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Debt - Summary of Borrowings (Detail) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total revolving credit facility, Principal Outstanding $ 72,500 $ 79,000
Total term loan facilities, net, Principal Outstanding 274,181 299,108
Total notes payable, net, Principal Outstanding 844,939 696,532
Total mortgage notes payable, net, Principal Outstanding 209,283 $ 220,195
Total debt, Principal Outstanding 1,400,903  
Notes Payable [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding 850,000  
Less: Total unamortized deferred financing fees (5,061)  
Mortgage Notes Payable [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding 210,007  
Less: Total unamortized deferred financing fees (714)  
Less: Total unamortized premium/discount (10)  
Mortgage Notes Payable [Member] | USFS II Albuquerque [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 10,635  
Loan, Interest Rate [1],[2] 4.46%  
Loan, Current Maturity 2026-07  
Mortgage Notes Payable [Member] | ICE Charleston [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 11,253  
Loan, Interest Rate [1],[2] 4.21%  
Loan, Current Maturity 2027-01  
Mortgage Notes Payable [Member] | VA Loma Linda [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 127,500  
Loan, Interest Rate [1],[2] 3.59%  
Loan, Current Maturity 2027-07  
Mortgage Notes Payable [Member] | CBP Savannah [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 9,119  
Loan, Interest Rate [1],[2] 3.40%  
Loan, Current Maturity 2033-07  
Mortgage Notes Payable [Member] | USCIS - Kansas City [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 51,500  
Loan, Interest Rate [1],[2] 3.68%  
Loan, Current Maturity 2024-08  
2016 Term Loan Facility [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 100,000  
Loan, Interest Rate [2],[3] 5.63%  
Loan, Current Maturity 2025-01  
2018 Term Loan Facility [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 175,000  
Loan, Interest Rate [2],[4] 5.23%  
Loan, Current Maturity 2026-07  
Term Loan Facility [Member]    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 275,000  
Less: Total unamortized deferred financing fees (819)  
Total term loan facilities, net, Principal Outstanding $ 274,181  
2017 series A senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 4.05%  
Loan, Current Maturity 2027-05  
2017 series A senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 95,000  
2017 series B senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 4.15%  
Loan, Current Maturity 2029-05  
2017 series B senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 50,000  
2017 series C senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 4.30%  
Loan, Current Maturity 2032-05  
2017 series C senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 30,000  
2019 series A senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 3.73%  
Loan, Current Maturity 2029-09  
2019 series A senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 85,000  
2019 series B senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 3.83%  
Loan, Current Maturity 2031-09  
2019 series B senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 100,000  
2019 series C senior notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 3.98%  
Loan, Current Maturity 2034-09  
2019 series C senior notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 90,000  
2021 Series A Senior Notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 2.62%  
Loan, Current Maturity 2028-10  
2021 Series A Senior Notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 50,000  
2021 Series B Senior Notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 2.89%  
Loan, Current Maturity 2030-10  
2021 Series B Senior Notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 200,000  
2024 Series A Senior Notes [Member]    
Debt Instrument [Line Items]    
Loan, Interest Rate [2] 6.56%  
Loan, Current Maturity 2033-05  
2024 Series A Senior Notes [Member] | Senior Unsecured Notes Payable    
Debt Instrument [Line Items]    
Loan, Principal Outstanding $ 150,000  
2024 Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Total revolving credit facility, Principal Outstanding [5] $ 72,500  
Loan, Interest Rate [2],[5],[6] SOFR + 145 bps  
Loan, Current Maturity [5],[7] 2028-06  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Total revolving credit facility, Principal Outstanding $ 72,500  
[1] Effective interest rates are as follows: USFS II – Albuquerque 3.92%, ICE – Charleston 3.93%, VA – Loma Linda 3.78%, CBP – Savannah 4.12%, USCIS – Kansas City 2.05%.
[2] The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums.
[3] Our 2016 term loan facility (our “2016 term loan facility”) is subject to one interest rate swap with an effective date of June 23, 2023 and a notional value of $100.0 million, which effectively fixes the interest rate at 5.63% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2016 term loan facility agreement
[4] Our 2018 term loan facility (as amended, our “2018 term loan facility”) is subject to two interest rate swaps with an effective date of June 23 and September 29, 2023 and an aggregate notional value of $200.0 million, of which $175.0 million is associated with our 2018 term loan facility, to effectively fix the interest rate at 5.23% annually. The spread over SOFR is based on our consolidated leverage ratio, as defined in our 2018 term loan facility agreement.
[5] Our $400.0 million senior unsecured 2024 revolving credit facility (the “2024 revolving credit facility”) had available capacity of $327.4 million at June 30, 2024 which includes an accordion feature that provides us with additional capacity of up to $300.0 million, subject to syndication of the increase and the satisfaction of customary terms and conditions.
[6] Our 2024 revolving credit facility is subject to one interest rate swap with an effective date of June 23, 2023 and a notional value of $100.0 million, of which $25.0 million is associated with our 2024 revolving credit facility, to effectively fix the interest rate at 5.46% annually. The spread over the secured overnight financing rate (“SOFR”) is based on our consolidated leverage ratio, as defined in our 2024 revolving credit facility agreement. Additionally at June 30, 2024, $34.0 million of amounts outstanding under our 2024 revolving credit facility had a floating rate of 5.33% under USD Term SOFR and the remaining $13.5 million outstanding under our 2024 revolving credit facility had a floating rate of 5.31% under USD SOFR with a five day lookback.
[7] Our 2024 revolving credit facility has two six-month as-of-right extension options subject to certain conditions and the payment of an extension fee.