Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Notes Payable [Abstract]

Summary Of Indebtedness

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.

Scheduled Repayments On Outstanding Debt

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.