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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
(In thousands)
Senior Unsecured Notes$2,226,524 $1,777,925 
Senior Unsecured Term Loans818,820 833,775 
Senior Unsecured Revolving Credit Facility255,052 392,156 
Total principal amount of indebtedness$3,300,396 $3,003,856 
Less: unamortized deferred financing costs
(13,882)(10,578)
Total indebtedness, net of deferred financing costs
$3,286,514 $2,993,278 
The following table provides the details of our Senior Unsecured Notes:
December 31, 2024December 31, 2023
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes01/20264.68%$200,000 $200,000 $200,000 $200,000 
Private Series B Notes01/20294.86%$400,000 400,000 $400,000 400,000 
Private Series C Notes01/20304.10%$350,000 350,000 $350,000 350,000 
Private Series D Notes01/20311.62%€400,000 414,146 €400,000 441,560 
Private Series E Notes01/20331.65%€350,000 362,378 €350,000 386,365 
Public 5.409% Notes09/2034
5.41%
$500,000 500,000 $— — 
Total Senior Unsecured Notes
$2,226,524 $1,777,925 
The following table provides the details of our Senior Unsecured Term Loans:
December 31, 2024December 31, 2023
Stated Maturity Date(2)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Tranche A-108/2025
SOFR + 0.94%
$375,000 $375,000 
SOFR + 0.94%
$375,000 $375,000 
Tranche A-201/2028
CORRA + 0.94%
C$250,000 173,820 
CDOR + 0.94%
C$250,000 188,775 
Delayed Draw Tranche A-301/2028
SOFR + 0.94%
$270,000 270,000 
SOFR + 0.94%
$270,000 270,000 
Total Senior Unsecured Term Loans
$818,820 $833,775 
(1)SOFR = one-month Adjusted Term SOFR; CORRA = adjusted daily CORRA. Tranche A-1 and Tranche A-3 SOFR includes an adjustment of 0.10% in addition to the margin. Tranche A-2 CORRA includes an adjustment of 0.30% in addition to the margin. Our Canadian dollar borrowings previously bore interest tied to one-month CDOR. Refer to Note 10 - Derivative Financial Instruments for details of the related interest rate swaps.
(2)The terms of the debt agreement for Tranche A-1 include an option for two 12-month extensions past the contractual maturity date in August of 2025.
The following table provides the details of our Senior Unsecured Revolving Credit Facility:
December 31, 2024December 31, 2023
Denomination of Draw
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
U.S. dollar
SOFR + 0.84%
$14,000 $14,000 
SOFR + 0.84%
$34,000 $34,000 
Australian dollar
BBSW + 0.84%
A$197,000 121,908 
BBSW + 0.84%
A$191,000 130,108 
British pound sterling
SONIA + 0.84%
£— — 
SONIA + 0.84%
£78,000 99,302 
Canadian dollar
CORRA + 0.84%
C$35,000 24,335 
CDOR + 0.84%
C$35,000 26,429 
Euro
EURIBOR + 0.84%
€70,500 72,993 
EURIBOR + 0.84%
€67,500 74,513 
New Zealand dollar
BKBM + 0.84%
NZ$39,000 21,816 
BKBM + 0.84%
NZ$44,000 27,804 
Total Senior Unsecured Revolving Credit Facility
$255,052 $392,156 
(1)SOFR = adjusted daily SOFR; BBSW = one-month Bank Bill Swap Rate; CORRA = adjusted daily CORRA; EURIBOR = one-month Euro Interbank Offered Rate; BKBM = one-month Bank Bill Reference Rate. We have elected adjusted daily SOFR for the entirety of our U.S. dollar denominated borrowings shown above, which includes an adjustment of 0.10% in addition to the margin. Included in the adjusted daily CORRA rate is an adjustment of 0.30% in addition to the margin. Our British pound sterling borrowings bore interest tied to adjusted SONIA, which included an adjustment of 0.03% in addition to the margin. Our Canadian dollar borrowings previously bore interest tied to one-month CDOR.
Schedule of Aggregate Maturities of Total Indebtedness
The aggregate maturities of indebtedness as of December 31, 2024 for each of the next five years and thereafter, are as follows:
Years Ending December 31:(1)
(In thousands)
2025
$375,000
2026455,052
2027—
2028443,820 
2029400,000
Thereafter
1,626,524
Total principal amount of indebtedness3,300,396
Less: unamortized deferred financing costs
(13,882)
Total indebtedness, net of deferred financing costs
$3,286,514
(1)The debt listed to mature in 2025 represents the Tranche A-1 term loan. The terms of the Tranche A-1 term loan agreement include an option for two 12-month extensions past the contractual maturity date in August of 2025. Approximately $255.1 million of the debt listed to mature in 2026 represents outstanding borrowings on the revolving credit facility. The terms of the revolving credit facility agreement include an option for two six-month extensions