| Summary of 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, 2026 | | December 31, 2025 | | | | Mortgage Loan Payable | $ | 9,205 | | | $ | 9,295 | | | 4.17% | | 4.17% | | 8/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Unsecured Notes, Gross | | | | | | | | | | | | 2027 Notes | 6,070 | | | 6,070 | | | 7.15% | | 7.11% | | 5/15/2027 | | | 2028 Notes | 31,901 | | | 31,901 | | | 7.60% | | 8.13% | | 7/15/2028 | | | 2031 Notes | 450,000 | | | 450,000 | | | 5.25% | | 5.41% | | 1/15/2031 | | | 2032 Notes | 10,600 | | | 10,600 | | | 7.75% | | 7.87% | | 4/15/2032 | | | 2027 Private Placement Notes | 125,000 | | | 125,000 | | | 4.30% | | 4.30% | | 4/20/2027 | | | 2028 Private Placement Notes | 150,000 | | | 150,000 | | | 3.86% | | 3.86% | | 2/15/2028 | | | 2029 Private Placement Notes | 75,000 | | | 75,000 | | | 4.40% | | 4.40% | | 4/20/2029 | | | 2029 II Private Placement Notes | 150,000 | | | 150,000 | | | 3.97% | | 4.23% | | 7/23/2029 | | | 2030 Private Placement Notes | 150,000 | | | 150,000 | | | 3.96% | | 3.96% | | 2/15/2030 | | | 2030 II Private Placement Notes | 100,000 | | | 100,000 | | | 2.74% | | 2.74% | | 9/17/2030 | | | 2032 Private Placement Notes | 200,000 | | | 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/A | | N/A | | N/A | | 2022 Unsecured Term Loan | — | | | 425,000 | | | N/A | | N/A | | N/A | | 2025 Unsecured Term Loan (A)(B) | 200,000 | | | 200,000 | | | 4.00% | | N/A | | 3/17/2028 | | 2026 Unsecured Term Loan II (A)(B) | 375,000 | | | — | | | 4.36% | | N/A | | 1/22/2029 | | 2026 Unsecured Term Loan (A)(B) | 425,000 | | | — | | | 3.54% | | N/A | | 1/22/2030 | | | 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/A | | 3/16/2029 | |
_______________ (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.
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| Schedule of Maturities |
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 | | | Thereafter | 660,600 | | | Total | $ | 2,581,776 | |
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| Summary of Indebtedness at Estimated Fair Value |
At March 31, 2026 and December 31, 2025, the fair value of our indebtedness was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 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, Net | 1,445,745 | | | 1,396,454 | | | 1,445,598 | | | 1,406,188 | | | Unsecured Term Loans | 1,000,000 | | | 1,002,103 | | | 925,000 | | | 926,998 | | | Unsecured Credit Facility | 124,000 | | | 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.
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