v3.26.1
DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s secured debt consisted of the following (dollars in thousands):
Principal Balance as ofAs of June 30, 2026
Interest Rate Type
June 30, 2026 (1)
December 31, 2025 (1)
Weighted Average
Interest Rate
Weighted Average
Effective Interest Rate (2)
Maturity Date
Fixed Rate$42,955 $44,021 2.86 %3.37 %May 2031 - 
August 2051
(1)     Principal balance does not include deferred financing costs, net of $0.7 million as of each of June 30, 2026 and December 31, 2025.
(2)     Weighted average effective interest rate includes private mortgage insurance.
The Company’s senior unsecured notes consisted of the following (dollars in thousands):
Principal Balance as of
TitleMaturity Date
June 30, 2026 (1)
December 31, 2025 (1)
5.38% senior unsecured notes due 2027 (“2027 Notes”)
May 17, 2027$100,000 $100,000 
3.90% senior unsecured notes due 2029 (“2029 Notes”)
October 15, 2029350,000 350,000 
3.20% senior unsecured notes due 2031 (“2031 Notes”)
December 1, 2031800,000 800,000 
$1,250,000 $1,250,000 
(1)    Principal balance does not include discount, net of $6.4 million and deferred financing costs, net of $6.6 million as of June 30, 2026 and does not include discount, net of $6.9 million and deferred financing costs, net of $7.4 million as of December 31, 2025. In addition, the weighted average effective interest rate as of June 30, 2026 was 3.66%.
Schedule of Maturities for Outstanding Debt
The following is a schedule of maturities for the Company’s outstanding debt as of June 30, 2026 (in thousands): 
Secured
Indebtedness
Revolving Credit
    Facility (1)
Term LoansSenior NotesTotal
July 1 through December 31, 2026$1,081 $— $— $— $1,081 
20272,206 317,475 — 100,000 419,681 
20282,266 — 535,495 — 537,761 
20292,328 — — 350,000 352,328 
20302,392 — 500,000 — 502,392 
Thereafter32,682 — — 800,000 832,682 
Total Debt42,955 317,475 1,035,495 1,250,000 2,645,925 
Discount, net— — — (6,422)(6,422)
Deferred financing costs, net(722)— (5,979)(6,638)(13,339)
Total Debt, Net$42,233 $317,475 $1,029,516 $1,236,940 $2,626,164 
(1)    Revolving Credit Facility is subject to two six-month extension options.