v3.26.1
Indebtedness
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance at
Interest
Rate at
March 31, 2026
Effective
Interest
Rate at
Issuance		Maturity
Date
 March 31, 2026December 31, 2025
Mortgage Loan Payable$9,205 $9,295 4.17%4.17%8/1/2028
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2031 Notes450,000 450,000 5.25%5.41%1/15/2031
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$1,448,571 $1,448,571 
Unamortized Debt Issuance Costs(6,616)(6,991)
Unamortized Discounts(2,826)(2,973)
Senior Unsecured Notes, Net$1,439,129 $1,438,607 
Unsecured Term Loans, Gross
2022 Unsecured Term Loan II
— 300,000 N/AN/AN/A
2022 Unsecured Term Loan
— 425,000 N/AN/AN/A
2025 Unsecured Term Loan (A)(B)
200,000 200,000 4.00%N/A3/17/2028
2026 Unsecured Term Loan II (A)(B)
375,000 — 4.36%N/A1/22/2029
2026 Unsecured Term Loan (A)(B)
425,000 — 3.54%N/A1/22/2030
Subtotal$1,000,000 $925,000 
Unamortized Debt Issuance Costs(7,208)(2,506)
Unsecured Term Loans, Net
$992,792 $922,494 
Unsecured Credit Facility (C)
$124,000 $183,000 4.41%N/A3/16/2029
_______________
(A) The interest rate at March 31, 2026 reflects the impact of derivative instruments which effectively fix the interest rates on $925,000 of the Unsecured Term Loans. See Note 10.
(B) At our option, and subject to satisfaction of certain conditions, the maturity dates of the 2025 Unsecured Term Loan and the 2026 Unsecured Term Loan II may be extended for up to two additional one-year periods and the maturity date of the 2026 Unsecured Term Loan may be extended for an additional one-year period.
(C) The revolving credit facility has a capacity of $850,000 and, at our option and subject to the satisfaction of certain conditions, the maturity date may be extended pursuant to two six-month extension options. Amounts exclude unamortized debt issuance costs of $6,783 and $7,356 as of March 31, 2026 and December 31, 2025, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net on the Consolidated Balance Sheets.
Mortgage Loan Payable
As of March 31, 2026, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $29,188. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of March 31, 2026.
Unsecured Term Loans, Net
On January 22, 2026, we refinanced our $425,000 unsecured term loan (as amended and restated, the "2026 Unsecured Term Loan"), extending its maturity, and our $300,000 unsecured term loan (as amended and restated, the "2026 Unsecured Term Loan II") extending its maturity and increasing the principal by $75,000 to $375,000. In conjunction with these refinancings, we also amended our existing $200,000 unsecured term loan (the "2025 Unsecured Term Loan" and, collectively with the 2026 Unsecured Term Loan and the 2026 Unsecured Term Loan II, the "Unsecured Term Loans") to, among other things, eliminate the 10 basis point SOFR adjustment across all Unsecured Term Loans.
Each of the Unsecured Term Loans provides for monthly interest-only payments and bears interest at a variable rate based on SOFR plus a credit spread of 85 basis points, based on our current credit ratings and consolidated leverage ratio. Each loan is subject to interest rate swap arrangements that fix all or a portion of the SOFR component. See Note 10. Each loan may also be increased at our request and subject to lender participation and customary conditions.
Key Terms of the Unsecured Term Loans:
•2026 Unsecured Term Loan: $425,000 principal; matures January 22, 2030; one optional one-year extension. We have interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR component at 2.69% as of March 31, 2026 and mature on September 30, 2027. The all-in interest rate was 3.54% at March 31, 2026. The loan may be increased up to $575,000.
•2026 Unsecured Term Loan II: principal increased from $300,000 to $375,000; matures January 22, 2029; two optional one-year extensions. We have interest rate swaps with an aggregate notional value of $300,000 that fix the SOFR component at 3.47% as of March 31, 2026, with $150,000 maturing August 1, 2027 and $150,000 maturing December 1, 2028. After giving effect to these swaps, $75,000 of the outstanding principal remains subject to a variable interest rate. The all-in interest rate was 4.36% at March 31, 2026. The loan may be increased up to $475,000.
•2025 Unsecured Term Loan: $200,000 principal; matures March 17, 2028; two optional one-year extensions. We have interest rate swaps with an aggregate notional value of $200,000 that fix the SOFR component at 3.15% as of March 31, 2026 and mature on February 1, 2029. The all-in interest rate was 4.00% at March 31, 2026. The loan may be increased up to $460,000.
Indebtedness
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of March 31, and thereafter: 
 Amount
Remainder of 2026
$274 
2027
131,449 
2028
390,453 
2029
724,000 
2030
675,000 
Thereafter660,600 
Total$2,581,776 
Our unsecured revolving credit agreement (the "Unsecured Credit Facility"), Unsecured Term Loans, our senior notes issued in private placements (the "Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants. These include, among others, restrictions on the incurrence of additional indebtedness and requirements related to debt service coverage ratios. Under the terms of the Unsecured Credit Facility and Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants under the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of March 31, 2026. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.
Fair Value
At March 31, 2026 and December 31, 2025, the fair value of our indebtedness was as follows: 
 March 31, 2026December 31, 2025
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$9,205 $9,046 $9,295 $9,171 
Senior Unsecured Notes, Net1,445,745 1,396,454 1,445,598 1,406,188 
Unsecured Term Loans1,000,000 1,002,103 925,000 926,998 
Unsecured Credit Facility124,000 124,174 183,000 183,000 
Total$2,578,950 $2,531,777 $2,562,893 $2,525,357 
_______________
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.
The fair value of our mortgage loan payable was determined by discounting the future cash flows using current rates at which similar loans with comparable remaining maturities would be issued. These rates were internally estimated. The fair value of the senior unsecured notes was determined based on current rates as advised by our bankers. These rates were based upon recent trades within the same series of the senior unsecured notes, trades for senior unsecured notes with comparable maturities, trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. For the Unsecured Credit Facility and the Unsecured Term Loans, the fair value was calculated by discounting future cash flows using current rates, as advised by our bankers, reflecting rates at which loans with similar terms and credit ratings would be issued, assuming no repayment before maturity. We concluded that our fair value determination for our mortgage loan payable, senior unsecured notes, Unsecured Term Loans and Unsecured Credit Facility primarily relied on Level 3 inputs.