v3.26.3
Notes Payable (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Summary of Notes Payable The following table summarizes the components and significant terms of our indebtedness as of September 30, 2026 and December 31, 2025 (dollars in thousands):
September 30, 2026December 31, 2025Margin Above SOFR
Interest Rate(1)
 
Contractual
Maturity Date
 
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility(2)
$— $— S+0.685 %
(2)
4.585 %
(2)
5/30/2029
(2)
$575M Exchangeable Senior Notes due 2027
575,000 575,000 n/a4.375 %3/15/2027
$300M Term Loan(3)
— 300,000 S+0.760 %
(3)
3.577 %
(3)
5/26/2027
(3)
$125M Senior Notes(4)
— 125,000 n/a3.930 %7/13/2027
(4)
$300M Senior Notes due 2028300,000 300,000 n/a5.000 %6/15/2028
$575M Exchangeable Senior Notes due 2029
575,000 575,000 n/a4.125 %3/15/2029
$25M Series 2019A Senior Notes25,000 25,000 n/a3.880 %7/16/2029
$400M Term Loan(5)
400,000 400,000 S+0.760 %
(5)
4.174 %
(5)
5/30/2030
$400M Senior Notes due 2030400,000 400,000 n/a2.125 %12/1/2030
$400M Senior Notes due 2031400,000 400,000 n/a2.150 %9/1/2031
$75M Series 2019B Senior Notes75,000 75,000 n/a4.030 %7/16/2034
Total Unsecured Debt$2,750,000 $3,175,000 
Secured Debt:
 
 
$60M Term Loan(6)
— 60,000 S+1.250 %
(6)
5.060 %
(6)
10/27/2026
(6)
701-751 Kingshill Place(7)
— 6,715 n/a3.900 %1/5/2026
13943-13955 Balboa Boulevard(8)
13,504 13,814 n/a3.930 %7/1/2027
2205 126th Street(9)
5,200 5,200 n/a3.910 %12/1/2027
2410-2420 Santa Fe Avenue(9)
10,300 10,300 n/a3.700 %1/1/2028
11832-11954 La Cienega Boulevard(8)
3,624 3,688 n/a4.260 %7/1/2028
Gilbert/La Palma(8)
1,156 1,323 n/a5.125 %3/1/2031
7817 Woodley Avenue(8)
2,500 2,609 n/a4.140 %8/1/2039
Total Secured Debt$36,284 $103,649 
Total Unsecured and Secured Debt$2,786,284 $3,278,649 
Less: Unamortized premium/discount and debt issuance costs(10)
(19,089)(26,740)
Total $2,767,195 $3,251,909 
 
 
(1)Reflects the contractual interest rate under the terms of each loan as of September 30, 2026, including the effect of interest rate swaps that were effective as of September 30, 2026. The interest rate excludes the effect of amortization of debt issuance costs and unamortized fair market value premiums and discounts.
(2)The unsecured revolving credit facility bears interest at daily Secured Overnight Financing Rate (“SOFR”) plus an applicable margin of 0.725% per annum, based on our leverage ratio and investment grade ratings, less a sustainability-related interest rate adjustment of 0.04% as of September 30, 2026. The facility is also subject to a 0% SOFR floor. The facility is subject to an applicable facility fee calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of September 30, 2026, the applicable facility fee is 0.125%, less a sustainability-related interest rate adjustment of 0.01%. The facility has two six-month extensions available at our option, subject to certain terms and conditions.
(3)On September 17, 2026, we repaid in full the outstanding principal balance on this loan. Prior to repayment, the loan bore interest at 1-month term SOFR (“Term SOFR”) plus an applicable margin of 0.80% per annum, less a sustainability-related interest rate adjustment of 0.04%. Term SOFR had been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.57725%. In connection with the repayment, we terminated the related interest rate swaps. See “Note 8 – Interest Rate Derivatives” for additional information.
(4)On September 17, 2026, we repaid in full the outstanding principal balance on these notes.
(5)This loan bears interest at daily SOFR plus an applicable margin of 0.80% per annum, based on our leverage ratio and investment grade ratings, less a sustainability-related interest rate adjustment of 0.04% as of September 30, 2026. The loan is subject to a 0% SOFR floor. Daily SOFR for this loan has been swapped to a fixed rate of 3.41375% through May 30, 2030, resulting in an all-in fixed rate of 4.17375%.
(6)On July 30, 2026, we repaid in full the outstanding principal balance on this loan. Prior to repayment, the loan was secured by six properties, required interest-only payments and bore interest at Term SOFR plus a 0.10% SOFR adjustment and an applicable margin of 1.25% per annum. Term SOFR had been swapped to a fixed rate of 3.710% through July 30, 2026, resulting in an all-in fixed rate of 5.060%.
(7)On January 5, 2026, we repaid in full the outstanding principal balance on this secured loan.
(8)Required fixed monthly payments of principal and interest through maturity as follows: 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).
(9)Fixed monthly payments of interest only.
(10)Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.
Summary of Future Minimum Debt Payments The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of September 30, 2026, and does not consider unexercised extension options available to us as noted in the table above (in thousands):
October 1, 2026 - December 31, 2026$222 
2027594,078 
2028314,218 
2029600,427 
2030800,448 
Thereafter476,891 
Total$2,786,284