Secured and unsecured senior debt
Jun. 30, 2026
Stated Rate | Interest Rate(1) | Maturity Date(2) | Principal Payments Remaining for the Periods Ending December 31, | Unamortized (Deferred Financing Cost), (Discount)/ Premium | ||||||||||||||||||||
Debt | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Principal | Total | ||||||||||||||||
Unsecured senior line of credit and commercial paper program(3) | (3) | 4.27% | (3) | 1/22/30 | (3) | $— | $— | $— | $— | $1,996,859 | $— | $1,996,859 | $(2,351) | $1,994,508 | ||||||||||
Unsecured senior notes payable | 3.95% | 4.13 | 1/15/27 | — | 350,000 | — | — | — | — | 350,000 | (296) | 349,704 | ||||||||||||
Unsecured senior notes payable | 3.95% | 4.07 | 1/15/28 | — | — | 425,000 | — | — | — | 425,000 | (675) | 424,325 | ||||||||||||
Unsecured senior notes payable | 4.50% | 4.60 | 7/30/29 | — | — | — | 300,000 | — | — | 300,000 | (693) | 299,307 | ||||||||||||
Unsecured senior notes payable | 2.75% | 2.87 | 12/15/29 | — | — | — | 400,000 | — | — | 400,000 | (1,449) | 398,551 | ||||||||||||
Unsecured senior notes payable | 4.70% | 4.81 | 7/1/30 | — | — | — | — | 450,000 | — | 450,000 | (1,501) | 448,499 | ||||||||||||
Unsecured senior notes payable | 4.90% | 5.05 | 12/15/30 | — | — | — | — | 700,000 | — | 700,000 | (3,555) | 696,445 | ||||||||||||
Unsecured senior notes payable | 3.375% | 3.48 | 8/15/31 | — | — | — | — | — | 750,000 | 750,000 | (3,381) | 746,619 | ||||||||||||
Unsecured senior notes payable | 2.00% | 2.12 | 5/18/32 | — | — | — | — | — | 900,000 | 900,000 | (5,579) | 894,421 | ||||||||||||
Unsecured senior notes payable | 1.875% | 1.97 | 2/1/33 | — | — | — | — | — | 1,000,000 | 1,000,000 | (5,805) | 994,195 | ||||||||||||
Unsecured senior notes payable | 2.95% | 3.07 | 3/15/34 | — | — | — | — | — | 800,000 | 800,000 | (6,096) | 793,904 | ||||||||||||
Unsecured senior notes payable | 4.75% | 4.88 | 4/15/35 | — | — | — | — | — | 500,000 | 500,000 | (4,270) | 495,730 | ||||||||||||
Unsecured senior notes payable | 5.50% | 5.66 | 10/1/35 | — | — | — | — | — | 550,000 | 550,000 | (6,007) | 543,993 | ||||||||||||
Unsecured senior notes payable | 5.25% | 5.41 | 3/15/36 | — | — | — | — | — | 750,000 | 750,000 | (10,866) | 739,134 | ||||||||||||
Unsecured senior notes payable | 5.25% | 5.38 | 5/15/36 | — | — | — | — | — | 400,000 | 400,000 | (3,595) | 396,405 | ||||||||||||
Unsecured senior notes payable | 4.85% | 4.93 | 4/15/49 | — | — | — | — | — | 300,000 | 300,000 | (2,698) | 297,302 | ||||||||||||
Unsecured senior notes payable | 4.00% | 3.95 | 2/1/50 | — | — | — | — | — | 390,801 | 390,801 | 5,441 | 396,242 | ||||||||||||
Unsecured senior notes payable | 3.00% | 3.16 | 5/18/51 | — | — | — | — | — | 352,398 | 352,398 | (4,413) | 347,985 | ||||||||||||
Unsecured senior notes payable | 3.55% | 3.70 | 3/15/52 | — | — | — | — | — | 475,406 | 475,406 | (6,180) | 469,226 | ||||||||||||
Unsecured senior notes payable | 5.15% | 5.26 | 4/15/53 | — | — | — | — | — | 500,000 | 500,000 | (7,260) | 492,740 | ||||||||||||
Unsecured senior notes payable | 5.625% | 5.71 | 5/15/54 | — | — | — | — | — | 600,000 | 600,000 | (6,361) | 593,639 | ||||||||||||
Unsecured debt weighted-average interest rate/Total | 4.08% | $— | $350,000 | $425,000 | $700,000 | $3,146,859 | $8,268,605 | $12,890,464 | $(77,590) | $12,812,874 | ||||||||||||||
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Refer to footnote 3 on the following page. In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is expected to become effective in September 2026, upon the satisfaction of
certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduces the applicable borrowing rate and eliminates the
existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus 0.725% and 0.15%, respectively, from the currently applicable borrowing rate and facility fee of SOFR plus 0.835% and
0.14%, respectively.
The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of June 30, 2026 (dollars in thousands):
Fixed-Rate Debt | Variable-Rate Debt | Weighted-Average | ||||||||||
Interest | Remaining Term (in years) | |||||||||||
Total | Percentage | Rate(1) | ||||||||||
Unsecured senior notes payable | $10,818,366 | $— | $10,818,366 | 84.4% | 4.04% | 10.9 | ||||||
Unsecured senior line of credit and commercial paper program | — | 1,994,508 | 1,994,508 | (2) | 15.6 | 4.27 | (2) | 3.6 | (3) | |||
Total/weighted average | $10,818,366 | $1,994,508 | $12,812,874 | 100.0% | 4.08% | 9.7 | (3) | |||||
Percentage of total debt | 84.4% | 15.6% | 100% | |||||||||
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of
debt premiums (discounts), and other bank fees.
(2)As of June 30, 2026, we had no outstanding balance on our unsecured senior line of credit and $1.99 billion of commercial paper notes outstanding.
(3)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity
date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 9.2 years. The commercial paper notes sold during the six
months ended June 30, 2026 were issued at a weighted-average yield to maturity of 4.17% and had a weighted-average maturity term of 15 days.
Issuance and repayments of unsecured senior notes payableIn February 2026, we completed tender offers to repurchase an aggregate debt principal amount of approximately $1.33 billion
of a portion of our outstanding 4.00% Senior Notes due 2050, 3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052. Cash
consideration paid was $952.2 million. The repurchase was primarily funded through the issuance of $750.0 million of 5.25% unsecured
senior notes due 2036, and approximately $200 million of short-term borrowings under our commercial paper program. In connection
with the debt repurchase, we recognized a gain on early extinguishment of debt aggregating $366.4 million, including the write-off of
unamortized debt issuance costs and other transaction-related costs.
In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was
incurred in connection with this repayment.
In April 2026, we repaid $350.0 million of 3.80% unsecured senior notes payable upon maturity. No gain or loss was incurred
in connection with this repayment.
$5.0 billion unsecured senior line of credit
As of June 30, 2026, our unsecured senior line of credit, which matures in 2030, including extension options under our control,
had aggregate commitments of $5.0 billion, and bore an interest rate of SOFR plus 0.835%. In addition to the cost of borrowing, the
unsecured senior line of credit is subject to an annual facility fee of 0.14% based on the aggregate commitments outstanding. Based on
achievement of certain annual sustainability metrics, the interest rate and facility fee rate are also subject to upward or downward
adjustments of up to four basis points with respect to the interest rate and up to one basis point with respect to the facility fee rate.
During the three months ended March 31, 2026, we achieved certain annual sustainability targets, as described in our
unsecured senior line of credit agreement, which reduced the borrowing rate by four basis points for a one-year period to SOFR plus
0.835%, from SOFR plus 0.875%, and reduced the facility fee by one basis point to 0.14% from 0.15%. As of June 30, 2026, we had no
outstanding balance on our unsecured senior line of credit.
In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is expected
to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from
January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduces the applicable
borrowing rate and eliminates the existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility
fee of SOFR plus 0.725% and 0.15%, respectively, from the currently applicable borrowing rate and facility fee of SOFR plus 0.835%
and 0.14%, respectively. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of
approximately $3.3 million for the partial write-off of unamortized loan fees.
$2.50 billion commercial paper program
Our commercial paper program allows us to issue up to $2.50 billion of commercial paper notes that bear interest at short-term
fixed rates with a maturity of generally 30 days or less and a maximum maturity of 397 days from the date of issuance. This program is
back-stopped by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing
capacity under our unsecured senior line of credit equal to the amount of commercial paper notes outstanding. We use the net
proceeds from the issuances of the notes for general working capital and other general corporate purposes, which may include, but are
not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. During the six
months ended June 30, 2026, the notes were issued at a weighted-average yield to maturity of 4.17% and had a weighted-average
maturity term of 15 days. As of June 30, 2026, we had $1.99 billion outstanding under our commercial paper program.
Interest expenseThe following table summarizes interest expense for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Interest incurred | $138,059 | $137,719 | $272,616 | $268,660 | |||
Capitalized interest | (73,717) | (82,423) | (143,690) | (162,488) | |||
Interest expense | $64,342 | $55,296 | $128,926 | $106,172 | |||