Debt (Tables)

9 Months Ended

Sep. 30, 2026

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


	September 30, 2026		Weighted Average Interest Rate	December 31, 2025		Weighted Average Interest Rate	Weighted Average Maturity In Years as of September 30, 2026

Term loan, net (1)	$	871,532	4.3%	$	596,668	4.1%	3.7
Bonds public offering - fixed rate, net	4,973,138		3.7%	5,419,253		3.7%	6.9
Unsecured debt, net (2)	5,844,670			6,015,921
Lines of credit (3)	—		4.6%	—		4.8%	N/A
Commercial paper (4)	—		N/A	—		N/A	N/A
Mortgage notes payable, net (5)	761,144		4.3%	784,348		4.4%	7.6
Total debt, net	$	6,605,814		$	6,800,269

(1)The $300.0 million unsecured term loan entered in May 2025 is priced at SOFR plus 0.85% which is based on a tiered rate structure tied to the Company’s long-term unsecured credit rating and was swapped to an all-in rate of 4.1% through April 2030. 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 was swapped to an all-in fixed rate of 4.0%, which will mature in October 2026. The Company entered into $300.0 million of replacement interest rate swaps, effective upon maturity of the existing swaps, at an average all-in fixed rate of 4.5% through January 2031. In September 2026, the Company entered into a $275.0 million unsecured term loan with a maturity date in September 2029 and two one-year extension options, exercisable at the Company's option. This term loan is priced at SOFR plus 0.80%, which is based on a tiered rate structure tied to the Operating Partnership's long-term unsecured credit ratings. The Company may elect to increase this facility by up to an additional $225.0 million, to an aggregate size of $500.0 million, provided that one or more banks (from the lenders or as otherwise permitted) voluntarily agree to provide the additional commitment.

(2)Unsecured debt, net, consists of fixed rate public bond offerings and variable rate term loans which includes unamortized discounts, net of premiums of $2.8 million and $3.6 million, and unamortized debt issuance costs of $27.5 million and $30.4 million, as of September 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 September 30, 2026 and December 31, 2025, excluded unamortized debt issuance costs of $6.2 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 September 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 September 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 $0.4 million and $0.4 million as of September 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 zero and $0.2 million, and unamortized debt issuance costs of $2.6 million and $2.5 million, as of September 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 September 30, 2026 were as follows ($ in thousands):


2026	$	46,092
2027	434,397
2028	518,332
2029	776,456
2030	916,592
Thereafter	3,946,889
Total	$	6,638,758