v3.25.4
Indebtedness
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
Outstanding Balance atInterest
Rate at
December 31,
2025		Effective
Interest
Rate at
Issuance		Maturity
Date
 December 31, 2025December 31, 2024
Mortgage Loan Payable$9,295 $9,643 4.17%4.17%8/1/2028
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2031 Notes450,000 — 5.25%5.41%1/15/2031
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$1,448,571 $998,571 
Unamortized Debt Issuance Costs(6,991)(3,347)
Unamortized Discounts(2,973)(40)
Senior Unsecured Notes, Net$1,438,607 $995,184 
Unsecured Term Loans, Gross
2021 Unsecured Term Loan— 200,000 N/AN/AN/A
2022 Unsecured Term Loan II (A)(B)
300,000 300,000 4.42%N/A8/12/2026
2022 Unsecured Term Loan (A)
425,000 425,000 3.64%N/A10/18/2027
2025 Unsecured Term Loan (A)(C)
200,000 — 1.83%N/A3/17/2028
Subtotal$925,000 $925,000 
Unamortized Debt Issuance Costs(2,506)(2,524)
Unsecured Term Loans, Net
$922,494 $922,476 
Unsecured Credit Facility (D)
$183,000 $282,000 4.44%N/A3/16/2029
(A) The interest rate at December 31, 2025 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 12.
(B) During the year ended December 31, 2025, we consummated our exercise of the first one-year extension option, which extends the maturity date to August 12, 2026. At our option, we may extend the maturity pursuant to an additional one-year extension option, subject to satisfaction of certain conditions.
(C) At our option, we may extend the maturity date pursuant to two one-year extension options, subject to satisfaction of certain conditions.
(D) At our option, we may extend the maturity date pursuant to two six-month extension options, subject to satisfaction of certain conditions. Amounts exclude unamortized debt issuance costs of $7,356 and $713 as of December 31, 2025 and 2024, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net on the Consolidated Balance Sheets.
Mortgage Loan Payable
As of December 31, 2025, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $29,395. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of December 31, 2025.
Senior Unsecured Notes, Net
The senior notes issued in a private placement (the "Private Placement Notes") are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments.
On May 14, 2025, we issued $450,000 of senior unsecured notes due January 15, 2031 (the "2031 Notes"). The 2031 Notes bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2026. The notes were issued at 99.265% of par, resulting in an original issue discount that will be amortized as an adjustment to interest expense. In anticipation of the issuance, we entered into two five-year treasury lock agreements (the "2030 Treasury Locks") to hedge the interest rate risk associated with the 2031 Notes. We settled the 2030 Treasury Locks on May 13, 2025 for a payment of $250, which was recorded in other comprehensive income and will be amortized to interest expense over a five-year period. Taking into account the original issue discount and the settlement amount of the 2030 Treasury Locks, the effective interest rate on the 2031 Notes is 5.41%. The 2031 Notes include customary covenants, including, but not limited to, limitations on the incurrence of additional indebtedness and requirements to maintain specified debt service coverage ratios.
Unsecured Term Loans, Net
On March 18, 2025, we amended and restated our existing $200,000 unsecured term loan (as amended and restated, the "2025 Unsecured Term Loan"). The 2025 Unsecured Term Loan matures on March 17, 2028, and includes two optional one-year extensions, subject to the satisfaction of certain conditions. The 2025 Unsecured Term Loan provides for interest-only payments during the term and bears interest at a variable rate based on SOFR, plus a 10 basis point SOFR adjustment and a credit spread of 85 basis points based on our current credit ratings and consolidated leverage ratio. We have interest rate swaps outstanding with a notional value of $200,000 that fix the SOFR rate component at 0.88% at December 31, 2025 and mature on February 2, 2026. The all-in interest rate at December 31, 2025 is 1.83%. See Note 12 for additional information. The 2025 Unsecured Term Loan may be increased, at our request and subject to willingness of existing or new lenders to fund such increase and other customary conditions, to a maximum of $460,000.
Our $300,000 unsecured term loan (the "2022 Unsecured Term Loan II") matures on August 12, 2026, with the option to extend the term for an additional one-year period, subject to satisfaction of certain conditions. At December 31, 2025, the 2022 Unsecured Term Loan II requires interest-only payments and bears interest at a variable rate based on SOFR, plus a 10 basis point SOFR adjustment and a credit spread of 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio, credit ratings and sustainability-linked pricing metrics. Additionally, we have interest rate swaps with an aggregate notional value of $300,000 that effectively lock the SOFR rate at 3.47%. The all-in interest rate at December 31, 2025 is 4.42%. $150,000 of the notional amount of the interest rate swaps matures on August 1, 2027, while the remaining $150,000 of the notional amount of the interest rate swaps matures on December 1, 2028. See Note 12 for additional information.
Our $425,000 unsecured term loan (the "2022 Unsecured Term Loan") matures on October 18, 2027. At December 31, 2025, the 2022 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on SOFR, plus a 10 basis point SOFR adjustment and a credit spread of 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio, credit ratings and sustainability-linked pricing metrics. Additionally, we have interest rate swaps with an aggregate notional value of $425,000 that lock the SOFR rate at 2.69%. The all-in interest rate at December 31, 2025 is 3.64%. The interest rate swaps mature on September 30, 2027. See Note 12 for additional information.
The "Unsecured Term Loans" are comprised of the 2025 Unsecured Term Loan, the 2022 Unsecured Term Loan II and the 2022 Unsecured Term Loan. On January 22, 2026, we refinanced our 2022 Unsecured Term Loan and our 2022 Unsecured Term Loan II and we amended our 2025 Unsecured Term Loan. See Note 15 for additional information.
Unsecured Credit Facility
On March 18, 2025, we amended and restated our existing $750,000 revolving credit agreement, increasing the total capacity to $850,000 (as amended and restated, the "Unsecured Credit Facility"). The Unsecured Credit Facility matures on March 16, 2029, and includes two optional six-month extensions, subject to the satisfaction of certain conditions. At December 31, 2025, borrowings under the Unsecured Credit Facility bear interest at a variable rate based on SOFR, plus a credit spread of 77.5 basis points based on our current credit ratings and consolidated leverage ratio, and requires us to pay a facility fee of 15 basis points. The Unsecured Credit Facility provides for interest-only payments during the term and may be increased, at our request and subject to the willingness of existing or new lenders to fund such increase and other customary conditions, to a maximum of $1,000,000.
Indebtedness
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of December 31, and thereafter: 
 Amount
2026$300,364 
2027556,449 
2028390,453 
2029408,000 
2030250,000 
Thereafter660,600 
Total
$2,565,866 

Our Unsecured Credit Facility, Unsecured Term Loans, Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants. These include, among others, restrictions on the incurrence of additional indebtedness and requirements related to debt service coverage ratios. Under the terms of the Unsecured Credit Facility and Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants under the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of December 31, 2025. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.
Fair Value
At December 31, 2025 and 2024, the fair value of our indebtedness was as follows: 
 December 31, 2025December 31, 2024
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$9,295 $9,171 $9,643 $9,326 
Senior Unsecured Notes, Net1,445,598 1,406,188 998,531 909,012 
Unsecured Term Loans925,000 926,998 925,000 924,814 
Unsecured Credit Facility183,000 183,000 282,000 282,162 
Total$2,562,893 $2,525,357 $2,215,174 $2,125,314 
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.
The fair value of our mortgage loan payable was determined by discounting the future cash flows using current rates at which similar loans with comparable remaining maturities would be issued. These rates were internally estimated. The fair value of the senior unsecured notes was determined based on current rates as advised by our bankers. These rates were based upon recent trades within the same series of the senior unsecured notes, trades for senior unsecured notes with comparable maturities, trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. For the Unsecured Credit Facility and the Unsecured Term Loans, the fair value was calculated by discounting future cash flows using current rates, as advised by our bankers, reflecting rates at which loans with similar terms and credit ratings would be issued, assuming no repayment before maturity. We concluded that our fair value determination for our mortgage loan payable, senior unsecured notes, Unsecured Term Loans and Unsecured Credit Facility primarily relied on Level 3 inputs.