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UNSECURED SENIOR NOTES | 12 Months Ended
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Dec. 31, 2025
UNSECURED SENIOR NOTES |
UNSECURED SENIOR NOTES | 6. UNSECURED SENIOR NOTES ​ The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, | ​ ​ ​ | Effective | ​ | Issuance | ​ | Maturity
Unsecured Senior Notes | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | Interest Rate | ​ | Date | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​
$300M 4.000% Guaranteed Notes due 2025 (1) | ​ | $ | — | ​ | $ | 300,000 |  | 3.99 | % | ​ | Various (1) | ​ | Nov-25
$300M 3.125% Guaranteed Notes due 2026 | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​ | 3.18 | % | ​ | Aug-16 | ​ | Sep-26
$550M 2.250% Guaranteed Notes due 2028 | ​ | ​ | 550,000 | ​ | ​ | 550,000 | ​ | 2.33 | % | ​ | Nov-21 | ​ | Dec-28
$350M 4.375% Guaranteed Notes due 2029 | ​ | ​ | 350,000 | ​ | ​ | 350,000 | ​ | 4.46 | % | ​ | Jan-19 | ​ | Feb-29
$350M 3.000% Guaranteed Notes due 2030 | ​ | ​ | 350,000 | ​ | ​ | 350,000 | ​ | 3.04 | % | ​ | Oct-19 | ​ | Feb-30
$450M 2.000% Guaranteed Notes due 2031 | ​ | ​ | 450,000 | ​ | ​ | 450,000 | ​ | 2.10 | % | ​ | Oct-20 | ​ | Feb-31
$500M 2.500% Guaranteed Notes due 2032 | ​ | ​ | 500,000 | ​ | ​ | 500,000 | ​ | 2.59 | % | ​ | Nov-21 | ​ | Feb-32
$450M 5.125% Guaranteed Notes due 2035 | ​ | ​ | 450,000 | ​ | ​ | — | ​ | 5.30 | % | ​ | Aug-25 | ​ | Nov-35
Principal balance outstanding | ​ | ​ | 2,950,000 | ​ | ​ | 2,800,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Discount on issuance of unsecured senior notes, net | ​ | ​ | (12,669) | ​ | ​ | (8,495) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (12,228) | ​ | ​ | (10,874) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total unsecured senior notes, net | ​ | $ | 2,925,103 | ​ | $ | 2,780,631 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (1) | On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 2025 issued on October 26, 2015 (collectively, the “2025 Notes”). The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735%, respectively, of the principal amount to yield 3.811% and 4.032%, respectively, to maturity. These senior notes were redeemed in full on November 17, 2025. The combined weighted average effective interest rate of the 2025 Notes, prior to redemption of such notes, was 3.994%.
​ The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5:1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the year ended December 31, 2025, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

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