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Notes Payable and Unsecured Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2026

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.

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)	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.