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v3.25.4

UNSECURED SENIOR NOTES (Tables) | 12 Months Ended
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Dec. 31, 2025
Senior Notes |
UNSECURED SENIOR NOTES |
Summary of debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, | ​ ​ ​ | Effective | ​ | Issuance | ​ | Maturity
Unsecured Senior Notes | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | Interest Rate | ​ | Date | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​
$300M 4.000% Guaranteed Notes due 2025 (1) | ​ | $ | — | ​ | $ | 300,000 |  | 3.99 | % | ​ | Various (1) | ​ | Nov-25
$300M 3.125% Guaranteed Notes due 2026 | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​ | 3.18 | % | ​ | Aug-16 | ​ | Sep-26
$550M 2.250% Guaranteed Notes due 2028 | ​ | ​ | 550,000 | ​ | ​ | 550,000 | ​ | 2.33 | % | ​ | Nov-21 | ​ | Dec-28
$350M 4.375% Guaranteed Notes due 2029 | ​ | ​ | 350,000 | ​ | ​ | 350,000 | ​ | 4.46 | % | ​ | Jan-19 | ​ | Feb-29
$350M 3.000% Guaranteed Notes due 2030 | ​ | ​ | 350,000 | ​ | ​ | 350,000 | ​ | 3.04 | % | ​ | Oct-19 | ​ | Feb-30
$450M 2.000% Guaranteed Notes due 2031 | ​ | ​ | 450,000 | ​ | ​ | 450,000 | ​ | 2.10 | % | ​ | Oct-20 | ​ | Feb-31
$500M 2.500% Guaranteed Notes due 2032 | ​ | ​ | 500,000 | ​ | ​ | 500,000 | ​ | 2.59 | % | ​ | Nov-21 | ​ | Feb-32
$450M 5.125% Guaranteed Notes due 2035 | ​ | ​ | 450,000 | ​ | ​ | — | ​ | 5.30 | % | ​ | Aug-25 | ​ | Nov-35
Principal balance outstanding | ​ | ​ | 2,950,000 | ​ | ​ | 2,800,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Discount on issuance of unsecured senior notes, net | ​ | ​ | (12,669) | ​ | ​ | (8,495) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (12,228) | ​ | ​ | (10,874) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total unsecured senior notes, net | ​ | $ | 2,925,103 | ​ | $ | 2,780,631 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (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 2025 issued on October 26, 2015 (collectively, the “2025 Notes”). 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. These senior notes were redeemed in full on November 17, 2025. The combined weighted average effective interest rate of the 2025 Notes, prior to redemption of such notes, was 3.994%.

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