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Notes and Bonds Payable
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Notes and Bonds Payable Notes and Bonds Payable
The table below details the Company’s notes and bonds payable as of September 30, 2025 and December 31, 2024. 
 
MATURITY DATE 1
BALANCE AS OF 2
EFFECTIVE INTEREST RATE
as of 9/30/2025
Dollars in thousands9/30/202512/31/2024
$1.5 billion Unsecured Credit Facility 3
7/29$149,000 $— 5.00 %
$200 million Unsecured Term Loan 4
1/26151,315 199,896 5.32 %
$300 million Unsecured Term Loan 5
1/26268,651 299,981 5.32 %
$150 million Unsecured Term Loan
6/26121,420 149,790 5.32 %
$200 million Unsecured Term Loan
7/27199,576 199,641 5.22 %
$300 million Unsecured Term Loan
1/28298,941 298,708 5.22 %
Senior Notes due 2025 6
5/25— 249,868 4.12 %
Senior Notes due 2026
8/26592,937 586,824 4.94 %
Senior Notes due 2027 7/27491,525 488,104 4.76 %
Senior Notes due 20281/28298,494 298,029 3.85 %
Senior Notes due 2030 2/30594,343 586,028 5.30 %
Senior Notes due 20303/30297,504 297,190 2.72 %
Senior Notes due 2031 3/31296,734 296,343 2.25 %
Senior Notes due 2031 3/31681,124 667,233 5.13 %
Mortgage notes payable
12/25-12/2644,142 45,136 
3.57% - 6.88%
$4,485,706 $4,662,771 
1Maturity date does not include extension options.
2Balance is presented net of discounts and issuance costs and inclusive of premiums, where applicable.
3As of September 30, 2025, the Company had $1.4 billion available to be drawn on its $1.5 billion Unsecured Credit Facility.
4On October 7, 2025, the Company repaid the remaining principal in full.
5On September 26, 2025, the Company exercised an option to extend the maturity date to January 2026 for a fee of approximately $0.1 million.
6In May 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.

Changes in Debt Structure
During the first quarter of 2025, the Company repaid $25.0 million of the $200 million Unsecured Term Loan due May 2025 and $10.0 million of the $300 million Unsecured Term Loan due October 2025.
On April 8, 2025, the Company exercised its final option to extend the maturity date of the $200 million Unsecured Term Loan due May 2025 to January 2026 for a fee of approximately $0.1 million. The loan also was amended to include a four-month extension option, which would extend the final maturity to May 2026. On October 7, 2025, the Company fully repaid its $200 million Unsecured Term Loan due January 2026, which had a remaining balance of $151.3 million.
On May 1, 2025, the Company repaid its Senior Notes due 2025 at maturity including $250 million of principal and $4.8 million of accrued interest.
On July 25, 2025, the Company entered into the Fifth Amended and Restated Revolving Credit and Term Loan Agreement (the “Unsecured Credit Facility”) with Wells Fargo Bank, National Association, as Administrative Agent; Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. as Joint Book Runners; Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, U.S. Bank National Association, The Bank of Nova Scotia, and BofA Securities, Inc., as Joint Lead Arrangers; and the other lenders named therein. The New Credit Facility provides for (i) a $1.5 billion unsecured revolving credit facility (the “Revolver”) and (ii) five individual unsecured term loan tranches. At closing, $73.4 million of term loans were repaid. The OP is the borrower under the Unsecured Credit Facility (in such capacity, the “Borrower”). A summary of the principal terms of the Unsecured Credit Facility and the Unsecured Credit Facility's effect on the Company's existing revolving credit term loan facilities is as follows:
•The Unsecured Credit Facility replaced the Company's prior revolving credit and term loan facility evidenced by that certain Fourth Amended and Restated Revolving Credit and Term Loan Agreement dated as of July 20, 2022 by and among the Company, the OP, Wells Fargo Bank, National Association, as Administrative Agent, and the other lenders identified therein, as amended (the “Prior Credit Facility”). All outstanding obligations due under the Prior Credit Facility were reallocated to the lenders under the Unsecured Credit Facility.
•The Company’s $1.5 billion Revolver was continued with a maturity extension from October 31, 2025 to July 25, 2029, with two six-month extension options. The Revolver includes a sublimit of $120 million for letters of credit.
•The previously funded $200 million term loan was continued with a maturity date of January 31, 2026 and three extension options totaling 16 months.
•The previously funded $150 million term loan was continued with a maturity date of June 1, 2026, with two extension options of six months each.
•The previously funded $300 million term loan was continued with a maturity date of October 31, 2025, with four extension options totaling 24 months.
•The previously funded $200 million term loan was continued with a maturity date of July 20, 2027, with two extension options of 12 months each.
•The previously funded $300 million term loan was continued with a maturity date of January 20, 2028, with one extension option of 12 months.
Revolving loans outstanding under the Unsecured Credit Facility bear interest at a floating rate equal to the daily simple Secured Overnight Financing Rate ("SOFR"), term SOFR or base rates, as applicable, plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.725% per annum to 1.40% per annum (currently 0.84% per annum). Term loans outstanding under the Unsecured Credit Facility bear interest at a rate equal to Term SOFR rates plus an applicable margin. The applicable margin is determined based on the Borrower’s credit ratings and ranges from 0.80% per annum to 1.60% per annum (currently 0.94% or 1.04% per annum). In addition, the Borrower pays a facility fee on the Revolver commitments at a rate per
annum determined based on the Borrower’s credit ratings and ranging from 0.125% per annum to 0.30% per annum (currently 0.20% per annum).
Except as set forth above, the principal terms of the Unsecured Credit Facility are substantially consistent with the terms of the Prior Credit Facility. Specifically, the Unsecured Credit Facility contains representations and warranties and affirmative and negative covenants that are customary for facilities of this size and type. These covenants include, among others: limitations on the incurrence of additional indebtedness; limitations on mergers, investments and acquisitions; limitations on dividends and redemptions of capital stock; limitations on transactions with affiliates; and requirements to comply with certain financial covenants, including a maximum consolidated leverage ratio, a maximum consolidated secured leverage ratio, a maximum consolidated unencumbered leverage ratio, a minimum fixed charge coverage ratio and a minimum unsecured coverage ratio.
On September 26, 2025, the Company exercised an option to extend the maturity date of the $300 million Unsecured Term Loan due October 2025 to January 2026 for a fee of approximately $0.1 million.