v3.26.1
MORTGAGE AND OTHER INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedules of Indebtedness
The following table summarizes the Company’s indebtedness as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Mortgages payable$45,169 $142,937 
Senior unsecured notes2,250,000 2,250,000 
Unsecured term loans550,000 550,000 
Unsecured revolving line of credit— 85,000 
2,845,169 3,027,937 
Unamortized discounts and premiums, net15,672 18,394 
Unamortized debt issuance costs, net(18,083)(20,853)
Mortgage and other indebtedness, net$2,842,758 $3,025,478 
The following table summarizes the Company’s senior unsecured notes and exchangeable senior notes (dollars in thousands):
June 30, 2026December 31, 2025
Maturity DateBalanceInterest RateBalanceInterest Rate
Senior notes – 4.08% due 2026
September 30, 2026$100,000 4.08%$100,000 4.08%
Senior notes – 4.00% due 2026
October 1, 2026300,000 4.00%300,000 4.00%
Senior exchangeable notes – 0.75% due 2027
April 1, 2027175,000 0.75%175,000 0.75%
Senior notes – 4.57% due 2027
September 10, 202775,000 4.57%75,000 4.57%
Senior notes – 4.24% due 2028
December 28, 2028100,000 4.24%100,000 4.24%
Senior notes – 4.82% due 2029
June 28, 2029100,000 4.82%100,000 4.82%
Senior notes – 4.75% due 2030
September 15, 2030400,000 4.75%400,000 4.75%
Senior notes – 4.95% due 2031
December 15, 2031350,000 4.95%350,000 4.95%
Senior notes – 5.20% due 2032
August 15, 2032300,000 5.20%300,000 5.20%
Senior notes – 5.50% due 2034(1)
March 1, 2034350,000 4.60%350,000 4.60%
Total senior unsecured notes$2,250,000 $2,250,000 
(1)The coupon rate is 5.50%; however, as a result of hedging activities, the Company’s interest rate is 4.60%.
The following table summarizes the Company’s term loans and revolving line of credit (dollars in thousands):
June 30, 2026December 31, 2025
Maturity DateBalanceInterest RateBalanceInterest Rate
Unsecured term loan due 2027 – variable rate(1)
October 24, 2027$250,000 4.53%$250,000 4.72%
Unsecured term loan due 2029 – fixed rate(2)
July 29, 2029300,000 3.52%300,000 3.54%
Total unsecured term loans$550,000 $550,000 
Unsecured credit facility revolving line of credit –
variable rate(3)
October 3, 2028$— 4.73%$85,000 4.92%
(1)The maturity date of the term loan may be extended by one one-year period at the Operating Partnership’s election, subject to certain conditions.
(2)$150,000 of the $300,000 SOFR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a ratings grid ranging from 0.75% to 1.60% through July 17, 2026. The applicable credit spread was 0.85% as of June 30, 2026 and December 31, 2025. The interest rate shown is the weighted average rate as of June 30, 2026.
(3)The revolving line of credit can be extended for either one one-year period or up to two six-month periods at the Company’s election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
Schedule of Weighted Average Interest Rates and Maturities
Consolidated indebtedness, including weighted average interest rates and weighted average maturities as of June 30, 2026, considering the impact of interest rate swaps, is summarized below (dollars in thousands):
Amount
Outstanding		RatioWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate debt(1)
$2,434,169 86%4.24%3.9
Variable rate debt411,000 14%4.55%1.9
Debt discounts, premiums and issuance costs, net(2,411)N/AN/AN/A
Mortgage and other indebtedness, net$2,842,758 100%4.29%3.6
(1)Fixed rate debt includes the portion of variable rate debt that has been hedged by interest rate swaps. As of June 30, 2026, $150.0 million in variable rate debt is hedged to a fixed rate through July 17, 2026.
Schedule of Mortgages Payable
The following table summarizes the Company’s mortgages payable (dollars in thousands):
June 30, 2026December 31, 2025
BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity		BalanceWeighted Average
Interest Rate		Weighted Average Years
to Maturity
Fixed rate mortgages payable(1)
$34,169 4.46%2.4$130,737 5.11%6.2
Variable rate mortgage payable(2)
11,000 5.80%0.112,200 5.84%0.6
Total mortgages payable$45,169 $142,937 
(1)The fixed rate mortgages had interest rates ranging from 3.75% to 5.73% as of June 30, 2026 and December 31, 2025.
(2)The interest rate on the variable rate mortgage is based on the Secured Overnight Financing Rate (“SOFR”) plus 215 basis points. The one-month SOFR rate was 3.65% and 3.69% as of June 30, 2026 and December 31, 2025, respectively.
Schedule of Key Terms of Revolving Facility and Term Loans
The following table summarizes the key terms of the Revolving Facility as of June 30, 2026 (dollars in thousands):
Leverage-Based PricingInvestment-Grade Pricing
Credit AgreementMaturity DateExtension OptionsExtension FeeCredit SpreadFacility FeeCredit SpreadFacility Fee
$1,100,000 unsecured revolving line of credit
October 3, 2028
1 one-year or 2 six-month
0.075%
1.05%–1.50%
0.15%–0.30%
0.725%–1.40%
0.125%–0.30%
The following table summarizes the key terms of the unsecured term loans as of June 30, 2026 (dollars in thousands):
Unsecured Term Loans
Maturity DateInvestment-Grade Pricing
Credit Spread
$250,000 unsecured term loan due 2027
October 24, 2027(1)
0.75% – 1.60%
$300,000 unsecured term loan due 2029
July 29, 2029
0.75% – 1.60%
(1)The maturity date may be extended by one one-year period at the Operating Partnership’s option, subject to certain conditions.
Schedule of Amortization of Debt Issuance Costs The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income are as follows (in thousands):
 Six Months Ended June 30,
20262025
Amortization of deferred leasing costs, lease intangibles and other$20,913 $35,742 
Amortization of above-market lease intangibles$2,260 $4,221 
The following amounts of amortization of debt issuance costs are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
Six Months Ended June 30,
20262025
Amortization of debt issuance costs$3,561 $3,333 
Schedule of Amortization of Debt Discounts, Premiums and Hedge Instruments The following amounts of amortization are included as a component of “Interest expense” in the accompanying consolidated statements of operations and comprehensive income (in thousands):
Six Months Ended June 30,
20262025
Amortization of debt discounts, premiums and hedge instruments$3,195 $4,025 
Schedule of Debt Discounts, Premiums and Hedge Instruments Amortization Maturity
In addition, the estimated amounts of the reduction to interest expense as of June 30, 2026 for each of the next five years and thereafter related to the amortization of debt discounts, premiums and assumed hedge instruments, assuming these instruments are held to maturity, are as follows (in thousands):
July 2026 through December 2026$2,589 
20274,709 
20284,699 
20293,773 
20302,031 
Thereafter(2,084)
Total unamortized debt discounts, premiums and hedge instruments$15,717 
Reconciliation of Unamortized Debt Discounts, Premiums and Hedge Instruments
The following table reconciles total unamortized debt discounts, premiums and hedge instruments as of June 30, 2026 to the balance of unamortized discounts and premiums, net (in thousands):
Unamortized discounts and premiums on mortgages payable, senior unsecured notes and unsecured term loans$15,672 
Unamortized hedge instruments45 
Total unamortized debt discounts, premiums and hedge instruments15,717 
Unamortized hedge instruments (included in accumulated other comprehensive income)(45)
Unamortized discounts and premiums, net$15,672