| Debt |
7.Debt Mortgage Loans The following table summarizes mortgage loans: | | | | | | | | | | | Weighted Average | | | | | | | | | Effective | | | | | | | | | Interest Rate (1) | | June 30, 2026 | | December 31, 2025 | | | | | | (In thousands) | Variable rate (2) | | 5.19% | | $ | 624,113 | | $ | 600,899 | Fixed rate (3) | | 5.13% | | | 1,018,858 | | | 1,020,690 | Mortgage loans | | | | | 1,642,971 | | | 1,621,589 | Unamortized deferred financing costs and premium / discount, net (4) | | | | | (41,353) | | | (42,431) | Mortgage loans, net | | | | $ | 1,601,618 | | $ | 1,579,158 |
| (1) | Weighted average effective interest rate as of June 30, 2026. |
| (2) | Includes variable rate mortgage loans with interest rate cap agreements. For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.19%, and the weighted average maturity date of the interest rate caps is in the fourth quarter of 2026. The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans. As of June 30, 2026, one-month term SOFR was 3.65%. |
| (3) | Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements. |
| (4) | As of June 30, 2026 and December 31, 2025, includes a discount of $29.6 million related to the 1101 17th Street mortgage loan. |
As of June 30, 2026 and December 31, 2025, the net carrying value of real estate collateralizing our mortgage loans totaled $1.7 billion. Our mortgage loans contain covenants that limit our ability to incur additional indebtedness on these properties and, in certain circumstances, require lender approval of tenant leases and/or yield maintenance upon repayment prior to maturity. As of June 30, 2026 and December 31, 2025, we had various interest rate swap and cap agreements on certain mortgage loans with an aggregate notional value of $756.0 million. See Note 15 for additional information. Revolving Credit Facility and Term Loans As of June 30, 2026 and December 31, 2025, our unsecured revolving credit facility and term loans totaling $1.5 billion consisted of a $750.0 million revolving credit facility maturing in June 2027, a $200.0 million term loan ("Tranche A-1 Term Loan") maturing in January 2027, a $400.0 million term loan ("Tranche A-2 Term Loan") maturing in January 2028 and a $120.0 million term loan ("2023 Term Loan") maturing in June 2028. We have the option to increase the $750.0 million revolving credit facility or add term loans up to $500.0 million. The revolving credit facility has two six-month extension options. The agreements for our unsecured revolving credit facility and term loans include customary restrictive covenants, that, among other things, restrict our ability to incur additional indebtedness, to engage in material asset sales, mergers, consolidations and acquisitions, and in certain circumstances, to pay dividends, make distributions and repurchase common shares, and also include requirements to maintain financial ratios. Our ability to borrow is subject to compliance with these covenants, and failure to comply with our covenants could cause a default, and we may then be required to repay such debt. The following table summarizes amounts outstanding under the revolving credit facility and term loans: | | | | | | | | | | | Effective | | | | | | | | | Interest Rate (1) | | June 30, 2026 | | December 31, 2025 | | | | | | (In thousands) | Revolving credit facility (2) (3) | | 5.27% | | $ | 210,000 | | $ | 205,000 | | | | | | | | | | Tranche A-1 Term Loan (4) | | 5.44% | | $ | 200,000 | | $ | 200,000 | Tranche A-2 Term Loan (5) | | 4.30% | | | 400,000 | | | 400,000 | 2023 Term Loan (6) | | 5.51% | | | 120,000 | | | 120,000 | Term loans | | | | | 720,000 | | | 720,000 | Unamortized deferred financing costs, net | | | | | (1,168) | | | (1,592) | Term loans, net | | | | $ | 718,832 | | $ | 718,408 |
| (1) | Effective interest rate as of June 30, 2026. The interest rate for our revolving credit facility excludes a 0.20% facility fee. |
| (2) | As of June 30, 2026, daily SOFR was 3.68%. As of June 30, 2026 and December 31, 2025, letters of credit totaling $13.8 million and $4.8 million were outstanding under our revolving credit facility. |
| (3) | As of June 30, 2026 and December 31, 2025, excludes $2.9 million and $4.4 million of net deferred financing costs related to our revolving credit facility that were included in "Other assets, net" in our balance sheets. |
| (4) | The interest rate swaps fix SOFR at a weighted average interest rate of 4.00% through the maturity date. |
| (5) | The interest rate swaps fix SOFR at a weighted average interest rate of 2.81% through the maturity date. |
| (6) | The interest rate swap fixes SOFR at an interest rate of 4.01% through the maturity date. |
|