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Notes Payable and Unsecured Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2025

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.

Schedule of Maturities of Long-term Debt

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.