v3.25.2
Mortgages (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgages
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.
The Company’s mortgages consist of the following:
(in thousands, except interest rates)Origination
Date		Maturity
Date		Interest
Rate		June 30,
2025		December 31,
2024
Lender
Wilmington Trust National AssociationApr. 2019Feb. 20284.92%$42,121 $42,838 
(a) (b) (c) (d)
Wilmington Trust National AssociationJun. 2018Aug. 20254.36%18,052 18,283 
(a) (b) (c) (d)
PNC BankOct. 2016Nov. 20263.62%15,559 15,792 
(b) (c)
Total mortgages75,732 76,913 
Debt issuance costs, net(47)(67)
Mortgages, net$75,685 $76,846 
(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.
(b)Debt secured by related rental property and lease rents.
(c)Debt secured by guaranty of the OP.
(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.
Schedule of Estimated Future Principal Payments
Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 7) at June 30, 2025 are as follows:
(in thousands)
Remainder of 2025$19,016 
202616,843 
2027351,596 
2028763,277 
2029497,880 
Thereafter475,000 
$2,123,612