v3.25.4

UNSECURED DEBT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The Company’s unsecured debt is detailed below:
| December 31,
| 2025 |  | 2024
| (In thousands)
Unsecured debt —Fixed rate, carrying amount (1) | $ | 1,615,000 |  |  | 1,510,000 |
Unamortized debt issuance costs | (3,974) |  |  | (2,843) |
Unsecured debt, net of debt issuance costs | $ | 1,611,026 |  |  | 1,507,157 |
(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
Schedule of long-term debt instruments | A summary of the carrying amount of Unsecured debt follows:
|  |  |  |  |  |  | Balance at December 31,
| Margin |  | Interest Rate |  | Maturity Date |  | 2025 |  | 2024
|  |  |  |  |  |  | (In thousands)
$50 Million Unsecured Term Loan (1) | 1.10% |  | 1.58% |  | 03/18/2025 |  | $ | — |  |  | 50,000 |
$20 Million Senior Unsecured Notes | Not applicable |  | 3.80% |  | 08/28/2025 |  | — |  |  | 20,000 |
$25 Million Senior Unsecured Notes | Not applicable |  | 3.97% |  | 10/01/2025 |  | — |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable |  | 3.99% |  | 10/07/2025 |  | — |  |  | 50,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.84% |  | 1.98% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$40 Million Senior Unsecured Notes | Not applicable |  | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 1.70% |  | 03/25/2027 |  | 100,000 |  |  | 100,000 |
$75 Million Unsecured Term Loan (1) (2) | 0.84% |  | 3.89% |  | 08/31/2027 |  | 75,000 |  |  | 75,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 2.51% |  | 09/29/2028 |  | 100,000 |  |  | 100,000 |
$80 Million Senior Unsecured Notes | Not applicable |  | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | 80,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | 75,000 |
$100 Million Unsecured Term Loan (1) (2) (3) | 0.95% |  | 4.87% |  | 01/13/2030 |  | 100,000 |  |  | 100,000 |
$100 Million Unsecured Term Loan (1) | 0.85% |  | 4.11% |  | 04/30/2030 |  | 100,000 |  |  | — |
$100 Million Senior Unsecured Notes | Not applicable |  | 2.61% |  | 10/14/2030 |  | 100,000 |  |  | 100,000 |
$150 Million Unsecured Term Loan (1) | 0.85% |  | 4.15% |  | 03/14/2031 |  | 150,000 |  |  | — |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | 125,000 |
$35 Million Senior Unsecured Notes | Not applicable |  | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | 35,000 |
$150 Million Senior Unsecured Notes | Not applicable |  | 3.03% |  | 04/20/2032 |  | 150,000 |  |  | 150,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 2.71% |  | 10/14/2032 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.90% |  | 10/12/2033 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.95% |  | 10/12/2034 |  | 75,000 |  |  | 75,000 |
|  |  |  |  |  |  | $ | 1,615,000 |  |  | 1,510,000 |
(1)The interest rates on these unsecured term loans are comprised of either Term or Daily SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term or Daily SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2025. (2)These term loans were refinanced effective November 19, 2025 to remove the SOFR adjustment, decreasing the credit spread by 10 basis points, which is reflected in the margins and effectively fixed rate noted above. (3)This term loan was refinanced effective January 9, 2025. It now carries a maturity date of January 13, 2028, with two one-year extension options available at the Company's election, which extends the maturity to January 13, 2030. Further detail is provided below.
Principal payments due during the next five years | Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2025 are as follows:
MATURITY DATES |  | Principal Payments Maturing
|  | (In thousands)
2026 |  | $ | 140,000 |
2027 |  | 175,000 |
2028 |  | 160,000 |
2029 |  | 155,000 |
2030 |  | 300,000 |
Thereafter |  | 685,000 |
Total unsecured debt, before amortization of debt issuance costs |  | $ | 1,615,000 |

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