Debt (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| 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 Rate | | Maturity | | June 30, 2025 | | December 31, 2024 | Senior Unsecured Revolving Credit Facility (1) | 5.23 | % | | August 2028 | | $ | — | | $ | 158,000 | Commercial Paper Notes (2) | 4.62 | % | | Various | | | 247,000 | | | — | Total | | | | | | $ | 247,000 | | $ | 158,000 |
| (1) | At June 30, 2025, the Revolving Credit Facility would have incurred interest of 5.23%, which is comprised of SOFR of 4.40%, the pricing grid spread of 72.5 basis points and the 10 basis point SOFR adjustment. |
| (2) | As of June 30, 2025, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month. |
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| Schedule of maturities of long-term debt |
The following table presents scheduled principal payments related to the Company’s debt as of June 30, 2025 (in thousands): | | | | | | | | | | Scheduled | | Balloon | | | | | Principal | | Payment | | Total | Remainder of 2025 (1) | $ | 520 | | $ | 247,000 | | $ | 247,520 | 2026 | | 629 | | | — | | | 629 | 2027 | | — | | | 50,000 | | | 50,000 | 2028 (2) | | — | | | 410,000 | | | 410,000 | 2029 | | — | | | 492,250 | | | 492,250 | Thereafter | | — | | | 2,050,000 | | | 2,050,000 | Total scheduled principal payments | $ | 1,149 | | $ | 3,249,250 | | $ | 3,250,399 |
| (1) | At June 30, 2025, 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 borrowings outstanding as of June 30, 2025. |
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| Mortgages |
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| Schedule of long-term debt instruments |
Mortgage notes payable consisted of the following as of the dates presented (in thousands): | | | | | | | | | June 30, 2025 | | December 31, 2024 | Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 | | $ | 1,149 | | $ | 1,654 | | | | | | | | 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 principal | | | 43,399 | | | 43,904 | Unamortized debt issuance costs and assumed debt discount, net | | | (1,513) | | | (1,694) | Total | | $ | 41,886 | | $ | 42,210 |
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| Unsecured term loan |
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| Schedule of long-term debt instruments |
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 (1) | | Maturity | | June 30, 2025 | | December 31, 2024 | 2029 Unsecured Term Loan | 4.52 | % | | January 2029 | | $ | 350,000 | | $ | 350,000 | Total principal | | | | | | | 350,000 | | | 350,000 | Unamortized debt issuance costs, net | | | | | | | (2,233) | | | (2,548) | Total | | | | | | $ | 347,767 | | $ | 347,452 |
| (1) | Interest rate as of June 30, 2025 reflects the credit spread of 85 basis points, plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57%. |
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| Senior Unsecured Notes |
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| Schedule of long-term debt instruments |
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 | | Coupon | | | | | | | | | | Interest Rate (1) | | Rate | | Maturity | | June 30, 2025 | | December 31, 2024 | 2025 Senior Unsecured Notes | 4.16 | % | | 4.16 | % | | May 2025 | | $ | — | | $ | 50,000 | 2027 Senior Unsecured Notes | 4.26 | % | | 4.26 | % | | May 2027 | | | 50,000 | | | 50,000 | 2028 Senior Unsecured Public Notes | 2.11 | % | | 2.00 | % | | June 2028 | | | 350,000 | | | 350,000 | 2028 Senior Unsecured Notes | 4.42 | % | | 4.42 | % | | July 2028 | | | 60,000 | | | 60,000 | 2029 Senior Unsecured Notes | 4.19 | % | | 4.19 | % | | September 2029 | | | 100,000 | | | 100,000 | 2030 Senior Unsecured Notes | 4.32 | % | | 4.32 | % | | September 2030 | | | 125,000 | | | 125,000 | 2030 Senior Unsecured Public Notes | 3.49 | % | | 2.90 | % | | October 2030 | | | 350,000 | | | 350,000 | 2031 Senior Unsecured Notes | 4.42 | % | | 4.47 | % | | October 2031 | | | 125,000 | | | 125,000 | 2032 Senior Unsecured Public Notes | 3.96 | % | | 4.80 | % | | October 2032 | | | 300,000 | | | 300,000 | 2033 Senior Unsecured Public Notes | 2.13 | % | | 2.60 | % | | June 2033 | | | 300,000 | | | 300,000 | 2034 Senior Unsecured Public Notes | 5.65 | % | | 5.63 | % | | June 2034 | | | 450,000 | | | 450,000 | 2035 Senior Unsecured Public Notes | 5.35 | % | | 5.60 | % | | June 2035 | | | 400,000 | | | — | Total principal | | | | | | | | | | 2,610,000 | | | 2,260,000 | Unamortized debt issuance costs and original issue discounts, net | | | | | | | | | | (27,108) | | | (22,241) | Total | | | | | | | | | $ | 2,582,892 | | $ | 2,237,759 |
| (1) | The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable. |
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