Debt (Tables)

12 Months Ended

Dec. 31, 2025

The following table details the mortgage notes, credit facilities, and other borrowings of the Company:


					Principal Balance Outstanding
Indebtedness	Weighted Average Interest Rate (1)(2)	Weighted Average Maturity Date	Maximum Facility Size		December 31, 2025		December 31, 2024
Mortgage notes & credit facilities:
Unsecured term loan credit facility	S + 1.35%	6/12/2030	$	1,250,000	$	1,250,000	$	1,165,500
Unsecured revolving credit facility	S + 1.40%	6/12/2029	$	2,610,000	414,000		246,950
Fixed rate mortgages	4.99%	8/25/2029	N/A		106,447		99,098
Variable rate mortgages	S + 1.88%	3/2/2029	N/A		106,462		129,824
Deferred financing costs, net					(43,912)		(13,624)
Total mortgage notes & credit facility, net:					$	1,832,997	$	1,627,748

Unsecured senior notes
Unsecured senior notes	6.35%	2/2/2030	N/A		$	130,000	$	130,000
Deferred financing costs, net					(3,504)		(3,655)
Unsecured senior notes, net					$	126,496	$	126,345

Other borrowings
Secured financings of investments in real estate debt	S + 1.67%	6/20/2027	$	1,750,000	$	757,069	$	—
Deferred financing costs, net					(3,122)		—
Other borrowings, net					$	753,947	$	—

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(1)The term “S” refers to the relevant floating benchmark rates, which include daily secured overnight financing rate (“SOFR”), 30-day SOFR, one-month euro interbank offered rate (“EURIBOR”), daily Canadian overnight repo rate average (“CORRA”), and one-month SONIA as applicable to each loan. As of December 31, 2025, we have outstanding interest rate swaps that mitigate our exposure to potential future interest rate increases under our floating-rate debt. See further discussion of outstanding interest rate swaps below.

(2)The Company’s mortgage and notes payable contain yield or spread maintenance provisions.

Schedule of Outstanding Interest Rate and Foreign Currency Derivative Contracts

The following table details the Company’s interest rate swaps as of December 31, 2025:


Notional Balance	Fixed Rate
Mortgage notes & credit facilities:
Unsecured term loan credit facility
$700,000	3.65	%
$250,000	3.42	%
$145,500	4.23	%
$100,000	3.67	%
$54,500	3.40	%
Unsecured revolving credit facility
$100,000	3.25	%
$45,500	3.40	%
Variable rate mortgages
$47,666	3.74	%

The following table details the Company’s outstanding derivatives:


			Notional Amount
Financial Instruments	Number of Instruments	Weighted Average Maturity Date	December 31, 2025		December 31, 2024
Derivatives Designated as Hedging Instruments
Interest rate swaps	16	6/2/2028	$	1,718,611	$	1,425,130

Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts (1)	11	7/20/2028	696,617		131,037
Foreign currency option contracts (1)	2	11/30/2028	104,370		104,370
Total			$	2,519,598	$	1,660,537

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(1)The notional amount reflects the balance we expect to settle at the maturity date based on the contractual strike price at trade execution.

Schedule of Future Principal Payments

The following table details the future principal payments due under the Company’s outstanding third-party borrowings as of December 31, 2025:


Year	Amount
2026	$	274,446
2027	368,183
2028	77,712
2029	673,388
2030	97,250
Thereafter	1,273,000
Total	$	2,763,978