Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparing the Company's unaudited Condensed Consolidated Financial Statements, the Company has evaluated events and transactions occurring after March 31, 2025 for recognition and/or disclosure purposes. Based on this evaluation, there were no subsequent events from March 31, 2025 through the date the financial statements were issued other than the following:

•On April 24, 2025, the Operating Partnership amended and restated its Revolving Facility and Term Loan Facility. The amendments provide for (i) revolving loan commitments of $1.25 billion under the Revolving Facility, scheduled to mature on April 30, 2029 (extending the applicable scheduled maturity date from June 30, 2026); and (ii) a continuation of the existing $500.0 million Term Loan Facility scheduled to mature on April 30, 2030 (extending the applicable scheduled maturity date from July 26, 2027). The Revolving Facility includes two six-month maturity extension options, the exercise of which are subject to customary conditions and the payment of a fee on the extended commitments. The interest rate applicable to the Revolving Facility was lowered (for the margins based on the Operating Partnership’s current credit ratings) to SOFR plus 85 basis points from an adjusted SOFR rate plus 85 basis points and the interest rate applicable to the Term Loan Facility was lowered (for the margins based on the Operating Partnership’s current credit ratings), to SOFR plus 95 basis points from an adjusted SOFR rate plus 95 basis points. The Unsecured Credit Facility provides the Company with the ability to obtain more favorable pricing in certain circumstances when the Company’s leverage ratio meets defined targets. The total capacity under the Unsecured Credit Facility as amended and restated on April 24, 2025 is $1.75 billion