v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes the Company's outstanding indebtedness as of June 30, 2025 and December 31, 2024:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)Maturity DateJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Unsecured term loans:
2027 Term LoanFebruary 2027$430,000 $430,000 5.3%5.6%
2028 Term LoanJanuary 2028400,000 400,000 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 notesJuly 2031400,000 400,000 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).
(2)After giving effect to extension options exercisable at the Operating Partnership's election.
The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Interest expense$2,451 $1,353 $4,098 $1,581 
Amortization of deferred financing costs554 307 1,042 614 
Total$3,005 $1,660 $5,140 $2,195 
The following table presents information about aggregate interest expense related to the 2027 Term Loan and the CF Term Loans:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Interest expense$23,066 $20,412 $46,095 $40,873 
Amortization of deferred financing costs980 593 1,961 1,186 
Total$24,046 $21,005 $48,056 $42,059 
The following is a summary of the senior unsecured notes outstanding as of June 30, 2025 and December 31, 2024:
(dollars in thousands)Maturity DateInterest Payment DatesStated Interest RatePrincipal Outstanding
2031 NotesJuly 15, 2031January 15 and July 152.95%$400,000 
The following table presents information about interest expense related to the Company's senior unsecured notes for the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Interest expense$2,929 $2,929 $5,859 $5,858 
Amortization of deferred financing costs and original issue discount139 139 278 279 
Total$3,068 $3,068 $6,137 $6,137 
Schedule of Scheduled Principal Payments
The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of June 30, 2025:
(in thousands)
2027 Term Loan2028 Term Loan
2029 Term Loan(1)
2030 Term Loan(1)
Senior Unsecured Notes
Revolving Credit Facility(2)
Total
July 1 - December 31, 2025$— $— $— $— $— $— $— 
2026— — — — — — — 
2027430,000 — — — — — 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 $2,330,000 
______________________
(1)After giving effect to extension options exercisable at the Operating Partnership's election.
(2)Any amounts drawn will be due in February 2030, after giving effect to extension options exercisable at the Operating Partnership's election.
Schedule of Borrowing and Repayments of Credit Facilities
The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented:
(in thousands)20252024
Balance on January 1,$— $— 
Borrowings355,000 255,000 
Repayments(155,000)(10,000)
Balance on June 30,$200,000 $245,000