v3.26.1
Notes Payable
 6 Months Ended
Jun. 30, 2026
Notes Payable [Abstract]  
Notes payable
6. Notes Payable
The following is a summary of our indebtedness:
(in millions)June 30,
2026		December 31, 2025
Commercial banks
       4.83% Term Loan, due 2026
$40.0 $39.9 
       4.30% Unsecured revolving credit facility
357.0 — 
3.83% Commercial Paper Program
600.0 590.0 
$997.0 $629.9 
Senior unsecured notes
4.96% Notes, due 2026 (1)
$501.0 $504.0 
3.74% Notes, due 2028
399.5 399.4 
3.67% Notes, due 2029 (2)
597.8 597.4 
2.91% Notes, due 2030
747.1 746.8 
5.06% Notes, due 2034
395.9 395.7 
5.03% Notes, due 2036
594.2 — 
3.41% Notes, due 2049
297.1 297.0 
$3,532.6 $2,940.3 
Total unsecured notes payable$4,529.6 $3,570.2 
Secured notes
  Master Credit Facilities
3.78% - 4.01% Conventional Mortgage Notes, due 2026 - 2028
$279.6 $291.5 
3.87% note, due 2028
39.1 39.1 
Total secured notes payable$318.7 $330.6 
Total notes payable (3)
$4,848.3 $3,900.8 
(1)    Balances are increased by $1.4 million and $4.9 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of June 30, 2026 and December 31, 2025, respectively. See Note 7. "Derivative Financial Instruments and Hedging Activities," for further discussion.
(2) The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(3) Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $17.6 million and $10.1 million as of June 30, 2026 and December 31, 2025, respectively.
In February 2026, we issued $600.0 million aggregate principal amount of 4.90% senior unsecured notes due February 28, 2036 (the "2036 Notes") under our then-existing shelf registration statement. The 2036 Notes were offered to the public at 99.94% of their face amount with a stated rate of 4.90% and a yield to maturity of 4.91%. After deducting underwriting discounts and other offering expenses, the net proceeds from the sale of the 2036 Notes was approximately $594.0 million. Interest on the 2036 Notes is payable semi-annually on February 28 and August 28, beginning August 28, 2026. We may redeem the 2036 Notes, in whole or in part, at anytime at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2036 Notes on or after three months prior to their maturity date, the redemption price will equal 100% of the principal amount of the 2036 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2036 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness.
In March 2026 we amended and restated our existing credit facility (the "Credit Agreement"), to among other things, remove a $300.0 million unsecured term loan facility with a delayed draw feature and extend the maturity date of our $1.2 billion unsecured revolving credit facility from August 2026 to March 2030, which may be extended at our option for two consecutive six-month periods. The Credit Agreement also continues to provide that, upon satisfaction of certain conditions, we may expand the facility up to three times by up to an additional $500.0 million in the aggregate. The interest rate on our unsecured revolving credit facility is based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances
under our unsecured revolving credit facility may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $600 million or the remaining amount available under our unsecured revolving credit facility. Our unsecured revolving credit facility is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of June 30, 2026 and through the date of this filing.
In March 2026, we also repaid the principal amount of one of our conventional mortgage secured notes payable, which matured on April 1, 2026, for a total of $12.0 million, plus accrued interest.
Our unsecured revolving credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our unsecured revolving credit facility, it does reduce the amount available. At June 30, 2026, we had $357.0 million outstanding on our $1.2 billion unsecured facility and we had outstanding letters of credit totaling approximately $0.3 million, leaving approximately $842.7 million available under our unsecured revolving credit facility. The unsecured revolving credit facility also serves as a liquidity backstop for our commercial paper program, under which $600.0 million was outstanding at June 30, 2026.
In February 2025, we established a commercial paper program under which we may issue short-term, unsecured commercial paper notes (the "Notes") under the exemption from registration contained in Section (4)(a) of the Securities Act of 1933, as amended. Amounts available under the commercial paper program may be borrowed, repaid, and reborrowed from time to time, with the aggregate face or principal amount of the Notes outstanding under the commercial paper program at any time not to exceed $600 million. The Notes will have maturities of up to 397 days from the date of issue. The Notes will rank at least equal in priority to all of the Company's other unsecured and unsubordinated indebtedness. The net proceeds of the issuances of the Notes are expected to be used for general corporate purposes, which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital. We currently plan to use our unsecured revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. The commercial paper issued as of June 30, 2026 and December 31, 2025 had original maturities of less than 30 days. The weighted average interest rate on our commercial paper was approximately 3.83% and 3.84% as of June 30, 2026 and December 31, 2025, respectively.
We had outstanding floating rate debt of approximately $1.5 billion and $1.1 billion at June 30, 2026 and December 31, 2025, respectively, which includes senior unsecured notes payable due in 2026 which have been converted to floating rate debt through the issuance of an interest rate swap. The weighted average interest rate on our outstanding floating rate debt was approximately 4.3% and 4.4% at June 30, 2026 and December 31, 2025, respectively.
Our indebtedness had a weighted average maturity of approximately 4.9 years at June 30, 2026. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2026:
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2026$1,151.6 4.3 %
2027172.0 3.9 
2028529.4 3.8 
2029597.7 3.8 
2030748.5 2.9 
Thereafter1,649.1 4.6 
Total$4,848.3 4.1 %
(1)Includes all available extension options.
(2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.
(3)Includes the effects of the applicable settled derivatives.
On July 8, 2026, we entered into a 364-day unsecured term loan facility ("term loan facility") with an aggregate principal amount of $350.0 million. The interest rate on our term loan facility is based upon, at our option, (a) Daily SOFR or one-, three- or six-month Term SOFR plus, in each case, a spread based on our credit rating or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%, plus a spread based on our credit rating. The term loan facility is subject to the same financial covenants and limitations as those contained in our unsecured revolving credit facility, and we believe we are in compliance with all such covenants and limitations through the date of this filing.