v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of the mortgage notes payable, unsecured term loans and credit facility
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of December 31, 2025 and 2024.

Indebtedness (dollars in thousands)December 31, 2025December 31, 2024
Interest Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$262,000 
 
$409,000  
Term SOFR+0.775%
September 7, 2029i
Total unsecured credit facility262,000 
 
409,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 150,000 2.06 %March 15, 2027i
Unsecured Term Loan H187,500 187,500 3.25 %January 25, 2028i
Unsecured Term Loan I187,500 187,500 3.41 %January 25, 2028i
Unsecured Term Loan F(5)
200,000 200,000 4.73 %March 23, 2029i
Unsecured Term Loan G(6)
300,000 300,000 1.70 %March 14, 2031i
Total unsecured term loans1,025,000 1,025,000 
Total unamortized deferred financing fees and debt issuance costs(3,659)(3,152)
Total carrying value unsecured term loans, net1,021,341 
 
1,021,848     
Unsecured notes: 
 
    
Series D Unsecured Notes— 100,000 4.32 %February 20, 2025ii
Series G Unsecured Notes— 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 50,000 4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 80,000 4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 20,000 4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Series L Unsecured Notes175,000 175,000 6.05 %May 28, 2029ii
Series O Unsecured Notes350,000 — 5.50 %June 25, 2030ii
Series M Unsecured Notes125,000 125,000 6.17 %May 28, 2031ii
Series I Unsecured Notes275,000 275,000 2.80 %September 29, 2031ii
Series K Unsecured Notes400,000 400,000 4.12 %June 28, 2032ii
Series P Unsecured Notes 100,000 — 5.82 %June 25, 2033ii
Series J Unsecured Notes50,000 50,000 2.95 %September 28, 2033ii
Series N Unsecured Notes150,000 150,000 6.30 %May 28, 2034ii
Series Q Unsecured Notes100,000 — 5.99 %June 25, 2035ii
Total unsecured notes1,975,000 1,600,000 
Total unamortized deferred financing fees and debt issuance costs(8,006)(5,908)
Total carrying value unsecured notes, net1,966,994 
 
1,594,092 
 
   
Mortgage note (secured debt):    
United of Omaha Life Insurance Company4,099 4,322 3.71 %October 1, 2039ii
Total mortgage note4,099 
 
4,322   
Unamortized fair market value discount(119)(127) 
Total carrying value mortgage note, net3,980 
 
4,195  
Total / weighted average interest rate(7)
$3,254,315 
 
$3,029,135 4.21 %
(1)Interest rate as of December 31, 2025. At December 31, 2025, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) and Daily Secured Overnight Financing Rate (“Daily SOFR”) was 3.688% and 3.870%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements.
(2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a spread of 0.775%. The Unsecured Term Loans A, G, H, and I have a stated interest rate of one-month Term SOFR plus a spread of 0.85%. The Unsecured Term Loan F has a stated interest rate of Daily SOFR plus a spread of 0.85%. All of the unsecured term loans have been swapped to a fixed rate, and such fixed rates inclusive of the spreads are presented in the table above. Effective February 5, 2026, the Unsecured Term Loan G was swapped to a fixed rate inclusive of the spread of 3.94%.
(3)Prepayment terms consist of (i) pre-payable with no penalty, and (ii) pre-payable with penalty.
(4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $7.3 million and $10.1 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to
the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly.
(5)The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)The initial maturity date of the Unsecured Term Loan G is March 15, 2030, or such later date which may be extended pursuant to a one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions.
(7)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023.

Year ended December 31,
Costs Included in Interest Expense (in thousands)202520242023
Amortization of deferred financing fees and debt issuance costs and fair market value discount$5,421 $4,506 $3,905 
Facility, unused, and other fees$1,761 $1,765 $1,759 
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value as of December 31, 2025 and 2024. The fair value of the Company’s debt is based on Level 3 inputs.
 December 31, 2025December 31, 2024
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$262,000 $262,000 $409,000 $409,000 
Unsecured term loans1,025,000 1,025,000 1,025,000 1,025,000 
Unsecured notes1,975,000 1,937,338 1,600,000 1,490,667 
Mortgage note4,099 3,306 4,322 3,366 
Total principal amount3,266,099 $3,227,644 3,038,322 $2,928,033 
Unamortized fair market value discount(119)(127)
Total unamortized deferred financing fees and debt issuance costs (11,665)(9,060)
Total carrying value$3,254,315 $3,029,135 
Schedule of aggregate future principal payments of debt
The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2025.

YearFuture Principal Payments of Debt
(in thousands)
2026$130,231 
2027370,240 
2028737,249 
2029175,258 
2030650,268 
Thereafter1,202,853 
Total aggregate principal payments$3,266,099