XML 50 R35.htm IDEA: XBRL DOCUMENT v3.25.1
Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
As of March 31, 2025 and December 31, 2024, the Company had the following indebtedness outstanding:

Carrying Value as of
March 31,
2025		December 31,
2024
Stated
Interest
Rate(1)
Scheduled
Maturity
Date
Notes payable
Unsecured notes(2)
$4,618,453 $4,850,765 
2.25% – 7.97%
2026 – 2035
Net unamortized premium12,907 14,279 
Net unamortized debt issuance costs(23,296)(20,718)
Total notes payable, net
$4,608,064 $4,844,326 
Unsecured Credit Facility
Revolving Facility(3)
$— $— 5.34%2026
Term Loan Facility(3)(4)(5)
500,000 500,000 5.35%2027
Net unamortized debt issuance costs
(3,952)(4,575)
Total Unsecured Credit Facility and term loans
$496,048 $495,425 
Total debt obligations, net
$5,104,112 $5,339,751 
(1)Stated interest rates as of March 31, 2025 do not include the impact of the Company’s interest rate swap agreements (described below).
(2)The weighted average stated interest rate on the Company’s unsecured notes was 4.14% as of March 31, 2025.
(3)The Company's Revolving Facility (defined hereafter) and Term Loan Facility (defined hereafter) include a sustainability metric incentive, which can reduce the applicable credit spread by up to two basis points. Effective July 8, 2024, the Term Loan Facility and Revolving Facility qualify for a two basis point rate reduction due to the achievement of certain sustainability metric targets for the year ended December 31, 2023.
(4)Effective July 26, 2024, the Company has in place four interest rate swap agreements that convert the variable interest rate on $300.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 4.08% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
(5)Effective May 1, 2023, the Company has in place three interest rate swap agreements that convert the variable interest rate on $200.0 million outstanding under the Term Loan Facility to a fixed, combined interest rate of 3.59% (plus a spread, currently 93 basis points and SOFR adjustment of 10 basis points) through the maturity of the Term Loan Facility on July 26, 2027.
Schedule of Maturities of Long-Term Debt
As of March 31, 2025 and December 31, 2024, the Company had accrued interest of $42.8 million and $62.8 million outstanding, respectively. As of March 31, 2025, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2025 (remaining nine months)$— 
2026607,542 
2027900,000 
2028357,708 
2029753,203 
Thereafter2,500,000 
Total debt maturities5,118,453 
Net unamortized premium12,907 
Net unamortized debt issuance costs(27,248)
Total debt obligations, net$5,104,112