v3.26.1
Credit Facility
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Credit Facility Credit Facility
The Company's debt consists of a senior unsecured revolving line of credit with Bank of America, N.A., as Administrative Agent for the lenders, or the 2029 Revolving Credit Agreement, a senior unsecured amended and restated term loan agreement with Truist Bank, as Administrative Agent for the lenders, or the 2027 Term Loan Agreement, and a senior unsecured term loan with Truist Bank, as Administrative Agent for the lenders, or the 2028 Term Loan Agreement, or collectively, the Unsecured Credit Facility. The Unsecured Credit Facility consisted of the following amounts outstanding as of March 31, 2026 and December 31, 2025 (amounts in thousands, except interest rates):
Interest Rate
March 31, 2026December 31, 2025
Variable 2029 Revolving Credit Agreement(1)
4.88%$165,000 $151,000 
Variable 2027 Term Loan Agreement fixed through interest rate swaps(2)
5.11%250,000 250,000 
Variable 2028 Term Loan Agreement fixed through interest rate swaps(3)
4.18%275,000 275,000 
Total Unsecured Credit Facility, principal amount outstanding4.68%690,000 676,000 
Unamortized deferred financing costs related to Unsecured Credit Facility term loans(1,562)(1,878)
Total Unsecured Credit Facility, net of deferred financing costs$688,438 $674,122 
(1)Interest rate represents the daily Secured Overnight Financing Rate, or SOFR, of 3.63% in effect on the Company’s revolving line of credit plus the applicable margin of 1.25% as of March 31, 2026.
(2)Fixed through four interest rate swaps that mature on March 20, 2029.
(3)Fixed through six interest rate swaps that mature on January 31, 2028.
The principal payments due on the Unsecured Credit Facility as of March 31, 2026, for the period ending December 31, 2026, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
Amount
Period ending December 31, 2026
— 
2027(1)
250,000 
2028
275,000 
2029
165,000 
2030
— 
Thereafter
— 
$690,000 
(1)The 2027 Term Loan Agreement, at the Company's election, may be extended for a period of one year on no more than two occasions, subject to the satisfaction of certain conditions, including the payment of an extension fee.