| Summary of Terms of Notes Payable |
The following table summarizes the terms of notes payable outstanding at September 30, 2026, and December 31, 2025 ($ in thousands):
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Description |
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Interest Rate (1) |
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Maturity (2) |
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2026 |
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2025 |
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Unsecured Notes: |
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Credit Facility |
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4.595 % |
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April 2031 |
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$ |
114,800 |
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$ |
116,000 |
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Public Senior Notes |
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5.875 % |
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October 2034 |
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500,000 |
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500,000 |
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Public Senior Notes |
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5.250 % |
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July 2030 |
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500,000 |
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500,000 |
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Public Senior Notes |
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4.875 % |
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March 2033 |
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500,000 |
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- |
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Public Senior Notes |
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5.375 % |
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February 2032 |
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400,000 |
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400,000 |
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Term Loan (3) |
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4.670 % |
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March 2027 |
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400,000 |
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400,000 |
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Privately Placed Senior Notes |
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3.950 % |
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July 2029 |
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275,000 |
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275,000 |
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Privately Placed Senior Notes |
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3.860 % |
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July 2028 |
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250,000 |
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250,000 |
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Privately Placed Senior Notes |
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3.780 % |
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July 2027 |
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125,000 |
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125,000 |
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Term Loan |
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4.670 % |
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February 2027 |
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100,000 |
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250,000 |
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Privately Placed Senior Notes |
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4.090 % |
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July 2027 |
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100,000 |
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100,000 |
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3,264,800 |
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2,916,000 |
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Secured Mortgage Notes: |
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Terminus (4) |
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6.340 % |
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January 2031 |
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221,000 |
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221,000 |
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201 North Tryon |
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3.370 % |
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October 2026 |
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115,936 |
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118,928 |
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Colorado Tower |
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3.450 % |
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September 2026 |
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- |
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101,199 |
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336,936 |
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441,127 |
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$ |
3,601,736 |
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$ |
3,357,127 |
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Unamortized original issue discount |
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(6,413 |
) |
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(3,246 |
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Unamortized loan costs |
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(15,560 |
) |
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(13,066 |
) |
Total Notes Payable |
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$ |
3,579,763 |
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$ |
3,340,815 |
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(1)Interest rate as of September 30, 2026. (2)Weighted average maturity of notes payable outstanding at September 30, 2026, was 4.0 years, exclusive of unexercised extension options. (3)The Company previously elected six-month Term SOFR through September 3, 2026, for $200 million and Daily SOFR for $200 million. Upon the ending of the selected Term rates in September 2026, the Company elected Daily SOFR for the total $400 million. (4)Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
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| Summary of Interest Recorded |
For the three and nine months ended September 30, 2026, and 2025, interest expense was recorded as follows ($ in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Total interest incurred |
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$ |
46,541 |
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$ |
43,131 |
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$ |
141,019 |
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$ |
122,705 |
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Interest capitalized |
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(964 |
) |
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(1,634 |
) |
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(3,277 |
) |
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(5,920 |
) |
Total interest expense |
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$ |
45,577 |
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$ |
41,497 |
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$ |
137,742 |
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$ |
116,785 |
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