Debt (Tables)

6 Months Ended

Jun. 30, 2026

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


	June 30, 2026			December 31, 2025			Weighted Average Maturity In Years as of June 30, 2026

Term loan - variable rate, net (1)	$	597,474		$	596,668		4.2
Bonds public offering - fixed rate, net	4,971,809			5,419,253			7.2
Unsecured debt, net (2)	5,569,283			6,015,921
Lines of credit (3)	—			—
Commercial paper (4)	345,000			—
Mortgage notes payable, net (5)	784,217			784,348			7.5
Total debt, net	$	6,698,500		$	6,800,269
Weighted average interest rate on fixed rate unsecured bonds public offering	3.7		%	3.7		%
Weighted average interest rate on variable rate term loan	4.1		%	4.1		%
Weighted average interest rate on lines of credit	4.5		%	4.8		%
Weighted average interest rate on commercial paper	4.0		%	—		%
Weighted average interest rate on mortgage notes payable	4.3		%	4.4		%

(1)The $300.0 million unsecured term loan entered in May 2025 is priced at Secured Overnight Financing Rate (“SOFR”) plus 0.850% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating and is swapped to an all-in rate of 4.1%. 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. The $300.0 million unsecured term loan entered in October 2022 is priced at SOFR plus 0.85% with a maturity date of January 2031, inclusive of extension options exercisable at the Company’s option. The interest rate is swapped to an all-in fixed rate of 4.0% through October 2026. In

April 2026, the Company entered into $200.0 million of replacement interest rate swaps, effective upon maturity of the existing swaps, at an average all-in fixed rate of 4.4% through January 2031.

(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 $3.1 million and $3.6 million, and unamortized debt issuance costs of $27.7 million and $30.4 million, as of June 30, 2026 and December 31, 2025, respectively.

(3)Lines of credit, related to the Company’s two lines of unsecured credit aggregating $1.58 billion as of June 30, 2026 and December 31, 2025, respectively, excluded unamortized debt issuance costs of $6.6 million and $7.3 million, respectively. These debt issuance costs are included in prepaid expenses and other assets in the condensed consolidated balance sheets. As of June 30, 2026, the Company’s $1.5 billion credit facility had an interest rate at SOFR plus 0.775%, which is based on a tiered rate structure tied to the Company’s long-term unsecured credit ratings. As of June 30, 2026, 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.

(4)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 $1.5 billion unsecured line of credit facility. 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 costs of $0.3 million and $0.4 million as of June 30, 2026 and December 31, 2025, respectively, and are included in prepaid expenses and other assets in the condensed consolidated balance sheets.

(5)Includes total unamortized discounts, net of premiums of approximately $0.1 million and $0.2 million, and unamortized debt issuance costs of $2.3 million and $2.5 million, as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 were as follows ($ in thousands):


2026	$	98,860
2027	434,397
2028	518,332
2029	501,456
2030	916,592
Thereafter	3,916,889
Total	$	6,386,526