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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

%