Notes Payable and Unsecured Credit Facilities

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Notes Payable and Unsecured Credit Facilities

5. Notes Payable and Unsecured Credit Facilities

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:

(in thousands)	Scheduled Maturity Date	Weighted Average Contractual Rate	Weighted Average Effective Rate	March 31, 2025		December 31, 2024
Notes payable:
Fixed rate mortgage loans	11/5/2025 - 6/1/2037	3.9%	4.4%	$	367,648		337,703
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.5%	4.6%		283,496		282,117
Fixed rate unsecured debt	11/1/2025 - 3/15/2049	4.1%	4.2%		3,725,096		3,723,880
Total notes payable, net					4,376,240		4,343,700
Unsecured credit facility:
$1.5 Billion Line of Credit (the "Line") (2)	3/23/2028	5.2%	5.5%		265,000		65,000
Total unsecured credit facility					265,000		65,000
Total debt outstanding				$	4,641,240		4,408,700

(1)As of March 31, 2025, 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.

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

(in thousands)	March 31, 2025
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2025 (2)	$	7,635		16,000			250,000			273,635
2026		10,445		147,848			200,000			358,293
2027		7,558		226,308			525,000			758,866
2028		5,734		57,374			565,000			628,108
2029		2,786		97,120			425,000			524,906
Beyond 5 Years		5,170		78,466			2,050,000			2,133,636
Unamortized debt premium/(discount) and issuance costs		—		(11,300	)		(24,904	)		(36,204	)
Total	$	39,328		611,816			3,990,096			4,641,240

(1)Includes unsecured public and private debt and unsecured credit facilities.

(2)Reflects scheduled principal payments and maturities for the remainder of the year.

The Company was in compliance as of March 31, 2025, with all debt covenants.