v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of long-term debt instruments
Mortgage notes payable consisted of the following as of the dates presented (in thousands):
June 30, 2026December 31, 2025
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026(1)
$91 $628 
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029
42,250 42,250 
Total principal42,341 42,878 
Unamortized debt issuance costs and assumed debt discount, net(1,151)(1,332)
Total$41,190 $41,546 
(1)Subsequent to June 30, 2026, the mortgage note payable was paid in full at maturity on July 15, 2026.
The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of the dates presented (in thousands):
All-in
Interest Rate		MaturityJune 30, 2026December 31, 2025
2029 Unsecured Term Loan(1)
4.37%January 2029$350,000 $350,000 
2031 Unsecured Term Loan(2)
4.02%May 2031350,000 — 
Total principal$700,000 $350,000 
Unamortized debt issuance costs, net(3,723)(1,926)
Total$696,277 $348,074 

(1)At June 30, 2026, the interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.
(2)The all-in interest rate of the 2031 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps, which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. Of these swaps, $100.0 million became effective on July 1, 2026. Accordingly, interest on the $100.0 million drawn on June 30, 2026 accrued at SOFR plus 80 basis points until July 1, 2026.
The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of the dates presented (in thousands):
All-in
Interest Rate(1)
Coupon
Rate		MaturityJune 30, 2026December 31, 2025
2027 Senior Unsecured Notes4.26%4.26%May 2027$50,000 $50,000 
2028 Senior Unsecured Public Notes
2.11%2.00%June 2028350,000 350,000 
2028 Senior Unsecured Notes4.42%4.42%July 202860,000 60,000 
2029 Senior Unsecured Notes4.19%4.19%September 2029100,000 100,000 
2030 Senior Unsecured Notes4.32%4.32%September 2030125,000 125,000 
2030 Senior Unsecured Public Notes
3.49%2.90%October 2030350,000 350,000 
2031 Senior Unsecured Notes4.42%4.47%October 2031125,000 125,000 
2032 Senior Unsecured Public Notes
3.96%4.80%October 2032300,000 300,000 
2033 Senior Unsecured Public Notes
2.13%2.60%June 2033300,000 300,000 
2034 Senior Unsecured Public Notes
5.65%5.63%June 2034450,000 450,000 
2035 Senior Unsecured Public Notes5.35%5.60%June 2035400,000 400,000 
Total Principal$2,610,000 $2,610,000 
Unamortized debt issuance costs and original issue discounts, net(23,444)(25,392)
Total$2,586,556 $2,584,608 
(1)The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.
Schedule of senior unsecured revolving credit facility and commercial paper program
The following table presents the balances outstanding under the senior unsecured revolving credit facility and commercial paper program as of the dates presented (in thousands):
Interest RateMaturityJune 30, 2026December 31, 2025
Senior Unsecured Revolving Credit Facility(1)
4.35 %August 2028$— $— 
Commercial Paper Notes(2)
3.92 %Various497,000320,500
Total Principal$497,000 $320,500 
(1)At June 30, 2026, the Revolving Credit Facility would have incurred interest of 4.35%, which is comprised of SOFR of 3.62% and the pricing grid spread of 72.5 basis points.
(2)At June 30, 2026, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month.
Schedule of maturities of long-term debt
The following table presents scheduled principal payments related to the Company’s debt as of June 30, 2026 (in thousands):
Scheduled
Principal		Balloon
Payment		Total
Remainder of 2026(1)
$91 $497,000 $497,091 
2027— 50,000 50,000 
2028(2)
— 410,000 410,000 
2029— 492,250 492,250 
2030— 475,000 475,000 
Thereafter— 1,925,000 1,925,000 
Total scheduled principal payments$91 $3,849,250 $3,849,341 
(1)At June 30, 2026, the Commercial Paper Notes had a weighted-average maturity of less than one month.
(2)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029 and had no outstanding balance as of June 30, 2026.