v3.25.2
Debt Obligations
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
As of June 30, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

Carrying Value as of
June 30,
2025		December 31,
2024
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,618,453 $4,850,765 
2.25% – 7.97%
2026 – 2035
Net unamortized premium12,223 14,279 
Net unamortized debt issuance costs(22,156)(20,718)
Total notes payable, net
$4,608,520 $4,844,326 
Unsecured Credit Facility
Revolving Facility
$— $— 5.23%2029
Term Loan Facility(3)(4)
500,000 500,000 5.17%2030
Net unamortized debt issuance costs
(11,597)(4,575)
Total Unsecured Credit Facility and term loans
$488,403 $495,425 
Total debt obligations, net
$5,096,923 $5,339,751 
(1)Stated interest rates as of June 30, 2025 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.14% as of June 30, 2025.
(3)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility (defined hereafter) to a fixed, combined interest rate of 4.08% (plus a spread, currently 85 basis points) through July 26, 2027.
(4)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 85 basis points) through July 26, 2027.
2025 Debt Transactions
On April 24, 2025, the Operating Partnership amended and restated its unsecured credit facility agreements (the "Unsecured Credit Facility"). The amended and restated agreements provide for (i) revolving loan commitments of $1.25 billion (the "Revolving Facility") scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026) and (ii) a continuation of the existing $500.0 million term loan scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027) (the "Term Loan Facility"). The Revolving Facility includes two six-month maturity extension options, the exercise of which is subject to customary conditions and the payment of a fee on the extended commitments. The current interest rate applicable to the Revolving Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings) to SOFR plus 77.5 basis points from SOFR plus 95 basis points and the current interest rate applicable to the Term Loan Facility was effectively lowered (for the margins based on the Operating Partnership’s current credit ratings), to SOFR plus 85 basis points from SOFR plus 105 basis points, in each case, based on the elimination of a 10 basis point SOFR credit spread adjustment and the ability of the Company to obtain more favorable pricing in certain circumstances when the Company’s leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility as amended and restated on April 24, 2025 is $1.75 billion.

During the six months ended June 30, 2025, the Operating Partnership repaid $632.3 million principal amount of the 3.850% Senior Notes due 2025 (the "2025 Notes"), representing all of the outstanding 2025 Notes. The Operating Partnership funded the 2025 Notes repayments with available cash, proceeds from the Revolving Facility, and dispositions.

On March 4, 2025, the Operating Partnership issued $400.0 million aggregate principal amount of Senior Notes due 2032 (the "2032 Notes") at 99.831% of par. The Operating Partnership used the net proceeds for general corporate purposes, including the repayment of indebtedness. The 2032 Notes bear interest at a rate of 5.200% per annum, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2025. The 2032 Notes will mature on April 1, 2032.

Pursuant to the terms of the Company’s unsecured debt agreements, the Company, among other things, is subject to the maintenance of various financial covenants. The Company was in compliance with these covenants as of June 30, 2025.

Debt Maturities
As of June 30, 2025 and December 31, 2024, the Company had accrued interest of $58.9 million and $62.8 million outstanding, respectively. As of June 30, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2025 (remaining six months)$— 
2026607,542 
2027400,000 
2028357,708 
2029753,203 
Thereafter3,000,000 
Total debt maturities5,118,453 
Net unamortized premium12,223 
Net unamortized debt issuance costs(33,753)
Total debt obligations, net$5,096,923 

As of the date the financial statements were issued, the Company's scheduled debt maturities for the next 12 months were comprised of the $600.0 million outstanding principal balance of Senior Notes due 2026. The Company currently believes it has sufficient cash and cash equivalents and liquidity to satisfy this scheduled debt maturity.