Borrowings

6 Months Ended

Jun. 30, 2025

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of June 30, 2025 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,400,000			3.7	%	5/9/2031
Variable rate commercial paper program		315,000			4.7	%	7/6/2025
Debt issuance costs, discounts and premiums		(27,187	)
Total unsecured debt	$	4,687,813			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,963	)
Total secured debt	$	360,330			4.4	%
Total outstanding debt	$	5,048,143			3.8	%

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $1.25 billion and an option to expand to $2.0 billion. The revolving credit facility bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of June 30, 2025, there was no outstanding balance under the revolving credit facility, while $4.5 million of capacity was used to support outstanding letters of credit.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. As of June 30, 2025, MAALP had $315.0 million of borrowings outstanding under the commercial paper program. For the three months ended June 30, 2025, the average daily borrowings outstanding under the commercial paper program were $301.6 million.

Unsecured Senior Notes

As of June 30, 2025, MAALP had $4.4 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2031.

Secured Property Mortgages

As of June 30, 2025, MAALP had $363.3 million of fixed rate conventional property mortgages with a weighted average maturity in 2049.

Upcoming Debt Obligations

As of June 30, 2025, MAALP’s debt obligations over the next 12 months consist of approximately $715 million of principal obligations, including $315.0 million of commercial paper borrowings due July 2025 and $400.0 million of unsecured senior notes due November 2025.