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Indebtedness (Tables)
 9 Months Ended
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 RateMaturitySeptember 30, 2025December 31, 2024
Senior unsecured notes9.750%June 2025$— $380,000 
Senior unsecured notes4.750%February 2028500,000 500,000 
Senior unsecured notes (1)
4.375%March 2031500,000 500,000 
Senior unsecured notes5.625%August 2042350,000 350,000 
Senior unsecured notes6.250%February 2046250,000 250,000 
Total1,600,000 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:
DateDebt InstrumentSecured Property CountInterest RateOriginal Maturity DateOutstanding Principal BalanceRepayment AmountRemaining Principal BalanceLoss on Modification or Early Extinguishment of Debt
Repayments during the nine months ended September 30, 2025:
March 2025 (1)
Senior secured notes730.00%January 2026$940,534 $299,158 $641,376 $29,071 
April 2025Senior unsecured notes—9.75%June 2025$380,000 140,000 $240,000 82 
May 2025Senior unsecured notes—9.75%June 2025$240,000 140,000 $100,000 44 
June 2025Senior unsecured notes—9.75%June 2025$100,000 100,000 $— — 
September 2025 (2)
Senior secured notes580.00%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, 2025December 31, 2024September 30, 2025December 31, 2024Interest
Rate		MaturitySeptember 30, 2025December 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 2026617,410 1,064,171 
Senior secured notes(4)
36 — 375,000 — 7.25 %October 2030406,715 — 
Floating rate mortgage loan (5)
14 — 140,000 — 6.63 %March 2028144,694 — 
Mortgage note4 — 63,757 — 6.57 %June 2030136,169 — 
Mortgage note8 8 120,000 120,000 6.86 %June 2034184,383 191,186 
Mortgage notes (6)
7 — 108,873 — 6.22 %May 2035149,689 — 
Mortgage notes (7)
2 — 30,284 — 6.36 %June 203535,192 — 
Mortgage note1 1 6,261 7,464 6.44 %July 204313,009 13,097 
Finance Leases2 2 1,056 2,338 7.70 %April 202620,546 21,606 
Total146 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.