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Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Additional Outstanding Debt
At December 31, 2025 and 2024, our outstanding indebtedness consisted of the following:
Senior Unsecured Notes:
Principal Balance as of
December 31,
   
Coupon RateMaturity20252024
Senior unsecured notes (1)
9.750%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(1,796)(2,639)
Unamortized debt issuance costs(17,478)(20,042)
Senior unsecured notes, net  $1,580,726 $1,957,319 
(1)These notes are or were 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 years ended December 31, 2025, 2024 and 2023:
Debt InstrumentSecured Property CountInterest RateOriginal Maturity DateOutstanding Principal BalanceRepayment AmountRemaining Principal BalanceLoss on Modification or Early Extinguishment of Debt
Date
Repayments during the year ended December 31, 2025:
March 2025Senior 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 (1)
Senior secured notes580.00%January 2026$641,376 307,006 $334,370 11,191 
October 2025Senior secured notes570.00%January 2026$334,370 10,249 $324,121 257 
December 2025Senior secured notes—0.00%January 2026$324,121 324,121 $— 1,881 
Total$1,320,534 $42,526 
Repayments during the year ended December 31, 2024:
June 2024Senior unsecured notes—9.75%June 2025$500,000 $60,000 $440,000 $209 
November 2024Senior unsecured notes—9.75%June 2025$440,000 60,000 $380,000 115 
Total$120,000 $324 
Repayments during the year ended December 31, 2023:
January 2023
Secured credit facility (2)
616.88%January 2024$700,000 $113,627 $586,373 $— 
February 2023
Secured credit facility (2)
617.05%January 2024$586,373 136,373 $450,000 1,075 
April 2023Mortgage note16.64%June 2023$14,565 14,565 $— — 
December 2023
Secured credit facility (2)
628.36%January 2024$450,000 450,000 $— 314 
December 2023Senior unsecured notes—4.75%May 2024$250,000 250,000 $— 1,079 
Total$964,565 $2,468 
(1)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.
(2)The interest rate presented for the secured credit facility reflects the interest rate at the time repayment was made.
Schedule of Secured and Other Debt
 Number of
Properties Securing
Principal Balance as of
December 31, (1)
  Net Book Value of Collateral
as of December 31,
  
At December 31, 2025At December 31, 2024
2025
2024
Interest
Rate		Maturity
2025
2024
Secured revolving credit facility
14 — $— $— 6.47 %June 2029$326,565 $— 
Senior secured notes (2)
— 95 — 940,534 0.00 %January 2026— 1,064,171 
Senior secured notes (3)
36 — 375,000 — 7.25 %October 2030402,797 — 
Floating rate mortgage loan (4)
14 — 140,000 — 6.19 %March 2028142,947 — 
Mortgage note4 — 63,499 — 6.57 %June 2030135,772 — 
Mortgage note8 8 120,000 120,000 6.86 %June 2034182,848 191,186 
Mortgage notes (5)
7 — 108,873 — 6.22 %May 2035148,477 — 
Mortgage notes (6)
2 — 30,284 — 6.36 %June 203534,328 — 
Mortgage note1 1 5,847 7,464 6.44 %July 204312,893 13,097 
Finance Leases (7)
2 2 613 2,338 7.70 %April 202620,128 21,606 
Total88 106 844,116 1,070,336 $1,406,755 $1,290,060 
Unamortized discount (2)
— (101,035)
Unamortized debt issuance costs (8)
(24,018)(15,716)
Total secured and other debt, net$820,098 $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 required no cash interest to accrue prior to maturity and accreted at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value equaled the principal amount at maturity. The unamortized discount is related to these notes. These notes were redeemed in full in December 2025.
(3)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.
(4)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.
(5)These mortgage loans require interest-only payments through May 2030.
(6)These mortgage loans require interest-only payments through June 2028.
(7)In January 2026, we provided notice to exercise our purchase option for these two properties for $14,500, with closing expected in April 2026.
(8)Excludes unamortized debt issuance costs for our revolving credit facility as these costs are included in other assets, net in our consolidated balance sheets.
Schedule of Required Principal Payments on Outstanding Debt
Required principal payments on our outstanding debt as of December 31, 2025, were as follows:
YearPrincipal Payment
2026$1,866 
20272,273 
2028640,650 
20291,883 
2030435,151 
Thereafter1,362,293 
Total$2,444,116