Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of December 31, 2025 and 2024 (dollars in thousands):

							As of December 31, 2025
Unsecured debt	December 31, 2025			December 31, 2024			Weighted Average Effective Rate			Weighted Average Contract Maturity
Fixed rate senior notes	$	4,400,000		$	4,400,000			3.8	%	1/2/2032
Variable rate commercial paper program		676,000			250,000			3.9	%	1/8/2026
Debt issuance costs, discounts and premiums		(31,021	)		(29,310	)
Total unsecured debt	$	5,044,979		$	4,620,690			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293		$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,900	)		(3,026	)
Total secured debt	$	360,393		$	360,267			4.4	%
Total outstanding debt	$	5,405,372		$	4,980,957			3.8	%

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2025, as well as the amortization of debt issuance costs, discounts and premiums (in thousands):

	Maturities		Amortization			Total
2026	$	976,000	$	(484	)	$	975,516
2027		600,000		(1,093	)		598,907
2028		400,000		(1,481	)		398,519
2029		550,000		4,833			554,833
2030		300,000		(1,427	)		298,573
Thereafter		2,613,293		(34,269	)		2,579,024
Total	$	5,439,293	$	(33,921	)	$	5,405,372