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v3.25.1

Notes Payable (Summary Of Indebtedness) (Details) - USD ($) $ in Thousands | 3 Months Ended |  |
--- | --- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024
Unsecured notes payable |  | $ 3,405,255 | $ 3,155,233 |
Weighted Average Interest Rate | [1],[2] | 4.10% |  |
Secured notes payable |  | $ 330,416 | 330,358 |
Total notes payable (3) | [3] | 3,735,700 | 3,485,600 |
Commercial Banks [Member] |  |  |  |
Unsecured notes payable |  | $ 465,700 | 217,900 |
Commercial Banks [Member] | 5.52% Term Loan, due 2026 |  |  |  |
Debt Instrument, Maturity Date |  | Sep. 30, 2026 |  |
Notes payable, effective interest rate |  | 5.52% |  |
Unsecured notes payable |  | $ 39,900 | 39,900 |
Commercial Banks [Member] | 5.14% Unsecured revolving credit facility |  |  |  |
Notes payable, effective interest rate |  | 5.14% |  |
Unsecured notes payable |  | $ 0 | 178,000 |
Commercial Banks [Member] | 4.67% Commercial Paper Program |  |  |  |
Unsecured notes payable |  | $ 425,800 |  | $ 0
Weighted Average Interest Rate |  | 4.67% |  |
Senior Unsecured Notes [Member] |  |  |  |
Unsecured notes payable |  | $ 2,939,600 | 2,937,300 |
Senior Unsecured Notes [Member] | 5.65% Notes, due 2026 |  |  |  |
Debt Instrument, Maturity Date |  | Nov. 03, 2026 |  |
Notes payable, effective interest rate |  | 5.65% |  |
Unsecured notes payable | [4] | $ 505,000 | 503,300 |
Senior Unsecured Notes [Member] | 3.74% Notes Due 2028 |  |  |  |
Debt Instrument, Maturity Date |  | Oct. 15, 2028 |  |
Notes payable, effective interest rate |  | 3.74% |  |
Unsecured notes payable |  | $ 399,200 | 399,100 |
Senior Unsecured Notes [Member] | 3.67% Notes Due 2029 |  |  |  |
Debt Instrument, Maturity Date |  | Jul. 01, 2029 |  |
Notes payable, effective interest rate |  | 3.67% |  |
Unsecured notes payable | [5] | $ 596,900 | 596,800 |
Senior Unsecured Notes [Member] | 2.91% Notes, due 2030 |  |  |  |
Debt Instrument, Maturity Date |  | May 15, 2030 |  |
Notes payable, effective interest rate |  | 2.91% |  |
Unsecured notes payable |  | $ 746,200 | 746,000 |
Senior Unsecured Notes [Member] | 5.06% Notes Due 2034 |  |  |  |
Debt Instrument, Maturity Date |  | Jan. 15, 2034 |  |
Notes payable, effective interest rate |  | 5.06% |  |
Unsecured notes payable |  | $ 395,300 | 395,200 |
Senior Unsecured Notes [Member] | 3.41% Notes Due 2049 |  |  |  |
Debt Instrument, Maturity Date |  | Nov. 01, 2049 |  |
Notes payable, effective interest rate |  | 3.41% |  |
Unsecured notes payable |  | $ 297,000 | 296,900 |
Unsecured Debt |  |  |  |
Unsecured notes payable |  | 3,405,300 | 3,155,200 |
Secured Debt |  |  |  |
Secured notes payable |  | 330,400 | 330,400 |
Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  |  |  |
Secured notes payable |  | $ 291,400 | 291,400 |
Secured Debt | 3.87% note, due 2028 |  |  |  |
Debt Instrument, Maturity Date |  | Jan. 01, 2028 |  |
Notes payable, effective interest rate |  | 3.87% |  |
Secured notes payable |  | $ 39,000 | $ 39,000 |
Minimum [Member] | Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  |  |  |
Debt Instrument, Maturity Date |  | Oct. 01, 2026 |  |
Notes payable, effective interest rate |  | 3.78% |  |
Maximum [Member] | Secured Debt | 3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  |  |  |
Debt Instrument, Maturity Date |  | Apr. 01, 2028 |  |
Notes payable, effective interest rate |  | 4.04% |  |
[1] | Includes all available extension options.
[2] | Includes the effects of the applicable settled derivatives
[3] | Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $11.0 million and $13.3 million as of March 31, 2025 and December 31, 2024, respectively.
[4] | Balances are increased by $6.7 million and $5.3 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of March 31, 2025 and December 31, 2024, respectively. See Note 7. "Derivative Financial Instruments and Hedging Activities," for further discussion.
[5] | 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%.

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