v3.25.4
Long Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
The following table summarizes the Company's outstanding indebtedness as of December 31, 2025 and 2024:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)Maturity DateDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Unsecured term loans:
2027 Term LoanFebruary 2027$430,000 $430,000 4.87%5.62%
2028 Term LoanJanuary 2028400,000 400,000 4.77%5.62%
2029 Term Loan
February 2029(2)
450,000 450,000 4.77%5.62%
2030 Term Loan
January 2030(2)
450,000 450,000 4.77%5.62%
Senior unsecured notes:
2031 NotesJuly 2031400,000 400,000 2.95%2.95%
2035 NotesDecember 2035400,000 — 5.40%—%
Revolving Credit Facility
February 2030(2)
— — —%—%
Total principal outstanding$2,530,000 $2,130,000 4.60%5.12%
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(1)Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities).
(2)After giving effect to extension options exercisable at the Operating Partnership's election.
The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented:
Year ended December 31,
(in thousands)202520242023
Interest expense and fees$9,185 $4,558 $1,038 
Amortization of deferred financing costs2,150 1,228 1,203 
Total$11,335 $5,786 $2,241 
Year ended December 31,
(in thousands)202520242023
Interest expense$91,322 $92,451 $66,582 
Amortization of deferred financing costs3,922 3,104 1,617 
Total$95,244 $95,555 $68,199 
The following is a summary of the senior unsecured notes outstanding as of December 31, 2025:
(dollars in thousands)
Maturity Date
Interest Payment Dates
Stated Interest Rate
Principal Outstanding
2031 Notes
July 15, 2031January 15 and July 152.95 %$400,000 
2035 NotesDecember 1, 2035June 1 and December 15.40 %400,000 
The following table presents information about interest expense related to the Company's Senior Notes for the periods presented:
Year ended December 31,
(in thousands)
202520242023
Interest expense$19,319 $11,716 $11,713 
Amortization of deferred financing costs and original issue discount930 557 560 
Total$20,249 $12,273 $12,273 
Schedule of Scheduled Principal Payments
The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of December 31, 2025:
(in thousands)2027 Term Loan2028 Term Loan
2029 Term Loan(1)
2030 Term Loan(1)
Senior Unsecured Notes
Revolving Credit Facility(2)
Total
2026$— $— $— $— $— $— $— 
2027430,000 — — — — — 430,000 
2028— 400,000 — — — — 400,000 
2029— — 450,000 — — — 450,000 
2030— — — 450,000 — — 450,000 
Thereafter— — — — 800,000 — 800,000 
Total$430,000 $400,000 $450,000 $450,000 $800,000 $— $2,530,000 
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(1)    After giving effect to extension options exercisable at the Operating Partnership's election.
(2)    Any amounts drawn will be due in February 2030, after giving effect to extension options exercisable at the Operating Partnership's election.
Schedule of Borrowing and Repayments of Credit Facilities
The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented:
(in thousands)202520242023
Balance on January 1,$— $— $— 
Borrowings855,000 490,000 70,000 
Repayments(855,000)(490,000)(70,000)
Balance on December 31,$— $— $—