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v3.25.4

Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of December 31, 2025 and 2024:
| December 31, 2025 |  | December 31, 2024
| (In thousands)
Senior Unsecured Notes | $ | 2,730,980 |  |  | $ | 2,226,524 |
Senior Unsecured Term Loans | 1,077,144 |  |  | 818,820 |
Senior Unsecured Revolving Credit Facility | 332,111 |  |  | 255,052 |
Total principal amount of indebtedness | $ | 4,140,235 |  |  | $ | 3,300,396 |
Less: unamortized deferred financing costs | (16,001) |  |  | (13,882) |
Total indebtedness, net of deferred financing costs | $ | 4,124,234 |  |  | $ | 3,286,514 |
The following table provides additional details of our Senior Unsecured Notes as of December 31, 2025 and 2024:
|  |  |  |  | December 31, 2025 |  | December 31, 2024
| Stated Maturity Date |  | Contractual Interest Rate |  | Borrowing Currency |  | Carrying Amount (USD) |  | Borrowing Currency |  | Carrying Amount (USD)
|  |  | (In thousands, except percentages)
Private Series A Notes(1) | 01/2026 |  | 4.68% |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 200,000 |
Private Series B Notes | 01/2029 |  | 4.86% |  | $ | 400,000 |  |  | 400,000 |  |  | $ | 400,000 |  |  | 400,000 |
Private Series C Notes | 01/2030 |  | 4.10% |  | $ | 350,000 |  |  | 350,000 |  |  | $ | 350,000 |  |  | 350,000 |
Private Series D Notes | 01/2031 |  | 1.62% |  | € | 400,000 |  |  | 469,856 |  |  | € | 400,000 |  |  | 414,146 |
Private Series E Notes | 01/2033 |  | 1.65% |  | € | 350,000 |  |  | 411,124 |  |  | € | 350,000 |  |  | 362,378 |
Public 5.600% Notes | 05/2032 |  | 5.60% |  | $ | 400,000 |  |  | 400,000 |  |  | $ | — |  |  | — |
Public 5.409% Notes | 09/2034 |  | 5.41% |  | $ | 500,000 |  |  | 500,000 |  |  | $ | 500,000 |  |  | 500,000 |
Total Senior Unsecured Notes |  |  |  | $ | 2,730,980 |  |  |  |  | $ | 2,226,524 |
(1)The Private Series A Unsecured Notes were repaid in full on the stated maturity date of January 8, 2026. The following table provides additional details of our Senior Unsecured Term Loans as of December 31, 2025 and 2024:
|  |  |  |  | December 31, 2025 |  | December 31, 2024
| Stated Maturity Date(1) |  | Contractual Interest Rate(2) |  | Borrowing Currency |  | Carrying Amount (USD) |  | Borrowing Currency |  | Carrying Amount (USD)
|  |  | (In thousands, except percentages)
2025 Term Loan | 06/2026 |  | SOFR + 0.95% |  | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | — |  |  | $ | — |
Tranche A-1 | 08/2026 |  | SOFR + 0.94% |  | $ | 375,000 |  |  | 375,000 |  |  | $ | 375,000 |  |  | 375,000 |
Tranche A-2 | 01/2028 |  | CORRA + 0.94% |  | C$ | 250,000 |  |  | 182,144 |  |  | C$ | 250,000 |  |  | 173,820 |
Delayed Draw Tranche A-3 | 01/2028 |  | SOFR + 0.94% |  | $ | 270,000 |  |  | 270,000 |  |  | $ | 270,000 |  |  | 270,000 |
Total Senior Unsecured Term Loans |  | $ | 1,077,144 |  |  |  |  | $ | 818,820 |
(1)The terms of the debt agreement for 2025 Term Loan include an option for one six-month extension past the original contractual maturity date in June of 2026. The terms of the debt agreement for Tranche A-1 include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027. (2)2025 Term Loan SOFR = daily SOFR, Tranche A-1 and Delayed Draw Tranche A-3 SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), and CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%). Refer to Note 10 - Derivative Financial Instruments for details of the related interest rate swaps for Tranche A-1, Tranche A-2, and Delayed Draw Tranche A-3. The following table provides the details of our Senior Unsecured Revolving Credit Facility as of December 31, 2025 and 2024:
|  |  |  | December 31, 2025 |  | December 31, 2024
Denomination of Draw |  | Contractual Interest Rate (1) |  | Borrowing Currency |  | Carrying Amount (USD) |  | Borrowing Currency |  | Carrying Amount (USD)
|  | (In thousands, except percentages)
U.S. dollar |  | SOFR + 0.84% |  | $ | — |  |  | $ | — |  |  | $ | 14,000 |  |  | $ | 14,000 |
Australian dollar |  | BBSW + 0.84% |  | A$ | 207,500 |  |  | 138,469 |  |  | A$ | 197,000 |  |  | 121,908 |
Canadian dollar |  | CORRA + 0.84% |  | C$ | 98,000 |  |  | 71,400 |  |  | C$ | 35,000 |  |  | 24,335 |
Euro |  | EURIBOR + 0.84% |  | € | 70,500 |  |  | 82,812 |  |  | € | 70,500 |  |  | 72,993 |
New Zealand dollar |  | BKBM + 0.84% |  | NZ$ | 68,500 |  |  | 39,430 |  |  | NZ$ | 39,000 |  |  | 21,816 |
Total Senior Unsecured Revolving Credit Facility(2) |  | $ | 332,111 |  |  |  |  | $ | 255,052 |
(1)SOFR = adjusted daily SOFR (which includes an adjustment of 0.10%), BBSW = one-month Bank Bill Swap Rate, CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%), EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate. (2)The Senior Unsecured Revolving Credit Facility matures in August of 2026; however, the terms of the debt agreement include an option for two six-month extensions past the contractual maturity date.
Schedule of Aggregate Future Repayments of Indebtedness | The aggregate maturities of indebtedness as of December 31, 2025 for each of the next five years and thereafter, are as follows:
Years Ending December 31:(1) |  | (In thousands)
2026 |  | $ | 1,157,111
2027 |  | —
2028 |  | 452,144
2029 |  | 400,000 |
2030 |  | 350,000
Thereafter |  | 1,780,980
Total principal amount of indebtedness |  | 4,140,235
Less: unamortized deferred financing costs(2) |  | (16,001) |
Total indebtedness, net of deferred financing costs |  | $ | 4,124,234
(1)$200.0 million of the debt listed to mature by December 31, 2026 represents the Senior Unsecured Private Series A Notes. These notes were repaid in full on the stated maturity date of January 8, 2026. $250.0 million of the debt listed to mature by December 31, 2026 represents the 2025 Term Loan. The terms of this agreement include an option for one six-month extension past the original contractual maturity date of June of 2026. $375.0 million of the debt listed to mature by December 31, 2026 represents the Senior Unsecured Term Loan A Facility Tranche A-1. The terms of this agreement include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027. The remaining $332.1 million listed to mature by December 31, 2026 represents outstanding borrowings on the Senior Unsecured Revolving Credit Facility. The terms of this agreement include an option for two six-month extensions past the contractual maturity date of August of 2026. (2)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within “Other assets”.

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