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Borrowings
 6 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Notes, Loans and Finance Leases Payable, net . Notes, Loans and Finance Leases Payable, net

Long Term Debt

Long term debt was as follows:

 

 

Fiscal Year 2026 Interest Rates

 

 

 

Maturities

 

Weighted Avg Interest Rates (c)

 

September 30, 2025

 

 

March 31,
2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Real estate loans (amortizing term) (a)

 

4.30

 

%

-

 

5.76

 

%

 

2027

 

-

2037

 

 

5.18

 

%

 

$

259,947

 

 

$

265,887

 

Senior mortgages

 

2.70

 

%

-

 

6.05

 

%

 

2026

 

-

2042

 

 

4.57

 

%

 

 

2,742,397

 

 

 

2,437,769

 

Real estate loans (revolving credit)

 

—

 

%

-

 

—

 

%

 

 

—

 

-

2027

 

-

 

%

 

 

—

 

 

 

—

 

Fleet loans (amortizing term)

 

1.61

 

%

-

 

6.02

 

%

 

2025

 

-

2031

 

 

5.38

 

%

 

 

109,779

 

 

 

125,839

 

Fleet loans (revolving credit) (b)

 

5.17

 

%

-

 

5.67

 

%

 

2028

 

-

2030

 

 

5.54

 

%

 

 

635,000

 

 

 

625,000

 

Finance leases (rental equipment)

 

2.89

 

%

-

 

5.01

 

%

 

2025

 

-

2026

 

 

4.34

 

%

 

 

19,645

 

 

 

44,338

 

Finance liability (rental equipment)

 

1.60

 

%

-

 

6.80

 

%

 

2025

 

-

2033

 

 

5.17

 

%

 

 

2,201,380

 

 

 

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

 

 

6.41

 

%

 

 

64,357

 

 

 

66,864

 

Notes, loans and finance leases payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,732,505

 

 

 

7,229,341

 

Less: Debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,865

)

 

 

(35,484

)

Total notes, loans and finance leases payable, net

 

 

 

 

 

 

 

 

 

 

$

7,694,640

 

 

$

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) A certain loan has an interest rate swap fixing the rate for the relevant loan at 4.36% based on current margin. The weighted average interest rate calculation for this loan was 5.54% using the swap adjusted interest rate.

 

(c) Weighted average rates as of September 30, 2025.

 

 

Annual Maturities of Notes, Loans and Finance Leases Payable

The annual maturities of our notes, loans and finance leases payable, before debt issuance costs, as of September 30, 2025 for the next five years and thereafter are as follows:

 

 

 

Years Ended September 30,

 

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

 

 

(Unaudited)

 

 

 

 

 

 

(In thousands)

 

 

 

 

Notes, loans and finance leases payable

 

$

883,790

 

 

$

1,054,945

 

 

$

791,194

 

 

$

900,366

 

 

$

1,020,030

 

 

$

3,082,180

 

 

$

7,732,505

 

 

Interest on Borrowings

Interest Expense

Components of interest expense included the following:

 

 

 

Quarter ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

89,854

 

 

$

74,241

 

Capitalized interest

 

 

(558

)

 

 

(2,567

)

Amortization of transaction costs

 

 

1,571

 

 

 

1,330

 

Interest expense resulting from cash flow hedges

 

 

(562

)

 

 

(1,506

)

Total interest expense

 

$

90,305

 

 

$

71,498

 

 

 

 

 

Six months ended September 30,

 

 

 

2025

 

 

2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Interest expense

 

$

176,473

 

 

$

145,388

 

Capitalized interest

 

 

(5,852

)

 

 

(6,580

)

Amortization of transaction costs

 

 

3,103

 

 

 

2,839

 

Interest expense resulting from cash flow hedges

 

 

(1,089

)

 

 

(2,931

)

Total interest expense

 

$

172,635

 

 

$

138,716

 

 

Interest Rates

Interest rates and Company borrowings related to our revolving credit facilities were as follows:

 

 

 

Revolving Credit Activity

 

 

 

 

Quarter ended September 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the quarter

 

 

5.62

 

%

 

6.60

 

%

Interest rate at the end of the quarter

 

 

5.60

 

%

 

6.55

 

%

Maximum amount outstanding during the quarter

 

$

635,000

 

 

$

585,000

 

 

Average amount outstanding during the quarter

 

$

635,000

 

 

$

585,000

 

 

Facility fees

 

$

297

 

 

$

316

 

 

 

 

 

Revolving Credit Activity

 

 

 

 

Six months ended September 30,

 

 

 

 

 

2025

 

 

 

2024

 

 

 

 

(Unaudited)

 

 

 

 

(In thousands, except interest rates)

 

 

Weighted average interest rate during the period

 

 

5.62

 

%

 

6.62

 

%

Interest rate at the end of the period

 

 

5.60

 

%

 

6.55

 

%

Maximum amount outstanding during the period

 

$

785,000

 

 

$

735,000

 

 

Average amount outstanding during the period

 

$

682,541

 

 

$

625,209

 

 

Facility fees

 

$

531

 

 

$

579