Debt (Tables)

3 Months Ended

Mar. 31, 2025

The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
	(In thousands)
Senior Unsecured Notes	$	2,261,457	$	2,226,524
Senior Unsecured Term Loans	818,769		818,820
Senior Unsecured Revolving Credit Facility	516,932		255,052
Total principal amount of indebtedness	3,597,158		3,300,396
Less: unamortized deferred financing costs	(13,106)		(13,882)
Total indebtedness, net of deferred financing costs	$	3,584,052	$	3,286,514

The following table provides additional details of our Senior Unsecured Notes as of March 31, 2025 and December 31, 2024:


			March 31, 2025				December 31, 2024
	Stated Maturity Date	Contractual Interest Rate	Borrowing Currency		Carrying Amount (USD)		Borrowing Currency		Carrying Amount (USD)
		(In thousands, except percentages)
Private Series A Notes	01/2026	4.68%	$	200,000	$	200,000	$	200,000	$	200,000
Private Series B Notes	01/2029	4.86%	$	400,000	400,000		$	400,000	400,000
Private Series C Notes	01/2030	4.10%	$	350,000	350,000		$	350,000	350,000
Private Series D Notes	01/2031	1.62%	€	400,000	432,777		€	400,000	414,146
Private Series E Notes	01/2033	1.65%	€	350,000	378,680		€	350,000	362,378
Public 5.409% Notes	09/2034	5.41%	$	500,000	500,000		$	500,000	500,000
Total Senior Unsecured Notes					$	2,261,457			$	2,226,524

The following table provides additional details of our Senior Unsecured Term Loans as of March 31, 2025 and December 31, 2024:


		March 31, 2025					December 31, 2024
	Stated Maturity Date(1)	Contractual Interest Rate(2)	Borrowing Currency		Carrying Amount (USD)		Contractual Interest Rate(2)	Borrowing Currency		Carrying Amount (USD)
		(In thousands, except percentages)
Tranche A-1	08/2025	SOFR + 0.94%	$	375,000	$	375,000	SOFR + 0.94%	$	375,000	$	375,000
Tranche A-2	01/2028	CORRA + 0.94%	C$	250,000	173,769		CORRA + 0.94%	C$	250,000	173,820
Delayed Draw Tranche A-3	01/2028	SOFR + 0.94%	$	270,000	270,000		SOFR + 0.94%	$	270,000	270,000
Total Senior Unsecured Term Loans					$	818,769				$	818,820

(1)The terms of the debt agreement for Tranche A-1 include an option for two twelve-month extensions past the contractual maturity date in August of 2025.

(2)SOFR = adjusted one-month SOFR (which includes an adjustment of 0.10%), CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%). Refer to Note 5 - Derivative Financial Instruments for details of the related interest rate swaps.

The following table provides additional details of our Senior Unsecured Revolving Credit Facility as of March 31, 2025 and December 31, 2024:


	March 31, 2025					December 31, 2024
	Contractual Interest Rate (1)	Borrowing Currency		Carrying Amount (USD)		Contractual Interest Rate(1)	Borrowing Currency		Carrying Amount (USD)
Denomination of Draw	(In thousands, except percentages)
U.S. dollar	SOFR + 0.84%	$	268,000	$	268,000	SOFR + 0.84%	$	14,000	$	14,000
Australian dollar	BBSW + 0.84%	A$	202,000	126,179		BBSW + 0.84%	A$	197,000	121,908
Canadian dollar	CORRA + 0.84%	C$	35,000	24,328		CORRA + 0.84%	C$	35,000	24,335
Euro	EURIBOR + 0.84%	€	70,500	76,277		EURIBOR + 0.84%	€	70,500	72,993
New Zealand dollar	BKBM + 0.84%	NZ$	39,000	22,148		BKBM + 0.84%	NZ$	39,000	21,816
Total Senior Unsecured Revolving Credit Facility(2)				$	516,932				$	255,052

(1)SOFR = adjusted daily SOFR (which includes an adjustment of 0.10%), BBSW = one-month Bank Bill Swap Rate, CORRA = adjusted daily CORRA (which includes an adjustment of 0.30%), EURIBOR = one-month Euro Interbank Offered Rate, BKBM = one-month Bank Bill Reference Rate.

(2)The Senior Unsecured Revolving Credit Facility matures in August of 2026; however, the terms of the debt agreement include an option for two six-month extensions past the contractual maturity date.