v3.26.3
Mortgages (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Mortgages
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.
The Company’s mortgages consist of the following:
(in thousands, except interest rates)Origination
Date		Maturity
Date		Interest
Rate		September 30,
2026		December 31, 2025
Lender
Wilmington Trust National AssociationApr. 2019Feb. 20284.92%$40,262 $41,393 
(a) (b) (c) (d)
PNC BankOct. 2016Nov. 20263.62%— 15,324 
(b) (c) (e)
Total mortgages40,262 56,717 
Debt issuance costs, net— (28)
Mortgages, net$40,262 $56,689 
(a)Non-recourse debt includes the indemnification/guaranty of the Company pertaining to fraud, environmental claims, insolvency, and other matters.
(b)Debt secured by related rental property and lease rents.
(c)Debt secured by guaranty of the OP.
(d)Mortgage was assumed as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.
(e)Mortgage was paid in full in June 2026.
Schedule of Estimated Future Principal Payments
Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 7) at September 30, 2026 are as follows:
(in thousands)
Remainder of 2026$388 
2027351,596 
2028763,278 
2029855,438 
2030200,000 
Thereafter725,000 
$2,895,700