Annual report [Section 13 and 15(d), not S-K Item 405]

Debt, Net (Tables)

v3.25.4
Debt, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Our debt consisted of the following (dollars in thousands):
 
Carrying Value (1) as of December 31,
 December 31, 2025
  2025 2024 Stated Interest Rates Scheduled Maturity
Mortgage and Other Secured Debt        
Fixed-rate mortgage debt $ 36,064  $ 37,130 
3.82%
 June 2026
Variable-rate secured debt 10,125  32,471 
SOFR + 0.10%
+ 1.45% (2)
 August 2026
Revolving Development Facility (3) 96,000  — 
SOFR
+ 1.25% to 1.90% (4)
 October 2029 (3)
Total mortgage and other secured debt 142,189  69,601     
Revolving Credit Facility (3) 54,000  75,000 
SOFR
+ 0.725% to 1.400% (5)
 October 2029 (3)
Term loan facility (3) 49,911  124,633 
SOFR
+ 0.850% to 1.700% (6)
 January 2027 (3)
Unsecured Senior Notes (3)
2.25%, $400,000 aggregate principal
 399,812  398,699 
2.25% (7)
 March 2026
5.25%, $345,000 aggregate principal
 339,470  337,588 
5.25% (8)
 September 2028
2.00%, $400,000 aggregate principal
 398,459  397,961 
2.00% (9)
 January 2029
4.50%, $400,000 aggregate principal
 394,326  — 
4.50% (10)
 October 2030
2.75%, $600,000 aggregate principal
 593,476  592,330 
2.75% (11)
 April 2031
2.90%, $400,000 aggregate principal
 396,130  395,692 
2.90% (12)
 December 2033
Unsecured note payable 61  251 
0% (13)
 May 2026
Total debt, net $ 2,767,834  $ 2,391,755     
(1)The carrying values of our debt other than the Revolving Development Facility and Revolving Credit Facility reflect net deferred financing costs of $4.1 million as of December 31, 2025 and $4.0 million as of December 31, 2024.
(2)Including the effect of an interest rate swap that hedges the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2025 was 3.1%; excluding the effect of this swap, the weighted average interest rate on this debt as of December 31, 2025 was 5.2%.
(3)Refer to the paragraphs below for further disclosure.
(4)The weighted average interest rate on the Revolving Development Facility was 5.1% as of December 31, 2025, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).
(5)The weighted average interest rate on the Revolving Credit Facility was 4.6% as of December 31, 2025, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).
(6)The interest rate on this loan was 4.9% as of December 31, 2025, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9).
(7)The carrying value of these notes reflects unamortized discounts and commissions totaling $153,000 as of December 31, 2025 and $1.1 million as of December 31, 2024. The effective interest rate under the notes, including amortization of such costs, was 2.5%.
(8)As discussed below, these notes have an exchange settlement feature under which the notes may, under certain circumstances, be exchangeable at the option of the holders. The carrying value of these notes reflects unamortized commissions totaling $4.9 million as of December 31, 2025 and $6.6 million as of December 31, 2024. The effective interest rate under the notes, including amortization of such costs, was 5.8%.
(9)The carrying value of these notes reflects unamortized discounts and commissions totaling $1.1 million as of December 31, 2025 and $1.5 million as of December 31, 2024. The effective interest rate under the notes, including amortization of such costs, was 2.1%.
(10)The carrying value of these notes reflects unamortized discounts and commissions totaling $4.3 million as of December 31, 2025. The effective interest rate under the notes, including amortization of such costs, was 4.8%.
(11)The carrying value of these notes reflects unamortized discounts and commissions totaling $5.7 million as of December 31, 2025 and $6.7 million as of December 31, 2024. The effective interest rate under the notes, including amortization of such costs, was 2.9%.
(12)The carrying value of these notes reflects unamortized discounts and commissions totaling $3.2 million as of December 31, 2025 and $3.5 million as of December 31, 2024. The effective interest rate under the notes, including amortization of such costs, was 3.0%.
(13)This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates.  The carrying value of this note reflects an unamortized discount totaling $1,000 as of December 31, 2025 and $10,000 as of December 31, 2024.
Schedule of Debt Maturities
Our debt matures on the following schedule (in thousands):
Year Ending December 31, December 31, 2025
2026 $ 446,300 
2027 50,000 
2028 345,000 
2029 550,000 
2030 400,000 
Thereafter 1,000,000 
Total $ 2,791,300  (1)
(1)Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.5 million.
Schedule of the Fair Value of Debt
The following table sets forth information pertaining to the fair value of our debt (in thousands):
  December 31, 2025 December 31, 2024
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
Fixed-rate debt        
Unsecured Senior Notes $ 2,521,673  $ 2,438,332  $ 2,122,270  $ 1,946,905 
Other fixed-rate debt 36,125  35,649  37,381  35,841 
Variable-rate debt 210,036  211,505  232,104  232,768 
  $ 2,767,834  $ 2,685,486  $ 2,391,755  $ 2,215,514 
Schedule of Interest Expense the table below sets forth interest expense recognized on the notes (in thousands):
For the Years Ended December 31,
2025 2024
Interest expense at stated interest rate $ 18,113  $ 18,113 
Interest expense associated with amortization of debt discount and issuance costs 1,653  1,560 
Total $ 19,766  $ 19,673