Notes Payable - Additional Information (Detail)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Jan. 31, 2026 |
Mar. 31, 2024 |
Sep. 30, 2026
USD ($)
extension
$ / shares
|
Sep. 30, 2025
USD ($)
|
Sep. 30, 2026
USD ($)
extension
$ / shares
|
Sep. 30, 2025
USD ($)
|
Sep. 17, 2026 |
Dec. 31, 2025
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 2,786,284,000
|
|
$ 2,786,284,000
|
|
|
$ 3,278,649,000
|
| Notes payable |
|
|
2,767,195,000
|
|
2,767,195,000
|
|
|
3,251,909,000
|
| Repayment of borrowings |
|
|
|
|
1,067,364,000
|
$ 100,725,000
|
|
|
| Unamortized debt issuance costs |
|
|
$ 200,000
|
|
$ 200,000
|
|
|
|
| Senior Notes Due 2030 and 2031 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum ratio of total indebtedness to total asset value |
|
|
60.00%
|
|
60.00%
|
|
|
|
| Maximum ratio of secured debt to total asset value |
|
|
40.00%
|
|
40.00%
|
|
|
|
| Debt service coverage ratio |
|
|
|
|
150.00%
|
|
|
|
| Covenant ratio, unencumbered assets to unsecured debt, minimum |
|
|
|
|
150.00%
|
|
|
|
| $60M Term Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Repayment of borrowings |
|
|
|
|
$ 60,000,000.0
|
|
|
|
| $575M Exchangeable Senior Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Notes payable |
|
|
$ 573,000,000.0
|
|
573,000,000.0
|
|
|
569,800,000
|
| Unamortized discount |
|
|
2,000,000.0
|
|
2,000,000.0
|
|
|
5,200,000
|
| $575M Exchangeable Senior Notes due 2029 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Notes payable |
|
|
568,700,000
|
|
568,700,000
|
|
|
566,800,000
|
| Unamortized discount |
|
|
$ 6,300,000
|
|
$ 6,300,000
|
|
|
8,200,000
|
| Exchangeable Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Debt instrument, exchangeable exchange rate per one thousand dollars (in usd per share) |
|
15.7146
|
|
|
|
|
|
|
| Debt instrument, convertible, threshold percentage of stock price trigger |
|
130.00%
|
|
|
|
|
|
|
| Debt instrument, convertible, conversion price (in usd per share) | $ / shares |
|
|
$ 63.64
|
|
$ 63.64
|
|
|
|
| Debt instrument, convertible, principal amount |
|
|
$ 1,000
|
|
$ 1,000
|
|
|
|
| Interest expense |
|
|
13,900,000
|
$ 13,800,000
|
41,600,000
|
41,400,000
|
|
|
| Coupon interest expense |
|
|
12,200,000
|
12,200,000
|
36,700,000
|
36,600,000
|
|
|
| Amortization of debt discount and issuance costs |
|
|
1,700,000
|
$ 1,600,000
|
5,000,000.0
|
$ 4,800,000
|
|
|
| $300 Million Unsecured Term Loan Facility, Due 2027 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Repayment of borrowings |
|
|
|
|
300,000,000.0
|
|
|
|
| Senior Unsecured Term Loan | $300M Term Loan(3) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 300,000,000.0
|
|
$ 300,000,000.0
|
|
|
|
| Fixed interest rate |
|
|
5.00%
|
|
5.00%
|
|
|
|
| Principal amount |
|
|
$ 300,000,000.0
|
|
$ 300,000,000.0
|
|
|
|
| Senior Unsecured Term Loan | $300M Term Loan(3) | SOFR | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.60%
|
|
|
|
| Senior Unsecured Term Loan | $300M Term Loan(3) | Base Rate | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.00%
|
|
|
|
| Senior Unsecured Term Loan | $300M Term Loan(3) | Base Rate | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.60%
|
|
|
|
| Senior Unsecured Term Loan | $300 Million Unsecured Term Loan Facility, Due 2027 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
0.76%
|
|
|
|
|
|
|
|
| Senior Unsecured Credit Facility | Unsecured Revolving Credit Facility | Base Rate | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.00%
|
|
|
|
| Senior Unsecured Credit Facility | Unsecured Revolving Credit Facility | Base Rate | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.40%
|
|
|
|
| Revolving Credit Facility(2) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
0.685%
|
|
|
|
|
|
|
|
| Revolving Credit Facility(2) | Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in applicable margin |
(0.04%)
|
|
|
|
|
|
|
|
| Revolving Credit Facility(2) | Revolving Credit Facility(2) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Letters of credit outstanding |
|
|
4,600,000
|
|
$ 4,600,000
|
|
|
|
| Exchangeable Senior Notes | $575M Exchangeable Senior Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 575,000,000
|
|
$ 575,000,000
|
|
|
575,000,000
|
| Fixed interest rate |
|
|
4.375%
|
|
4.375%
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Mar. 15, 2027
|
|
|
|
| Exchangeable Senior Notes | $575M Exchangeable Senior Notes due 2029 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 575,000,000
|
|
$ 575,000,000
|
|
|
575,000,000
|
| Fixed interest rate |
|
|
4.125%
|
|
4.125%
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Mar. 15, 2029
|
|
|
|
| Line of Credit | Unsecured Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.725%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Additional availability |
|
|
$ 1,245,000,000
|
|
$ 1,245,000,000
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Unsecured Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Credit facility maximum borrowing capacity |
|
|
1,250,000,000
|
|
$ 1,250,000,000
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Unsecured Revolving Credit Facility | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating |
|
|
|
|
0.30%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Unsecured Revolving Credit Facility | SOFR | Maximum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
1.40%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Debt instrument - additional borrowings |
|
|
$ 1,050,000,000.00
|
|
$ 1,050,000,000.00
|
|
|
|
| Maximum ratio of secured debt to total asset value |
|
|
45.00%
|
|
45.00%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Margin Adjustment, Tranche One |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in applicable margin |
|
|
(0.04%)
|
|
(0.04%)
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Margin Adjustment, Tranche Two |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in applicable margin |
|
|
0.00%
|
|
0.00%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Margin Adjustment, Tranche Three |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in applicable margin |
|
|
0.04%
|
|
0.04%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche One |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in credit facility fee |
|
|
(0.01%)
|
|
(0.01%)
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche Two |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in credit facility fee |
|
|
0.00%
|
|
0.00%
|
|
|
|
| Line of Credit | Senior Unsecured Credit Facility | Credit Facility | Credit Agreement, Applicable Credit Facility Fee Adjustment, Tranche Three |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in credit facility fee |
|
|
0.01%
|
|
0.01%
|
|
|
|
| Line of Credit | Revolving Credit Facility(2) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.685%
|
|
|
|
| Number of extensions | extension |
|
|
2
|
|
2
|
|
|
|
| Extension period |
|
|
|
|
6 months
|
|
|
|
| Principal amount |
|
|
$ 0
|
|
$ 0
|
|
|
0
|
| Fixed interest rate |
|
|
4.585%
|
|
4.585%
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
May 30, 2029
|
|
|
|
| Line of Credit | Revolving Credit Facility(2) | Unsecured Revolving Credit Facility |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating |
0.115%
|
|
|
|
0.125%
|
|
|
|
| Sustainability linked pricing component, increase (decrease) in credit facility fee |
(0.01%)
|
|
|
|
|
|
|
|
| The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum ratio of total indebtedness to total asset value |
|
|
60.00%
|
|
60.00%
|
|
|
|
| Minimum ratio of EBITDA to fixed charges |
|
|
1.5
|
|
1.5
|
|
|
|
| Maximum ratio of unsecured debt to the value of the unencumbered asset pool |
|
|
60.00%
|
|
60.00%
|
|
|
|
| Minimum ratio of NOI unsecured interest expense |
|
|
1.75
|
|
1.75
|
|
|
|
| Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Maximum ratio of secured debt to total asset value |
|
|
40.00%
|
|
40.00%
|
|
|
|
| Maximum ratio of recourse debt to total asset |
|
|
15.00%
|
|
15.00%
|
|
|
|
| Minimum tangible net worth required |
|
|
$ 760,740,750
|
|
$ 760,740,750
|
|
|
|
| Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation |
|
|
75.00%
|
|
75.00%
|
|
|
|
| Senior Unsecured Term Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.80%
|
|
|
|
| Senior Unsecured Term Loan | Minimum |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.00%
|
|
|
|
| Senior Unsecured Term Loan | $300M Term Loan(3) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.76%
|
|
|
|
| Principal amount |
|
|
$ 0
|
|
$ 0
|
|
|
300,000,000
|
| Fixed interest rate |
|
|
3.577%
|
|
3.577%
|
|
2.81725%
|
|
| Debt instrument, maturity date |
|
|
|
|
May 26, 2027
|
|
|
|
| Senior Unsecured Term Loan | $400 Million Unsecured Term Loan |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Basis spread on variable rate |
|
|
|
|
0.76%
|
|
|
|
| Principal amount |
|
|
$ 400,000,000
|
|
$ 400,000,000
|
|
|
400,000,000
|
| Fixed interest rate |
|
|
4.174%
|
|
4.174%
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
May 30, 2030
|
|
|
|
| Senior Notes | $25M Series 2019A Senior Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 25,000,000
|
|
$ 25,000,000
|
|
|
25,000,000
|
| Fixed interest rate |
|
|
3.88%
|
|
3.88%
|
|
|
|
| Principal amount |
|
|
$ 25,000,000.0
|
|
$ 25,000,000.0
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Jul. 16, 2029
|
|
|
|
| Senior Notes | $75M Series 2019B Senior Notes |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 75,000,000
|
|
$ 75,000,000
|
|
|
75,000,000
|
| Fixed interest rate |
|
|
4.03%
|
|
4.03%
|
|
|
|
| Principal amount |
|
|
$ 75,000,000.0
|
|
$ 75,000,000.0
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Jul. 16, 2034
|
|
|
|
| Senior Notes | $400M Senior Notes due 2030 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 400,000,000
|
|
$ 400,000,000
|
|
|
400,000,000
|
| Fixed interest rate |
|
|
2.125%
|
|
2.125%
|
|
|
|
| Principal amount |
|
|
$ 400,000,000.0
|
|
$ 400,000,000.0
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Dec. 01, 2030
|
|
|
|
| Senior Notes | $400M Senior Notes due 2031 |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 400,000,000
|
|
$ 400,000,000
|
|
|
400,000,000
|
| Fixed interest rate |
|
|
2.15%
|
|
2.15%
|
|
|
|
| Principal amount |
|
|
$ 400,000,000.0
|
|
$ 400,000,000.0
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Sep. 01, 2031
|
|
|
|
| Senior Notes | $125M Senior Notes(4) |
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
| Principal amount |
|
|
$ 0
|
|
$ 0
|
|
|
$ 125,000,000
|
| Fixed interest rate |
|
|
3.93%
|
|
3.93%
|
|
|
|
| Debt instrument, maturity date |
|
|
|
|
Jul. 13, 2027
|
|
|
|
| Repayment of borrowings |
|
|
|
|
$ 125,000,000.0
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