Notes Payable and Unsecured Credit Facilities

6 Months Ended

Jun. 30, 2026

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	June 30, 2026		December 31, 2025
Notes payable:
Fixed rate mortgage loans	1/1/2027 - 10/1/2038	4.0%	4.9%	$	386,028		475,948
Variable rate mortgage loans (1)	10/1/2026 - 2/20/2032	4.4%	4.6%		268,098		270,489
Fixed rate unsecured debt	8/11/2026 - 3/15/2049	4.2%	4.4%		4,219,056		3,872,864
Total notes payable, net					4,873,182		4,619,301
Unsecured credit facility:
$1.5 Billion line of credit (the "Line") (1)(2)	3/23/2028	4.4%	4.7%		30,000		120,000
Total unsecured credit facility					30,000		120,000
Total debt outstanding				$	4,903,182		4,739,301

(1)As of June 30, 2026, 99.5% of the variable rate debt are fixed through interest rate swaps.

(2)The Company has the option to extend the maturity date by two additional six-month periods beyond the Scheduled Maturity Date set forth in the table above. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Significant financing activity during 2026 includes:

On February 2, 2026, $88.0 million of a fixed rate mortgage loan was repaid at maturity.

On February 18, 2026, the Company issued $450.0 million aggregate principal amount of senior unsecured notes due 2033 (the “2026 Notes”). The 2026 Notes were issued at 99.376% of par and bear interest at a rate of 4.50% per annum.

On May 11, 2026, the Company repaid $100.0 million aggregate principal amount of unsecured private placement notes at maturity. The repayment was funded with available liquidity, including proceeds from the Company's February 2026 senior unsecured notes offering.

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

(in thousands)	June 30, 2026
Scheduled Principal Payments and Maturities by Year:	Scheduled Principal Payments		Mortgage Loan Maturities			Unsecured Maturities (1)			Total
2026 (2)	$	6,417		59,851			100,000			166,268
2027		10,051		222,558			525,000			757,609
2028		8,365		51,939			330,000			390,304
2029		5,619		97,120			425,000			527,739
2030		5,445		2,163			600,000			607,608
Beyond 5 Years		24,209		190,681			2,300,000			2,514,890
Unamortized debt premium/(discount) and issuance costs		—		(30,292	)		(30,944	)		(61,236	)
Total	$	60,106		594,020			4,249,056			4,903,182

(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 June 30, 2026, with all debt covenants.