v3.26.1
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Notes Payable The following table summarizes the components and significant terms of our indebtedness as of June 30, 2026 and December 31, 2025 (dollars in thousands):
 June 30, 2026December 31, 2025Margin Above SOFR
Interest Rate(1)
 
Contractual
Maturity Date
 
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility$14,000 $— S+0.685 %
(2)
4.365 %
(3)
5/30/2029
(4)
$575M Exchangeable Senior Notes due 2027
575,000 575,000 n/a4.375 %3/15/2027
$300M Term Loan300,000 300,000 S+0.760 %
(2)
3.577 %
(5)
5/26/2027
$125M Senior Notes125,000 125,000 n/a3.930 %7/13/2027
$300M Senior Notes due 2028300,000 300,000 n/a5.000 %6/15/2028
$575M Exchangeable Senior Notes due 2029
575,000 575,000 n/a4.125 %3/15/2029
$25M Series 2019A Senior Notes25,000 25,000 n/a3.880 %7/16/2029
$400M Term Loan400,000 400,000 S+0.760 %
(2)
4.174 %
(6)
5/30/2030
$400M Senior Notes due 2030400,000 400,000 n/a2.125 %12/1/2030
$400M Senior Notes due 2031400,000 400,000 n/a2.150 %9/1/2031
$75M Series 2019B Senior Notes75,000 75,000 n/a4.030 %7/16/2034
Total Unsecured Debt$3,189,000 $3,175,000 
Secured Debt:   
 
 
 
$60M Term Loan(7)
60,000 60,000 S+1.250 %5.060 %
(7)
10/27/2026
(7)
701-751 Kingshill Place(8)
— 6,715 n/a3.900 %1/5/2026
13943-13955 Balboa Boulevard(9)
13,608 13,814 n/a3.930 %7/1/2027
2205 126th Street(10)
5,200 5,200 n/a3.910 %12/1/2027
2410-2420 Santa Fe Avenue(10)
10,300 10,300 n/a3.700 %1/1/2028
11832-11954 La Cienega Boulevard(9)
3,646 3,688 n/a4.260 %7/1/2028
Gilbert/La Palma(9)
1,212 1,323 n/a5.125 %3/1/2031
7817 Woodley Avenue(9)
2,537 2,609 n/a4.140 %8/1/2039
Total Secured Debt$96,503 $103,649 
Total Unsecured and Secured Debt$3,285,503 $3,278,649 
Less: Unamortized premium/discount and debt issuance costs(11)
(21,779)(26,740)
Total $3,263,724 $3,251,909 
 
 
 
(1)Reflects the contractual interest rate under the terms of each loan as of June 30, 2026, and includes the effect of interest rate swaps that were effective as of June 30, 2026. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.
(2)As of June 30, 2026, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan, plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, based on our leverage ratio and investment grade ratings, less a sustainability-related interest rate adjustment of 0.04%. These loans are also subject to a 0% SOFR floor.
(3)The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of June 30, 2026, the applicable facility fee is 0.125%, less a sustainability-related interest rate adjustment of 0.01%.
(4)The unsecured revolving credit facility has two six-month extensions available at our option, subject to certain terms and conditions.
(5)Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725% through May 26, 2027, resulting in an all-in fixed rate of 3.57725% after adding the applicable margin and sustainability-related rate adjustment.
(6)Daily SOFR for our $400.0 million unsecured term loan has been swapped to a fixed rate of 3.41375% through May 30, 2030, resulting in an all-in fixed rate of 4.17375% after adding the applicable margin and sustainability-related rate adjustment.
(7)The loan is secured by six properties and has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. Term SOFR for this loan has been swapped to a fixed rate of 3.710% through July 30, 2026, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. As of June 30, 2026, we have three one-year extension options available, subject to certain terms and conditions.
(8)On January 5, 2026, we paid in full the outstanding principal balance on this unsecured debt.
(9)Fixed monthly payments of interest and principal until maturity as follows: 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).
(10)Fixed monthly payments of interest only.
(11)Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.
Summary of Future Minimum Debt Payments The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of June 30, 2026, and does not consider unexercised extension options available to us as noted in the table above (in thousands):
July 1, 2026 - December 31, 2026$60,441 
20271,019,078 
2028314,218 
2029614,427 
2030800,448 
Thereafter476,891 
Total$3,285,503