XML 141 R114.htm IDEA: XBRL DOCUMENT v3.25.0.1
Notes Payable - Schedule of Notes Payable (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Balance, Net $ 7,964.7 $ 7,262.9
Weighted Average [Member]    
Debt Instrument [Line Items]    
Interest Rate [1] 3.86% 3.66%
Notes Payable [Member]    
Debt Instrument [Line Items]    
Fair value debt adjustments, net $ 12.9 $ 24.9
Deferred financing costs, net [2] (65.0) (65.0)
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Carrying Amount 8,016.8  
Fair value debt adjustments, net 12.9  
Unsecured Debt [Member] | Notes Payable [Member]    
Debt Instrument [Line Items]    
Carrying Amount [3] $ 7,156.8 $ 7,303.0
Unsecured Debt [Member] | Notes Payable [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Interest Rate [3] 1.90% 1.90%
Maturity Date [3] 2025-02  
Unsecured Debt [Member] | Notes Payable [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Interest Rate [3] 6.88% 6.88%
Maturity Date [3] 2049-10  
Unsecured Term Loan [Member] | Notes Payable [Member]    
Debt Instrument [Line Items]    
Carrying Amount [4] $ 860.0 $ 0.0
Unsecured Term Loan [Member] | Notes Payable [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Interest Rate 4.58%  
Maturity Date 2026-01  
Unsecured Term Loan [Member] | Notes Payable [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Interest Rate 4.78%  
Maturity Date 2028-02  
Unsecured Credit Facility [Member] | Notes Payable [Member]    
Debt Instrument [Line Items]    
Carrying Amount [4] $ 0.0 $ 0.0
Maturity Date [4] 2027-03  
Senior Unsecured Notes 1 [Member]    
Debt Instrument [Line Items]    
Balance, Net [5] $ 511.5  
Senior Unsecured Notes 1 [Member] | Minimum [Member]    
Debt Instrument [Line Items]    
Maturity Date [5] 2025-06  
Interest Rate [5] 3.64%  
Senior Unsecured Notes 1 [Member] | Maximum [Member]    
Debt Instrument [Line Items]    
Maturity Date [5] 2031-11  
Interest Rate [5] 4.74%  
Senior Unsecured Notes 2 [Member]    
Debt Instrument [Line Items]    
Maturity Date [6] 2026-11  
Interest Rate [6] 4.15%  
Balance, Net [6] $ 50.0  
Senior Unsecured Notes 3 [Member]    
Debt Instrument [Line Items]    
Maturity Date [6] 2027-02  
Interest Rate [6] 4.11%  
Balance, Net [6] $ 100.0  
Senior Unsecured Notes 4 [Member]    
Debt Instrument [Line Items]    
Maturity Date [6] 2027-08  
Interest Rate [6] 3.43%  
Balance, Net [6] $ 50.0  
Senior Unsecured Notes 5 [Member]    
Debt Instrument [Line Items]    
Maturity Date [6] 2028-02  
Interest Rate [6] 3.71%  
Balance, Net [6] $ 110.0  
[1] Weighted-average interest rate
[2] As of December 31, 2024 and 2023, the Company had $4.8 million and $6.7 million, respectively, of deferred financing costs, net related to the Credit Facility that are included in Other assets on the Company’s Consolidated Balance Sheets.
[3] In February 2025, the Company repaid $500.0 million of 3.30% senior unsecured notes upon maturity.
[4] Accrues interest at a rate of Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”), as defined, plus 68.5 and 75.5 basis points as of December 31, 2024 and 2023, respectively.
[5] The Company fully repaid these unsecured notes in January 2024 and incurred a make-whole charge of $0.3 million resulting from this early repayment of these notes, which are included in Merger charges on the Company’s Consolidated Statements of Income.
[6] The Company entered into a Seventh Amended and Restated Credit Agreement, through which the assumed term loans were terminated (fully repaid) and new term loans were issued to replace the assumed loans. The new term loans retained the amounts and maturities of the assumed term loans, however the rates (Adjusted Term SOFR plus 90.5 basis points and fluctuates based on credit rating profile and achieving sustainability metric targets, as described in the agreement) and covenants were revised to match those within the Company’s Credit Facility. As of December 31, 2024, the interest rate on these term loans is Adjusted Term SOFR plus 81.0 basis points after reductions for sustainability metrics achieved and an upgraded credit rating profile. The Company entered into 20 swap rate agreements with various lenders swapping the interest rates to all-in fixed rates (ranging from 4.5793% to 4.7801% as of December 31, 2024). See Footnote 15 of the Notes to Consolidated Financial Statements for interest rate swap disclosure.