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Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt Disclosure | Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of March 31, 2026 and December 31, 2025.
|  | Principal Outstanding |  |  |  |
Indebtedness (dollars in thousands) |  | March 31, 2026 |  | December 31, 2025 |  | Weighted Average Interest Rate(1) |  | Weighted Average Years(2)
Unsecured credit facility |  | $ | 200,000 |  |  | $ | 262,000 |  |  | Term SOFR + 0.775% |  | 3.4
Unsecured term loans |  | 1,025,000 |  |  | 1,025,000 |  |  | 3.59 | % |  | 2.9
Unsecured notes |  | 1,975,000 |  |  | 1,975,000 |  |  | 4.84 | % |  | 5.2
Mortgage note |  | 4,042 |  |  | 4,099 |  |  | 3.71 | % |  | 13.5
Total / weighted average |  | $ | 3,204,042 |  |  | $ | 3,266,099 |  |  | 4.42 | % |  | 4.3
(1)Interest rate as of March 31, 2026. At March 31, 2026, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 3.6648%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2)The weighted average years represents the remaining maturity in years on the principal outstanding as of March 31, 2026, and assumes that any extension options that are exercisable at the discretion of the Company, subject to certain terms and conditions, have been exercised. The aggregate undrawn nominal commitment on the unsecured credit facility as of March 31, 2026 was approximately $796.8 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $30.3 million and $11.9 million as of March 31, 2026 and December 31, 2025, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025.
|  | Three months ended March 31, |  |
Costs Included in Interest Expense (in thousands) |  | 2026 |  | 2025 |  |  |  |
Amortization of deferred financing fees and debt issuance costs and fair market value discount |  | $ | 1,371 |  |  | $ | 1,301 |  |  |  |  |
Facility, unused, and other fees |  | $ | 435 |  |  | $ | 435 |  |  |  |  |
Financial Covenant Considerations The Company was in compliance with applicable restrictions and financial and other covenants as of March 31, 2026 and December 31, 2025 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. The real estate net book value of the property that is collateral for the Company’s debt arrangements was approximately $6.9 million and $7.0 million at March 31, 2026 and December 31, 2025, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of March 31, 2026 and December 31, 2025.
|  | March 31, 2026 |  | December 31, 2025
Indebtedness (in thousands) |  | Principal Outstanding |  | Fair Value |  | Principal Outstanding |  | Fair Value
Unsecured credit facility |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 262,000 |  |  | $ | 262,000 |
Unsecured term loans |  | 1,025,000 |  |  | 1,025,000 |  |  | 1,025,000 |  |  | 1,025,000 |
Unsecured notes |  | 1,975,000 |  |  | 1,916,138 |  |  | 1,975,000 |  |  | 1,937,338 |
Mortgage note |  | 4,042 |  |  | 3,223 |  |  | 4,099 |  |  | 3,306 |
Total principal amount |  | 3,204,042 |  |  | $ | 3,144,361 |  |  | 3,266,099 |  |  | $ | 3,227,644 |
Unamortized fair market value discount |  | (116) |  |  |  |  | (119) |  |  |
Total unamortized deferred financing fees and debt issuance costs |  | (10,989) |  |  |  |  | (11,665) |  |  |
Total carrying value |  | $ | 3,192,937 |  |  |  |  | $ | 3,254,315 |  |  |
The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based 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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