v3.26.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
(In thousands)
Senior Unsecured Notes$2,730,980 $2,226,524 
Senior Unsecured Term Loans1,077,144 818,820 
Senior Unsecured Revolving Credit Facility332,111 255,052 
Total principal amount of indebtedness$4,140,235 $3,300,396 
Less: unamortized deferred financing costs
(16,001)(13,882)
Total indebtedness, net of deferred financing costs
$4,124,234 $3,286,514 
The following table provides additional details of our Senior Unsecured Notes as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes(1)
01/20264.68%$200,000 $200,000 $200,000 $200,000 
Private Series B Notes01/20294.86%$400,000 400,000 $400,000 400,000 
Private Series C Notes01/20304.10%$350,000 350,000 $350,000 350,000 
Private Series D Notes01/20311.62%€400,000 469,856 €400,000 414,146 
Private Series E Notes01/20331.65%€350,000 411,124 €350,000 362,378 
Public 5.600% Notes
05/20325.60%$400,000 400,000 $— — 
Public 5.409% Notes
09/20345.41%$500,000 500,000 $500,000 500,000 
Total Senior Unsecured Notes
$2,730,980 $2,226,524 
(1)The Private Series A Unsecured Notes were repaid in full on the stated maturity date of January 8, 2026.
The following table provides additional details of our Senior Unsecured Term Loans as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Stated Maturity Date(1)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
2025 Term Loan06/2026
SOFR + 0.95%
$250,000 $250,000 $— $— 
Tranche A-108/2026
SOFR + 0.94%
$375,000 375,000 $375,000 375,000 
Tranche A-201/2028
CORRA + 0.94%
C$250,000 182,144 C$250,000 173,820 
Delayed Draw Tranche A-301/2028
SOFR + 0.94%
$270,000 270,000 $270,000 270,000 
Total Senior Unsecured Term Loans
$1,077,144 $818,820 
(1)The terms of the debt agreement for 2025 Term Loan include an option for one six-month extension past the original contractual maturity date in June of 2026. The terms of the debt agreement for Tranche A-1 include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027.
(2)2025 Term Loan SOFR = daily SOFR, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%). Refer to Note 10 - Derivative Financial Instruments for details of the related interest rate swaps for Tranche A-1, Tranche A-2, and Delayed Draw Tranche A-3.
The following table provides the details of our Senior Unsecured Revolving Credit Facility as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
U.S. dollar
SOFR + 0.84%
$— $— $14,000 $14,000 
Australian dollar
BBSW + 0.84%
A$207,500 138,469 A$197,000 121,908 
Canadian dollar
CORRA + 0.84%
C$98,000 71,400 C$35,000 24,335 
Euro
EURIBOR + 0.84%
€70,500 82,812 €70,500 72,993 
New Zealand dollar
BKBM + 0.84%
NZ$68,500 39,430 NZ$39,000 21,816 
Total Senior Unsecured Revolving Credit Facility(2)
$332,111 $255,052 
(1)SOFR = adjusted daily SOFR (which includes an adjustment of 0.10%), BBSW = one-month Bank Bill Swap Rate, CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%), EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.
(2)The Senior Unsecured Revolving Credit Facility matures in August of 2026; however, the terms of the debt agreement include an option for two six-month extensions past the contractual maturity date.
Schedule of Aggregate Future Repayments of Indebtedness
The aggregate maturities of indebtedness as of December 31, 2025 for each of the next five years and thereafter, are as follows:
Years Ending December 31:(1)
(In thousands)
2026
$1,157,111
2027—
2028452,144
2029400,000 
2030350,000
Thereafter
1,780,980
Total principal amount of indebtedness4,140,235
Less: unamortized deferred financing costs(2)
(16,001)
Total indebtedness, net of deferred financing costs
$4,124,234
(1)$200.0 million of the debt listed to mature by December 31, 2026 represents the Senior Unsecured Private Series A Notes. These notes were repaid in full on the stated maturity date of January 8, 2026. $250.0 million of the debt listed to mature by December 31, 2026 represents the 2025 Term Loan. The terms of this agreement include an option for one six-month extension past the original contractual maturity date of June of 2026. $375.0 million of the debt listed to mature by December 31, 2026 represents the Senior Unsecured Term Loan A Facility Tranche A-1. The terms of this agreement include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027. The remaining $332.1 million listed to mature by December 31, 2026 represents outstanding borrowings on the Senior Unsecured Revolving Credit Facility. The terms of this agreement include an option for two six-month extensions past the contractual maturity date of August of 2026.
(2)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within “Other assets”.