Secured and unsecured senior debt (Tables)


	Stated Rate	Interest Rate(1)		Maturity Date(2)		Principal Payments Remaining for the Periods Ending December 31,							Unamortized (Deferred Financing Cost), (Discount)/ Premium
Debt	Stated Rate	Interest Rate(1)		Maturity Date(2)		2026	2027	2028	2029	2030	Thereafter	Principal	Unamortized (Deferred Financing Cost), (Discount)/ Premium	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

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)		Remaining Term (in years)
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.


	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