Secured and unsecured senior debt
Sep. 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 notes payable | 3.95% | 4.13% | 1/15/27 | $— | $350,000 | $— | $— | $— | $— | $350,000 | $(167) | $349,833 | ||||||||||||
Unsecured senior notes payable | 3.95% | 4.07 | 1/15/28 | — | — | 425,000 | — | — | — | 425,000 | (569) | 424,431 | ||||||||||||
Unsecured senior notes payable | 4.50% | 4.60 | 7/30/29 | — | — | — | 300,000 | — | — | 300,000 | (637) | 299,363 | ||||||||||||
Unsecured senior notes payable | 2.75% | 2.87 | 12/15/29 | — | — | — | 400,000 | — | — | 400,000 | (1,346) | 398,654 | ||||||||||||
Unsecured senior notes payable | 4.70% | 4.81 | 7/1/30 | — | — | — | — | 450,000 | — | 450,000 | (1,408) | 448,592 | ||||||||||||
Unsecured senior notes payable | 4.90% | 5.05 | 12/15/30 | — | — | — | — | 700,000 | — | 700,000 | (3,359) | 696,641 | ||||||||||||
Unsecured senior notes payable | 3.375% | 3.48 | 8/15/31 | — | — | — | — | — | 750,000 | 750,000 | (3,219) | 746,781 | ||||||||||||
Unsecured senior notes payable | 2.00% | 2.12 | 5/18/32 | — | — | — | — | — | 900,000 | 900,000 | (5,347) | 894,653 | ||||||||||||
Unsecured senior notes payable | 1.875% | 1.97 | 2/1/33 | — | — | — | — | — | 1,000,000 | 1,000,000 | (5,586) | 994,414 | ||||||||||||
Unsecured senior notes payable | 2.95% | 3.07 | 3/15/34 | — | — | — | — | — | 800,000 | 800,000 | (5,905) | 794,095 | ||||||||||||
Unsecured senior notes payable | 4.75% | 4.88 | 4/15/35 | — | — | — | — | — | 500,000 | 500,000 | (4,155) | 495,845 | ||||||||||||
Unsecured senior notes payable | 5.50% | 5.66 | 10/1/35 | — | — | — | — | — | 550,000 | 550,000 | (5,852) | 544,148 | ||||||||||||
Unsecured senior notes payable | 5.25% | 5.41 | 3/15/36 | — | — | — | — | — | 750,000 | 750,000 | (10,601) | 739,399 | ||||||||||||
Unsecured senior notes payable | 5.25% | 5.38 | 5/15/36 | — | — | — | — | — | 400,000 | 400,000 | (3,508) | 396,492 | ||||||||||||
Unsecured senior notes payable | 4.85% | 4.93 | 4/15/49 | — | — | — | — | — | 300,000 | 300,000 | (2,670) | 297,330 | ||||||||||||
Unsecured senior notes payable | 4.00% | 3.95 | 2/1/50 | — | — | — | — | — | 390,801 | 390,801 | 5,419 | 396,220 | ||||||||||||
Unsecured senior notes payable | 3.00% | 3.16 | 5/18/51 | — | — | — | — | — | 352,398 | 352,398 | (4,373) | 348,025 | ||||||||||||
Unsecured senior notes payable | 3.55% | 3.70 | 3/15/52 | — | — | — | — | — | 475,406 | 475,406 | (6,127) | 469,279 | ||||||||||||
Unsecured senior notes payable | 5.15% | 5.26 | 4/15/53 | — | — | — | — | — | 500,000 | 500,000 | (7,204) | 492,796 | ||||||||||||
Unsecured senior notes payable | 5.625% | 5.71 | 5/15/54 | — | — | — | — | — | 600,000 | 600,000 | (6,304) | 593,696 | ||||||||||||
Unsecured senior notes payable weighted- average interest rate/subtotal | 4.04 | — | 350,000 | 425,000 | 700,000 | 1,150,000 | 8,268,605 | 10,893,605 | (72,918) | 10,820,687 | ||||||||||||||
Junior subordinated notes payable | 7.25% | (3) | 7.37 | (3) | 2/15/57 | (3) | — | — | — | — | — | 1,000,000 | 1,000,000 | (14,857) | 985,143 | |||||||||
Unsecured senior line of credit and commercial paper program(4) | (4) | 4.40 | (4) | 1/22/32 | (4) | — | — | — | — | — | 1,092,450 | 1,092,450 | (1,284) | 1,091,166 | ||||||||||
Weighted-average interest rate/total | 4.33% | $— | $350,000 | $425,000 | $700,000 | $1,150,000 | $10,361,055 | $12,986,055 | $(89,059) | $12,896,996 | ||||||||||||||
(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.
(4)Refer to footnote 4 on the following page. In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit, which, among other changes, extended 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 to SOFR plus 0.725% from SOFR plus 0.835%.
The following table summarizes our debt outstanding as of September 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 | $10,820,687 | $— | $10,820,687 | 83.9% | 4.04% | 10.6 | ||||||
Junior subordinated notes payable | 985,143 | — | 985,143 | 7.6 | 7.37 | (3) | 30.4 | (3) | ||||
Unsecured senior line of credit(2) and commercial paper program | — | 1,091,166 | 1,091,166 | 8.5 | 4.40 | 5.3 | (4) | |||||
Total/weighted average | $11,805,830 | $1,091,166 | $12,896,996 | 100.0% | 4.33% | 11.6 | (4) | |||||
Percentage of total debt | 91.5% | 8.5% | 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 September 30, 2026, we had no outstanding balance on our unsecured senior line of credit.
(3)Our junior subordinated notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five
years to the five-year U.S. Treasury rate plus 2.889%, subject to a minimum interest rate of 7.250%. In addition, we may redeem the notes at 100% of principal plus
accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and thereafter on any interest payment date.
(4)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 11.2 years. The commercial paper notes sold during the nine
months ended September 30, 2026 were issued at a weighted-average yield to maturity of 4.19% and had a weighted-average maturity term of 14 days. Our total
weighted-average remaining term also assumes the full maturity of our junior subordinated notes payable due in 2057.
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.
Issuance of junior subordinated notes payable
In August 2026, we completed a public offering of $1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed
reset rate junior subordinated notes due 2057. The notes will initially bear interest at 7.250% per year through, but excluding,
February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject to a
minimum interest rate of 7.250%. We may elect to defer interest payments for up to five consecutive years, subject to the terms of the
notes, including certain restrictions on paying dividends and repurchasing equity. The notes may be redeemed at our option in whole or
in part at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on
February 15, 2032, and thereafter on any interest payment date. The notes may also be redeemed in whole, but not in part, at 100% of
principal plus accrued and unpaid interest upon certain tax events and at 102% of principal plus accrued and unpaid interest upon
certain rating agency events.
$5.0 billion unsecured senior line of credit
In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit which, among other changes,
extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. The amendment
also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835% and eliminated the existing sustainability-
linked pricing adjustments. The facility fee was revised to 0.15% from 0.14%. In connection with the amendment, we recognized a loss
on early extinguishment of debt of approximately $3.3 million for the partial write-off of unamortized loan fees.
As of September 30, 2026, our unsecured senior line of credit, which matures in 2032, including extension options under our
control, had aggregate commitments of $5.0 billion, and bore an interest rate of SOFR plus 0.725%. In addition to the cost of borrowing,
the unsecured senior line of credit is subject to an annual facility fee of 0.15% based on the aggregate commitments outstanding. As of
September 30, 2026, we had no outstanding balance on our unsecured senior line of credit.
$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 nine
months ended September 30, 2026, the notes were issued at a weighted-average yield to maturity of 4.19% and had a weighted-
average maturity term of 14 days. As of September 30, 2026, we had $1.09 billion outstanding under our commercial paper program.
Interest expenseThe following table summarizes interest expense for the three and nine months ended September 30, 2026 and 2025 (in
thousands):
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Interest incurred | $142,609 | $140,943 | $415,225 | $409,603 | |||
Capitalized interest | (62,922) | (86,091) | (206,612) | (248,579) | |||
Interest expense | $79,687 | $54,852 | $208,613 | $161,024 | |||