Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following table summarizes the Company’s outstanding debt as of December 31, 2024 and 2023 (dollars in thousands):

							As of December 31, 2024
Unsecured debt	December 31, 2024			December 31, 2023			Weighted Average Effective Rate			Weighted Average Contract Maturity
Fixed rate senior notes	$	4,400,000		$	3,700,000			3.7	%	5/9/2031
Variable rate commercial paper program		250,000			495,000			4.7	%	1/6/2025
Debt issuance costs, discounts and premiums		(29,310	)		(14,916	)
Total unsecured debt	$	4,620,690		$	4,180,084			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293		$	363,293			4.4	%	1/26/2049
Debt issuance costs		(3,026	)		(3,152	)
Total secured debt	$	360,267		$	360,141			4.4	%
Total outstanding debt	$	4,980,957		$	4,540,225			3.8	%

Scheduled Principal Repayments on Borrowings

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2024, as well as the amortization of debt issuance costs, discounts and premiums (in thousands):

	Maturities		Amortization			Total
2025	$	650,000	$	(660	)	$	649,340
2026		300,000		(1,256	)		298,744
2027		600,000		(1,879	)		598,121
2028		400,000		(2,089	)		397,911
2029		550,000		6,359			556,359
Thereafter		2,513,293		(32,811	)		2,480,482
Total	$	5,013,293	$	(32,336	)	$	4,980,957