Credit Facilities |  |  |  |
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  | $ | 291.4 |  |  | $ | 291.3 |
3.87% note, due 2028 |  | 39.0 |  |  | 38.8 |
Total secured notes payable |  | $ | 330.4 |  |  | $ | 330.1 |
Total notes payable (3) |  | $ | 3,485.6 |  |  | $ | 3,715.4 |
Value of real estate assets, at cost, subject to secured notes |  | $ | 1,358.6 |  |  | $ | 1,342.2 |
(1)Balances are increased by $5.3 million and $11.6 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of December 31, 2024 and 2023, respectively. See Note 9. "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)Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $13.3 million and $5.5 million as of December 31, 2024 and 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 December 31, 2024:
(in millions) (1) |  | Amount (2) |  | Weighted Average Interest Rate (3)
2025 |  | $ | (3.6) |  |  | — | %
2026 |  | 565.9 |  |  | 5.7 |
2027 |  | 350.5 |  |  | 4.5 |
2028 |  | 529.9 |  |  | 3.8 |
2029 |  | 598.2 |  |  | 3.8 |
Thereafter |  | 1,444.7 |  |  | 3.6 |
Total |  | $3,485.6 |  |  | 4.1 | %
(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.

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

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
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