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Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
(In thousands)
Senior Unsecured Notes$2,733,611 $2,226,524 
Senior Unsecured Term Loans828,706 818,820 
Senior Unsecured Revolving Credit Facility293,570 255,052 
Total principal amount of indebtedness3,855,887 3,300,396 
Less: unamortized deferred financing costs
(17,486)(13,882)
Total indebtedness, net of deferred financing costs
$3,838,401 $3,286,514 
The following table provides additional details of our Senior Unsecured Notes as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Stated Maturity DateContractual Interest RateBorrowing CurrencyCarrying Amount (USD)Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Private Series A Notes
01/20264.68%$200,000 $200,000 $200,000 $200,000 
Private Series B Notes
01/20294.86%$400,000 400,000 $400,000 400,000 
Private Series C Notes
01/20304.10%$350,000 350,000 $350,000 350,000 
Private Series D Notes
01/20311.62%€400,000 471,259 €400,000 414,146 
Private Series E Notes
01/20331.65%€350,000 412,352 €350,000 362,378 
Public 5.600% Notes
05/20325.60%$400,000 400,000 $— — 
Public 5.409% Notes
09/20345.41%$500,000 500,000 $500,000 500,000 
Total Senior Unsecured Notes
$2,733,611 $2,226,524 
The following table provides additional details of our Senior Unsecured Term Loans as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Stated Maturity Date(1)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(2)
Borrowing CurrencyCarrying Amount (USD)
(In thousands, except percentages)
Tranche A-108/2026
SOFR + 0.94%
$375,000 $375,000 
SOFR + 0.94%
$375,000 $375,000 
Tranche A-201/2028
CORRA + 0.94%
C$250,000 183,706 
CORRA + 0.94%
C$250,000 173,820 
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
$828,706 $818,820 
(1)The terms of the debt agreement for Tranche A-1 include an option for two twelve-month extensions past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first twelve-month extension, which extended the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension to extend the maturity date to August of 2027.
(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 June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Contractual Interest Rate (1)
Borrowing CurrencyCarrying Amount (USD)
Contractual Interest Rate(1)
Borrowing CurrencyCarrying Amount (USD)
Denomination of Draw(In thousands, except percentages)
U.S. dollar
SOFR + 0.84%
$— $— 
SOFR + 0.84%
$14,000 $14,000 
Australian dollar
BBSW + 0.84%
A$207,500 136,545 
BBSW + 0.84%
A$197,000 121,908 
Canadian dollar
CORRA + 0.84%
C$65,000 47,764 
CORRA + 0.84%
C$35,000 24,335 
Euro
EURIBOR + 0.84%
€70,500 83,059 
EURIBOR + 0.84%
€70,500 72,993 
New Zealand dollar
BKBM + 0.84%
NZ$43,000 26,202 
BKBM + 0.84%
NZ$39,000 21,816 
Total Senior Unsecured Revolving Credit Facility(2)
$293,570 $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.