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Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | Our debt consisted of the following (dollars in thousands):
|  |  | Carrying Value (1) as of |  | March 31, 2026
|  |  | March 31, 2026 |  | December 31, 2025 |
|  |  |  | Stated Interest Rates |  | Scheduled Maturity
Mortgage and Other Secured Debt |  |  |  |  |  |  |  |  |
Fixed-rate mortgage debt |  |  | $ | 35,786 |  |  | $ | 36,064 |  |  | 3.82% |  | June 2026
Variable-rate secured debt |  |  | 10,080 |  |  | 10,125 |  |  | SOFR + 0.10% + 1.45% (2) |  | August 2026
Revolving Development Facility |  |  | 138,000 |  |  | 96,000 |  |  | SOFR + 1.25% to 1.90% (3) |  | October 2029 (4)
Total mortgage and other secured debt |  |  | 183,866 |  |  | 142,189 |  |  |  |  |
Revolving Credit Facility |  |  | 190,000 |  |  | 54,000 |  |  | SOFR + 0.725% to 1.400% (5) |  | October 2029 (6)
Term loan facility |  |  | 49,932 |  |  | 49,911 |  |  | SOFR + 0.850% to 1.700% (7) |  | January 2027 (8)
Unsecured Senior Notes |  |  |  |  |  |  |  |  |
5.25%, $345,000 aggregate principal (9) |  |  | 339,956 |  |  | 339,470 |  |  | 5.25% (10) |  | September 2028
2.00%, $400,000 aggregate principal |  |  | 398,584 |  |  | 398,459 |  |  | 2.00% (11) |  | January 2029
4.50%, $400,000 aggregate principal |  |  | 394,601 |  |  | 394,326 |  |  | 4.50% (12) |  | October 2030
2.75%, $600,000 aggregate principal |  |  | 593,767 |  |  | 593,476 |  |  | 2.75% (13) |  | April 2031
2.90%, $400,000 aggregate principal |  |  | 396,241 |  |  | 396,130 |  |  | 2.90% (14) |  | December 2033
2.25%, $400,000 aggregate principal |  |  | — |  |  | 399,812 |  |  | N/A (15) |  | N/A (15)
Unsecured note payable |  |  | 11 |  |  | 61 |  |  | 0% (16) |  | May 2026
Total debt, net |  |  | $ | 2,546,958 |  |  | $ | 2,767,834 |  |  |  |  |
(1)The carrying values of our debt other than the Revolving Development Facility and Revolving Credit Facility reflect net deferred financing costs of $3.8 million as of March 31, 2026 and $4.1 million as of December 31, 2025. (2)Including the effect of an interest rate swap that hedges the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of March 31, 2026 was 3.1%; excluding the effect of this swap, the weighted average interest rate on this debt as of March 31, 2026 was 5.2%. (3)The weighted average interest rate on the Revolving Development Facility was 5.0% as of March 31, 2026. (4)The facility matures in October 2029, with the ability to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.250% of the total amount available under the facility. (5)The weighted average interest rate on the Revolving Credit Facility was 4.5% as of March 31, 2026. (6)The facility matures in October 2029, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period. (7)The interest rate on this loan was 4.7% as of March 31, 2026. (8)This facility matures in January 2027, with the ability for us to extend such maturity by a 12-month period at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding term loans under the facility. (9)These notes have an exchange settlement feature under which the notes may, under certain circumstances, be exchangeable at the option of the holders. Upon exchange, the principal amount of notes is payable in cash, with the remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, payable in cash, common shares, or a combination thereof at our election. As of March 31, 2026, the exchange rate of the notes equaled 33.5584 of our common shares per $1,000 principal amount of notes (equivalent to an exchange price of approximately $29.80 per common share). (10)The carrying value of these notes reflects unamortized commissions totaling $4.5 million as of March 31, 2026 and $4.9 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 5.8%. (11)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.0 million as of March 31, 2026 and $1.1 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 2.1%. (12)The carrying value of these notes reflects unamortized discounts and commissions totaling $4.1 million as of March 31, 2026 and $4.3 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 4.8%. (13)The carrying value of these notes reflects unamortized discounts and commissions totaling $5.4 million as of March 31, 2026 and $5.7 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 2.9%. (14)The carrying value of these notes reflects unamortized discounts and commissions totaling $3.1 million as of March 31, 2026 and $3.2 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 3.0%. (15)The carrying value of these notes reflects unamortized discounts and commissions totaling $153,000 as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 2.5%. Refer to paragraph below for further disclosure. (16)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $1,000 as of December 31, 2025.
Schedule of Interest Expense | The table below presents interest expense recognized on the 5.25% Exchangeable Senior Notes due 2028 (the “5.25% Notes”) (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Interest expense at stated interest rate | $ | 4,528 |  |  | $ | 4,528 |  |  |  |  |
Interest expense associated with amortization of debt discount and issuance costs | 429 |  |  | 405 |  |  |  |  |
Total | $ | 4,957 |  |  | $ | 4,933 |  |  |  |  |
Schedule of Debt Maturities | Our debt matures on the following schedule (in thousands):
Year Ending December 31, |  | March 31, 2026 |
2026 (1) |  | $ | 45,904 |  |
2027 |  | 50,000 |  |
2028 |  | 345,000 |  |
2029 |  | 728,000 |  |
2030 |  | 400,000 |  |
Thereafter |  | 1,000,000 |  |
Total |  | $ | 2,568,904 |  | (2)
(1)Represents the nine months ending December 31, 2026. (2)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $21.9 million.
Schedule of Fair Value of Debt | The table below presents information pertaining to the fair value of our debt (in thousands):
| March 31, 2026 |  | December 31, 2025
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Fixed-rate debt |  |  |  |  |  |  |
Unsecured Senior Notes | $ | 2,123,149 |  |  | $ | 2,031,047 |  |  | $ | 2,521,673 |  |  | $ | 2,438,332 |
Other fixed-rate debt | 35,797 |  |  | 35,539 |  |  | 36,125 |  |  | 35,649 |
Variable-rate debt | 388,012 |  |  | 389,831 |  |  | 210,036 |  |  | 211,505 |
| $ | 2,546,958 |  |  | $ | 2,456,417 |  |  | $ | 2,767,834 |  |  | $ | 2,685,486 |

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