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Notes Payable
 12 Months Ended
Dec. 31, 2025
Notes Payable  
Debt  
Debt Notes Payable
A.    General
As of December 31, 2025, our senior unsecured notes and bonds are USD-denominated, GBP-denominated, and EUR-denominated. Foreign-denominated notes are converted at the applicable exchange rate on the balance sheet date. The following are sorted by maturity date (in thousands):
Carrying Value (USD) as of
Maturity DatesPrincipal (Currency Denomination)December 31, 2025December 31, 2024
3.875% Notes due 2025
April 15, 2025$500,000 $— $500,000 
4.625% Notes due 2025
November 1, 2025$549,997 — 549,997 
5.050% Notes due 2026
January 13, 2026$500,000 500,000 500,000 
0.750% Notes due 2026
March 15, 2026$325,000 325,000 325,000 
4.875% Notes due 2026
June 1, 2026$599,997 599,997 599,997 
4.450% Notes due 2026
September 15, 2026$299,968 299,968 299,968 
4.125% Notes due 2026
October 15, 2026$650,000 650,000 650,000 
1.875% Notes due 2027 (1)
January 14, 2027£250,000 336,400 312,975 
3.000% Notes due 2027
January 15, 2027$600,000 600,000 600,000 
3.200% Notes due 2027
January 15, 2027$299,984 299,984 299,984 
1.125% Notes due 2027 (1)
July 13, 2027£400,000 538,240 500,760 
Carrying Value (USD) as of
Maturity DatesPrincipal (Currency Denomination)December 31, 2025December 31, 2024
3.950% Notes due 2027
August 15, 2027$599,873 599,873 599,873 
3.650% Notes due 2028
January 15, 2028$550,000 550,000 550,000 
3.400% Notes due 2028
January 15, 2028$599,816 599,816 599,816 
2.100% Notes due 2028
March 15, 2028$449,994 449,994 449,994 
2.200% Notes due 2028
June 15, 2028$499,959 499,959 499,959 
4.700% Notes due 2028
December 15, 2028$400,000 400,000 400,000 
3.950% Notes due 2029
February 1, 2029$400,000 400,000 — 
4.750% Notes due 2029
February 15, 2029$450,000 450,000 450,000 
3.250% Notes due 2029
June 15, 2029$500,000 500,000 500,000 
4.000% Notes due 2029
July 15, 2029$399,999 399,999 399,999 
5.000% Notes due 2029 (1)
October 15, 2029£350,000 470,960 438,165 
3.100% Notes due 2029
December 15, 2029$599,291 599,291 599,291 
3.400% Notes due 2030
January 15, 2030$500,000 500,000 500,000 
4.850% Notes due 2030
March 15, 2030$600,000 600,000 600,000 
3.160% Notes due 2030
June 30, 2030£140,000 188,384 175,266 
4.875% Notes due 2030 (1)
July 6, 2030€550,000 645,711 569,415 
1.625% Notes due 2030 (1)
December 15, 2030£400,000 538,240 500,760 
3.250% Notes due 2031
January 15, 2031$950,000 950,000 950,000 
3.200% Notes due 2031
February 15, 2031$449,995 449,995 449,995 
3.375% Notes due 2031 (1)
June 20, 2031€650,000 763,113 — 
5.750% Notes due 2031 (1)
December 5, 2031£300,000 403,680 375,570 
2.700% Notes due 2032
February 15, 2032$350,000 350,000 350,000 
3.180% Notes due 2032
June 30, 2032£345,000 464,232 431,906 
5.625% Notes due 2032
October 13, 2032$750,000 750,000 750,000 
2.850% Notes due 2032
December 15, 2032$699,655 699,655 699,655 
4.500% Notes due 2033
February 1, 2033$400,000 400,000 — 
1.800% Notes due 2033
March 15, 2033$400,000 400,000 400,000 
1.750% Notes due 2033 (1)
July 13, 2033£350,000 470,960 438,165 
4.900% Notes due 2033
July 15, 2033$600,000 600,000 600,000 
5.125% Notes due 2034
February 15, 2034$800,000 800,000 800,000 
2.730% Notes due 2034
May 20, 2034£315,000 423,864 394,348 
5.125% Notes due 2034 (1)
July 6, 2034€550,000 645,711 569,415 
5.875% Bonds due 2035
March 15, 2035$250,000 250,000 250,000 
5.125% Notes due 2035
April 15, 2035$600,000 600,000 — 
3.875% Notes due 2035 (1)
June 20, 2035€650,000 763,113 — 
3.390% Notes due 2037
June 30, 2037£115,000 154,744 143,969 
6.000% Notes due 2039 (1)
December 5, 2039£450,000 605,520 563,355 
5.250% Notes due 2041 (1)
September 4, 2041£350,000 470,960 438,165 
2.500% Notes due 2042 (1)
January 14, 2042£250,000 336,400 312,975 
4.650% Notes due 2047
March 15, 2047$550,000 550,000 550,000 
5.375% Notes due 2054
September 1, 2054$500,000 500,000 500,000 
Total principal amount$25,343,763 $22,938,737 
Unamortized net discounts and deferred financing costs(311,816)(281,145)
 $25,031,947 $22,657,592 
(1) Interest paid annually. Interest on the remaining senior unsecured notes and bond obligations included in the table is paid semi-annually.
The following table summarizes the maturity of our notes and bonds payable as of December 31, 2025, excluding unamortized net discounts, deferred financing costs (dollars in millions):
Year of MaturityPrincipal
2026$2,375.0 
20272,374.5
20282,499.8
20292,820.3
20302,472.3
Thereafter12,801.9
Total$25,343.8 
As of December 31, 2025, the weighted average interest rate on our notes and bonds payable was 3.8%, and the weighted average remaining years until maturity was 6.0 years.
Interest incurred on the notes and bonds was $938.1 million, $840.3 million, and $598.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Our outstanding notes and bonds are unsecured; accordingly, we have not pledged any assets as collateral for these or any other obligations.
The notes and bonds contain various covenants, including: (i) a limitation on incurrence of any debt which would cause our debt to total adjusted assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause our secured debt to total adjusted assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause our debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of our outstanding unsecured debt. As of December 31, 2025, we were in compliance with these covenants.
B.    Note Issuances
During the year ended December 31, 2025, we issued the following notes and bonds:
2025 IssuancesDate of IssuanceMaturity DatePrincipal amount (in millions)Price of par valueEffective yield to maturity
5.125% Notes
April 2025April 2035$600.0 

98.37 %5.337 %
3.375% Notes
June 2025June 2031€650.0 99.57 %3.456 %
3.875% Notes
June 2025June 2035€650.0 99.55 %3.930 %
3.950% Notes
October 2025February 2029$400.0 99.41 %4.143 %
4.500% Notes
October 2025February 2033$400.0 98.87 %4.685 %
C.    Note Repayments
During the year ended December 31, 2025, we repaid the following notes, plus accrued and unpaid interest, upon maturity:
2025 RepaymentsDate of IssuanceMaturity DatePrincipal amount
(in millions)
3.875% Notes
April 2018April 2025$500.0 
4.625% Notes
October 2018November 2025$550.0