v3.25.2
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Notes Payable [Abstract]  
Summary Of Indebtedness
The following is a summary of our indebtedness:
(in millions)June 30,
2025		December 31, 2024
Commercial banks
       5.50% Term Loan, due 2026
$39.9 $39.9 
       5.14% Unsecured revolving credit facility
— 178.0 
4.55% Commercial Paper Program
515.6 — 
$555.5 $217.9 
Senior unsecured notes
5.63% Notes, due 2026 (1)
$504.8 $503.3 
3.74% Notes, due 2028
399.2 399.1 
3.67% Notes, due 2029 (2)
597.1 596.8 
2.91% Notes, due 2030
746.4 746.0 
5.06% Notes, due 2034
395.5 395.2 
3.41% Notes, due 2049
297.0 296.9 
$2,940.0 $2,937.3 
Total unsecured notes payable$3,495.5 $3,155.2 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.5 $291.4 
3.87% note, due 2028
39.0 39.0 
Total secured notes payable$330.5 $330.4 
Total notes payable (3)
$3,826.0 $3,485.6 
(1)    Balances are increased by $6.3 million and $5.3 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of June 30, 2025 and December 31, 2024, respectively. See Note 7. "Derivative Financial Instruments and Hedging Activities," for further discussion.
(2)     The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(3) Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $10.6 million and $13.3 million as of June 30, 2025 and December 31, 2024, respectively.
Scheduled Repayments On Outstanding Debt The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2025:
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2025$513.8 4.6 %
2026566.9 5.6 
2027172.5 3.9 
2028529.9 3.8 
2029598.2 3.8 
Thereafter1,444.7 3.6 
Total$3,826.0 4.1 %
(1)Includes all available extension options.
(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.
(3)Includes the effects of the applicable settled derivatives.