v3.25.2
Debt Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
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.
Schedule of Maturities of Long-Term Debt
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