v3.25.2
Notes Payable (Narrative) (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
yr
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
yr
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Notes Payable [1] $ 3,826,000   $ 3,826,000   $ 3,485,600
Unamortized debt discounts and debt issuance costs 10,600   10,600   13,300
Available amount under unsecured credit facility 1,200,000   1,200,000    
Repayment of notes payable     0 $ 550,000  
Loss on early retirement of debt $ 0 $ 0 $ 0 $ (921)  
Weighted Average Interest Rate [2],[3] 4.10%   4.10%    
Weighted average maturity of indebtedness (including unsecured line of credit) (in years) | yr 5.1   5.1    
Secured notes payable $ 330,476   $ 330,476   330,358
Unsecured notes payable 3,495,487   3,495,487   3,155,233
Commercial Paper 600,000   600,000    
Letter Of Credit [Member]          
Maximum Ability to Issue Letters of Credit Under Unsecured Credit Facility 50,000   50,000    
Commercial Banks [Member]          
Unsecured notes payable 555,500   555,500   217,900
Senior Unsecured Notes [Member]          
Unsecured notes payable 2,940,000   2,940,000   2,937,300
Secured Debt          
Secured notes payable 330,500   $ 330,500   330,400
5.14% Unsecured revolving credit facility          
Terms Of Bid Rate Loans     180 days    
Value not exceeding the amount available under the line of credit     $ 600,000    
5.14% Unsecured revolving credit facility | September 2022 Credit Agreement          
Maximum borrowing capacity under unsecured credit facility $ 1,200,000   $ 1,200,000    
5.14% Unsecured revolving credit facility | Commercial Banks [Member]          
Notes payable, effective interest rate 5.14%   5.14%    
Unsecured notes payable $ 0   $ 0   178,000
Floating rate notes payable [Member]          
Notes Payable [4] $ 1,060,300   $ 1,060,300   $ 721,200
Weighted Average Interest Rate 5.10%   5.10%   5.60%
4.55% Commercial Paper Program          
Debt Instrument, Term 30 days        
4.55% Commercial Paper Program | Commercial Banks [Member]          
Weighted Average Interest Rate 4.55%   4.55%    
Unsecured notes payable $ 515,600   $ 515,600   $ 0
5.65% Notes, due 2026 | Senior Unsecured Notes [Member]          
Debt Instrument, Maturity Date     Nov. 03, 2026    
Notes payable, effective interest rate 5.63%   5.63%    
Unsecured notes payable [5] $ 504,800   $ 504,800   503,300
Hedged Asset, Fair Value Hedge $ (6,300)   $ (6,300)   $ (5,300)
[1] 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.
[2] Includes all available extension options.
[3] Includes the effects of the applicable settled derivatives.
[4] Includes the senior unsecured notes payable and a term loan due in 2026 at June 30, 2025 and December 31, 2024, and includes commercial paper notes at June 30, 2025 and balances outstanding under our unsecured revolving credit facility at December 31, 2024.
[5] 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.