v3.26.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
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%
______________________
(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 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 
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 
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 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 $11,686 
Schedule of Scheduled Principal Payments
The following table summarizes the scheduled principal payments on the Company’s outstanding indebtedness as of September 30, 2026:
(in thousands)
2028 Term Loan
2029 Term Loan (1)
2030 Term Loan (1)
Senior Unsecured Notes
Revolving Credit Facility (2)
Total
October 1 - December 31, 2026$— $— $— $— $— $— 
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 $2,991,000 
______________________
(1)After giving effect to extension options exercisable at the Operating Partnership's election.
(2)Any amounts drawn will be due in February 2030, after giving effect to extension options exercisable at the Operating Partnership's election.
Schedule of Borrowing and Repayments of Credit Facilities
The following table presents information about borrowings and repayments under the Revolving Credit Facility for the periods presented:
(in thousands)20262025
Balance on January 1,$— $— 
Borrowings951,000 665,000 
Repayments(460,000)(545,000)
Balance on September 30,$491,000 $120,000