Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following table presents the Company’s debt as of June 30, 2026 and December 31, 2025 (amounts in thousands):


			Outstanding Principal Balance
	Interest Rate (1)	Maturity Date	June 30, 2026		December 31, 2025



2028 unsecured senior notes (2)	4.08%	February 15, 2028	$	500,000	$	500,000
2029 unsecured senior notes	4.90%	February 15, 2029	400,000		400,000
2030 unsecured senior notes	4.95%	June 15, 2030	650,000		650,000
2031 unsecured senior notes (3)	2.46%	July 15, 2031	450,000		450,000
2032 unsecured senior notes	3.63%	April 15, 2032	600,000		600,000
2034 unsecured senior notes I	5.50%	February 1, 2034	600,000		600,000
2034 unsecured senior notes II	5.50%	July 15, 2034	500,000		500,000
2035 unsecured senior notes (4)	5.08%	March 15, 2035	500,000		500,000
2051 unsecured senior notes	3.38%	July 15, 2051	300,000		300,000
2052 unsecured senior notes	4.30%	April 15, 2052	300,000		300,000
Revolving credit facility (5)	4.53%	July 16, 2029	390,000		360,000
Total debt			5,190,000		5,160,000
Unamortized discounts on unsecured senior notes			(32,848)		(35,055)
Deferred financing costs, net (6)			(27,035)		(29,210)
Total debt per balance sheet			$	5,130,117	$	5,095,735

(1)Interest rates are rounded and as of June 30, 2026. Unless otherwise stated, interest rates are fixed percentages.

(2)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.

(3)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.

(4)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%.

(5)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods. The Company had approximately $3.7 million and $3.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2026 and December 31, 2025, respectively. The revolving credit facility is reflected on a fully extended basis and bears interest at the SOFR plus a margin of 0.85% as of June 30, 2026.

(6)Deferred financing costs relate to our unsecured senior notes and amortization of these deferred financing costs was $1.1 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.2 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively, and is included in gross interest, prior to interest capitalization.

Schedule of Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2026 (amounts in thousands):


	Debt Maturities
Remaining 2026	$	—
2027	—
2028	500,000
2029	790,000
2030	650,000
Thereafter	3,250,000
Total debt	$	5,190,000

Schedule of Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Gross interest cost	$	61,198	$	60,522	$	122,407	$	119,802
Capitalized interest	(11,671)		(14,219)		(24,658)		(28,073)
Interest expense	$	49,527	$	46,303	$	97,749	$	91,729