UNSECURED SENIOR NOTES

6 Months Ended

Jun. 30, 2026

7. UNSECURED SENIOR NOTES

The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”):


		June 30,			December 31,			Effective		Issuance	Maturity
Unsecured Senior Notes		2026			2025			Interest Rate		Date	Date

		(in thousands)
$300M 3.125% Guaranteed Notes due 2026		$	300,000		$	300,000		3.18	%	Aug-16	Sep-26
$550M 2.250% Guaranteed Notes due 2028			550,000			550,000		2.33	%	Nov-21	Dec-28
$350M 4.375% Guaranteed Notes due 2029			350,000			350,000		4.46	%	Jan-19	Feb-29
$350M 3.000% Guaranteed Notes due 2030			350,000			350,000		3.04	%	Oct-19	Feb-30
$450M 2.000% Guaranteed Notes due 2031			450,000			450,000		2.10	%	Oct-20	Feb-31
$500M 2.500% Guaranteed Notes due 2032			500,000			500,000		2.59	%	Nov-21	Feb-32
$450M 5.125% Guaranteed Notes due 2035			450,000			450,000		5.30	%	Aug-25	Nov-35
Principal balance outstanding			2,950,000			2,950,000
Less: Discount on issuance of unsecured senior notes, net			(11,540)			(12,669)
Less: Loan procurement costs, net			(10,927)			(12,228)
Total unsecured senior notes, net		$	2,927,533		$	2,925,103

The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the three and six months ended June 30, 2026, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.