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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Schedule of senior unsecured revolving credit facility and commercial paper program | The following table presents the balances outstanding under the senior unsecured revolving credit facility and commercial paper program as of the dates presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate | ​ | Maturity |  | September 30, 2025 |  | December 31, 2024
Senior Unsecured Revolving Credit Facility (1) | 4.99 | % | ​ | August 2028 | ​ | $ | — | ​ | $ | 158,000
Commercial Paper Notes (2) | 4.29 | % | ​ | Various | ​ | ​ | 389,000 | ​ | ​ | —
Total | ​ | ​ | ​ | ​ | ​ | $ | 389,000 | ​ | $ | 158,000
​
| (1) | At September 30, 2025, the Revolving Credit Facility would have incurred interest of 4.99%, which is comprised of SOFR of 4.16%, the pricing grid spread of 72.5 basis points and the 10 basis point SOFR adjustment.
| (2) | As of September 30, 2025, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month.
​
Schedule of maturities of long-term debt | The following table presents scheduled principal payments related to the Company’s debt as of September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Scheduled |  | Balloon |  | ​ | ​
​ | Principal | ​ | Payment | ​ | Total
Remainder of 2025 (1) | $ | 262 | ​ | $ | 389,000 | ​ | $ | 389,262
2026 | ​ | 629 | ​ | ​ | — | ​ | ​ | 629
2027 |  | — | ​ |  | 50,000 | ​ |  | 50,000
2028 (2) | ​ | — | ​ | ​ | 410,000 | ​ | ​ | 410,000
2029 | ​ | — | ​ | ​ | 492,250 | ​ | ​ | 492,250
Thereafter |  | — | ​ |  | 2,050,000 | ​ |  | 2,050,000
Total scheduled principal payments | $ | 891 | ​ | $ | 3,391,250 | ​ | $ | 3,392,141
​
| (1) | At September 30, 2025, the Commercial Paper Notes had a weighted-average maturity of less than one month. |
| (2) | The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029 and had no borrowings outstanding as of September 30, 2025. |
Mortgages |
Schedule of long-term debt instruments | Mortgage notes payable consisted of the following as of the dates presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 | ​ | $ | 891 | ​ | $ | 1,654
​ | ​ | ​ | ​ | ​ | ​ | ​
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 | ​ |  | 42,250 | ​ |  | 42,250
​ | ​ |  | ​ | ​ |  |
Total principal | ​ |  | 43,141 | ​ |  | 43,904
Unamortized debt issuance costs and assumed debt discount, net | ​ |  | (1,423) | ​ |  | (1,694)
Total | ​ | $ | 41,718 | ​ | $ | 42,210
Unsecured term loan |
Schedule of long-term debt instruments | The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of the dates presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | All-in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate (1) | ​ | Maturity |  | September 30, 2025 |  | December 31, 2024
2029 Unsecured Term Loan | 4.47 | % | ​ | January 2029 | ​ | $ | 350,000 | ​ | $ | 350,000
Total principal | ​ | ​ | ​ | ​ | ​ |  | 350,000 | ​ |  | 350,000
Unamortized debt issuance costs, net | ​ | ​ | ​ | ​ | ​ |  | (2,100) | ​ |  | (2,548)
Total | ​ | ​ | ​ | ​ | ​ | $ | 347,900 | ​ | $ | 347,452
​
| (1) | Interest rate as of September 30, 2025 reflects the credit spread of 80 basis points, plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57%.
Senior Unsecured Notes |
Schedule of long-term debt instruments | The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of the dates presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | All-in | ​ | Coupon | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Interest Rate (1) | ​ | Rate | ​ | Maturity | ​ | September 30, 2025 |  | December 31, 2024
2025 Senior Unsecured Notes | 4.16 | % | ​ | 4.16 | % | ​ | May 2025 | ​ | $ | — | ​ | $ | 50,000
2027 Senior Unsecured Notes | 4.26 | % | ​ | 4.26 | % | ​ | May 2027 | ​ | ​ | 50,000 | ​ | ​ | 50,000
2028 Senior Unsecured Public Notes | 2.11 | % | ​ | 2.00 | % | ​ | June 2028 | ​ | ​ | 350,000 | ​ | ​ | 350,000
2028 Senior Unsecured Notes | 4.42 | % | ​ | 4.42 | % | ​ | July 2028 | ​ | ​ | 60,000 | ​ | ​ | 60,000
2029 Senior Unsecured Notes | 4.19 | % | ​ | 4.19 | % | ​ | September 2029 | ​ | ​ | 100,000 | ​ | ​ | 100,000
2030 Senior Unsecured Notes | 4.32 | % | ​ | 4.32 | % | ​ | September 2030 | ​ | ​ | 125,000 | ​ | ​ | 125,000
2030 Senior Unsecured Public Notes | 3.49 | % | ​ | 2.90 | % | ​ | October 2030 | ​ | ​ | 350,000 | ​ | ​ | 350,000
2031 Senior Unsecured Notes | 4.42 | % | ​ | 4.47 | % | ​ | October 2031 | ​ | ​ | 125,000 | ​ | ​ | 125,000
2032 Senior Unsecured Public Notes | 3.96 | % | ​ | 4.80 | % | ​ | October 2032 | ​ | ​ | 300,000 | ​ | ​ | 300,000
2033 Senior Unsecured Public Notes | 2.13 | % | ​ | 2.60 | % | ​ | June 2033 | ​ | ​ | 300,000 | ​ | ​ | 300,000
2034 Senior Unsecured Public Notes | 5.65 | % | ​ | 5.63 | % | ​ | June 2034 | ​ | ​ | 450,000 | ​ | ​ | 450,000
2035 Senior Unsecured Public Notes | 5.35 | % | ​ | 5.60 | % | ​ | June 2035 | ​ | ​ | 400,000 | ​ | ​ | —
Total principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 2,610,000 | ​ |  | 2,260,000
Unamortized debt issuance costs and original issue discounts, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (26,315) | ​ |  | (22,241)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 2,583,685 | ​ | $ | 2,237,759
​
| (1) | The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.

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