Notes Payable (Tables)

12 Months Ended

Dec. 31, 2024

Debt Instrument [Line Items]

Schedule of Notes Payable

During the years ended December 31, 2024 and 2023, the Company issued the following senior unsecured notes (dollars in millions):

Date Issued	Amount Issued		Interest Rate			Maturity Date
Sept-24	$	500.0		4.850	%	Mar-35
Oct-23	$	500.0		6.400	%	Mar-34

Schedule of Payments of Notes Payable

During the year ended December 31, 2024, the Company fully repaid the following notes payables (dollars in millions):

Type	Date Paid	Amount Repaid		Interest Rate			Maturity Date
Unsecured note	Jan-24	$	246.2		4.45	%	Jan-24
Unsecured note	Mar-24	$	400.0		2.70	%	Mar-24

Unsecured Debt

Debt Instrument [Line Items]

Schedule of Payments of Notes Payable

The scheduled maturities of all notes payable, excluding unamortized fair value debt adjustments of $12.9 million and unamortized debt issuance costs of $65.0 million, as of December 31, 2024, were as follows (in millions):

	2025		2026		2027		2028		2029		Thereafter		Total
Principal payments	$	740.5	$	823.0	$	583.7	$	519.6	$	550.0	$	4,800.0	$	8,016.8

Notes Payable

Debt Instrument [Line Items]

Schedule of Notes Payable

As of December 31, 2024 and 2023, the Company’s Notes payable, net consisted of the following, excluding extension options (dollars in millions):

	Carrying Amount at December 31,						Interest Rate at December 31,		Maturity Date at
	2024			2023			2024	2023	December 31, 2024
Senior unsecured notes (1)	$	7,156.8		$	7,303.0		1.90% - 6.88%	1.90% - 6.88%	Feb-2025 – Oct-2049
Unsecured term loans		860.0			-		4.58% - 4.78%	n/a	Jan-2026 – Feb-2028
Unsecured Credit Facility (2)		-			-		n/a	n/a	Mar-2027
Fair value debt adjustments, net		12.9			24.9		n/a	n/a	n/a
Deferred financing costs, net (3)		(65.0	)		(65.0	)	n/a	n/a	n/a
	$	7,964.7		$	7,262.9		3.86%*	3.66%*

* Weighted-average interest rate

(1)In February 2025, the Company repaid $500.0 million of 3.30% senior unsecured notes upon maturity.

(2)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.

(3)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.

In connection with the RPT Merger, the Company assumed the following notes payable (dollars in millions):

Type	Amount Assumed		Interest Rate	Maturity Date
Unsecured notes (1)	$	511.5	3.64%-4.74%	Jun-25-Nov-31
Unsecured term loan (2)	$	50.0	4.15%	Nov-26
Unsecured term loan (2)	$	100.0	4.11%	Feb-27
Unsecured term loan (2)	$	50.0	3.43%	Aug-27
Unsecured term loan (2)	$	110.0	3.71%	Feb-28

(1)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.

(2)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.