v3.26.1
Notes and Bonds Payable (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The table below details the Company’s notes and bonds payable as of June 30, 2026 and December 31, 2025. 
 
MATURITY DATE 1
BALANCE AS OF 2
EFFECTIVE INTEREST RATE
as of 6/30/2026
Dollars in thousands6/30/202612/31/2025
$1.5 billion Revolving Facility 3
7/29$— $120,000 4.47 %
Commercial Paper Program 4
7/29275,823 — 4.07 %
$200 million Unsecured Term Loan
7/27199,751 199,635 4.42 %
$300 million Unsecured Term Loan
1/28299,283 299,055 4.27 %
$400 million Unsecured Delayed Draw Term Loan
5/29— — N/A
Senior Notes due 2026 5
8/26— 595,026 4.94 %
Senior Notes due 2027 7/27495,071 492,693 4.76 %
Senior Notes due 20281/28298,973 298,653 3.85 %
Senior Notes due 2030 2/30602,994 597,188 5.30 %
Senior Notes due 20303/30297,824 297,610 2.72 %
Senior Notes due 2031 3/31297,131 296,866 2.25 %
Senior Notes due 2031 3/31695,559 685,873 5.13 %
Exchangeable Senior Notes due 20321/32681,380 — 3.53 %
Mortgage notes payable 6
7/26-12/2623,155 28,824 
3.6% - 4.08%
$4,166,944 $3,911,423 
1Maturity date does not include extension options.
2Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
3As of June 30, 2026, the Company had $1.2 billion available to be drawn on its $1.5 billion Revolving Facility after Commercial Paper Program borrowings.
4Commercial Paper Program borrowings are backstopped by the availability under the Revolving Facility. As such, the Company uses the maturity date of the Revolving Facility. As of June 30, 2026, the weighted average remaining maturity of Commercial Paper Program borrowings was approximately 7 days.
5Company repaid Senior Notes due 2026 in full in May 2026.
6In March 2026, the Company repaid a mortgage note payable in full totaling $5.2 million. A mortgage note payable with a maturity date of April 2026 was extended to July 2026.