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v3.25.2

Notes, Loans and Finance Leases Payable, net (Table Text Block) | 3 Months Ended
--- | ---
Jun. 30, 2025
Debt Instruments [Abstract] |
Long-Term Debt | Long term debt was as follows:
| Fiscal Year 2026 Interest Rates |  |  |  | Maturities |  | Weighted Avg Interest Rates (c) |  | June 30, 2025 |  |  | March 31, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (Unaudited) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
Real estate loans (amortizing term) (a) |  | 4.30 |  | % | - |  | 5.80 |  | % |  | 2027 |  | - | 2037 |  |  | 5.19 |  | % |  | $ | 262,917 |  |  | $ | 265,887 |
Senior mortgages |  | 2.70 |  | % | - |  | 6.05 |  | % |  | 2026 |  | - | 2042 |  |  | 4.40 |  | % |  |  | 2,464,628 |  |  |  | 2,437,769 |
Real estate loans (revolving credit) |  | — |  | % | - |  | — |  | % |  |  | — |  | - | 2027 |  | - |  | % |  |  | — |  |  |  | — |
Fleet loans (amortizing term) |  | 1.61 |  | % | - |  | 6.02 |  | % |  | 2025 |  | - | 2031 |  |  | 5.33 |  | % |  |  | 117,564 |  |  |  | 125,839 |
Fleet loans (revolving credit) (b) |  | 5.18 |  | % | - |  | 5.68 |  | % |  | 2028 |  | - | 2030 |  |  | 5.61 |  | % |  |  | 635,000 |  |  |  | 625,000 |
Finance leases (rental equipment) |  | 2.89 |  | % | - |  | 5.01 |  | % |  | 2025 |  | - | 2026 |  |  | 4.39 |  | % |  |  | 32,979 |  |  |  | 44,338 |
Finance liability (rental equipment) |  | 1.60 |  | % | - |  | 6.80 |  | % |  | 2025 |  | - | 2032 |  |  | 5.13 |  | % |  |  | 2,006,472 |  |  |  | 1,963,644 |
Private placements |  | 2.43 |  | % | - |  | 6.00 |  | % |  | 2029 |  | - | 2035 |  |  | 3.62 |  | % |  |  | 1,700,000 |  |  |  | 1,700,000 |
Other obligations |  | 1.50 |  | % | - |  | 8.00 |  | % |  | 2025 |  | - | 2049 |  |  | 6.38 |  | % |  |  | 65,570 |  |  |  | 66,864 |
Notes, loans and finance leases payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,285,130 |  |  |  | 7,229,341 |
Less: Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,253 | ) |  |  | (35,484 | )
Total notes, loans and finance leases payable, net |  |  |  |  |  |  |  |  |  |  | $ | 7,249,877 |  |  | $ | 7,193,857 |
(a) Certain loans have interest rate swaps fixing the rate for the relevant loans between 2.72% and 2.86% based on current margin. The weighted average interest rate calculation for these loans was 4.10% using the swap adjusted interest rate. |
(b) Certain loans have an interest rate swap fixing the rate for relevant loans between 4.36% and 4.71% based on current margin. The weighted average interest rate calculation for these loans was 5.68% using the swap adjusted interest rate. |
(c) Weighted average rates as of June 30, 2025. |
Components of interest expense | Components of interest expense included the following:
|  | Quarter ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (Unaudited) |
|  | (In thousands) |
Interest expense |  | $ | 86,619 |  |  | $ | 71,147 |
Capitalized interest |  |  | (5,294 | ) |  |  | (4,013 | )
Amortization of transaction costs |  |  | 1,532 |  |  |  | 1,509 |
Interest expense resulting from cash flow hedges |  |  | (527 | ) |  |  | (1,425 | )
Total interest expense |  | $ | 82,330 |  |  | $ | 67,218 |
Interest rates and company borrowings | Interest rates and Company borrowings related to our revolving credit facilities were as follows:
|  | Revolving Credit Activity |  |
|  | Quarter ended June 30, |  |
|  |  | 2025 |  |  |  | 2024 |  |
|  | (Unaudited) |  |
|  | (In thousands, except interest rates) |  |
Weighted average interest rate during the quarter |  |  | 5.63 |  | % |  | 6.63 |  | %
Interest rate at the end of the quarter |  |  | 5.61 |  | % |  | 6.61 |  | %
Maximum amount outstanding during the quarter |  | $ | 785,000 |  |  | $ | 735,000 |  |
Average amount outstanding during the quarter |  | $ | 730,604 |  |  | $ | 665,861 |  |
Facility fees |  | $ | 233 |  |  | $ | 263 |  |

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