SECURED AND UNSECURED DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2025

Secured and Unsecured Debt

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at December 31, 2025 and 2024 (dollars in thousands):

	Principal Outstanding				As of December 31, 2025
					Weighted		Weighted
					Average		Average	Number of
	December 31,		December 31,		Interest		Years to	Communities
	2025		2024		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	937,475	$	1,115,798	3.46	%	3.6	17
Deferred financing costs and other non-cash adjustments (b)		(3,252)		(3,429)
Total fixed rate secured debt, net		934,223		1,112,369	3.51	%	3.6	17
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	3.11	%	6.2	1
Deferred financing costs		(43)		(38)
Total variable rate secured debt, net		26,957		26,962	3.14	%	6.2	1
Total Secured Debt, net		961,180		1,139,331	3.50	%	3.7	18
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due August 2028 (d) (l)		—		—	—	%	2.7
Borrowings outstanding under unsecured commercial paper program due January 2026 (e) (l)		445,000		289,900	3.95	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2027 (f)		26,381		9,361	4.44	%	1.0
Term Loan due January 2029 (d) (l)		175,000		175,000	4.70	%	3.1
Fixed Rate Debt
Term Loan due January 2029 (d) (l)		175,000		175,000	4.04	%	3.1
2.95% Medium-Term Notes due September 2026 (l)		300,000		300,000	2.95	%	0.7
3.50% Medium-Term Notes due July 2027 (net of discounts of $106 and $176, respectively) (l)		299,894		299,824	3.50	%	1.5
3.50% Medium-Term Notes due January 2028 (net of discounts of $242 and $361, respectively) (l)		299,758		299,639	3.50	%	2.0
4.40% Medium-Term Notes due January 2029 (net of discounts of $2 and $2, respectively) (g) (l)		299,998		299,998	4.27	%	3.1
3.20% Medium-Term Notes due January 2030 (net of premiums of $5,548 and $6,921, respectively) (h) (l)		605,548		606,921	3.32	%	4.0
3.00% Medium-Term Notes due August 2031 (net of premiums of $6,720 and $7,914, respectively) (i) (l)		606,720		607,914	3.01	%	5.6
2.10% Medium-Term Notes due August 2032 (net of discounts of $232 and $267, respectively) (l)		399,768		399,733	2.10	%	6.6
1.90% Medium-Term Notes due March 2033 (net of discounts of $869 and $989, respectively) (l)		349,131		349,011	1.90	%	7.2
2.10% Medium-Term Notes due June 2033 (net of discounts of $742 and $842, respectively) (l)		299,258		299,158	2.10	%	7.5
5.125% Medium-Term Notes due September 2034 (net of discounts of $2,649 and $2,954, respectively) (j) (l)		297,351		297,046	4.95	%	8.7
3.10% Medium-Term Notes due November 2034 (net of discounts of $780 and $868, respectively) (k) (l)		299,220		299,132	3.13	%	8.8
Deferred financing costs		(17,838)		(20,003)
Total Unsecured Debt, net		4,860,189		4,687,634	3.36	%	4.5
Total Debt, net	$	5,821,369	$	5,826,965	3.38	%	4.3

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2025 are as follows (dollars in thousands):

	Total		Total		Total
Year	Secured Debt		Unsecured Debt		Debt
2026	$	56,672	$	745,000	$	801,672
2027		6,939		326,380		333,319
2028		166,526		300,000		466,526
2029		315,811		650,000		965,811
2030		230,597		600,000		830,597
2031		160,930		600,000		760,930
2032		27,000		400,000		427,000
2033		—		650,000		650,000
2034		—		600,000		600,000
2035		—		—		—
Thereafter		—		—		—
Subtotal		964,475		4,871,380		5,835,855
Non-cash (a)		(3,295)		(11,191)		(14,486)
Total	$	961,180	$	4,860,189	$	5,821,369

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2025 and 2024, the Company amortized $5.0 million and $5.0 million, respectively, of deferred financing costs into Interest expense.

Revolving Credit Facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2025 and 2024 (dollars in thousands):

	December 31,			December 31,
	2025			2024
Total revolving credit facility	$	1,300,000		$	1,300,000
Borrowings outstanding at end of period (1)		—			—
Weighted average daily borrowings during the period ended		—			—
Maximum daily borrowings during the period ended		—			—
Weighted average interest rate during the period ended		—	%		—	%
Interest rate at end of the period		—	%		—	%

(1) Excludes $4.3 million and $3.4 million of letters of credit at December 31, 2025 and 2024, respectively.

Working Capital Credit Facility

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2025 and 2024 (dollars in thousands):

	December 31,			December 31,
	2025			2024
Total working capital credit facility	$	75,000		$	75,000
Borrowings outstanding at end of period		26,381			9,361
Weighted average daily borrowings during the period ended		18,403			15,102
Maximum daily borrowings during the period ended		62,622			62,077
Weighted average interest rate during the period ended		5.1	%		6.0	%
Interest rate at end of the period		4.4	%		5.2	%

Commercial paper

Secured and Unsecured Debt

Schedule of short-term bank borrowings

The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2025 and 2024 (dollars in thousands):

	December 31,			December 31,
	2025			2024
Total unsecured commercial paper program	$	700,000		$	700,000
Borrowings outstanding at end of period		445,000			289,900
Weighted average daily borrowings during the period ended		318,244			390,237
Maximum daily borrowings during the period ended		650,000			645,000
Weighted average interest rate during the period ended		4.4	%		5.4	%
Interest rate at end of the period		3.9	%		4.7	%