Debt (Tables)

9 Months Ended

Sep. 30, 2025

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


	September 30, 2025			December 31, 2024			Weighted Average Maturity In Years as of September 30, 2025

Term loan - variable rate, net (1)	$	547,545		$	298,571		3.2
Bonds public offering - fixed rate, net (2)	5,073,960			5,175,217			7.1
Unsecured debt, net (3)	5,621,505			5,473,788
Lines of credit (4)	—			137,945
Commercial paper (5)	245,000			—
Mortgage notes payable, net (6)	795,404			989,884			8.1
Total debt, net	$	6,661,909		$	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	4.1		%	4.2		%
Weighted average interest rate on lines of credit	5.2		%	5.7		%
Weighted average interest rate on commercial paper	4.3		%	N/A
Weighted average interest rate on mortgage notes payable	4.2		%	4.2		%

(1)In May 2025, the Operating Partnership obtained a new $300.0 million unsecured term loan priced at SOFR plus 0.850% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating with a one-year delayed draw feature. The Company may elect to increase this facility by up to an additional $300.0 million, to an aggregate size of $600.0 million, if the lenders permit. This term loan is scheduled to mature in May 2028, with two one-year extension options, exercisable at the option of the Company. As of September 30, 2025, the Company had drawn $250.0 million on the new term loan facility. The Company has entered into floating-to-fixed interest rate swaps to fix the interest rate for $247.5 million of the new term loan facility to an all-in rate of 4.1%. In October 2025, the Company executed an amendment of its existing $300.0 million unsecured term loan to extend the maturity date from October 2027 to January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate was reduced by 0.10% to SOFR plus 0.85% and is swapped to an all-in fixed rate of 4.1% through October 2026.

(2)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.

(3)Unsecured debt, net, consists of fixed rate public bond offerings and a variable rate term loan which includes unamortized discounts, net of premiums of $0.7 million and unamortized premiums, net of discounts of $0.1 million, and unamortized debt issuance costs of $27.8 million and $26.3 million, as of September 30, 2025 and December 31, 2024, respectively.

(4)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.58 billion and $1.28 billion as of September 30, 2025 and December 31, 2024, respectively, excluded unamortized debt issuance costs of $7.4 million and $6.2 million, respectively. These debt issuance costs are included in prepaid expenses and other assets in the condensed consolidated balance sheets. As of September 30, 2025, the Company’s $1.5 billion credit facility had an interest rate at Secured Overnight Financing Rate (“SOFR”) plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. As of September 30, 2025, the Company’s $75.0 million working capital unsecured line of credit had an interest rate of SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings and a scheduled maturity date of July 2026.

(5)The Company has a commercial paper program under which it can issue unsecured short-term notes, which are backstopped by, and reduce the borrowing capacity of, the Company’s unsecured line of credit facilities. The Company can issue up to $750.0 million of commercial paper for up to 397 days from the date of issue. The commercial paper balance excludes unamortized debt issuance of $0.4 million as of September 30, 2025, and are included in prepaid expenses and other assets in the condensed consolidated balance sheets.

(6)Includes total unamortized discounts, net of premiums of approximately $0.3 million and $0.2 million, reduced by unamortized debt issuance costs of $2.7 million and $2.6 million, as of September 30, 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 and commercial paper, as of September 30, 2025 were as follows ($ in thousands):


2025	$	11,263
2026	549,405
2027	734,397
2028	518,332
2029	501,456
Thereafter	4,133,481
Total	$	6,448,334