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Borrowing Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowing Arrangements Borrowing Arrangements
Mortgage Notes Payable
The following table presents the carrying value, fair value and weighted average interest rates for our mortgage notes payable (amounts in thousands except percentages):
As of March 31, 2026As of December 31, 2025
Stated Interest RateMaturity DateCarrying ValueFair ValueWeighted Average Interest RateCarrying ValueFair ValueWeighted Average Interest Rate
Mortgage notes payable
2.44% to 5.06%
2028 to 2041
$2,784,304 $2,384,988 3.77 %$2,800,866 $2,404,789 3.77 %
Less: Deferred financing costs, net$(21,044)$(21,708)
Mortgage notes payable, net$2,763,260 $2,779,158 

The following table presents the number of encumbered Properties and the gross carrying value of such Properties (gross carrying value in thousands):
As of March 31, 2026As of December 31, 2025
Number of Encumbered PropertiesGross Carrying ValueNumber of Encumbered PropertiesGross Carrying Value
Encumbered Properties112 $3,284,343 112 $3,266,579 
Unsecured Debt
The following table presents the carrying value, fair value and weighted average interest rates for our unsecured debt (amounts in thousands):
As of March 31, 2026As of December 31, 2025
Stated Interest RateMaturity Date
Carrying Value (1)
Effective Interest Rate
Carrying Value (1)
Effective Interest Rate
$240.0 Million Term Loan (2)
SOFR + 1.20% to 1.70%
May 15, 2030$240,000 4.74 %$240,000 4.74 %
$200.0 Million Term Loan
SOFR + 0.10% + 1.20% to 1.70%
January 21, 2027$200,000 4.88 %$200,000 4.88 %
Line of Credit Borrowing (3)
SOFR + 0.10% + 1.25% to 1.65%
July 18, 2028$89,500 4.98 %$105,000 5.01 %
Less: Deferred financing costs, net$(2,341)$(2,545)
Total unsecured debt, net$527,159 $542,455 
_____________________
(1)Carrying value approximates fair value.
(2)During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement (the “$240 million Term Loan”) and drew $150.0 million and $90.0 million in May 2025 and July 2025, respectively.
(3)As of March 31, 2026, our LOC had a remaining borrowing capacity of $410.4 million.
As of March 31, 2026, we were in compliance in all material respects with the covenants in all our borrowing arrangements.