Debt (Tables)

12 Months Ended

Dec. 31, 2025

The following table summarizes the Company’s senior unsecured note issuances for the years ended December 31, 2025 and 2023 (dollars in thousands):


Issue Date	Amount		Coupon Rate(1)		Maturity Year
Year ended December 31, 2025:
February 14, 2025	$	500,000	5.38	%	2035
August 14, 2025	500,000		4.75	%	2033
Year ended December 31, 2023:
January 17, 2023	400,000		5.25	%	2032
May 10, 2023(2)	350,000		5.25	%	2032

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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, 5.02% for the senior unsecured notes issued in August 2025, 5.40% for the senior unsecured notes issued in January 2023, and 5.59% for the senior unsecured notes issued in May 2023.

(2)In May 2023, the Company issued $350 million of 5.25% senior unsecured notes due 2032, which constituted an additional issuance of, and are treated as a single series with, the $400 million of senior unsecured notes due 2032 issued in January 2023.

The following table summarizes the Company’s senior unsecured note repayments during the year ended December 31, 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.

Summary of Stated Debt Maturities and Scheduled Principal Repayments

The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 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
2026	$	—	$	—	$	—	$	650,000	3.40	%	$	344,999	4.87	%	$	994,999
2027	—		—		500,000		850,000		3.23	%	842		4.73	%	1,350,842
2028	—		—		400,000		850,000		3.53	%	2,775		3.83	%	1,252,775
2029	—		1,078,850		750,000		650,000		3.65	%	—		—	%	2,478,850
2030	—		—		—		750,000		3.14	%	—		—	%	750,000
Thereafter	—		—		—		3,150,000		5.08	%	—		—	%	3,150,000
	—		1,078,850		1,650,000		6,900,000				348,616				9,977,466
Premiums, (discounts), and debt issuance costs, net	—		—		(2,887)		(127,278)				593				(129,572)


	$	—	$	1,078,850	$	1,647,113	$	6,772,722			$	349,209			$	9,847,894

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(1)As of December 31, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $14 million, which are recorded in other assets 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 6.58% with a weighted average effective interest rate of 4.86% 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.