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DEBT FINANCING | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT FINANCING | DEBT FINANCING The Company's outstanding debt as of September 30, 2025 and December 31, 2024 is summarized as follows (dollars in thousands):
| Interest Rate(1) |  | September 30, 2025 |  | December 31, 2024
Credit Facility: |  |  |  |  |
Revolving line of credit | 5.67 | % |  | $ | 399,400 |  |  | $ | 443,300 |
Term loan D | 4.11 | % |  | 275,000 |  |  | 275,000 |
Term loan E | 5.03 | % |  | 130,000 |  |  | 130,000 |
2028 Term loan facility | 4.17 | % |  | 75,000 |  |  | 75,000 |
April 2029 Term loan facility | 3.77 | % |  | 100,000 |  |  | 100,000 |
June 2029 Term loan facility | 5.07 | % |  | 285,000 |  |  | 285,000 |
May 2026 Senior Unsecured Notes | 2.16 | % |  | 35,000 |  |  | 35,000 |
October 2026 Senior Unsecured Notes | 6.46 | % |  | 65,000 |  |  | 65,000 |
July 2028 Senior Unsecured Notes | 5.75 | % |  | 120,000 |  |  | 120,000 |
September 2028 Senior Unsecured Notes | 5.40 | % |  | 75,000 |  |  | 75,000 |
October 2028 Senior Unsecured Notes | 6.55 | % |  | 100,000 |  |  | 100,000 |
2029 Senior Unsecured Notes | 3.98 | % |  | 100,000 |  |  | 100,000 |
August 2030 Senior Unsecured Notes | 2.99 | % |  | 150,000 |  |  | 150,000 |
October 2030 Senior Unsecured Notes | 6.66 | % |  | 35,000 |  |  | 35,000 |
November 2030 Senior Unsecured Notes | 2.72 | % |  | 75,000 |  |  | 75,000 |
May 2031 Senior Unsecured Notes | 3.00 | % |  | 90,000 |  |  | 90,000 |
August 2031 Senior Unsecured Notes | 4.08 | % |  | 50,000 |  |  | 50,000 |
September 2031 Senior Unsecured Notes | 5.55 | % |  | 125,000 |  |  | 125,000 |
November 2031 Senior Unsecured Notes | 2.81 | % |  | 175,000 |  |  | 175,000 |
August 2032 Senior Unsecured Notes | 3.09 | % |  | 100,000 |  |  | 100,000 |
November 2032 Senior Unsecured Notes | 5.06 | % |  | 200,000 |  |  | 200,000 |
May 2033 Senior Unsecured Notes | 3.10 | % |  | 55,000 |  |  | 55,000 |
October 2033 Senior Unsecured Notes | 6.73 | % |  | 50,000 |  |  | 50,000 |
November 2033 Senior Unsecured Notes | 2.96 | % |  | 125,000 |  |  | 125,000 |
2034 Senior Unsecured Notes | 5.74 | % |  | 150,000 |  |  | 150,000 |
2036 Senior Unsecured Notes | 3.06 | % |  | 75,000 |  |  | 75,000 |
Fixed rate mortgages payable | 3.54 | % |  | 199,167 |  |  | 200,793 |
Total principal |  |  | 3,413,567 |  |  | 3,459,093 |
Unamortized debt issuance costs and debt premium, net |  |  | (10,168) |  |  | (10,006) |
Total debt |  |  | $ | 3,403,399 |  |  | $ | 3,449,087 |
(1)Represents the effective interest rate as of September 30, 2025. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings. As of September 30, 2025, the Company's unsecured credit facility provided for total borrowings of $1.355 billion (the "credit facility") consisting of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $950.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $275.0 million tranche D term loan facility (the "Term Loan D") and (iii) a $130.0 million tranche E term loan facility (the "Term Loan E"). As of September 30, 2025, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total borrowing capacity of $1.900 billion. As of September 30, 2025, the Company had outstanding letters of credit totaling $7.0 million and had the capacity to borrow remaining Revolver commitments of $543.6 million while remaining in compliance with the credit facility's financial covenants. At September 30, 2025, the Company was in compliance with all such covenants. Future Debt Obligations Based on existing debt agreements in effect as of September 30, 2025, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands):
Year Ending December 31, |  | Scheduled Principal and Maturity Payments |  | Amortization of Premium and Unamortized Debt Issuance Costs |  | Total
Remainder of 2025 |  | $ | 559 |  |  | $ | (789) |  |  | $ | (230) |
2026 |  | 377,322 |  |  | (2,865) |  |  | 374,457 |
2027 |  | 616,769 |  |  | (2,234) |  |  | 614,535 |
2028 |  | 460,624 |  |  | (1,939) |  |  | 458,685 |
2029 |  | 487,789 |  |  | (844) |  |  | 486,945 |
2030 |  | 262,964 |  |  | (376) |  |  | 262,588 |
Thereafter |  | 1,207,540 |  |  | (1,121) |  |  | 1,206,419 |
|  | $ | 3,413,567 |  |  | $ | (10,168) |  |  | $ | 3,403,399 |

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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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