| Summary of Indebtedness |
The following table discloses certain information regarding our indebtedness: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding Balance at | | Interest
Rate at
December 31,
2025 | | Effective
Interest
Rate at
Issuance | | Maturity
Date | | | December 31, 2025 | | December 31, 2024 | | | Mortgage Loan Payable | $ | 9,295 | | | $ | 9,643 | | | 4.17% | | 4.17% | | 8/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Unsecured Notes, Gross | | | | | | | | | | | 2027 Notes | 6,070 | | | 6,070 | | | 7.15% | | 7.11% | | 5/15/2027 | | 2028 Notes | 31,901 | | | 31,901 | | | 7.60% | | 8.13% | | 7/15/2028 | | 2031 Notes | 450,000 | | | — | | | 5.25% | | 5.41% | | 1/15/2031 | | 2032 Notes | 10,600 | | | 10,600 | | | 7.75% | | 7.87% | | 4/15/2032 | | 2027 Private Placement Notes | 125,000 | | | 125,000 | | | 4.30% | | 4.30% | | 4/20/2027 | | 2028 Private Placement Notes | 150,000 | | | 150,000 | | | 3.86% | | 3.86% | | 2/15/2028 | | 2029 Private Placement Notes | 75,000 | | | 75,000 | | | 4.40% | | 4.40% | | 4/20/2029 | | 2029 II Private Placement Notes | 150,000 | | | 150,000 | | | 3.97% | | 4.23% | | 7/23/2029 | | 2030 Private Placement Notes | 150,000 | | | 150,000 | | | 3.96% | | 3.96% | | 2/15/2030 | | 2030 II Private Placement Notes | 100,000 | | | 100,000 | | | 2.74% | | 2.74% | | 9/17/2030 | | 2032 Private Placement Notes | 200,000 | | | 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/A | | N/A | | N/A | 2022 Unsecured Term Loan II (A)(B) | 300,000 | | | 300,000 | | | 4.42% | | N/A | | 8/12/2026 | 2022 Unsecured Term Loan (A) | 425,000 | | | 425,000 | | | 3.64% | | N/A | | 10/18/2027 | 2025 Unsecured Term Loan (A)(C) | 200,000 | | | — | | | 1.83% | | N/A | | 3/17/2028 | | 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/A | | 3/16/2029 |
(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.
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| Schedule of Maturities |
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 | | | 2027 | 556,449 | | | 2028 | 390,453 | | | 2029 | 408,000 | | | 2030 | 250,000 | | | Thereafter | 660,600 | | Total | $ | 2,565,866 | |
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| Summary of Indebtedness at Estimated Fair Value |
At December 31, 2025 and 2024, the fair value of our indebtedness was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 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, Net | 1,445,598 | | | 1,406,188 | | | 998,531 | | | 909,012 | | | Unsecured Term Loans | 925,000 | | | 926,998 | | | 925,000 | | | 924,814 | | | Unsecured Credit Facility | 183,000 | | | 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.
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