Notes Payable

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Notes Payable

. Notes Payable

The following is a summary of our indebtedness:

	December 31,
(in millions)	2025		2024
Commercial banks
4.87% Term loan, due 2026	$	39.9	$	39.9
5.14% Unsecured revolving credit facility	—		178.0
3.84% Commercial Paper Program	590.0		—
	$	629.9	$	217.9
Senior unsecured notes
5.00% Notes, due 2026 (1)	504.0		503.3
3.74% Notes, due 2028	399.4		399.1
3.67% Notes, due 2029 (2)	597.4		596.8
2.91% Notes, due 2030	746.8		746.0
5.06% Notes, due 2034	395.7		395.2
3.41% Notes, due 2049	297.0		296.9
	$	2,940.3	$	2,937.3
Total unsecured notes payable	$	3,570.2	$	3,155.2
Secured notes
Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028	$	291.5	$	291.4
3.87% note, due 2028	39.1		39.0
Total secured notes payable	$	330.6	$	330.4
Total notes payable (3)	$	3,900.8	$	3,485.6
Value of real estate assets, at cost, subject to secured notes	$	1,385.1	$	1,358.6

(1)Balances are increased by $4.9 million and $5.3 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of December 31, 2025 and 2024, respectively. See Note 9. "Derivative Financial Instruments and Hedging Activities," for further discussion.

(2)The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.

(3)Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $10.1 million and $13.3 million as of December 31, 2025 and 2024, respectively.

We have a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six- months Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of December 31, 2025 and through the date of this filing.

Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At December 31, 2025, we had no outstanding letters of credit issued under our unsecured revolving credit facility and had approximately $1.2 billion available under our unsecured revolving credit facility. Subsequent to year end, we borrowed approximately $216.0 million against the unsecured revolving credit facility.

In February 2025, we established a commercial paper program under which we may issue short-term, unsecured commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act of 1933, as amended. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the commercial paper program at any time not to exceed $600 million. The Notes will have maturities of up to 397 days from the date of issue. The Notes will rank at least equal in priority to all of the Company's other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under our commercial paper program. The commercial paper issued during the year ended December 31, 2025 had original maturities of less than 30 days.

We had outstanding floating rate debt of approximately $1.1 billion and $721.2 million, at December 31, 2025 and 2024, respectively, which includes senior unsecured notes payable due in 2026 which have been converted to floating rate debt through the issuance of the interest rate swap. The weighted average interest rate on our outstanding floating rate debt was approximately 4.4% and 5.6% at December 31, 2025 and 2024, respectively.

Our indebtedness had a weighted average maturity of 4.5 years at December 31, 2025. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2025:

(in millions) (1)	Amount (2)		Weighted Average Interest Rate (3)
2026	$	1,155.5	4.4	%
2027	172.5		3.9
2028	529.9		3.8
2029	598.2		3.8
2030	749.1		2.9
Thereafter	695.6		4.4
Total	$	3,900.8	3.9	%

(1)Includes all available extension options.

(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.

(3)Includes the effects of the applicable settled derivatives.