Borrowings

9 Months Ended

Sep. 30, 2025

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of September 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		463,000			4.3	%	10/4/2025
Debt issuance costs, discounts and premiums		(26,002	)
Total unsecured debt	$	4,836,998			3.8	%
Secured debt
Fixed rate property mortgages	$	363,293			4.4	%	1/26/2049
Debt issuance costs		(2,932	)
Total secured debt	$	360,361			4.4	%
Total outstanding debt	$	5,197,359			3.8	%

Unsecured Revolving Credit Facility

As of September 30, 2025, MAALP had 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 bore an interest rate at a rate based on the adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% determined by a credit ratings grid. The revolving credit facility was scheduled to mature in October 2026 with an option to extend for two additional six-month periods. In October 2025, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.5 billion with an option to expand to $2.0 billion. The amended revolving credit facility has a maturity date of January 2030 with two six-month extension options and bears interest at a rate based on the Secured Overnight Financing Rate plus a spread ranging from 0.65% to 1.40% determined by a credit ratings grid, with the current spread at 0.725% based on MAALP’s current credit rating.

As of September 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

As of September 30, 2025, MAALP had an unsecured commercial paper program whereby it issued unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $625.0 million. In October 2025, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding under the program from $625.0 million to $750.0 million.

As of September 30, 2025, MAALP had $463.0 million of borrowings outstanding under the commercial paper program. For the three months ended September 30, 2025, the average daily borrowings outstanding under the commercial paper program were $361.8 million.

Unsecured Senior Notes

As of September 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 September 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 September 30, 2025, MAALP’s debt obligations over the next 12 months consist of $1.163 billion of principal obligations, including $463.0 million of commercial paper borrowings due October 2025, $400.0 million of unsecured senior notes due November 2025, and $300.0 million of unsecured senior notes due September 2026.