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v3.25.3

Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Additional Outstanding Debt | At September 30, 2025 and December 31, 2024, our outstanding indebtedness consisted of the following: Senior Unsecured Notes:
|  |  |  |  |  | Principal Balance as of
|  | Coupon Rate |  | Maturity |  | September 30, 2025 |  | December 31, 2024
Senior unsecured notes |  | 9.750% |  | June 2025 |  | $ | — |  |  | $ | 380,000 |
Senior unsecured notes |  | 4.750% |  | February 2028 |  | 500,000 |  |  | 500,000 |
Senior unsecured notes (1) |  | 4.375% |  | March 2031 |  | 500,000 |  |  | 500,000 |
Senior unsecured notes |  | 5.625% |  | August 2042 |  | 350,000 |  |  | 350,000 |
Senior unsecured notes |  | 6.250% |  | February 2046 |  | 250,000 |  |  | 250,000 |
Total |  |  |  |  |  | 1,600,000 |  |  | 1,980,000 |
Unamortized discount |  |  |  |  |  | (2,006) |  |  | (2,639) |
Unamortized debt issuance costs |  |  |  |  |  | (17,967) |  |  | (20,042) |
Senior unsecured notes, net |  |  |  |  |  | $ | 1,580,027 |  |  | $ | 1,957,319 |
(1)These notes are fully and unconditionally guaranteed, on a joint, several and unsecured basis, by all of our subsidiaries except certain excluded subsidiaries. The notes and related guarantees are effectively subordinated to all of our and the subsidiary guarantors' secured indebtedness, respectively, to the extent of the value of the applicable collateral, and are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. The table below represents our indebtedness repayments, excluding scheduled payments on amortizing debt, for the nine months ended September 30, 2025:
Date |  | Debt Instrument |  | Secured Property Count |  | Interest Rate |  | Original Maturity Date |  | Outstanding Principal Balance |  | Repayment Amount |  | Remaining Principal Balance |  | Loss on Modification or Early Extinguishment of Debt
Repayments during the nine months ended September 30, 2025: |  |
March 2025 (1) |  | Senior secured notes |  | 73 |  | 0.00% |  | January 2026 |  | $ | 940,534 |  |  | $ | 299,158 |  |  | $ | 641,376 |  |  | $ | 29,071 |
April 2025 |  | Senior unsecured notes |  | — |  | 9.75% |  | June 2025 |  | $ | 380,000 |  |  | 140,000 |  |  | $ | 240,000 |  |  | 82 |
May 2025 |  | Senior unsecured notes |  | — |  | 9.75% |  | June 2025 |  | $ | 240,000 |  |  | 140,000 |  |  | $ | 100,000 |  |  | 44 |
June 2025 |  | Senior unsecured notes |  | — |  | 9.75% |  | June 2025 |  | $ | 100,000 |  |  | 100,000 |  |  | $ | — |  |  | — |
September 2025 (2) |  | Senior secured notes |  | 58 |  | 0.00% |  | January 2026 |  | $ | 641,376 |  |  | 307,006 |  |  | $ | 334,370 |  |  | 11,191 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 986,164 |  |  |  |  | $ | 40,388 |
(1)During the nine months ended September 30, 2025, we sold 22 properties that secured our senior secured notes due 2026. We used aggregate net proceeds of $299,158 from the sales of these properties to partially redeem these senior secured notes. (2)In September 2025, we redeemed a portion of our senior secured notes due 2026 for a redemption price equal to the principal amount of $307,006. As a result of this partial redemption, 15 of the properties that secured these senior secured notes were released. There are now first priority liens on and security interests in 100% of the equity interests in the subsidiaries owning these 15 properties that secure our 7.25% senior secured notes due 2030.
Schedule of Secured and Other Debt |
|  | Number of Properties Securing at |  | Principal Balance as of (1) |  |  |  |  |  | Net Book Value of Collateral as of
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024 |  | Interest Rate |  | Maturity |  | September 30, 2025 |  | December 31, 2024
Secured revolving credit facility |  | 14 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 6.84 | % |  | June 2029 |  | $ | 327,475 |  |  | $ | — |
Senior secured notes(2)(3) |  | 58 |  |  | 95 |  |  | 334,370 |  |  | 940,534 |  |  | 0.00 | % |  | January 2026 |  | 617,410 |  |  | 1,064,171 |
Senior secured notes(4) |  | 36 |  |  | — |  |  | 375,000 |  |  | — |  |  | 7.25 | % |  | October 2030 |  | 406,715 |  |  | — |
Floating rate mortgage loan (5) |  | 14 |  |  | — |  |  | 140,000 |  |  | — |  |  | 6.63 | % |  | March 2028 |  | 144,694 |  |  | — |
Mortgage note |  | 4 |  |  | — |  |  | 63,757 |  |  | — |  |  | 6.57 | % |  | June 2030 |  | 136,169 |  |  | — |
Mortgage note |  | 8 |  |  | 8 |  |  | 120,000 |  |  | 120,000 |  |  | 6.86 | % |  | June 2034 |  | 184,383 |  |  | 191,186 |
Mortgage notes (6) |  | 7 |  |  | — |  |  | 108,873 |  |  | — |  |  | 6.22 | % |  | May 2035 |  | 149,689 |  |  | — |
Mortgage notes (7) |  | 2 |  |  | — |  |  | 30,284 |  |  | — |  |  | 6.36 | % |  | June 2035 |  | 35,192 |  |  | — |
Mortgage note |  | 1 |  |  | 1 |  |  | 6,261 |  |  | 7,464 |  |  | 6.44 | % |  | July 2043 |  | 13,009 |  |  | 13,097 |
Finance Leases |  | 2 |  |  | 2 |  |  | 1,056 |  |  | 2,338 |  |  | 7.70 | % |  | April 2026 |  | 20,546 |  |  | 21,606 |
Total |  | 146 |  |  | 106 |  |  | 1,179,601 |  |  | 1,070,336 |  |  |  |  |  |  | $ | 2,035,282 |  |  | $ | 1,290,060 |
Unamortized discount |  |  |  |  |  | (10,398) |  |  | (101,035) |  |  |  |  |  |  |  |  |
Unamortized debt issuance costs (8) |  |  |  |  |  | (25,865) |  |  | (15,716) |  |  |  |  |  |  |  |  |
Total secured and other debt, net |  |  |  |  |  | $ | 1,143,338 |  |  | $ | 953,585 |  |  |  |  |  |  |  |  |
(1)The principal balances are the amounts stated in the contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (2)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 58 properties, or the 2026 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2026 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2026 Collateral Guarantors are secured by a first priority lien on and security interest in each of the collateral properties and 100% of the equity interests in each of the 2026 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. (3)We have a one-time option to extend the maturity date of these senior secured notes by one year, to January 15, 2027, subject to satisfaction of certain conditions and payment of an extension fee. If we exercise this option, interest payments will be due semiannually during the extension period at an initial interest rate of 11.25% with increases of 50 basis points every 90 days these senior secured notes remain outstanding. (4)These notes are fully and unconditionally guaranteed, on a joint, several and senior secured basis by certain of our subsidiaries that own 36 properties, or the 2030 Collateral Guarantors, and on a joint, several and unsecured basis, by all of our subsidiaries other than the 2030 Collateral Guarantors and certain excluded subsidiaries. These notes and the guarantees provided by the 2030 Collateral Guarantors are secured by a first priority lien on and security interest in 100% of the equity interests in each of the 2030 Collateral Guarantors. The unsecured guarantees related to these notes are effectively subordinated to all of the subsidiary guarantors' secured indebtedness to the extent of the value of the applicable collateral, and the notes and related guarantees are structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. (5)This mortgage loan requires that interest be paid at an annual rate of SOFR plus a premium of 2.50% with interest-only payments through April 2027, and we have two six-month extension options of the interest-only period, subject to satisfaction of certain conditions. In connection with this mortgage loan, we have purchased an interest rate cap with a SOFR strike rate equal to 4.50% pursuant to the terms of the applicable loan agreement. (6)These mortgage loans require interest-only payments through May 2030. (7)These mortgage loans require interest-only payments through June 2028. (8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our condensed consolidated balance sheets.

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