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Debt (Tables) | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Summary of Borrowings | 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.

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