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v3.26.1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | 6. Debt At June 30, 2026, our consolidated borrowings consisted of the following (amounts in thousands):
|  | Principal Outstanding |  |  | Interest |  | Current |
Loan |  | June 30, 2026 |  |  | Rate (1)(2) |  | Maturity |
Revolving credit facility: |  |  |  |  |  |  |  |
2024 revolving credit facility (3) |  | $ | 43,050 |  |  | SOFR + 145 bps |  | June 2028 (4) |
Total revolving credit facility |  |  | 43,050 |  |  |  |  |  |
Term loan facilities: |  |  |  |  |  |  |  |
2016 term loan facility |  |  | 100,000 |  |  | 5.21% (5) |  | January 2028 (6) |
2018 term loan facility |  |  | 200,000 |  |  | 5.09% (7) |  | August 2028 (8) |
2026 term loan facility |  |  | 200,000 |  |  | SOFR + 130 bps |  | June 2031 |
Total term loan facilities |  |  | 500,000 |  |  |  |  |  |
Less: Total unamortized deferred financing fees |  |  | (4,153 | ) |  |  |  |  |
Total term loan facilities, net |  |  | 495,847 |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |  |
2017 series A senior notes |  |  | 95,000 |  |  | 4.05% |  | May 2027 |
2017 series B senior notes |  |  | 50,000 |  |  | 4.15% |  | May 2029 |
2017 series C senior notes |  |  | 30,000 |  |  | 4.30% |  | May 2032 |
2019 series A senior notes |  |  | 85,000 |  |  | 3.73% |  | September 2029 |
2019 series B senior notes |  |  | 100,000 |  |  | 3.83% |  | September 2031 |
2019 series C senior notes |  |  | 90,000 |  |  | 3.98% |  | September 2034 |
2021 series A senior notes |  |  | 50,000 |  |  | 2.62% |  | October 2028 |
2021 series B senior notes |  |  | 200,000 |  |  | 2.89% |  | October 2030 |
2024 series A senior notes |  |  | 150,000 |  |  | 6.56% |  | May 2033 |
2024 series B senior notes |  |  | 50,000 |  |  | 6.56% |  | August 2033 |
2025 series A senior notes |  |  | 25,000 |  |  | 6.13% |  | March 2030 |
2025 series B senior notes |  |  | 100,000 |  |  | 6.33% (9) |  | March 2032 |
Total notes payable |  |  | 1,025,000 |  |  |  |  |  |
Less: Total unamortized deferred financing fees |  |  | (5,618 | ) |  |  |  |  |
Total notes payable, net |  |  | 1,019,382 |  |  |  |  |  |
Mortgage notes payable: |  |  |  |  |  |  |  |
USFS II – Albuquerque |  |  | 6,368 |  |  | 4.46% |  | July 2026 (10) |
ICE – Charleston |  |  | 8,109 |  |  | 4.21% |  | January 2027 |
VA – Loma Linda |  |  | 127,500 |  |  | 3.59% |  | July 2027 |
CBP – Savannah |  |  | 7,331 |  |  | 3.40% |  | July 2033 |
Total mortgage notes payable |  |  | 149,308 |  |  |  |  |  |
Less: Total unamortized deferred financing fees |  |  | (241 | ) |  |  |  |  |
Less: Total unamortized premium/discount |  |  | (161 | ) |  |  |  |  |
Total mortgage notes payable, net |  |  | 148,906 |  |  |  |  |  |
Total debt |  | $ | 1,707,185 |  |  |  |  |  |
(1) Effective interest rates are as follows: 2016 term loan facility 5.49%, 2018 term loan facility 5.53%, 2026 term loan facility 5.11%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%. (2) At June 30, 2026, the USD secured overnight financing rate (“SOFR”) with a five day lookback was 3.62%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”), our $200.0 million senior unsecured term loan facility (our “2026 term loan facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (as amended, our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements. (3) Our $400.0 million senior unsecured 2024 revolving credit facility had available capacity of $356.8 million at June 30, 2026, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions. (4) Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee. (5) Our 2016 term loan facility is subject to three interest rate swaps with an effective date of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.21% annually, based on our consolidated leverage ratio as defined in our 2016 term loan facility agreement. (6) Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee. (7) Our 2018 term loan facility is subject to three interest rate swaps, of which one has an effective date of March 24, 2025 and two of the swaps have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.09% annually, based on our consolidated leverage ratio as defined in our 2018 term loan facility agreement. (8) Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee. (9) We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes. (10) On July 14, 2026, we used $6.4 million of available cash to extinguish the mortgage note obligation on USFS II – Albuquerque. As of June 30, 2026, the net carrying value of real estate collateralizing our mortgages payable totaled $206.6 million. See Note 8 for the fair value of our debt instruments. 2026 Term Loan Facility On June 25, 2026, we entered into our $200.0 million senior unsecured 2026 term loan facility, which includes an accordion feature that provides us with additional capacity, subject to the satisfaction of customary terms and conditions, of up to $50.0 million for a total facility size of $250.0 million. The 2026 term loan facility matures on June 25, 2031 and is prepayable without penalty. Borrowings under our 2026 term loan facility will, at our option, bear interest at floating rates equal to either (i) a fluctuating rate equal to the sum of (a) highest of (x) PNC Bank's base rate, (y) the federal funds effective rate plus 0.50% and (z) the one-month adjusted term SOFR rate plus 1.00%, plus, in each case, (b) a margin ranging from 0.20% to 0.70% based on the Company’s leverage ratio, (ii) the daily simple SOFR (the “DSS”), or (iii) the term SOFR (the “Term SOFR”), plus, in the case of borrowings bearing interest at DSS or Term SOFR, a margin ranging from 1.20% to 1.70% based on the Company’s leverage ratio. Our 2026 term loan facility also contains certain customary covenants, including but not limited to financial covenants that require us to maintain maximum ratios of consolidated total indebtedness, consolidated secured indebtedness and consolidated secured recourse indebtedness to total asset value and a minimum consolidated fixed charge ratio. 2016 Term Loan Facility On June 25, 2026, we entered into the eleventh amendment to our 2016 term loan facility to remove the credit spread adjustment applicable to SOFR-based borrowings, consistent with our 2026 term loan facility. Financial Covenant Considerations As of June 30, 2026, we were in compliance with all financial and other covenants related to our debt.

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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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