Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 Derivative Financial Instruments

The fair value of the Company’s derivative financial instruments included in the Consolidated Balance Sheets as of December 31, 2025 and 2024, is detailed below.

		Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	December 31, 2025		December 31, 2024		Balance Sheet Location	December 31, 2025		December 31, 2024
Derivative Designated as Hedging Instruments
Interest rate swaps	Other Assets	$	725	$	13,546	Other Liabilities	$	10,572	$	1,922
Total Derivatives Designated as Hedging Instruments		$	725	$	13,546		$	10,572	$	1,922
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts	Other Assets	$	3,685	$	808	Other Liabilities	$	14,633	$	2,630
Foreign currency option contracts	Other Assets	4,489		2,853		Other Liabilities	—		—
Total Derivatives Not Designated as Hedging Instruments		$	8,174	$	3,661		$	14,633	$	2,630

Schedule of Derivative Financial Instruments

The following table details the effect of the Company’s derivative financial instruments designated as hedging instruments on the Consolidated Statement of Operations during the year ended December 31, 2025:

	Amount of Unrealized Gain (Loss) Recognized in OCI		Location of Gain Recognized in Income on Derivatives	Amount of Gain Reclassified from Accumulated OCI into Income
Derivatives Designated as Hedging Instruments	December 31, 2025			December 31, 2025
Interest rate swap - Investments	$	109	Interest Income	$	615
Interest rate swap - Borrowings	(12,592)		Interest Expense	8,758
Total Derivatives Designated as Hedging Instruments	$	(12,483)		$	9,373

The following table details the effect of the Company’s derivative financial instruments designated as hedging instruments on the Consolidated Statement of Operations for the year ended December 31, 2024:

	Amount of Unrealized Gain Recognized in OCI		Location of Gain Recognized in Income on Derivatives	Amount of Gain Reclassified from Accumulated OCI into Income
Derivatives Designated as Hedging Instruments	December 31, 2024			December 31, 2024
Interest rate swap	$	35,827	Interest Expense	$	19,456
Interest rate caps	6,053		Interest Expense	6,053
Total Derivatives Designated as Hedging Instruments	$	41,880		$	25,509

The following table details the effect of the Company’s derivative financial instruments designated as hedging instruments on the Consolidated Statement of Operations for the year ended December 31, 2023:

	Amount of Unrealized Loss Recognized in OCI		Location of Gain Recognized in Income on Derivatives	Amount of Gain Reclassified from Accumulated OCI into Income
Derivatives Designated as Hedging Instruments	December 31, 2023			December 31, 2023
Interest rate swap	$	(9,045)	Interest Expense	$	13,841
Interest rate caps	(1,309)		Interest Expense	11,803
Total Derivatives Designated as Hedging Instruments	$	(10,354)		$	25,644

The following table details the effect of the Company’s derivative financial instruments not designated as hedging instruments on the Consolidated Statement of Operations for the years ended December 31, 2025, 2024, and 2023:

Derivatives Not Designated as Hedging Instruments	Statement of Operations Location	December 31, 2025		December 31, 2024		December 31, 2023
Foreign currency forward contracts	Other Income (Expense)	$	(9,127)	$	4,998	$	(6,820)
Foreign currency option contracts	Other Income (Expense)	1,636		(2,213)		5065
Total Derivatives Not Designated as Hedging Instruments		$	(7,491)	$	2,785	$	(1,755)