v3.26.3
Unsecured Credit Agreements and Unsecured Notes
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Unsecured Credit Agreements and Unsecured Notes Unsecured Credit Agreements and Unsecured Notes
The following table summarizes the Company’s unsecured credit agreements and unsecured notes:
Outstanding Balance
(in thousands, except interest rates)September 30,
2026		December 31,
2025		Interest RateMaturity Date
Unsecured revolving credit facility$555,438 $266,036 
applicable reference rate + 0.80% (a)
Mar. 2029
(d)
Unsecured term loans:
2027 Unsecured Term Loan200,000 200,000 
daily simple SOFR + 0.90% (b)
Aug. 2027
2028 Unsecured Term Loan500,000 500,000 
one-month SOFR + 0.90% (c)
Mar. 2028
(e)
2029 Unsecured Term Loan300,000 300,000 
daily simple SOFR + 0.90% (b)
Feb. 2029
(f)
2030 Unsecured Term Loan100,000 — 
one-month SOFR + 0.90% (c)
Jan. 2030
(g)
Total unsecured term loans1,100,000 1,000,000 
Unamortized debt issuance costs, net(4,702)(5,781)
Total unsecured term loans, net1,095,298 994,219 
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A150,000 150,000 4.84%Apr. 2027
2028 Senior Unsecured Notes - Series B225,000 225,000 5.09%Jul. 2028
2030 Senior Unsecured Notes - Series C100,000 100,000 5.19%Jul. 2030
2031 Senior Unsecured Public Notes375,000 375,000 2.60%Sep. 2031
2032 Senior Unsecured Public Notes350,000 350,000 5.00%Nov. 2032
Total senior unsecured notes1,200,000 1,200,000 
Unamortized debt issuance costs and original issuance discounts, net(8,038)(9,262)
Total senior unsecured notes, net1,191,962 1,190,738 
Total unsecured debt, net$2,842,698 $2,450,993 
(a)At September 30, 2026 and December 31, 2025, a balance of $485.0 million and $193.0 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $70.4 million United States Dollars (“USD”) and $73.0 million USD, at September 30, 2026 and December 31, 2025, respectively, and was subject to daily simple CORRA of 2.31% and 2.30% at September 30, 2026 and December 31, 2025, respectively. At September 30, 2026, we had $428.8 million of available capacity under our unsecured revolving credit facility, inclusive of $15.7 million of standby letter of credits outstanding, as noted below.
(b)At September 30, 2026 and December 31, 2025, overnight SOFR was 3.90% and 3.87%, respectively.
(c)At September 30, 2026 and December 31, 2025, one-month SOFR was 3.91% and 3.69%, respectively.
(d)The unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.
(e)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.
(f)The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.
(g)The 2030 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2030 term loan facility.
At September 30, 2026, the weighted average interest rate on all outstanding borrowings was 4.52% exclusive of interest rate swap agreements, and 4.19% inclusive of interest rate swap agreements.
The Company is subject to various financial and operational covenants and financial reporting requirements pursuant to its unsecured credit agreements. These covenants require the Company to maintain certain financial ratios. As of September 30, 2026, and for all periods presented, the Company believes it was in compliance with all of its loan covenants. Failure to comply with the covenants would result in a default which, if the Company were unable to cure or obtain a waiver from the lenders, could accelerate the repayment of the obligations. Further, in the event of default, the Company may be restricted from paying dividends to its stockholders in excess of dividends required to maintain its REIT qualification. Accordingly, an event of default could have a material effect on the Company.
On July 28, 2026, the Company amended the unsecured revolving credit agreement, which also governs the 2028 Unsecured Term Loan, to provide a new $300.0 million senior unsecured delayed draw term loan maturing on January 30, 2030 (the “2030 Unsecured Term Loan”). The 2030 Unsecured Term Loan is available to be drawn during the twelve month period following the effective date of the amendment. In September 2026, the Company drew $100.0 million, and $200.0 million remained available to be drawn at September 30, 2026. Borrowings are subject to interest only payments at variable rates equal to one-month SOFR plus a margin based on the Company's credit rating, ranging between 0.750% and
1.550% per annum. Based on the Company’s current credit rating, the applicable margin was 0.900% as of September 30, 2026. The Company expects to use proceeds from the 2030 Unsecured Term Loan for investment activity and general corporate purposes. The amendment also reduced the applicable SOFR-based margin on the 2028 Unsecured Term Loan to 0.900% from 0.950%, and on borrowings under the unsecured revolving credit facility to 0.800% from 0.850%, based on the Company’s current credit rating. The Company may issue letters of credit up to $50.0 million under the unsecured revolving credit facility (increased from $20.0 million by the July 28, 2026 amendment). At September 30, 2026, the Company had $15.7 million of standby letters of credit outstanding, which reduce the borrowing capacity under the facility. The letters of credit primarily support the Company's build-to-suit transactions. No draws were outstanding on the standby letters of credit as of September 30, 2026.

On July 28, 2026, the Company also amended the term loan credit agreement governing the 2027 Unsecured Term Loan and the 2029 Unsecured Term Loan to reduce the applicable SOFR-based margin to 0.900% from 0.950% based on the Company’s current credit rating. All remaining terms of the term loan credit agreement remained the same.

For each separate debt instrument, on a lender by lender basis, in accordance with ASC 470-50, Debt Modifications and Extinguishment, the Company performed an assessment of whether the transaction was deemed to be new debt, a modification of existing debt, or an extinguishment of existing debt. Debt issuance costs are either deferred and amortized over the term of the associated debt or expensed as incurred. The 2030 Unsecured Term Loan was deemed to be new debt. The 2026 amendments to the unsecured revolving credit agreement and term loan credit agreement were deemed to be modifications of existing debt.

During the three and nine months ended September 30, 2026, the Company incurred debt issuance costs of $2.2 million, associated with the 2030 Unsecured Term Loan. These costs were initially recorded in Prepaid expenses and other assets and are not amortized until the related borrowings are drawn. Upon the $100.0 million draw, $0.7 million of these costs, proportionate to the amount drawn, were reclassified as a reduction of the carrying amount of the debt and is being amortized over the term of the 2030 Unsecured Term Loan. The remaining $1.5 million is included in Prepaid expenses and other assets and will be reclassified as the remaining commitments are drawn.
During the three and nine months ended September 30, 2025, the Company incurred debt issuance costs of $6.3 million and $18.6 million, respectively, associated with the unsecured credit agreement and 2032 Senior Unsecured Public Notes. With respect to the 2025 amendments to the unsecured credit agreement, the transactions were deemed to be modifications of debt, and therefore the associated debt issuance costs were deferred and are being amortized over the terms of the associated debt. With respect to the 2032 Senior Unsecured Public Notes, the transaction was determined to be new debt and the associated debt issuance costs were deferred and are being amortized over the term of the associated debt.
Debt issuance costs and original issuance discounts are amortized as a component of Interest expense in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. The following table summarizes debt issuance cost and original issuance discount amortization:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
(in thousands)2026202520262025
Debt issuance costs and original issuance discount amortization$1,629 $1,358 $4,897 $3,923