v3.24.2
SECURED AND UNSECURED DEBT, NET - Narrative (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Jul. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Secured Debt            
Percentage of secured debt which encumbers real estate owned based upon book value   13.00%   13.00%    
Percentage of secured debt of real estate owned which is unencumbered   87.00%   87.00%    
Outstanding balances   $ 5,786,374   $ 5,786,374    
3.00% Medium-Term Notes due August 2031            
Secured Debt            
Outstanding balances   600,000   600,000    
Interest rate risk   $ 250,000   $ 250,000    
All-in weighted average interest rate   3.01%   3.01%    
Unsecured Debt            
Secured Debt            
Outstanding balances   $ 4,547,201   $ 4,547,201    
Secured Debt            
Secured Debt            
Outstanding balances   $ 1,239,173   $ 1,239,173    
Fixed Rate Debt | Mortgages Notes Payable            
Secured Debt            
Repayments of outstanding borrowing $ 94,100          
Fixed Rate Debt | Mortgages Notes Payable | Minimum            
Secured Debt            
Notes payable maximum interest rates range   2.62%   2.62%    
Fixed Rate Debt | Mortgages Notes Payable | Maximum            
Secured Debt            
Notes payable maximum interest rates range   4.39%   4.39%    
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026            
Secured Debt            
Outstanding balances   $ 300,000   $ 300,000   $ 300,000
Stated interest rate   2.95%   2.95%   2.95%
Portion of medium term note subject to interest rate swaps   $ 100,000   $ 100,000    
All-in weighted average interest rate   2.89%   2.89%    
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027            
Secured Debt            
Stated interest rate   3.50%   3.50%   3.50%
Portion of medium term note subject to interest rate swaps   $ 200,000   $ 200,000    
All-in weighted average interest rate   4.03%   4.03%    
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029            
Secured Debt            
Principal outstanding   $ 300,000   $ 300,000    
Stated interest rate   4.40%   4.40%   4.40%
Portion of medium term note subject to interest rate swaps   $ 150,000   $ 150,000    
All-in weighted average interest rate   4.27%   4.27%    
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030            
Secured Debt            
Stated interest rate   3.20%   3.20%   3.20%
All-in weighted average interest rate   3.32%   3.32%    
Unamortized net premium   $ 7,607   $ 7,607   $ 8,294
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031            
Secured Debt            
Stated interest rate   3.00%   3.00%   3.00%
Unamortized net premium   $ 8,512   $ 8,512   $ 9,109
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034            
Secured Debt            
All-in weighted average interest rate   3.13%   3.13%    
Fixed Rate Debt | Secured Debt            
Secured Debt            
Outstanding balances   $ 1,212,173   $ 1,212,173    
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable            
Secured Debt            
Outstanding balances   1,212,173   1,212,173   1,213,751
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages Notes Payable            
Secured Debt            
Amortization of debt discount (Premium)   400 $ 1,100 800 $ 2,200  
Unamortized net premium   $ 700   700   1,500
Variable Rate Debt | Mortgages Notes Payable            
Secured Debt            
Repayments of outstanding borrowing       $ 40,000    
Stated interest rate   8.31%   8.31%    
Variable Rate Debt | Secured Debt            
Secured Debt            
Outstanding balances   $ 27,000   $ 27,000    
Variable Rate Debt | Secured Debt | Mortgages Notes Payable            
Secured Debt            
Outstanding balances           40,017
Variable Rate Debt | Secured Debt | Tax-exempt notes payable            
Secured Debt            
Outstanding balances   27,000   27,000   $ 27,000
Variable Rate Debt | Tax-exempt notes payable | Mortgages Notes Payable            
Secured Debt            
Principal outstanding   $ 27,000   $ 27,000    
Variable Rate Debt | Tax-exempt secured notes payable | Mortgages Notes Payable            
Secured Debt            
Notes payable maximum interest rates range   4.04%   4.04%