v3.25.4
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Notes Payable
The following table summarizes the components and significant terms of our indebtedness as of December 31, 2025 and 2024 (dollars in thousands):
 December 31, 2025December 31, 2024Margin Above SOFR
Interest Rate(1)
 
Contractual
Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility$— $— S+0.725 %
(2)
4.595 %
(3)
5/30/2029
(4)
$100M Senior Notes
— 100,000 n/a4.290 %
 
8/6/2025
(5)
$575M Exchangeable Senior Notes due 2027575,000 575,000 n/a4.375 %3/15/2027
$300M Term Loan300,000 300,000 S+0.800 %
(2)
3.617 %
(6)
5/26/2027
$125M Senior Notes
125,000 125,000 n/a3.930 %7/13/2027
$300M Senior Notes due 2028300,000 300,000 n/a5.000 %6/15/2028
$575M Exchangeable Senior Notes due 2029
575,000 575,000 n/a4.125 %3/15/2029
$25M Series 2019A Senior Notes
25,000 25,000 n/a3.880 %7/16/2029
$400M Term Loan400,000 400,000 S+0.800 %
(2)
4.214 %
(7)
5/30/2030
$400M Senior Notes due 2030400,000 400,000 n/a2.125 %12/1/2030
$400M Senior Notes due 2031
400,000 400,000 n/a2.150 %9/1/2031
$75M Series 2019B Senior Notes
75,000 75,000 n/a4.030 %7/16/2034
Total Unsecured Debt$3,175,000 $3,275,000 
Secured Debt:
$60M Term Loan(8)
60,000 60,000 S+1.250 %5.060 %
(8)
10/27/2026
(8)
701-751 Kingshill Place(9)
6,715 6,852 n/a3.900 %1/5/2026
13943-13955 Balboa Boulevard(9)
13,814 14,213 n/a3.930 %7/1/2027
2205 126th Street(10)
5,200 5,200 n/a3.910 %12/1/2027
2410-2420 Santa Fe Avenue(10)
10,300 10,300 n/a3.700 %1/1/2028
11832-11954 La Cienega Boulevard(9)
3,688 3,772 n/a4.260 %7/1/2028
Gilbert/La Palma(9)
1,323 1,538 n/a5.125 %3/1/2031
7817 Woodley Avenue(9)
2,609 2,747 n/a4.140 %8/1/2039
Total Secured Debt$103,649 $104,622 
Total Unsecured and Secured Debt$3,278,649 $3,379,622 
Less: Unamortized premium/discount and debt issuance costs(11)
(26,740)(33,660)
Total$3,251,909 $3,345,962 
(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2025 and includes the effect of interest rate swaps that were effective as of December 31, 2025. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.
(2)As of December 31, 2025, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan, plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, and a sustainability-related rate adjustment of zero. These loans are also subject to a 0% SOFR floor. In January 2026, the applicable margin decreased by 0.04% to 0.685% for the unsecured revolving credit facility and to 0.76% for the $400.0 million and $300.0 million unsecured term loans after certifying that our sustainability performance targets were met for 2025.
(3)The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2025, the applicable facility fee is 0.125% per annum with a sustainability-related rate adjustment of zero. In January 2026, the facility fee decreased by 0.01% to 0.115% after certifying that our sustainability performance targets for 2025 were met.
(4)The unsecured revolving credit facility has two six-month extensions available at our option, subject to certain terms and conditions.
(5)On August 6, 2025, we paid in full the outstanding principal balance on this unsecured debt.
(6)Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725% through May 26, 2027, resulting in an all-in fixed rate of 3.61725% after adding the applicable margin and sustainability-related rate adjustment.
(7)Daily SOFR for our $400.0 million unsecured term loan has been swapped to a fixed rate of 3.41375% through May 30, 2030, resulting in an all-in fixed rate of 4.21375% after adding the applicable margin and sustainability-related rate adjustment.
(8)The loan is secured by six properties and has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. Term SOFR for this loan has been swapped to a fixed rate of 3.710% through July 30, 2026, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. On July 11, 2025, we exercised a one-year extension option, extending the maturity date of this loan to October 27, 2026. Subsequently, on September 2, 2025, we amended this loan to, among other changes, add two additional one-year extension options. As of December 31, 2025, we have three remaining one-year extension options available, subject to certain terms and conditions.
(9)Fixed monthly payments of interest and principal until maturity as follows: 701-751 Kingshill Place ($33,488), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).
(10)Fixed monthly payments of interest only.
(11)Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.
Summary of Aggregate Future Minimum Payments of Debt
Contractual Debt Maturities
The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of December 31, 2025, and does not consider unexercised extension options available to us as noted in the table above (in thousands):
2026$67,587 
20271,019,078 
2028314,218 
2029600,427 
2030800,448 
Thereafter476,891 
Total$3,278,649