v3.25.2
Unsecured Credit Agreements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Unsecured Credit Agreements Unsecured Credit Agreements
The following table summarizes the Company’s unsecured credit agreements:
Outstanding Balance
(in thousands, except interest rates)June 30,
2025		December 31,
2024		Interest RateMaturity Date
Unsecured revolving credit facility$197,880 $93,014 
Applicable reference rate + 0.85% (a)
Mar. 2029
(d)
Unsecured term loans:
2026 Unsecured Term Loan— 400,000 
one-month adjusted SOFR + 1.00% (b)
Feb. 2026
(e)
2027 Unsecured Term Loan200,000 200,000 
daily simple adjusted SOFR + 0.95% (c)
Aug. 2027
2028 Unsecured Term Loan500,000 — 
one-month adjusted SOFR + 0.95% (b)
Mar. 2028
(f)
2029 Unsecured Term Loan300,000 300,000 
daily simple adjusted SOFR + 1.25% (c)
Aug. 2029
Total unsecured term loans1,000,000 900,000 
Unamortized debt issuance costs, net(5,972)(2,799)
Total unsecured term loans, net994,028 897,201 
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A150,000 150,000 4.84%Apr. 2027
2028 Senior Unsecured Notes - Series B225,000 225,000 5.09%Jul. 2028
2030 Senior Unsecured Notes - Series C100,000 100,000 5.19%Jul. 2030
2031 Senior Unsecured Public Notes375,000 375,000 2.60%Sep. 2031
Total senior unsecured notes850,000 850,000 
Unamortized debt issuance costs and original issuance discount, net(3,559)(3,936)
Total senior unsecured notes, net846,441 846,064 
Total unsecured debt, net$2,038,349 $1,836,279 
(a)At June 30, 2025 and December 31, 2024, a balance of $124.8 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $73.1 million United States Dollars (“USD”) and $69.5 million USD, at June 30, 2025 and December 31, 2024, respectively, and was subject to daily simple CORRA of 2.75% and 3.32% at June 30, 2025 and December 31, 2024, respectively.
(b)At June 30, 2025 and December 31, 2024, one-month SOFR was 4.32% and 4.33%, respectively.
(c)At June 30, 2025 and December 31, 2024, overnight SOFR was 4.45% and 4.49%, respectively.
(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.
(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.
(f)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.
At June 30, 2025, the weighted average interest rate on all outstanding borrowings was 4.80% exclusive of interest rate swap agreements, and 3.89% inclusive of interest rate swap agreements.
The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios. As of June 30, 2025, and for all periods presented, the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material effect on the Company.
On February 28, 2025, the Company amended and restated the $1.0 billion unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, to extend the maturity date of the unsecured revolving credit facility to March 31, 2029, and entered into a $500.0 million term loan agreement maturing on March 31, 2028 (the “2028 Unsecured Term Loan”). The Company borrowed $400.0 million of the available borrowings on the closing date and the remaining $100.0 million was funded during May 2025. Borrowings under the 2028 Unsecured Term Loan are subject to interest only payments at variable rates equal to adjusted SOFR plus a margin based on the Company’s credit rating, ranging between 0.800% and 1.600% per annum. Based on the Company’s current credit rating, the applicable margin was 0.950% as of June 30, 2025. Proceeds from the loan were used to repay the $400.0 million 2026 Unsecured Term Loan in full and repay a portion of the unsecured revolving credit facility. The amended and restated agreement includes an accordion feature to increase the aggregate facility size from $1.5 billion to $2.5 billion, subject to the willingness of existing or new lenders to fund such increase and other customary conditions. All remaining terms of the unsecured revolving credit facility remained the same.
For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. With respect to the amended and restated unsecured credit agreement, the transaction was deemed to be a modification of debt.
For the six months ended June 30, 2025, the Company incurred $12.3 million in debt issuance costs associated with the amended and restated unsecured credit agreement, which have been deferred and are being amortized over the term of the associated debt. The Company did not incur debt issuance costs during the three months ended June 30, 2025 as well as the three and six months ended June 30, 2024.
Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
(in thousands)2025202420252024
Debt issuance costs and original issuance discount amortization$1,328 $983 $2,565 $1,966