Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Note

The following table summarizes the Company’s senior unsecured note issuances for the nine months ended September 30, 2025 (dollars in thousands):

Issue Date	Amount		Coupon Rate(1)		Maturity Year
February 14, 2025	$	500,000	5.38	%	2035
August 14, 2025	500,000		4.75	%	2033

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(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, is 5.56% for the senior unsecured notes issued in February 2025 and 5.02% for the senior unsecured notes issued in August 2025.

The following table summarizes the Company’s senior unsecured note repayments during the nine months ended September 30, 2025 (dollars in thousands):

Repayment Date	Amount		Coupon Rate(1)		Maturity Year
February 3, 2025	$	348,194	3.40	%	2025
June 2, 2025	451,806		4.00	%	2025

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(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.58% for the senior unsecured notes repaid in February 2025 and 4.19% for the senior unsecured notes repaid in June 2025.

Schedule of Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2025 (dollars in thousands):

							Senior Unsecured Notes(3)				Mortgage Debt(4)
Year	Bank Line  of Credit(1)		Commercial Paper(1)(2)		Term Loans		Amount		Interest Rate(5)		Amount		Interest Rate(5)		Total
2025	$	—	$	—	$	—	$	—	—	%	$	940	3.91	%	$	940
2026	—		—		—		650,000		3.40	%	344,999		4.99	%	994,999
2027	—		—		500,000		850,000		3.23	%	842		5.11	%	1,350,842
2028	—		—		400,000		850,000		3.53	%	2,775		4.51	%	1,252,775
2029	—		368,125		750,000		650,000		3.65	%	—		—	%	1,768,125
Thereafter	—		—		—		3,900,000		4.71	%	—		—	%	3,900,000
	—		368,125		1,650,000		6,900,000				349,556				9,267,681
Premiums, (discounts), and debt issuance costs, net	—		—		(3,088)		(133,650)				618				(136,120)
	$	—	$	368,125	$	1,646,912	$	6,766,350			$	350,174			$	9,131,561

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(1)As of September 30, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $15 million, which are recorded in other assets, net on the Consolidated Balance Sheets.

(2)Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.

(3)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 4.16% and a weighted average maturity of approximately 5 years.

(4)Effective interest rates on the mortgage debt range from 3.43% to 7.03% with a weighted average effective interest rate of 4.99% and a weighted average maturity of approximately 1 year. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.

(5)Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.