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UNSECURED SENIOR NOTES (Tables)

9 Months Ended

Sep. 30, 2025

Senior Notes

UNSECURED SENIOR NOTES

Summary of debt

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September 30,

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December 31,

Effective

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Issuance

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Maturity

Unsecured Senior Notes

2025

2024

Interest Rate

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Date

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Date

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(in thousands)

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$300M 4.000% Guaranteed Notes due 2025 (1)

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$

300,000

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$

300,000

3.99

%

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Various (1)

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Nov-25

$300M 3.125% Guaranteed Notes due 2026

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300,000

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300,000

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3.18

%

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Aug-16

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Sep-26

$550M 2.250% Guaranteed Notes due 2028

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​

550,000

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550,000

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2.33

%

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Nov-21

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Dec-28

$350M 4.375% Guaranteed Notes due 2029

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350,000

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350,000

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4.46

%

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Jan-19

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Feb-29

$350M 3.000% Guaranteed Notes due 2030

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350,000

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350,000

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3.04

%

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Oct-19

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Feb-30

$450M 2.000% Guaranteed Notes due 2031

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450,000

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450,000

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2.10

%

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Oct-20

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Feb-31

$500M 2.500% Guaranteed Notes due 2032

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500,000

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500,000

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2.59

%

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Nov-21

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Feb-32

$450M 5.125% Guaranteed Notes due 2035

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450,000

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—

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5.30

%

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Aug-25

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Nov-35

Principal balance outstanding

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3,250,000

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2,800,000

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Less: Discount on issuance of unsecured senior notes, net

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(13,229)

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(8,495)

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Less: Loan procurement costs, net

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(12,905)

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(10,874)

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Total unsecured senior notes, net

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$

3,223,866

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$

2,780,631

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(1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994%.

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