| Schedule of Debt |
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:
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(in thousands) |
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Scheduled Maturity Date |
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Weighted
Average
Contractual
Rate |
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Weighted
Average
Effective
Rate |
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June 30, 2025 |
|
|
December 31, 2024 |
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Notes payable: |
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Fixed rate mortgage loans |
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11/5/2025 - 6/1/2037 |
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3.9% |
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4.4% |
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$ |
366,886 |
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|
|
337,703 |
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Variable rate mortgage loans (1) |
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10/1/2026 - 2/20/2032 |
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4.5% |
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4.6% |
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|
282,311 |
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|
|
282,117 |
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Fixed rate unsecured debt |
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11/1/2025 - 3/15/2049 |
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4.2% |
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4.4% |
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|
4,119,985 |
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|
|
3,723,880 |
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Total notes payable, net |
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4,769,182 |
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4,343,700 |
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Unsecured credit facility: |
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$1.5 Billion Line of Credit
(the "Line") (1)(2) |
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3/23/2028 |
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5.1% |
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5.5% |
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30,000 |
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|
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65,000 |
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Total unsecured credit facility |
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30,000 |
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65,000 |
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Total debt outstanding |
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$ |
4,799,182 |
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4,408,700 |
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(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.
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| Schedule of Maturities of Long-term Debt |
Scheduled principal payments and maturities on notes payable and the unsecured credit facility were as follows:
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(in thousands) |
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June 30, 2025 |
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Scheduled Principal Payments and Maturities by Year: |
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Scheduled
Principal
Payments |
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Mortgage
Loan
Maturities |
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Unsecured
Maturities (1) |
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Total |
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2025 (2) |
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$ |
5,117 |
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|
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16,000 |
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|
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250,000 |
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|
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271,117 |
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2026 |
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|
10,445 |
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|
|
147,850 |
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|
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200,000 |
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|
|
358,295 |
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2027 |
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|
7,558 |
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|
|
226,308 |
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525,000 |
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|
|
758,866 |
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2028 |
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5,734 |
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57,374 |
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330,000 |
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393,108 |
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2029 |
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2,786 |
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|
97,120 |
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425,000 |
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|
|
524,906 |
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Beyond 5 Years |
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|
5,172 |
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|
|
78,468 |
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2,450,000 |
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|
|
2,533,640 |
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Unamortized debt premium/(discount) and issuance costs |
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— |
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(10,735 |
) |
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(30,015 |
) |
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(40,750 |
) |
Total |
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$ |
36,812 |
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|
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612,385 |
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|
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4,149,985 |
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|
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4,799,182 |
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(1)Includes unsecured public and private debt and unsecured credit facilities. (2)Reflects scheduled principal payments and maturities for the remainder of the year.
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