Debt (Tables)

3 Months Ended

Mar. 31, 2026

At March 31, 2026, our consolidated borrowings consisted of the following (amounts in thousands):


	Principal Outstanding			Interest	Current
Loan	March 31, 2026			Rate (1)(2)	Maturity
Revolving credit facility:
2024 revolving credit facility (3)	$	245,050		SOFR + 145 bps	June 2028 (4)
Total revolving credit facility		245,050

Term loan facilities:
2016 term loan facility		100,000		5.31% (5)	January 2028 (6)
2018 term loan facility		200,000		5.09% (7)	August 2028 (8)
Total term loan facilities		300,000
Less: Total unamortized deferred financing fees		(2,521	)
Total term loan facilities, net		297,479

Notes payable:
2017 series A senior notes		95,000		4.05%	May 2027
2017 series B senior notes		50,000		4.15%	May 2029
2017 series C senior notes		30,000		4.30%	May 2032
2019 series A senior notes		85,000		3.73%	September 2029
2019 series B senior notes		100,000		3.83%	September 2031
2019 series C senior notes		90,000		3.98%	September 2034
2021 series A senior notes		50,000		2.62%	October 2028
2021 series B senior notes		200,000		2.89%	October 2030
2024 series A senior notes		150,000		6.56%	May 2033
2024 series B senior notes		50,000		6.56%	August 2033
2025 series A senior notes		25,000		6.13%	March 2030
2025 series B senior notes		100,000		6.33% (9)	March 2032
Total notes payable		1,025,000
Less: Total unamortized deferred financing fees		(5,868	)
Total notes payable, net		1,019,132

Mortgage notes payable:
USFS II – Albuquerque		6,932		4.46%	July 2026
ICE – Charleston		8,517		4.21%	January 2027
VA – Loma Linda		127,500		3.59%	July 2027
CBP – Savannah		7,561		3.40%	July 2033
Total mortgage notes payable		150,510
Less: Total unamortized deferred financing fees		(298	)
Less: Total unamortized premium/discount		(158	)
Total mortgage notes payable, net		150,054

Total debt	$	1,711,715

(1)

Effective interest rates are as follows: 2016 term loan facility 5.59%, 2018 term loan facility 5.53%, 2017 series A senior notes 4.15%, 2017 series B senior notes 4.23%, 2017 series C senior notes 4.37%, 2019 series A senior notes 3.82%, 2019 series B senior notes 3.91%, 2019 series C senior notes 4.04%, 2021 series A senior notes 2.74%, 2021 series B senior notes 2.99%, 2024 series A senior notes 6.74%, 2024 series B senior notes 6.73%, 2025 series A senior notes 6.36%, 2025 series B senior notes 6.51%, USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%.

(2)

At March 31, 2026, the USD SOFR with a five day lookback (“SOFR”) was 3.63%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for each of our $400.0 million senior unsecured revolving credit facility (the “2024 revolving credit facility”), our $200.0 million senior unsecured term loan facility (as amended, our “2018 term loan facility”) and our $100.0 million senior unsecured term loan facility (as amended, our “2016 term loan facility”) is based on our consolidated leverage ratio, as set forth in the respective loan agreements.

(3)

Our $400.0 million senior unsecured 2024 revolving credit facility had available capacity of $154.8 million at March 31, 2026, in addition to an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.

(4)

Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.

(5)

Our 2016 term loan facility is subject to three interest rate swaps with effective dates of December 23, 2024 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.31% annually, based on our consolidated leverage ratio as defined in our 2016 term loan facility agreement.

(6)

Our 2016 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(7)

Our 2018 term loan facility is subject to three interest rate swaps, of which one has an effective date of March 24, 2025 and two of the swaps have an effective date of June 30, 2025. The three swaps have an aggregate notional value of $200.0 million, which effectively fixes the interest rate at 5.09% annually, based on our consolidated leverage ratio as defined in our 2018 term loan facility agreement.

(8)

Our 2018 term loan facility has two one-year as-of-right extension options subject to certain conditions and the payment of an extension fee.

(9)

We entered into two $50.0 million treasury lock agreements to fix the Treasury rate of our 2025 series B senior notes.