Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

As of March 31, 2026 and December 31, 2025, the Company had the following indebtedness outstanding:

	Carrying Value as of
	March 31, 2026		December 31, 2025		Stated Interest Rate(1)	Scheduled Maturity Date
Notes payable
Unsecured notes(2)	$	5,018,453	$	5,018,453	2.25% – 7.97%	2026 – 2035
Net unamortized premium	9,613		10,277
Net unamortized debt issuance costs	(22,524)		(23,797)
Total notes payable, net	$	5,005,542	$	5,004,933
Unsecured Credit Facility
Revolving Facility	$	—	$	—	4.46%	2029
Term Loan Facility(3)(4)	500,000		500,000		4.52%	2030
Net unamortized debt issuance costs	(9,471)		(10,180)
Total Unsecured Credit Facility and term loans	$	490,529	$	489,820
Total debt obligations, net	$	5,496,071	$	5,494,753

(1)Stated interest rates as of March 31, 2026 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 4.20% as of March 31, 2026.

(3)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 (defined hereafter) to a fixed, combined interest rate of 4.08% (plus a spread, currently 85 basis points) through July 26, 2027.

(4)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 85 basis points) through July 26, 2027.

Schedule of Maturities of Long-Term Debt

As of March 31, 2026 and December 31, 2025, the Company had accrued interest of $54.4 million and $63.6 million outstanding, respectively. As of March 31, 2026, scheduled maturities of the Company’s outstanding debt obligations were as follows:

Year ending December 31,
2026 (remaining nine months)	607,542
2027	400,000
2028	357,708
2029	753,203
2030	1,300,000
2031	500,000
Thereafter	1,600,000
Total debt maturities	5,518,453
Net unamortized premium	9,613
Net unamortized debt issuance costs	(31,995)
Total debt obligations, net	$	5,496,071