Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt consisted of the following for the periods presented ($ in thousands):


	March 31, 2025			December 31, 2024			Weighted Average Maturity In Years as of March 31, 2025

Term loan - variable rate, net	$	298,701		$	298,571		2.5
Bonds public offering - fixed rate, net (1)	5,571,961			5,175,217			6.9
Unsecured debt, net (2)	5,870,662			5,473,788
Lines of credit (3)	—			137,945
Mortgage notes payable, net (4)	919,590			989,884			6.3
Total debt, net	$	6,790,252		$	6,601,617
Weighted average interest rate on fixed rate unsecured bonds public offering	3.6		%	3.4		%
Weighted average interest rate on variable rate term loan	4.2		%	4.2		%
Weighted average interest rate on lines of credit	5.3		%	5.7		%
Weighted average interest rate on mortgage notes payable	4.1		%	4.2		%

(1)In February 2025, the Operating Partnership issued $400.0 million of senior unsecured notes due on April 1, 2035 with a coupon rate of 5.375% per annum, which are payable on April 1 and October 1 of each year, beginning on October 1, 2025. The 2035 Notes were offered to investors at a price of 99.604% of the principal amount. In April 2025, the Company used these proceeds to repay its $500.0 million senior unsecured notes at maturity.

(2)Unsecured debt, net, consists of fixed rate public bond offerings and a variable rate term loan which includes unamortized discounts, net of premiums of $1.2 million and unamortized premiums, net of discounts of $0.1 million, and unamortized debt issuance costs of $28.1 million and $26.3 million, as of March 31, 2025 and December 31, 2024, respectively.

(3)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.28 billion as of both March 31, 2025, and December 31, 2024, excludes unamortized debt issuance costs of $5.8 million and $6.2 million as of March 31, 2025 and December 31, 2024, respectively. These debt issuance costs are included in prepaid expenses and other assets in the condensed consolidated balance sheets. As of March 31, 2025, the Company’s $1.2 billion credit facility had an interest rate at the Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and a scheduled maturity date of January 2029 with two six-month extensions, exercisable at the Company’s option. As of March 31, 2025, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of the Adjusted SOFR plus 0.765%, which is based on a tiered rate structure tied to the Company’s credit ratings, adjusted for the facility’s sustainability metric adjustment feature, and a scheduled maturity date of July 2026.

(4)Includes total unamortized discounts, net of premiums of approximately $0.3 million and $0.2 million, reduced by unamortized debt issuance costs of $2.4 million and $2.6 million, as of March 31, 2025 and December 31, 2024, respectively.

Schedule of Aggregate Scheduled Principal Payments

The aggregate scheduled principal payments of the Company’s outstanding debt, excluding lines of credit, as of March 31, 2025 were as follows ($ in thousands):


2025	$	643,249
2026	644,405
2027	734,397
2028	518,332
2029	501,456
Thereafter	3,780,481
Total	$	6,822,320