Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Summary of Outstanding Debt

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	%