v3.26.1
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance at
Interest
Rate at
June 30, 2026
Effective
Interest
Rate at
Issuance		Maturity
Date
 June 30, 2026December 31, 2025
Mortgage Loan Payable (A)
$9,115 $9,295 4.17%4.17%8/1/2028
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2031 Notes450,000 450,000 5.25%5.41%1/15/2031
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$1,448,571 $1,448,571 
Unamortized Debt Issuance Costs(6,220)(6,991)
Unamortized Discounts(2,678)(2,973)
Senior Unsecured Notes, Net$1,439,673 $1,438,607 
Unsecured Term Loans, Gross
2022 Unsecured Term Loan II
— 300,000 N/AN/AN/A
2022 Unsecured Term Loan
— 425,000 N/AN/AN/A
2025 Unsecured Term Loan (B)(C)
200,000 200,000 4.00%N/A3/17/2028
2026 Unsecured Term Loan II (B)(C)
375,000 — 4.35%N/A1/22/2029
2026 Unsecured Term Loan (B)(C)
425,000 — 3.54%N/A1/22/2030
Subtotal$1,000,000 $925,000 
Unamortized Debt Issuance Costs(6,606)(2,506)
Unsecured Term Loans, Net
$993,394 $922,494 
Unsecured Credit Facility (D)
$123,000 $183,000 4.40%N/A3/16/2029
_______________
(A) As of June 30, 2026, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $28,982. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of June 30, 2026.
(B) The interest rate at June 30, 2026 reflects the impact of derivative instruments which effectively fix the interest rates on $925,000 of the Unsecured Term Loans. See Note 10.
(C) At our option, and subject to satisfaction of certain conditions, the maturity dates of the 2025 Unsecured Term Loan and the 2026 Unsecured Term Loan II may be extended for up to two additional one-year periods and the maturity date of the 2026 Unsecured Term Loan may be extended for an additional one-year period.
(D) The revolving credit facility has a capacity of $850,000 and, at our option and subject to the satisfaction of certain conditions, the maturity date may be extended pursuant to two six-month extension options. Amounts exclude unamortized debt issuance costs of $6,209 and $7,356 as of June 30, 2026 and December 31, 2025, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net on the Consolidated Balance Sheets.
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 June 30, and thereafter: 
 Amount
Remainder of 2026
$184 
2027
131,449 
2028
390,453 
2029
723,000 
2030
675,000 
Thereafter660,600 
Total$2,580,686 
Summary of Indebtedness at Estimated Fair Value
At June 30, 2026 and December 31, 2025, the fair value of our indebtedness was as follows: 
 June 30, 2026December 31, 2025
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$9,115 $8,922 $9,295 $9,171 
Senior Unsecured Notes, Net1,445,893 1,397,301 1,445,598 1,406,188 
Unsecured Term Loans1,000,000 1,002,002 925,000 926,998 
Unsecured Credit Facility123,000 123,159 183,000 183,000 
Total$2,578,008 $2,531,384 $2,562,893 $2,525,357 
_______________
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.