XML 65 R44.htm IDEA: XBRL DOCUMENT v3.25.4
Unsecured Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Unsecured Debt
Unsecured debt consisted of the following as of December 31, 2025 and 2024 ($ in thousands):
Weighted Average Maturity
In Years as of December 31, 2025
December 31,
20252024
Term loan - variable rate, net$596,668$298,5714.7
Bonds public offering - fixed rate, net5,419,2535,175,2177.1
Unsecured debt, net (1)
6,015,9215,473,788 
Lines of credit—137,945N/A
Commercial paper——N/A
Total unsecured debt$6,015,921$5,611,733 
Weighted average interest rate on fixed rate unsecured bonds private placement and bonds public offering3.7 %3.4 % 
Weighted average interest rate on variable rate term loan4.1 %4.2 % 
Weighted average interest rate on lines of credit4.8 %5.7 % 
Weighted average interest rate on commercial paper— %N/A
(1)Includes unamortized discounts, net of premiums, of $3.6 million and unamortized premiums, net of discounts, of $0.1 million and unamortized debt issuance costs of $30.4 million and $26.3 million as of December 31, 2025 and 2024, respectively.
Schedule of Senior Unsecured Notes
The following is a summary of the Company’s senior unsecured notes as of December 31, 2025 and 2024 ($ in thousands):
December 31,
Maturity20252024Coupon
Rate
April 2025$— $500,000 3.500%
April 2026450,000 450,000 3.375%
May 2027350,000 350,000 3.625%
March 2028450,000 450,000 1.700%
March 2029500,000 500,000 4.000%
January 2030550,000 550,000 3.000%
January 2031300,000 300,000 1.650%
June 2031300,000 300,000 2.550%
March 2032650,000 650,000 2.650%
April 2034550,000 550,000 5.500%
April 2035400,000 — 5.375%
February 2036350,000 — 4.875%
March 2048300,000 300,000 4.500%
September 2050300,000 300,000 2.650%
Total$5,450,000 $5,200,000  
Mortgage notes payable consisted of the following as of December 31, 2025 and 2024 ($ in thousands):
December 31,
 20252024
Fixed rate mortgage notes payable $526,662 $674,092 
Variable rate mortgage notes payable (1)
257,686 315,792 
Total mortgage notes payable (2)
$784,348 $989,884 
Number of properties securing mortgage notes14 19 
Remaining terms
1-21 years
1-22 years
Weighted average interest rate4.4 %4.2 %
Schedule of Unsecured Debt Principal Payments Excluding Lines of Credit
The aggregate scheduled principal payments of unsecured debt payable, excluding lines of credit and commercial paper, as of December 31, 2025 were as follows ($ in thousands):
2026$450,000 
2027350,000 
2028450,000 
2029500,000 
2030850,000 
Thereafter3,450,000 
Total$6,050,000 
The aggregate scheduled principal payments of mortgage notes payable as of December 31, 2025 were as follows ($ in thousands):
2026$99,405 
202784,397 
202868,332 
20291,456 
203066,592 
Thereafter466,889 
Total$787,071 

(1)Variable rate mortgage notes payable, including $258.8 million in bonds that have been converted to variable rate through total return swap contracts, consists of multifamily housing mortgage revenue bonds secured by deeds of trust on rental properties and guaranteed by collateral pledge agreements, payable monthly at a variable rate (approximately 3.6% as of December 2025 and 4.2% as of December 2024) including credit enhancement and underwriting fees. Among the terms imposed on the properties, which are security for the bonds, is a requirement that 20% of the apartment homes are subject to tenant income criteria. Once the bonds have been repaid, the properties may no longer be obligated to comply with such tenant income criteria. Principal balances are due in full at various maturity dates from September 2026 through December 2046. In October 2024, the Company assumed $95.0 million of variable rate secured loans as part of its acquisition of its joint venture partner’s interests in the BEX II portfolio. The $95.0 million was paid off in September 2025.
(2)Includes total unamortized discount of $0.2 million and reduced by unamortized debt issuance costs of $2.5 million and $2.6 million as of December 31, 2025 and 2024, respectively.