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 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,


	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	$10,820,687	$—	$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


	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