v3.26.3
DEBT OBLIGATIONS
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
6. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which includes the effect of derivative financial instruments, for our debt obligations as of September 30, 2026 and December 31, 2025 (dollars in thousands):
   
Interest Rate(1)
September 30, 2026December 31, 2025
Revolving credit facility(2)
SOFR + 0.7%
$225,000 $92,000 
Term loans(2)
5.0%
161,750 484,750 
Senior unsecured notes due 20312.625%350,000 350,000 
Senior unsecured notes due 20325.250%350,000 350,000 
Senior unsecured notes due 20334.750%350,000 — 
Senior unsecured notes due 20345.750%350,000 350,000 
Senior unsecured notes due 20354.950%350,000 350,000 
Secured loan facilities
3.4% - 3.5%
382,284 395,000 
Mortgages
3.5% - 6.2%
28,493 29,915 
Finance lease liability342 480 
Discount on notes payable(24,952)(23,633)
Assumed market debt adjustments, net167 259 
Deferred financing expenses, net(1,630)(3,443)
Total  $2,521,454 $2,375,328 
Weighted-average interest rate(3)
4.5 %4.5 %
(1)Interest rates are as of September 30, 2026.
(2)Our revolving credit facility and term loans carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus a spread. While some of the rates were fixed through the use of swaps, a portion of this debt was not subject to a swap, and thus was still indexed to SOFR.
(3)Includes the effects of derivative financial instruments as of December 31, 2025 (see Notes 7 and 12). There were no interest rate swaps outstanding as of September 30, 2026.
2026 Debt Activity—In January 2026, we extended the maturity of our $161.8 million term loan from January 2026 to January 2027.
In February 2026, we issued $350 million of 4.750% senior notes due 2033 at an issue price of 99.920% in an underwritten offering. The offering resulted in gross proceeds of $346.5 million, which were used to fully repay two term loans that were set to mature in January 2027 for $158 million and $165 million, respectively, with the remaining balance of $23.5 million used to pay down our revolving credit facility.
The 2026 senior notes are fully and unconditionally guaranteed by us.
In October 2026, we closed on a new $350 million unsecured term loan facility. The term loan facility has a three year term maturing on October 23, 2029, with two one year extension options to 2031, and will initially bear interest at an annual rate of SOFR plus 0.80%, with future pricing subject to adjustment based on our credit ratings and leverage ratio. We borrowed $175 million of the term loan facility at closing with the remaining $175 million available to draw on or before April 21, 2027. The term loan facility also has an uncommitted accordion feature allowing us to borrow up to an additional $450 million of term loans, for total term loans of up to $800 million. The initial $175 million proceeds from the term loan facility were used to pay down our outstanding $161.8 million term loan along with a portion of the outstanding balance under our $1 billion revolving credit facility.
Debt Allocation—The allocation of total debt between fixed-rate and variable-rate as well as between secured and unsecured, excluding market debt adjustments, discount on senior notes, and deferred financing expenses, net, and including the effects of derivative financial instruments as of September 30, 2026 and December 31, 2025 is summarized below (in thousands):
   September 30, 2026December 31, 2025
As to interest rate(1):
Fixed-rate debt$2,161,119 $2,025,395
Variable-rate debt386,750 376,750
Total$2,547,869 $2,402,145
As to collateralization:
Unsecured debt$2,136,750 $1,976,750
Secured debt411,119 425,395
Total  $2,547,869 $2,402,145
(1)Fixed-rate debt includes, and variable-rate debt excludes, the portion of such debt that was hedged by interest rate derivatives as of December 31, 2025 (see Notes 7 and 12).

Pursuant to the terms of our credit agreements, we are subject to, among other things, the maintenance of various financial covenants. We were in compliance with these covenants as of September 30, 2026.