
		Principal Outstanding				Weighted Average Interest Rate (1)
(in thousands)	Maturity Date	June 30, 2025		December 31, 2024		June 30, 2025	December 31, 2024
Unsecured term loans:

2027 Term Loan	February 2027	$	430,000	$	430,000	5.3%	5.6%
2028 Term Loan	January 2028	400,000		400,000		5.3%	5.6%
2029 Term Loan	February 2029(2)	450,000		450,000		5.3%	5.6%
2030 Term Loan	January 2030(2)	450,000		450,000		5.3%	5.6%
Senior unsecured notes	July 2031	400,000		400,000		3.0%	3.0%
Revolving Credit Facility	February 2030(2)	200,000		—		5.1%	—%


Total principal outstanding		$	2,330,000	$	2,130,000	4.9%	5.1%

(1)Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities).


(in thousands)	2027 Term Loan		2028 Term Loan		2029 Term Loan(1)		2030 Term Loan(1)		Senior Unsecured Notes		Revolving Credit Facility(2)		Total
July 1 - December 31, 2025	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2026	—		—		—		—		—		—		—
2027	430,000		—		—		—		—		—		430,000
2028	—		400,000		—		—		—		—		400,000
2029	—		—		450,000		—		—		—		450,000
Thereafter	—		—		—		450,000		400,000		200,000		1,050,000
Total	$	430,000	$	400,000	$	450,000	$	450,000	$	400,000	$	200,000	$	2,330,000

Revolving Credit Facility. In February 2025, the Company, through the Operating Partnership, entered into an amended and restated credit agreement (the “Amended Credit Agreement”) with a group of lenders, amending and restating the terms of the Company’s previous $600.0 million revolving credit facility (the “Prior Credit Agreement”) to, among other things, increase the maximum aggregate initial original principal amount of the revolving loans available thereunder to $1.0 billion (the “Revolving Credit Facility”).

The Revolving Credit Facility matures in February 2029, with two extension options of six months each, exercisable by the Operating Partnership, subject to the satisfaction of certain conditions. The loans under the Revolving Credit Facility initially bear interest at an annual rate of applicable Adjusted Term SOFR (as defined in the Amended Credit Agreement) plus an applicable margin. The Adjusted Term SOFR is a rate for a term equivalent to the interest period applicable to the relevant borrowing. In addition, the Operating Partnership is required to pay a revolving facility fee throughout the term of the Revolving Credit Facility.

Credit Facility Term Loans. The Amended Credit Facility also provides for three separate term loans, as further described below, with an aggregate principal of $1.3 billion (the "CF Term Loans").

2028 Term Loan. In July 2022, the Prior Credit Agreement was amended to provide for $400.0 million of second tranche term loans (the “2028 Term Loan”). Loans under the 2028 Term Loan in an aggregate principal amount of $250.0 million were drawn in July 2022, concurrently with the closing of such amendment, and the remaining $150.0 million was drawn in October 2022, pursuant to a delayed funding feature. The 2028 Term Loan matures in January 2028.

2029 Term Loan. In August 2023, the Prior Credit Agreement was further amended to provide for an additional $450.0 million of term loans (the "2029 Term Loan"). Concurrently with the closing of such amendment, loans under the 2029 Term Loan in an aggregate principal amount of $250.0 million were drawn and additional loans under the 2029 Term Loan were drawn in an aggregate principal amount of $125.0 million in September 2023 and $75.0 million in October 2023, pursuant to a delayed funding feature. The 2029 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to February 2029 by exercising two one-year extension options and a six-month extension option, subject to the satisfaction of certain conditions.

2030 Term Loan. In July 2024, the Prior Credit Agreement was further amended to provide for an additional $450.0 million of term loans (the "2030 Term Loan"). Concurrently with the closing of such amendment, loans under the 2030 Term Loan in an aggregate principal amount of $320.0 million were drawn, a portion of which was used to pay off the outstanding balance on the Company's Revolving Credit Facility. Additional loans under the 2030 Term Loan were drawn in an aggregate principal amount of $130.0 million in August 2024, pursuant to a delayed funding feature. The 2030 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to January 2030 by exercising two one-year extension options and a six-month extension option, subject to the satisfaction of certain conditions.

Each of the Revolving Credit Facility and the CF Term Loans is freely pre-payable at any time. Outstanding credit extensions under the Revolving Credit Facility are mandatorily payable if the amount of such credit extensions exceeds the revolving facility limit. The Operating Partnership may re-borrow amounts paid down on the Revolving Credit Facility prior to its maturity, but any loans repaid under the CF Term Loans cannot be reborrowed.

The Operating Partnership is the borrower under the Amended Credit Agreement, and the Company and certain of its subsidiaries that own direct or indirect interests in eligible real property assets are guarantors under the Amended Credit Agreement.

Under the terms of the Amended Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios.

The Company was in compliance with all financial covenants and was not in default of any provisions under the Amended Credit Agreement as of June 30, 2025 and December 31, 2024.

The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented:


(in thousands)	2025		2024
Balance on January 1,	$	—	$	—
Borrowings	355,000		255,000
Repayments	(155,000)		(10,000)
Balance on June 30,	$	200,000	$	245,000


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Interest expense	$	2,451	$	1,353	$	4,098	$	1,581
Amortization of deferred financing costs	554		307		1,042		614
Total	$	3,005	$	1,660	$	5,140	$	2,195

Total deferred financing costs, net, of $7.8 million and $1.3 million related to the Revolving Credit Facility are included within rent receivables, prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, the Company had $800.0 million and $600.0 million, respectively, of unused borrowing capacity under the Revolving Credit Facility.

On November 26, 2019, the Company, through the Operating Partnership, entered into a $430.0 million term loan (the “2027 Term Loan”) with a group of lenders. The 2027 Term Loan provides for term loans to be drawn up to an aggregate amount of $430.0 million with an initial maturity of November 26, 2026. The Company borrowed

the entire $430.0 million available under the 2027 Term Loan in separate draws in December 2019 and March 2020. In February 2022, the Company entered into an amendment to the 2027 Term Loan to, among other things, extend the maturity date of the 2027 Term Loan to February 18, 2027.

The 2027 Term Loan bears interest at an annual rate of applicable Adjusted Term SOFR plus the applicable margin. The applicable Adjusted Term SOFR is the rate for a term equivalent to the interest period applicable to the relevant borrowing.

The 2027 Term Loan is pre-payable at any time by the Operating Partnership without penalty. The Operating Partnership may not re-borrow amounts paid down on the 2027 Term Loan. The 2027 Term Loan has an accordion feature to increase, subject to certain conditions, the maximum availability of the facility up to an aggregate of $500.0 million.

The Operating Partnership is the borrower under the 2027 Term Loan, and the Company and certain of its subsidiaries that own direct or indirect interests in eligible real property assets are guarantors under the facility. Under the terms of the 2027 Term Loan, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios, secured borrowing ratios and a minimum level of tangible net worth.

The Company was in compliance with all financial covenants and was not in default of any provisions under the 2027 Term Loan as of June 30, 2025 and December 31, 2024.


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Interest expense	$	23,066	$	20,412	$	46,095	$	40,873
Amortization of deferred financing costs	980		593		1,961		1,186
Total	$	24,046	$	21,005	$	48,056	$	42,059

As of June 30, 2025 and December 31, 2024, total deferred financing costs, net, of $6.9 million and $8.9 million, respectively, related to the 2027 Term Loan and the CF Term Loans are included as a component of unsecured term loans, net of deferred financing costs on the Company’s consolidated balance sheets.

The Company fixed the interest rates on its variable-rate term loan debt through the use of interest rate swap agreements. See Note 6—Derivative and Hedging Activities for additional information.

In June 2021, through its Operating Partnership, the Company completed a public offering of $400.0 million aggregate principal amount of 2.950% Senior Notes due 2031 (the "2031 Notes"), resulting in net proceeds of $396.6 million. The 2031 Notes were issued by the Operating Partnership, and the obligations of the Operating Partnership under the 2031 Notes are fully and unconditionally guaranteed on a senior basis by the Company. The 2031 Notes were issued at 99.8% of their principal amount. In connection with the offering of the 2031 Notes, the Operating Partnership incurred $4.7 million in deferred financing costs and an offering discount of $0.8 million.

The Company's senior unsecured notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership's option, at a redemption price equal to the sum of:

In addition, if any of the 2031 Notes are redeemed on or after April 15, 2031 (three months prior to the stated maturity date of such notes), the redemption price will equal 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date, without any make-whole premium.


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Interest expense	$	2,929	$	2,929	$	5,859	$	5,858
Amortization of deferred financing costs and original issue discount	139		139		278		279
Total	$	3,068	$	3,068	$	6,137	$	6,137

Total deferred financing costs, net, of $2.9 million and $3.1 million related to the Company's senior unsecured notes were included within senior unsecured notes, net on the Company’s consolidated balance sheet as of June 30, 2025 and December 31, 2024, respectively.