v3.25.2
Notes Payable and Unsecured Credit Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Notes Payable and Unsecured Credit Facilities

5.

Notes Payable and Unsecured Credit Facilities

The Company's outstanding debt, net of unamortized debt premium (discount) and debt issuance costs, consisted of the following as of the dates set forth below:

 

(in thousands)

 

Scheduled Maturity Date

 

Weighted
Average
Contractual
Rate

 

Weighted
Average
Effective
Rate

 

June 30, 2025

 

 

December 31, 2024

 

Notes payable:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed rate mortgage loans

 

11/5/2025 - 6/1/2037

 

3.9%

 

4.4%

 

$

366,886

 

 

 

337,703

 

Variable rate mortgage loans (1)

 

10/1/2026 - 2/20/2032

 

4.5%

 

4.6%

 

 

282,311

 

 

 

282,117

 

Fixed rate unsecured debt

 

11/1/2025 - 3/15/2049

 

4.2%

 

4.4%

 

 

4,119,985

 

 

 

3,723,880

 

Total notes payable, net

 

 

 

 

 

 

 

 

4,769,182

 

 

 

4,343,700

 

Unsecured credit facility:

 

 

 

 

 

 

 

 

 

 

 

 

$1.5 Billion Line of Credit
(the "Line") (1)(2)

 

3/23/2028

 

5.1%

 

5.5%

 

 

30,000

 

 

 

65,000

 

Total unsecured credit facility

 

 

 

 

 

 

 

 

30,000

 

 

 

65,000

 

Total debt outstanding

 

 

 

 

 

 

 

$

4,799,182

 

 

 

4,408,700

 
(1)
As of June 30, 2025, 96.5% of the variable rate debt are fixed through interest rate swaps.
(2)
The Company has the option to extend the maturity date by two additional six-month periods. Weighted average effective rate for the Line is calculated based on a fully drawn Line balance using the period end variable rate.

Significant financing activity during 2025 includes:

On May 13, 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the "2025 Notes").

Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:

(in thousands)

 

June 30, 2025

 

Scheduled Principal Payments and Maturities by Year:

 

Scheduled
Principal
Payments

 

 

Mortgage
Loan
Maturities

 

 

Unsecured
Maturities (1)

 

 

Total

 

 2025 (2)

 

$

5,117

 

 

 

16,000

 

 

 

250,000

 

 

 

271,117

 

 2026

 

 

10,445

 

 

 

147,850

 

 

 

200,000

 

 

 

358,295

 

 2027

 

 

7,558

 

 

 

226,308

 

 

 

525,000

 

 

 

758,866

 

 2028

 

 

5,734

 

 

 

57,374

 

 

 

330,000

 

 

 

393,108

 

 2029

 

 

2,786

 

 

 

97,120

 

 

 

425,000

 

 

 

524,906

 

Beyond 5 Years

 

 

5,172

 

 

 

78,468

 

 

 

2,450,000

 

 

 

2,533,640

 

Unamortized debt premium/(discount) and issuance costs

 

 

—

 

 

 

(10,735

)

 

 

(30,015

)

 

 

(40,750

)

Total

 

$

36,812

 

 

 

612,385

 

 

 

4,149,985

 

 

 

4,799,182

 
(1)
Includes unsecured public and private debt and unsecured credit facilities.
(2)
Reflects scheduled principal payments and maturities for the remainder of the year.

The Company was in compliance as of June 30, 2025, with all debt covenants.