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Indebtedness | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at September 30, 2025 |  | Effective Interest Rate at Issuance |  | Maturity Date |
| September 30, 2025 |  | December 31, 2024 |  |
Mortgage Loan Payable | $ | 9,383 |  |  | $ | 9,643 |  |  | 4.17% |  | 4.17% |  | 8/1/2028 |
Senior Unsecured Notes, Gross |  |  |  |  |  |  |  |  |  |
2027 Notes | 6,070 |  |  | 6,070 |  |  | 7.15% |  | 7.11% |  | 5/15/2027 |
2028 Notes | 31,901 |  |  | 31,901 |  |  | 7.60% |  | 8.13% |  | 7/15/2028 |
2031 Notes | 450,000 |  |  | — |  |  | 5.25% |  | 5.41% |  | 1/15/2031 |
2032 Notes | 10,600 |  |  | 10,600 |  |  | 7.75% |  | 7.87% |  | 4/15/2032 |
2027 Private Placement Notes | 125,000 |  |  | 125,000 |  |  | 4.30% |  | 4.30% |  | 4/20/2027 |
2028 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.86% |  | 3.86% |  | 2/15/2028 |
2029 Private Placement Notes | 75,000 |  |  | 75,000 |  |  | 4.40% |  | 4.40% |  | 4/20/2029 |
2029 II Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.97% |  | 4.23% |  | 7/23/2029 |
2030 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.96% |  | 3.96% |  | 2/15/2030 |
2030 II Private Placement Notes | 100,000 |  |  | 100,000 |  |  | 2.74% |  | 2.74% |  | 9/17/2030 |
2032 Private Placement Notes | 200,000 |  |  | 200,000 |  |  | 2.84% |  | 2.84% |  | 9/17/2032 |
Subtotal | $ | 1,448,571 |  |  | $ | 998,571 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (7,386) |  |  | (3,347) |  |  |  |  |  |  |  |
Unamortized Discounts | (3,120) |  |  | (40) |  |  |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 1,438,065 |  |  | $ | 995,184 |  |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2021 Unsecured Term Loan | — |  |  | 200,000 |  |  | N/A |  | N/A |  | N/A |
2022 Unsecured Term Loan II (A)(B) | 300,000 |  |  | 300,000 |  |  | 4.87% |  | N/A |  | 8/12/2026 |
2022 Unsecured Term Loan (A) | 425,000 |  |  | 425,000 |  |  | 3.63% |  | N/A |  | 10/18/2027 |
2025 Unsecured Term Loan (A)(C) | 200,000 |  |  | — |  |  | 1.85% |  | N/A |  | 3/17/2028 |
Subtotal | $ | 925,000 |  |  | $ | 925,000 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (2,847) |  |  | (2,524) |  |  |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 922,153 |  |  | $ | 922,476 |  |  |  |  |  |  |  |
Unsecured Credit Facility (D) | $ | 33,000 |  |  | $ | 282,000 |  |  | 4.90% |  | N/A |  | 3/16/2029 |
_______________ (A) The interest rate at September 30, 2025 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10. (B) During the nine months ended September 30, 2025, we consummated our exercise of the first one-year extension option, which extends the maturity date to August 12, 2026. At our option, we may extend the maturity pursuant to an additional one-year extension option, subject to satisfaction of certain conditions. (C) At our option, we may extend the maturity date pursuant to two one-year extension options, subject to satisfaction of certain conditions. (D) At our option, we may extend the maturity date pursuant to two six-month extension options, subject to satisfaction of certain conditions. Amounts exclude unamortized debt issuance costs of $7,921 and $713 as of September 30, 2025 and December 31, 2024, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loan Payable As of September 30, 2025, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $29,603. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2025. Senior Unsecured Notes, Net On May 14, 2025, we issued $450,000 of senior unsecured notes due January 15, 2031 (the “2031 Notes”). The 2031 Notes bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2026. The notes were issued at 99.265% of par, resulting in an original issue discount that will be amortized as an adjustment to interest expense. In anticipation of the issuance, we entered into two five-year treasury lock agreements (the "2030 Treasury Locks") to hedge the interest rate risk associated with the 2031 Notes. We settled the 2030 Treasury Locks on May 13, 2025 for a payment of $250, which was recorded in other comprehensive income and will be amortized to interest expense over a five-year period. Taking into account the original issue discount and the settlement amount of the 2030 Treasury Locks, the effective interest rate on the 2031 Notes is 5.41%. The 2031 Notes include customary covenants, including, but not limited to, limitations on the incurrence of additional indebtedness and requirements to maintain specified debt service coverage ratios. Unsecured Term Loans, Net On March 18, 2025, we amended and restated our existing $200,000 unsecured term loan (as amended and restated, the "2025 Unsecured Term Loan"). The 2025 Unsecured Term Loan matures on March 17, 2028, and includes two optional one-year extensions, subject to the satisfaction of certain conditions. The 2025 Unsecured Term Loan provides for interest-only payments during the term and bears interest at a variable rate based on SOFR, plus a 10 basis point SOFR adjustment and a credit spread of 85 basis points based on our current credit ratings and consolidated leverage ratio. We have interest rate swaps outstanding with a notional value of $200,000 that fix the SOFR rate component at 0.90% at September 30, 2025 and mature on February 2, 2026. The all-in interest rate at September 30, 2025 is 1.85%. See Note 10 for additional information. The 2025 Unsecured Term Loan may be increased, at our request and subject to willingness of existing or new lenders to fund such increase and other customary conditions, to a maximum of $460,000. Unsecured Credit Facility On March 18, 2025, we amended and restated our existing $750,000 revolving credit agreement, increasing the total capacity to $850,000 (as amended and restated, the "Unsecured Credit Facility"). The Unsecured Credit Facility matures on March 16, 2029, and includes two optional six-month extensions, subject to the satisfaction of certain conditions. At September 30, 2025, borrowings under the Unsecured Credit Facility bear interest at a variable rate based on SOFR, plus a credit spread of 77.5 basis points based on our current credit ratings and consolidated leverage ratio, and requires us to pay a facility fee of 15 basis points. The Unsecured Credit Facility provides for interest-only payments during the term and may be increased, at our request and subject to the willingness of existing or new lenders to fund such increase and other customary conditions, to a maximum of $1,000,000. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter:
| Amount
Remainder of 2025 | $ | 88 |
2026 | 300,364 |
2027 | 556,449 |
2028 | 390,453 |
2029 | 258,000 |
Thereafter | 910,600 |
Total | $ | 2,415,954 |
Our Unsecured Credit Facility, unsecured term loans, senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants. These include, among others, restrictions on the incurrence of additional indebtedness and requirements related to debt service coverage ratios. Under the terms of the Unsecured Credit Facility and unsecured term loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants under the Unsecured Credit Facility, the unsecured term loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of September 30, 2025. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At September 30, 2025 and December 31, 2024, the fair value of our indebtedness was as follows:
| September 30, 2025 |  | December 31, 2024
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loan Payable | $ | 9,383 |  |  | $ | 9,248 |  |  | $ | 9,643 |  |  | $ | 9,326 |
Senior Unsecured Notes, Net | 1,445,451 |  |  | 1,407,318 |  |  | 998,531 |  |  | 909,012 |
Unsecured Term Loans | 925,000 |  |  | 927,052 |  |  | 925,000 |  |  | 924,814 |
Unsecured Credit Facility | 33,000 |  |  | 33,000 |  |  | 282,000 |  |  | 282,162 |
Total | $ | 2,412,834 |  |  | $ | 2,376,618 |  |  | $ | 2,215,174 |  |  | $ | 2,125,314 |
_______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs. The fair value of our mortgage loan payable was determined by discounting the future cash flows using current rates at which similar loans with comparable remaining maturities would be issued. These rates were internally estimated. The fair value of the senior unsecured notes was determined based on current rates as advised by our bankers. These rates were based upon recent trades within the same series of the senior unsecured notes, trades for senior unsecured notes with comparable maturities, trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. For the Unsecured Credit Facility and the unsecured term loans, the fair value was calculated by discounting future cash flows using current rates, as advised by our bankers, reflecting rates at which loans with similar terms and credit ratings would be issued, assuming no repayment before maturity. We concluded that our fair value determination for our mortgage loan payable, senior unsecured notes, unsecured term loans and Unsecured Credit Facility primarily relied on Level 3 inputs.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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