Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Senior Unsecured Note

The following table summarizes the Company’s senior unsecured note repayments in July 2026 upon maturity (dollars in thousands):

Repayment Date	Amount		Coupon Rate(1)		Maturity Year
July 15, 2026	$	650,000	3.25	%	2026

_______________________________________

(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.40%.

The following table summarizes the Company’s senior unsecured note issuances for the year ended December 31, 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

_______________________________________

(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 for 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

_______________________________________

(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 June 30, 2026 (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	%	$	100,448	5.70	%	$	750,448
2027	—		—		500,000		850,000		3.23	%	842		4.61	%	1,350,842
2028	—		—		400,000		850,000		3.53	%	2,775		3.61	%	1,252,775
2029	—		1,495,994		750,000		650,000		3.65	%	—		—	%	2,895,994
2030	—		—		—		750,000		3.14	%	—		—	%	750,000
Thereafter	—		—		—		3,150,000		5.08	%	—		—	%	3,150,000
	—		1,495,994		1,650,000		6,900,000				104,065				10,150,059
Premiums, (discounts), and debt issuance costs, net	—		—		(3,718)		(114,303)				148				(117,873)
	$	—	$	1,495,994	$	1,646,282	$	6,785,697			$	104,213			$	10,032,186

_______________________________________

(1)As of June 30, 2026, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $12 million, which are recognized 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 4 years.

(4)Effective interest rates on the mortgage debt range from 3.61% to 6.32% with a weighted average effective interest rate of 5.63% and a weighted average maturity of approximately 6 months.

(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.