Debt (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Mortgage Notes and Credit Facilities

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		March 31, 2026		December 31, 2025
Mortgage notes & credit facilities:
Unsecured term loan credit facility	S + 1.35%	6/12/2030	$	1,250,000	$	1,250,000	$	1,250,000
Unsecured revolving credit facility	S + 1.40%	6/12/2029	$	2,610,000	180,000		414,000
Fixed rate mortgages	5.37%	11/21/2030	N/A		143,640		106,447
Variable rate mortgages	S + 1.90%	3/1/2029	N/A		111,899		106,462
Deferred financing costs, net					(41,611)		(43,912)
Total mortgage notes & credit facilities, net:					$	1,643,928	$	1,832,997

Unsecured senior notes
Unsecured senior notes	6.35%	2/2/2030	N/A		$	130,000	$	130,000
Deferred financing costs, net					(3,351)		(3,504)
Unsecured senior notes, net:					$	126,649	$	126,496

Other borrowings
Secured financings of investments in real estate debt	S + 1.68%	7/7/2027	$	1,750,000	$	817,170	$	757,069
Deferred financing costs, net					(3,138)		(3,122)
Other borrowings, net					$	814,032	$	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 March 31, 2026, 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 Derivative Instruments

The following table details the Company’s interest rate swaps as of March 31, 2026:


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
$51,867						3.73%

The following table details the Company’s outstanding derivatives:


			Notional Amount (1)
Financial Instruments	Number of Instruments	Weighted Average Maturity Date	March 31, 2026		December 31, 2025

Derivatives Designated as hedging instruments	20	6/16/2028	$	1,738,847	$	1,718,611




Derivatives Not Designated as hedging instruments	12	6/15/2028	$	2,671,364	$	2,519,598

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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 or the initial reference value of the underlying asset, established at trade execution, upon which all payment obligations are calculated.

Schedule of Future Principal Payments

The following table details the future principal payments due under the Company’s outstanding third-party borrowings as of March 31, 2026:


Year	Amount
2026 (remaining)	$	309,643
2027	393,087
2028	83,149
2029	438,030
2030	1,347,250
2031	23,000
Thereafter	38,550
Total	$	2,632,709