v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Summary of the mortgage notes payable, unsecured term loans and credit facility
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of September 30, 2026 and December 31, 2025.

Principal Outstanding
Indebtedness (dollars in thousands)September 30, 2026December 31, 2025
Weighted Average Interest Rate(1)
    
Weighted Average Years(2) 
Unsecured credit facility$463,000 $262,000 
Term SOFR + 0.725%
2.9
Unsecured term loans1,025,000 1,025,000 3.54 %3.6
Unsecured notes1,925,000 1,975,000 4.84 %

4.8
Mortgage note3,927 4,099 3.71 %13.0
Total / weighted average
$3,416,927 $3,266,099 4.42 %4.2
(1)Interest rate as of September 30, 2026. At September 30, 2026, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 3.9125%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any
unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt.
(2)The weighted average years represents the remaining maturity in years on the principal outstanding as of September 30, 2026, and assumes that any extension options that are exercisable at the discretion of the Company, subject to certain terms and conditions, have been exercised.
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and nine months ended September 30, 2026 and 2025.

Three months ended September 30,Nine months ended September 30,
Costs Included in Interest Expense (in thousands)2026202520262025
Amortization of deferred financing fees and debt issuance costs and fair market value discount$1,427 $1,406 $4,166 $4,044 
Facility, unused, and other fees$444 $440 $1,318 $1,314 
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value
The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of September 30, 2026 and December 31, 2025.

September 30, 2026December 31, 2025
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$463,000 $463,000 $262,000 $262,000 
Unsecured term loans1,025,000 1,025,000 1,025,000 1,025,000 
Unsecured notes1,925,000 1,799,393 1,975,000 1,937,338 
Mortgage note3,927 2,898 4,099 3,306 
Total principal amount3,416,927 $3,290,291 3,266,099 $3,227,644 
Unamortized fair market value discount(113)(119)
Total unamortized deferred financing fees and debt issuance costs (11,303)(11,665)
Total carrying value$3,405,511 $3,254,315