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Notes Payable and Unsecured Credit Facility (Tables)

12 Months Ended

Dec. 31, 2024

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:


	Maturing Through	Weighted Average Contractual Rate	Weighted Average Effective Rate	December 31,
(in thousands)				2024		2023
Notes payable:
Fixed rate mortgage loans	6/1/2037	3.9%	4.3%	$	337,703		449,615
Variable rate mortgage loans (1)	1/31/2032	4.3%	4.4%		282,117		299,579
Fixed rate unsecured debt	3/15/2049	4.1%	4.3%		3,723,880		3,252,755
Total notes payable, net					4,343,700		4,001,949
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	5.3%	5.6%		65,000		152,000
Total unsecured credit facility					65,000		152,000
Total debt outstanding				$	4,408,700		4,153,949

(1)

As of December 31, 2024, 96.1% of the Variable rate mortgage loans are fixed through interest rate swaps.

(2)

The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Schedule of Maturities of Long-term Debt

Scheduled principal payments and maturities on notes payable and unsecured credit facilities were as follows:


(in thousands)	December 31, 2024
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2025	$	9,798		52,537			250,000			312,335
2026		10,040		147,847			200,000			357,887
2027		7,133		222,558			525,000			754,691
2028		5,402		42,004			365,000			412,406
2029		2,786		53,620			425,000			481,406
Beyond 5 Years		5,170		68,466			2,050,000			2,123,636
Unamortized debt premium/(discount) and issuance costs		—		(7,541	)		(26,120	)		(33,661	)
Total	$	40,329		579,491			3,788,880			4,408,700

(1)

Includes unsecured public and private debt and unsecured credit facilities.