v3.25.4

DEBT (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Summary of Notes Payable Outstanding | The following is a summary of the Operating Partnership's total secured notes payable outstanding as of December 31, 2025 and December 31, 2024 (in thousands):
Description of Debt | Principal Balance as of |  | Stated Interest Rate |  | Stated Maturity Date
December 31, 2025 |  | December 31, 2024 |  | as of December 31, 2025 |
City Center Bellevue (1) | $ | 75,000 |  |  | $ | 75,000 |  |  | 5.08 | % |  | October 1, 2027
| 75,000 |  |  | 75,000 |  |  |  |  |
Debt issuance costs, net of accumulated amortization of $723 and $632, respectively | (151) |  |  | (241) |  |  |  |  |
Total Secured Notes Payable | $ | 74,849 |  |  | $ | 74,759 |  |  |  |  |
(1)Interest only. The following is a summary of the Operating Partnership's total unsecured notes payable outstanding as of December 31, 2025 and December 31, 2024 (in thousands):
Description of Debt | Principal Balance as of |  | Stated Interest Rate |  | Stated Maturity Date |
December 31, 2025 |  | December 31, 2024 |  | as of December 31, 2025 |  |
Term Loan A | $ | 100,000 |  |  | $ | 100,000 |  |  | Variable | (1) | January 5, 2027 |
Term Loan B | — |  |  | 150,000 |  |  | Variable | (3) | January 5, 2025 | (2)
Term Loan C | — |  |  | 75,000 |  |  | Variable | (3) | January 5, 2025 | (2)
Senior Guaranteed Notes, Series C | — |  |  | 100,000 |  |  | 4.50 | % |  | April 1, 2025 | (4)
Senior Guaranteed Notes, Series D | 250,000 |  |  | 250,000 |  |  | 4.29 | % | (5) | March 1, 2027 |
Senior Guaranteed Notes, Series E | 100,000 |  |  | 100,000 |  |  | 4.24 | % | (6) | May 23, 2029 |
Senior Guaranteed Notes, Series G | 150,000 |  |  | 150,000 |  |  | 3.91 | % | (7) | July 30, 2030 |
3.375% Senior Unsecured Notes | 500,000 |  |  | 500,000 |  |  | 3.38 | % |  | February 1, 2031 |
6.150% Senior Notes | 525,000 |  |  | 525,000 |  |  | 6.15 | % | (8) | October 1, 2034 |
| 1,625,000 |  |  | 1,950,000 |  |  |  |  |  |
Debt discount and issuance costs, net of accumulated amortization of $8,720 and $9,890, respectively | (12,239) |  |  | (14,244) |  |  |  |  |  |
Total Unsecured Notes Payable | $ | 1,612,761 |  |  | $ | 1,935,756 |  |  |  |  |  |
(1)The Operating Partnership has entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio. (2)On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C. (3)The Operating Partnership entered into interest rate swap agreements that are intended to fix the effective interest rate associated with Term Loan B and Term Loan C, subject to adjustments based on our consolidated leverage ratio, at, 5.47% from January 5, 2023 to January 4, 2024 and at 5.57% from January 5, 2024 to January 4, 2025. (4)The Senior C Notes were prepaid in full on February 3, 2025, without penalty or premium. (5)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum. (6)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum. (7)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum. (8)The Operating Partnership entered into a treasury lock contract on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 6.209% per annum.
Scheduled Principal Payments on Notes Payable | Scheduled principal payments on secured and unsecured notes payable as of December 31, 2025 are as follows (in thousands):
2026 | $ | — |
2027 | 425,000 |
2028 | — |
2029 | 100,000 |
2030 | 150,000 |
Thereafter | 1,025,000 |
| $ | 1,700,000 |

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