v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Note
The following table summarizes the Company’s senior unsecured note issuances for the six months ended June 30, 2025 (dollars in thousands):
Issue DateAmount
Coupon Rate(1)
Maturity Year
February 14, 2025$500,000 5.38 %2035
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(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, is 5.56%.
The following table summarizes the Company’s senior unsecured note repayments during the six months ended June 30, 2025 (dollars in thousands):
Repayment Date
Amount
Coupon Rate(1)
Maturity Year
February 3, 2025$348,194 3.40 %2025
June 2, 2025451,806 4.00 %2025
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(1)The effective interest rate, which includes amortization of debt discounts and debt issuance costs, was 3.58% for the senior unsecured notes repaid in February 2025 and 4.19% for the senior unsecured notes repaid in June 2025.
Schedule of Principal Repayments
The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2025 (dollars in thousands):
Senior Unsecured
Notes(3)
Mortgage
Debt(4)
Year
Bank Line 
of Credit(1)
Commercial Paper(1)(2)
Term LoansAmount
Interest Rate(5)
Amount
Interest Rate(5)
Total
2025$— $— $— $— — %$1,855 3.91 %$1,855 
2026— — — 650,000 3.40 %344,999 5.01 %994,999 
2027— — 500,000 850,000 3.23 %842 5.14 %1,350,842 
2028— — 400,000 850,000 3.53 %2,775 4.56 %1,252,775 
2029— 775,000 750,000 650,000 3.65 %— — %2,175,000 
Thereafter— — — 3,400,000 4.66 %— — %3,400,000 
 — 775,000 1,650,000 6,400,000 350,471 9,175,471 
Premiums, (discounts), and debt issuance costs, net— — (3,395)(131,468)645 (134,218)
$— $775,000 $1,646,605 $6,268,532 $351,116 $9,041,253 
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(1)As of June 30, 2025, total unamortized debt issuance costs for the Revolving Facility and Commercial Paper Program were $16 million, which are recorded in other assets, net on the Consolidated Balance Sheets.
(2)Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company calculates the weighted average remaining term of its Commercial Paper Program borrowings using the maturity date of the Revolving Facility.
(3)Effective interest rates on the senior unsecured notes range from 1.54% to 6.87% with a weighted average effective interest rate of 4.09% and a weighted average maturity of approximately 5 years.
(4)Effective interest rates on the mortgage debt range from 3.43% to 7.09% with a weighted average effective interest rate of 5.00% and a weighted average maturity of approximately 1.2 years. These interest rates include the impact of designated interest rate swap instruments, which effectively fix the interest rate on certain variable rate debt.
(5)Represents the weighted-average effective interest rate as of the end of the applicable period, including amortization of debt premiums (discounts) and debt issuance costs.