Long-Term Debt

6 Months Ended

Jun. 30, 2026

11. Long-Term Debt

The components of long-term debt were as follows:


	June 30, 2026
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	(0.1)	$	349.9
4.111% notes payable, due 2028		400.0		(7.5)		392.5
3.7% notes payable, due 2029		500.0		(2.1)		497.9
2.125% notes payable, due 2030		600.0		(2.0)		598.0
5.375% notes payable, due 2033		400.0		(3.0)		397.0
6.05% notes payable, due 2036		505.6		(1.9)		503.7
5.3% notes payable, due 2037		400.0		(5.1)		394.9
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.2)		2.7
Total long-term debt	$	4,358.5	$	(34.1)	$	4,324.4


	December 31, 2025
			Net
			unamortized
			discount,
			premium and
			debt issuance		Carrying
	Principal		cost		amount

	(in millions)
3.1% notes payable, due 2026	$	350.0	$	(0.4)	$	349.6
4.111% notes payable, due 2028		400.0		(9.8)		390.2
3.7% notes payable, due 2029		500.0		(2.5)		497.5
2.125% notes payable, due 2030		600.0		(2.2)		597.8
5.375% notes payable, due 2033		400.0		(3.1)		396.9
6.05% notes payable, due 2036		505.6		(1.9)		503.7
4.625% notes payable, due 2042		300.0		(2.6)		297.4
4.35% notes payable, due 2043		300.0		(2.6)		297.4
4.3% notes payable, due 2046		300.0		(2.8)		297.2
5.5% notes payable, due 2053		300.0		(4.2)		295.8
Non-recourse mortgages and notes payable		2.9		(0.1)		2.8
Total long-term debt	$	3,958.5	$	(32.2)	$	3,926.3

Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method.

On May 27, 2026, we issued $400.0 million of senior notes that bear interest at 5.3% and will mature in 2037. Interest on the notes is payable semi-annually on January 15 and July 15 each year, beginning on January 15, 2027. The proceeds from these notes will be used for general corporate purposes, which may include repayment, redemption or refinancing of existing indebtedness.