v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
(In thousands)
Senior Unsecured Notes$2,499,838 $2,730,980 
Senior Unsecured Term Loans405,701 1,077,144 
Senior Unsecured Revolving Credit Facility216,240 332,111 
Total principal amount of indebtedness$3,121,779 $4,140,235 
Less: unamortized deferred financing costs(1)
(15,541)(16,001)
Total indebtedness, net of deferred financing costs
$3,106,238 $4,124,234 
(1)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within Other assets on the accompanying Condensed Consolidated Balance Sheets.
The following table provides additional details of our Senior Unsecured Notes as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes(1)
01/20264.68%$— $— $200,000 $200,000 
Private Series B Notes
01/20294.86%$400,000 400,000 $400,000 400,000 
Private Series C Notes
01/20304.10%$350,000 350,000 $350,000 350,000 
Private Series D Notes
01/20311.62%€400,000 453,247 €400,000 469,856 
Private Series E Notes
01/20331.65%€350,000 396,591 €350,000 411,124 
Public 5.600% Notes
05/20325.60%$400,000 400,000 $400,000 400,000 
Public 5.409% Notes
09/20345.41%$500,000 500,000 $500,000 500,000 
Total Senior Unsecured Notes
$2,499,838 $2,730,980 
(1)The Private Series A Senior Unsecured Notes were repaid in full on the stated maturity date of January 8, 2026.
The following table provides additional details of our Senior Unsecured Term Loans as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Stated Maturity Date
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
2025 Unsecured Term Loan(4)
09/2026
SOFR + 0.95%
$— $— 
SOFR + 0.95%
$250,000 $250,000 
AUD Term Loan Facility06/2031
BBSW + 0.90%
A$230,000 159,754 —$— — 
Tranche A-1(4)
11/2026
SOFR + 0.95%
$— — 
SOFR + 0.94%
$375,000 375,000 
Tranche A-2
06/2031(3)
CORRA + 0.90%
C$350,000 245,947 
CORRA + 0.94%
C$250,000 182,144 
Delayed Draw Tranche A-3(4)
01/2028
SOFR + 0.95%
$— — 
SOFR + 0.94%
$270,000 270,000 
Total Senior Unsecured Term Loans
$405,701 $1,077,144 
(1)2025 Unsecured Term Loan SOFR = daily SOFR, AUD Term Loan Facility BBSW = one-month Bank Bill Swap Rate, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = daily CORRA. Refer to Note 5 - Derivative Financial Instruments for details of the related interest rate swaps for Tranche A-1, Tranche A-2, and Delayed Draw Tranche A-3. The interest rate swaps for Tranche A-1 and Delayed Draw Tranche A-3 were terminated as of September 30, 2026.
(2)As of December 31, 2025, 2025 Unsecured Term Loan SOFR = daily SOFR, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%).
(3)As of December 31, 2025, the stated maturity date of the Tranche A-2 was January of 2028 with no extension options.
(4)In September 2026, the Company repaid in full the 2025 Unsecured Term Loan, Tranche A-1 and Delayed Draw Tranche A-3 using the proceeds received in connection with the formation of the EQT JV. Refer to Note 13 - Investments in and Advances to Partially Owned Entities for additional details regarding the joint venture formation.
During the nine months ended September 30, 2026, the Company amended the Senior Unsecured Revolving Credit Facility to extend the maturity date from August 2026 to June 2030. Further details of the amendment are included below. The following table provides additional details of our Senior Unsecured Revolving Credit Facility as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate (2)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
U.S. dollar
SOFR + 0.80%
$64,000 $64,000 
SOFR + 0.84%
$— $— 
Australian dollar
BBSW + 0.80%
A$— — 
BBSW + 0.84%
A$207,500 138,469 
Canadian dollar
CORRA + 0.80%
C$32,000 22,487 
CORRA + 0.84%
C$98,000 71,400 
Euro
EURIBOR + 0.80%
€70,500 79,884 
EURIBOR + 0.84%
€70,500 82,812 
New Zealand dollar
BKBM + 0.80%
NZ$88,500 49,869 
BKBM + 0.84%
NZ$68,500 39,430 
Total Senior Unsecured Revolving Credit Facility(3)
$216,240 $332,111 
(1)SOFR = daily SOFR, BBSW = one-month Bank Bill Swap Rate, CORRA = daily CORRA, EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.
(2)As of December 31, 2025, SOFR = adjusted daily SOFR (which includes an adjustment of 0.10%), BBSW = one-month Bank Bill Swap Rate, CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%), EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.
(3)Pursuant to the Amended and Restated Syndicated Facility Agreement, the Senior Unsecured Revolving Credit Facility matures in June of 2030; however, the terms of the agreement include an option for two six-month extensions past the amended contractual maturity date in June of 2030.