Secured and unsecured senior debt (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of maturities of secured and unsecured debt

The following table summarizes our outstanding indebtedness and respective principal payments as of September 30, 2021 (dollars in thousands):


	Stated Rate			Interest Rate(1)			Maturity Date(2)	Principal Payments Remaining for the Periods Ending December 31,														Unamortized (Deferred Financing Cost), (Discount)/ Premium
Debt								2021		2022		2023		2024		2025		Thereafter		Principal				Total
Secured notes payable
Greater Boston	4.82	%		3.40	%		2/6/24	$	870	$	3,564	$	3,742	$	183,527	$	—	$	—	$	191,703	$	6,377	$	198,080
San Francisco Bay Area	6.50	%		6.50			7/1/36	—		28		30		32		34		554		678		—		678
Secured debt weighted-average interest rate/subtotal	4.83	%		3.41				870		3,592		3,772		183,559		34		554		192,381		6,377		198,758

Commercial paper program(3)	0.23	%	(3)	0.23		(3)	(3)	(3)		—		—		—		—		750,000		750,000		(22)		749,978
Unsecured senior line of credit	L+0.815	%	(4)	N/A			1/6/26	—		—		—		—		—		—		—		—		—
Unsecured senior notes payable	3.45	%		3.62			4/30/25	—		—		—		—		600,000		—		600,000		(3,151)		596,849
Unsecured senior notes payable	4.30	%		4.50			1/15/26	—		—		—		—		—		300,000		300,000		(2,106)		297,894
Unsecured senior notes payable – green bond	3.80	%		3.96			4/15/26	—		—		—		—		—		350,000		350,000		(2,237)		347,763
Unsecured senior notes payable	3.95	%		4.13			1/15/27	—		—		—		—		—		350,000		350,000		(2,693)		347,307
Unsecured senior notes payable	3.95	%		4.07			1/15/28	—		—		—		—		—		425,000		425,000		(2,673)		422,327
Unsecured senior notes payable	4.50	%		4.60			7/30/29	—		—		—		—		—		300,000		300,000		(1,744)		298,256
Unsecured senior notes payable	2.75	%		2.87			12/15/29	—		—		—		—		—		400,000		400,000		(3,385)		396,615
Unsecured senior notes payable	4.70	%		4.81			7/1/30	—		—		—		—		—		450,000		450,000		(3,259)		446,741
Unsecured senior notes payable	4.90	%		5.05			12/15/30	—		—		—		—		—		700,000		700,000		(7,261)		692,739
Unsecured senior notes payable	3.375	%		3.48			8/15/31	—		—		—		—		—		750,000		750,000		(6,422)		743,578
Unsecured senior notes payable – green bond	2.00	%		2.12			5/18/32	—		—		—		—		—		900,000		900,000		(9,939)		890,061
Unsecured senior notes payable	1.875	%		1.97			2/1/33	—		—		—		—		—		1,000,000		1,000,000		(9,916)		990,084
Unsecured senior notes payable	4.85	%		4.93			4/15/49	—		—		—		—		—		300,000		300,000		(3,246)		296,754
Unsecured senior notes payable	4.00	%		3.91			2/1/50	—		—		—		—		—		700,000		700,000		10,342		710,342
Unsecured senior notes payable	3.00	%		3.08			5/18/51	—		—		—		—		—		850,000		850,000		(12,459)		837,541
Unsecured debt weighted-average interest rate/subtotal				3.27				—		—		—		—		600,000		8,525,000		9,125,000		(60,171)		9,064,829
Weighted-average interest rate/total				3.27	%			$	870	$	3,592	$	3,772	$	183,559	$	600,034	$	8,525,554	$	9,317,381	$	(53,794)	$	9,263,587

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)Reflects any extension options that we control.

(3)Refer to footnote 2 on the next page.

(4)During the year ended December 31, 2020, we achieved certain sustainability measures, as described in our unsecured senior line of credit agreement, which reduced the borrowing rate by one basis point for one year ending December 31, 2021.

Schedule of Interest Incurred

The following table summarizes interest expense for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gross interest	$	78,863	$	75,874	$	233,866	$	222,100
Capitalized interest	(43,185)		(32,556)		(126,563)		(88,029)
Interest expense	$	35,678	$	43,318	$	107,303	$	134,071