v3.26.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table summarizes the Company's outstanding indebtedness as of September 30, 2026 and December 31, 2025:
Principal Outstanding
Weighted Average Interest Rate (1)
(in thousands)Maturity DateSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Unsecured term loans:
2027 Term LoanFebruary 2027$— $430,000 —%4.87%
2028 Term LoanJanuary 2028400,000 400,000 4.54%4.77%
2029 Term Loan
February 2029 (2)
450,000 450,000 4.54%4.77%
2030 Term Loan
January 2030 (2)
450,000 450,000 4.54%4.77%
Senior unsecured notes:
2031 NotesJuly 2031400,000 400,000 2.95%2.95%
2035 NotesDecember 2035400,000 400,000 5.40%5.40%
2036 NotesJuly 2036400,000 — 5.38%—%
Revolving Credit Facility
February 2030 (2)
491,000 — 4.51%—%
Total principal outstanding $2,991,000 $2,530,000 4.55%4.60%
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(1)Interest rates are presented as stated in debt agreements and do not reflect the impact of the Company's interest rate swap and lock agreements, where applicable (see Note 6—Derivative and Hedging Activities).
(2)After giving effect to extension options exercisable at the Operating Partnership's election.
The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of September 30, 2026:
(in thousands)
2028 Term Loan
2029 Term Loan (1)
2030 Term Loan (1)
Senior Unsecured Notes
Revolving Credit Facility (2)
Total
October 1 - December 31, 2026$— $— $— $— $— $— 
2027— — — — — — 
2028400,000 — — — — 400,000 
2029— 450,000 — — — 450,000 
2030— — 450,000 — 491,000 941,000 
Thereafter— — — 1,200,000 — 1,200,000 
Total$400,000 $450,000 $450,000 $1,200,000 $491,000 $2,991,000 
______________________
(1)After giving effect to extension options exercisable at the Operating Partnership's election.
(2)Any amounts drawn will be due in February 2030, after giving effect to extension options exercisable at the Operating Partnership's election.
The Company was not in default of any provisions under any of its outstanding indebtedness as of September 30, 2026 or December 31, 2025.
Revolving Credit Facility and Credit Facility Term Loans
Revolving Credit Facility. In September 2026, the Company, through the Operating Partnership, entered into an eighth amendment to its amended and restated credit agreement (the “Amended Credit Agreement”) with a group of lenders, amending certain of the terms of the Company’s previous credit facility (the "Prior Credit Agreement") to, among other things, increase the maximum aggregate initial original principal amount of the revolving loans available thereunder from $1.0 billion to $1.3 billion (the “Revolving Credit Facility”).
The Revolving Credit Facility matures in February 2029, with two extension options of six months each, exercisable by the Operating Partnership, subject to the satisfaction of certain conditions. The loans under the Revolving Credit Facility bear interest at an annual rate of applicable Adjusted Term SOFR (as defined in the Amended Credit Agreement) plus an applicable margin. The Adjusted Term SOFR is a rate for a term equivalent to
the interest period applicable to the relevant borrowing. In addition, the Operating Partnership is required to pay a revolving facility fee throughout the term of the Revolving Credit Facility.
Credit Facility Term Loans. The Amended Credit Agreement also provides for three separate term loans, as further described below, with an aggregate principal amount of $1.3 billion (the "CF Term Loans").
2028 Term Loan. In July 2022, the Prior Credit Agreement was amended to provide for $400.0 million of second tranche term loans (the “2028 Term Loan”). Loans under the 2028 Term Loan in an aggregate principal amount of $400.0 million were drawn in 2022 and the 2028 Term Loan matures in January 2028.
2029 Term Loan. In August 2023, the Prior Credit Agreement was amended to provide for an additional $450.0 million of term loans (the "2029 Term Loan"). Loans under the 2029 Term Loan in an aggregate principal amount of $450.0 million were drawn in 2023. The 2029 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to February 2029 by exercising two one-year extension options and a six-month extension option, subject to the satisfaction of certain conditions. In July 2026, the Operating Partnership exercised the first of its two one-year extension options and has one one-year extension option and one six-month extension option remaining.
2030 Term Loan. In July 2024, the Prior Credit Agreement was further amended to provide for an additional $450.0 million of term loans (the "2030 Term Loan"). Loans under the 2030 Term Loan in an aggregate principal amount of $450.0 million were drawn in 2024. The 2030 Term Loan has an original maturity of three years, which may be extended, at the Operating Partnership's election, to January 2030 by exercising two one-year extension options and a six-month extension option, subject to the satisfaction of certain conditions.
The CF Term Loans bear interest at an annual rate of applicable Adjusted Term SOFR plus an applicable margin.
Each of the Revolving Credit Facility and the CF Term Loans is freely pre-payable at any time. Outstanding credit extensions under the Revolving Credit Facility are mandatorily payable if the amount of such credit extensions exceeds the revolving facility limit. The Operating Partnership may re-borrow amounts paid down on the Revolving Credit Facility prior to its maturity, but any loans repaid under the CF Term Loans cannot be reborrowed.
The Operating Partnership is the borrower under the Amended Credit Agreement, and the Company provides a guarantee under the Amended Credit Agreement. Under the terms of the Amended Credit Agreement, the Company is subject to various restrictive financial and nonfinancial covenants which, among other things, require the Company to maintain certain leverage ratios, cash flow and debt service coverage ratios and secured borrowing ratios.
The Company was in compliance with all financial covenants and was not in default of any provisions under the Amended Credit Agreement as of September 30, 2026 and December 31, 2025.
The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented:
(in thousands)20262025
Balance on January 1,$— $— 
Borrowings951,000 665,000 
Repayments(460,000)(545,000)
Balance on September 30,$491,000 $120,000 
The following table presents information about interest expense related to the Revolving Credit Facility for the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Interest expense$1,582 $2,812 $5,087 $6,911 
Amortization of deferred financing costs607 554 1,715 1,596 
Total$2,189 $3,366 $6,802 $8,507 
Total deferred financing costs, net, of $7.8 million and $6.7 million related to the Revolving Credit Facility are included within rent receivables, prepaid expenses and other assets, net on the Company’s consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively.
As of September 30, 2026 and December 31, 2025, the Company had $809.0 million and $1.0 billion, respectively, of unused borrowing capacity under the Revolving Credit Facility.
2027 Term Loan
The Company, through the Operating Partnership, was party to a $430.0 million term loan (the “2027 Term Loan”) with an original maturity in February 2027. The Company borrowed the entire $430.0 million available under the 2027 Term Loan in separate draws in 2019 and 2020.
In September 2026, the 2027 Term Loan was repaid in full with borrowings under the Revolving Credit Facility. Amounts previously borrowed and repaid under the 2027 Term Loan cannot be reborrowed. The Company accounted for the repayment of the 2027 Term Loan as a debt extinguishment and recorded a $0.1 million loss on debt extinguishment during the three and nine months ended September 30, 2026.
The 2027 Term Loan bore interest at an annual rate of applicable Adjusted Term SOFR plus the applicable margin. The applicable Adjusted Term SOFR was the rate for a term equivalent to the interest period applicable to the relevant borrowing.
The Company was in compliance with all financial covenants and was not in default of any provisions under the 2027 Term Loan as of December 31, 2025.
The following table presents information about aggregate interest expense related to the 2027 Term Loan and the CF Term Loans:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Interest expense$18,946 $23,354 $58,282 $69,449 
Amortization of deferred financing costs815 980 2,775 2,941 
Total$19,761 $24,334 $61,057 $72,390 
As of September 30, 2026 and December 31, 2025, total deferred financing costs, net, of $2.6 million and $5.0 million, respectively, related to the 2027 Term Loan and the CF Term Loans are included as a component of unsecured term loans, net of deferred financing costs on the Company’s consolidated balance sheets.
The Company fixed the interest rates on its variable-rate indebtedness through the use of interest rate swap agreements. See Note 6—Derivative and Hedging Activities for additional information.
Senior Unsecured Notes
The following table presents a summary of the Company's senior unsecured notes outstanding (the "Senior Notes") as of September 30, 2026 (dollars in thousands):
Issue DatePrincipalDiscountNet ProceedsStated Rate
2031 NotesJune 2021$400,000 $800 $396,600 2.950 %
2035 NotesAugust 2025400,000 6,732 390,700 5.400 %
2036 NotesJune 2026400,000 7,524 389,876 5.375 %
The Senior Notes were issued by the Operating Partnership, and the obligations of the Operating Partnership under the Senior Notes are fully and unconditionally guaranteed by the Company. The Senior Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership's option, at a redemption price equal to the sum of:
•100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date; and
•a make-whole premium calculated in accordance with the indenture governing the Senior Notes.
In addition, if any of the Senior Notes are redeemed on or after the date that is three months prior to the stated maturity date of such Senior Notes, the redemption price will equal 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date, without any make-whole premium.
The following table presents information about interest expense related to the Company's Senior Notes for the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Interest expense$13,355 $5,294 $30,580 $11,153 
Amortization of deferred financing costs and original issue discount681 255 1,523 533 
Total$14,036 $5,549 $32,103 $11,686 
Total deferred financing costs, net, of $9.6 million and $6.4 million related to the Senior Notes were included within senior unsecured notes, net on the Company’s consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively.
The Company was in compliance with all financial covenants and was not in default of any provisions under the Senior Notes as of September 30, 2026 and December 31, 2025.