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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, 2026December 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 loans1,025,000 1,025,000 3.59 %2.9
Unsecured notes1,975,000 1,975,000 4.84 %

5.2
Mortgage note4,042 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)20262025
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, 2026December 31, 2025
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$200,000 $200,000 $262,000 $262,000 
Unsecured term loans1,025,000 1,025,000 1,025,000 1,025,000 
Unsecured notes1,975,000 1,916,138 1,975,000 1,937,338 
Mortgage note4,042 3,223 4,099 3,306 
Total principal amount3,204,042 $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.