v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Term Loan Agreement

On March 31, 2025, we refinanced our €500.0 million term loan (our “Unsecured Term Loan due 2029”), extending the maturity date by three years to April 24, 2029, with an option to extend the term loan by up to an additional year, subject to certain customary conditions. Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at December 31, 2025 was 80 basis points over EURIBOR (as defined below). In conjunction with the refinancing of the Unsecured Term Loan due 2029, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of December 31, 2025 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below.
Senior Unsecured Credit Facility

As of both December 31, 2025 and 2024, we had a multi-currency senior unsecured credit facility, comprised of (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. The GBP Term Loan due 2028 borrowing rate at December 31, 2025 was 80 basis points over SONIA (as defined below). On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total per annum interest rate of approximately 4.72% as of December 31, 2025 (inclusive of the current spread). We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2029 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of December 31, 2025, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At December 31, 2025, our Unsecured Revolving Credit Facility had available capacity of approximately $1.6 billion (net of amounts reserved for standby letters of credit totaling $1.1 million). We currently incur an annual facility fee of 0.140% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 and (ii) the achievement of certain sustainability key performance indicators (“KPIs”) agreed to under the credit agreement, which is included within Interest expense in our consolidated statements of income.

The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):
Senior Unsecured Credit Facility
Interest Rate at December 31, 2025 (a)
Maturity Date at December 31, 2025
Principal Outstanding Balance at
December 31,
20252024
Unsecured Term Loans: (b)
Unsecured Term Loan due 2029 — borrowing in euros (c)
2.80%
4/24/2029$587,500 $519,450 
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)
4.72%
2/14/2028363,569 338,290 
EUR Term Loan due 2028 — borrowing in euros
EURIBOR + 0.80%
2/14/2028252,625 223,363 
1,203,694 1,081,103 
Unsecured Revolving Credit Facility:
Borrowing in U.S. dollars (e)
SOFR + 0.735%
2/14/2029258,000 — 
Borrowing in euros (c)
EURIBOR + 0.735%
2/14/202966,975 — 
Borrowing in Canadian dollars (f)
CORRA + 0.735%
2/14/202953,316 — 
Borrowing in British pounds sterling
SONIA + 0.735%
2/14/202941,743 40,094 
Borrowing in Japanese yen (g)
TIBOR + 0.735%
2/14/202915,383 15,354 
435,417 55,448 
$1,639,111 $1,136,551 
__________
(a)The applicable interest rate at December 31, 2025 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1, our Leverage Ratio, and the achievement of certain sustainability KPIs.
(b)Balances exclude unamortized discount of $6.9 million and $5.0 million at December 31, 2025 and 2024, respectively, and unamortized deferred financing costs of $0.4 million and $0.2 million at December 31, 2025 and 2024, respectively.
(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through December 31, 2027. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2029 will be subject to a variable interest rate based on the Euro Interbank Offered Rate (EURIBOR).
(d)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 3.92% through December 31, 2027. Upon maturity of the interest rate swaps, the GBP Term Loan due 2028 will be subject to a variable interest rate based on the Sterling Overnight Index Average (SONIA).
(e)SOFR means Secured Overnight Financing Rate.
(f)CORRA means Canadian Overnight Repo Rate Average.
(g)TIBOR means Tokyo Interbank Offered Rate.

Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $7.0 billion at December 31, 2025 (the “Senior Unsecured Notes”).

On July 10, 2025, we completed an underwritten public offering of $400.0 million of 4.650% Senior Notes due 2030, at a price of 99.088% of par value. These 4.650% Senior Notes due 2030 have a five-year term and are scheduled to mature on July 15, 2030.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 15 to 35 basis points (except for our 3.410% Senior Notes due 2029 and 3.700% Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at December 31, 2025 (currency in thousands):
Principal AmountCoupon RateMaturity DatePrincipal Outstanding Balance at December 31,
Senior Unsecured Notes, netIssue Date20252024
4.000% Senior Notes due 2025 (a)
1/26/2015$450,000 4.000 %2/1/2025$— $450,000 
2.250% Senior Notes due 2026
10/9/2018€500,000 2.250 %4/9/2026587,500 519,450 
4.250% Senior Notes due 2026
9/12/2016$350,000 4.250 %10/1/2026350,000 350,000 
2.125% Senior Notes due 2027
3/6/2018€500,000 2.125 %4/15/2027587,500 519,450 
1.350% Senior Notes due 2028
9/19/2019€500,000 1.350 %4/15/2028587,500 519,450 
3.850% Senior Notes due 2029
6/14/2019$325,000 3.850 %7/15/2029325,000 325,000 
3.410% Senior Notes due 2029
9/28/2022€150,000 3.410 %9/28/2029176,250 155,835 
0.950% Senior Notes due 2030
3/8/2021€525,000 0.950 %6/1/2030616,875 545,422 
4.650% Senior Notes due 2030
7/10/2025$400,000 4.650 %7/15/2030400,000 — 
2.400% Senior Notes due 2031
10/14/2020$500,000 2.400 %2/1/2031500,000 500,000 
2.450% Senior Notes due 2032
10/15/2021$350,000 2.450 %2/1/2032350,000 350,000 
4.250% Senior Notes due 2032
5/16/2024€650,000 4.250 %7/23/2032763,750 675,285 
3.700% Senior Notes due 2032
9/28/2022€200,000 3.700 %9/28/2032235,000 207,780 
2.250% Senior Notes due 2033
2/25/2021$425,000 2.250 %4/1/2033425,000 425,000 
5.375% Senior Notes due 2034
6/28/2024$400,000 5.375 %6/30/2034400,000 400,000 
3.700% Senior Notes due 2034
11/19/2024€600,000 3.700 %11/19/2034705,000 623,340 
Total principal outstanding$7,009,375 $6,566,012 
Unamortized discount(29,819)(29,934)
Unamortized deferred financing costs(29,295)(30,171)
Total$6,950,261 $6,505,907 
__________
(a)In February 2025, we repaid our $450 million of 4.000% Senior Notes due 2025 at maturity.
Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. The credit agreement for our Senior Unsecured Credit Facility also contains various customary affirmative and negative covenants applicable to us and our subsidiaries, subject to materiality and other qualifications, baskets, and exceptions as outlined in the credit agreement. We were in compliance with all of these covenants at December 31, 2025.

We may make unlimited Restricted Payments (as defined in the credit agreement for our Senior Unsecured Credit Facility), as long as no non-payment default or financial covenant default has occurred before, or would on a pro forma basis occur as a result of, the Restricted Payment. In addition, we may make Restricted Payments in an amount required to (i) maintain our REIT status and (ii) as a result of that status, not pay federal or state income or excise tax, as long as the loans under the Credit Agreement have not been accelerated and no bankruptcy or event of default has occurred.

Obligations under the Unsecured Revolving Credit Facility may be declared immediately due and payable upon the occurrence of certain events of default as defined in the credit agreement for our Senior Unsecured Credit Facility, including failure to pay any principal when due and payable, failure to pay interest within five business days after becoming due, failure to comply with any covenant, representation or condition of any loan document, any change of control, cross-defaults, and certain other events as set forth in the credit agreement, with grace periods in some cases.

Non-Recourse Mortgages

Non-recourse mortgages consist of mortgage notes payable, which are collateralized by the assignment of real estate properties. For a list of our encumbered properties, please see Schedule III — Real Estate and Accumulated Depreciation. At December 31, 2025, the weighted-average interest rate for our total non-recourse mortgage notes payable was 5.0% (all of which had fixed rates), with maturity dates ranging from January 2026 to February 2033. In January and February 2026, we repaid at maturity two non-recourse mortgage loans totaling approximately $22.4 million (Note 18).

During the year ended December 31, 2024, we assumed five non-recourse mortgage loans with an aggregate outstanding principal balance totaling $66.0 million in connection with the acquisitions of certain properties. These mortgage loans have a weighted-average fixed annual interest rate of 4.5% and maturity dates ranging from May 2027 to September 2029.

See Note 3 for a description of non-recourse mortgages derecognized in connection with the Spin-Off.

Repayments During 2025

During the year ended December 31, 2025, we repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $265.1 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.5%.

Repayments During 2024

During the year ended December 31, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $181.3 million and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. We recognized an aggregate net loss on extinguishment of debt of $0.1 million on these repayments, which is included within Other gains and (losses) on our consolidated statements of income. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.5%.

Interest Paid

For the years ended December 31, 2025, 2024, and 2023, interest paid was $267.5 million, $256.6 million, and $269.7 million, respectively.
Foreign Currency Exchange Rate Impact

During the year ended December 31, 2025, the U.S. dollar weakened against the euro and British pound sterling, resulting in an increase of $628.1 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2024 to December 31, 2025.

Scheduled Debt Principal Payments

Scheduled debt principal payments as of December 31, 2025 are as follows (in thousands):
Years Ending December 31, Total
2026$979,753 
2027597,920 
20281,279,593 
20291,535,867 
20301,017,519 
Thereafter through 20343,381,294 
Total principal payments8,791,946 
Unamortized discount, net(39,189)
Unamortized deferred financing costs(30,067)
Total$8,722,690 

Certain amounts are based on the applicable foreign currency exchange rate at December 31, 2025.