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Secured and unsecured senior debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of maturities of secured and unsecured debt
The following table summarizes our outstanding indebtedness and respective principal payments as of December 31, 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
Debt20222023202420252026ThereafterPrincipalTotal
Secured notes payable
Greater Boston4.82 %3.40 %2/6/24$3,564 $3,742 $183,527 $— $— $— $190,833 5,696 $196,529 
Greater Boston(3)
SOFR + 2.70 %3.10 11/19/26— — — — 10,002 — 10,002 (2,011)7,991 
San Francisco Bay Area6.50 %6.50 7/1/3628 30 32 34 36 518 678 — 678 
Secured debt weighted average interest rate/subtotal4.74 %3.40 3,592 3,772 183,559 34 10,038 518 201,513 3,685 205,198 
Commercial paper program(4)
0.29 %
(4)
0.29 
(4)
(4)
(4)
— — — 270,000 
(4)
— 270,000 (10)269,990 
Unsecured senior line of creditL+0.815 %
(5)
N/A1/6/26— — — — — — — — — 
Unsecured senior notes payable3.45 %3.62 4/30/25— — — 600,000 — — 600,000 (2,934)597,066 
Unsecured senior notes payable4.30 %4.50 1/15/26— — — — 300,000 — 300,000 (1,987)298,013 
Unsecured senior notes payable – green bond3.80 %3.96 4/15/26— — — — 350,000 — 350,000 (2,116)347,884 
Unsecured senior notes payable3.95 %4.13 1/15/27— — — — — 350,000 350,000 (2,570)347,430 
Unsecured senior notes payable3.95 %4.07 1/15/28— — — — — 425,000 425,000 (2,569)422,431 
Unsecured senior notes payable4.50 %4.60 7/30/29— — — — — 300,000 300,000 (1,689)298,311 
Unsecured senior notes payable2.75 %2.87 12/15/29— — — — — 400,000 400,000 (3,284)396,716 
Unsecured senior notes payable4.70 %4.81 7/1/30— — — — — 450,000 450,000 (3,167)446,833 
Unsecured senior notes payable4.90 %5.05 12/15/30— — — — — 700,000 700,000 (7,067)692,933 
Unsecured senior notes payable3.375 %3.48 8/15/31— — — — — 750,000 750,000 (6,264)743,736 
Unsecured senior notes payable – green bond2.00 %2.12 5/18/32— — — — — 900,000 900,000 (9,712)890,288 
Unsecured senior notes payable1.875 %1.97 2/1/33— — — — — 1,000,000 1,000,000 (9,701)990,299 
Unsecured senior notes payable4.85 %4.93 4/15/49— — — — — 300,000 300,000 (3,217)296,783 
Unsecured senior notes payable4.00 %3.91 2/1/50— — — — — 700,000 700,000 10,320 710,320 
Unsecured senior notes payable3.00 %3.08 5/18/51— — — — — 850,000 850,000 (12,365)837,635 
Unsecured debt weighted average interest rate/subtotal3.44 — — — 600,000 920,000 7,125,000 8,645,000 (58,332)8,586,668 
Weighted-average interest rate/total 3.44 %$3,592 $3,772 $183,559 $600,034 $930,038 $7,125,518 $8,846,513 $(54,647)$8,791,866 

(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)Relates to our real estate joint venture at 99 Coolidge Avenue, of which we own 75.0%. As of December 31, 2021, this joint venture has a $185.3 million availability under the existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.
(4)Refer to footnote 2 on the next page.
(5)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 a one-year period.
Summary of secured and unsecured debt
The following table summarizes our secured and unsecured senior debt and amounts outstanding under our commercial paper program as of December 31, 2021 (dollars in thousands):
Fixed-Rate Debt
Variable-Rate Debt		Weighted-Average
Interest Rate(1)
Remaining Term
(in years)
TotalPercentage
Secured notes payable$195,196 $10,002 $205,198 2.3 %3.40 %2.2
Unsecured senior notes payable8,316,678 — 8,316,678 94.6 3.54 12.6
Unsecured senior line of credit— — — — N/A4.0
Commercial paper program— 269,990 269,990 3.1 0.29 
(2)
Total/weighted average$8,511,874 $279,992 $8,791,866 100.0 %3.44 %12.1
(2)
Percentage of total debt97 %3 %100 %
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)The commercial paper notes bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. The commercial paper outstanding as of December 31, 2021 matured on January 18, 2022. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at L+0.815%. As such, we calculate the weighted-average remaining term of our commercial paper by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper, the consolidated weighted-average maturity of our debt is 11.9 years as of December 31, 2021. The commercial paper notes sold during the three months ended December 31, 2021 were issued at a weighted-average yield to maturity of 0.24% and had a weighted-average maturity term of 12 days.
Schedule of Interest Incurred
The following table summarizes interest expense for the years ended December 31, 2021, 2020, and 2019 (in thousands):
Year Ended December 31,
202120202019
Interest incurred$312,806 $297,227 $262,238 
Capitalized interest(170,641)(125,618)(88,563)
Interest expense$142,165 $171,609 $173,675