XML 57 R47.htm IDEA: XBRL DOCUMENT v3.23.3
Debt - Narrative (Details) - USD ($)
3 Months Ended 9 Months Ended
Jul. 03, 2023
Jun. 15, 2023
Aug. 11, 2022
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Sep. 01, 2022
Dec. 31, 2019
Debt Instrument [Line Items]                    
Total debt       $ 575,399,000   $ 575,399,000   $ 496,498,000    
Unamortized deferred financing costs       $ 2,128,000   2,128,000   2,684,000    
Proceeds under revolving credit facilities           $ 288,000,000 $ 365,000,000      
Line of Credit | Revolver                    
Debt Instrument [Line Items]                    
Weighted average effective interest rate (as a percent)       7.05% 3.28% 5.98% 2.29%      
Facility fees       $ 200,000 $ 100,000 $ 500,000 $ 200,000      
Line of Credit | Term Loans                    
Debt Instrument [Line Items]                    
Weighted average effective interest rate (as a percent)       6.53% 3.53% 5.09% 2.49%      
Line of Credit | New Credit Facility                    
Debt Instrument [Line Items]                    
Deferred financing costs       $ 3,800,000   $ 3,800,000        
Line of Credit | New Credit Facility | Revolver                    
Debt Instrument [Line Items]                    
Senior unsecured revolving credit facility     $ 400,000,000              
Available increase     $ 800,000,000              
Total debt       $ 42,000,000   $ 42,000,000   113,000,000    
Sustainability-linked interest rate reduction (up to)     0.025%              
Interest Rate       6.42%   6.42%        
Deferred financing costs       $ 2,400,000   $ 2,400,000        
Line of Credit Facility, Accordion Feature, Increase Limit     $ 400,000,000              
Extension     1 year              
Line of Credit | New Credit Facility | Revolver | SOFR adjustment                    
Debt Instrument [Line Items]                    
Variable rate           0.10%        
Line of Credit | New Credit Facility | Revolver | SOFR adjustment | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.10%              
Line of Credit | New Credit Facility | Revolver | SOFR adjustment | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.10%              
Line of Credit | New Credit Facility | Revolver | SOFR                    
Debt Instrument [Line Items]                    
Variable rate           1.00%        
Line of Credit | New Credit Facility | Revolver | Minimum | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Revolver facility fee (as a percent)     0.15%              
Line of Credit | New Credit Facility | Revolver | Minimum | After Investment Grade                    
Debt Instrument [Line Items]                    
Revolver facility fee (as a percent)     0.125%              
Line of Credit | New Credit Facility | Revolver | Minimum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.00%              
Line of Credit | New Credit Facility | Revolver | Minimum | Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.00%              
Line of Credit | New Credit Facility | Revolver | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.00%              
Line of Credit | New Credit Facility | Revolver | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.725%              
Line of Credit | New Credit Facility | Revolver | Maximum | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Revolver facility fee (as a percent)     0.30%              
Line of Credit | New Credit Facility | Revolver | Maximum | After Investment Grade                    
Debt Instrument [Line Items]                    
Revolver facility fee (as a percent)     0.30%              
Line of Credit | New Credit Facility | Revolver | Maximum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.45%              
Line of Credit | New Credit Facility | Revolver | Maximum | Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.40%              
Line of Credit | New Credit Facility | Revolver | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.45%              
Line of Credit | New Credit Facility | Revolver | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.40%              
Line of Credit | New Credit Facility | Term Loans                    
Debt Instrument [Line Items]                    
Senior unsecured term loan     $ 200,000,000 175,000,000   $ 175,000,000        
Total debt       $ 200,000,000   $ 200,000,000   200,000,000    
Interest Rate       3.88%   3.88%        
Deferred financing costs       $ 1,300,000   $ 1,300,000        
Derivative, Fixed Interest Rate                 2.63%  
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment                    
Debt Instrument [Line Items]                    
Variable rate           0.10%        
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.10%              
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.10%              
Line of Credit | New Credit Facility | Term Loans | SOFR                    
Debt Instrument [Line Items]                    
Variable rate           1.15%        
Line of Credit | New Credit Facility | Term Loans | Minimum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.15%              
Line of Credit | New Credit Facility | Term Loans | Minimum | Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.00%              
Line of Credit | New Credit Facility | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.15%              
Line of Credit | New Credit Facility | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.80%              
Line of Credit | New Credit Facility | Term Loans | Maximum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.60%              
Line of Credit | New Credit Facility | Term Loans | Maximum | Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     0.60%              
Line of Credit | New Credit Facility | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.60%              
Line of Credit | New Credit Facility | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate     1.60%              
Line of Credit | Prior Credit Agreement                    
Debt Instrument [Line Items]                    
Unamortized deferred financing costs       500,000   $ 500,000        
Line of Credit | Prior Credit Agreement | Term Loans                    
Debt Instrument [Line Items]                    
Senior unsecured term loan                   $ 175,000,000
Total debt       $ 0   $ 0   175,000,000    
Interest Rate       1.37%   1.37%        
Weighted average effective interest rate (as a percent)           5.33%        
Line of Credit | 2029 Term Loan                    
Debt Instrument [Line Items]                    
Deferred financing costs       $ 1,400,000   $ 1,400,000        
Debt Instrument, Delayed Draw Period 12 months                  
Derivative, Swaption Interest Rate 4.99%                  
Derivative, Fixed Interest Rate 3.74%                  
Derivative, Variable Interest Rate 0.10%                  
Derivative, Basis Spread on Variable Rate 1.15%                  
Derivative, Interest Rate Reduction 0.025%                  
Facility fees           900,000        
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 1.15%                  
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 0.80%                  
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Margin Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 0.15%                  
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   0.00%                
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 1.60%                  
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 1.60%                  
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Margin Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 0.60%                  
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate 0.60%                  
Line of Credit | 2029 Term Loan | Term Loans                    
Debt Instrument [Line Items]                    
Senior unsecured revolving credit facility $ 250,000,000                  
Total debt       $ 150,000,000   $ 150,000,000   0    
Variable rate           5.32%        
Interest Rate       4.89%   4.89%        
Line of Credit Facility, Accordion Feature, Increase Limit 400,000,000                  
Proceeds under revolving credit facilities $ 150,000,000                  
Line of Credit | 2026 Term Loan | Term Loans                    
Debt Instrument [Line Items]                    
Senior unsecured term loan   $ 175,000,000                
Extension   1 year                
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   0.15%                
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) Interest Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   1.15%                
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) Interest Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   0.80%                
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Base Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   0.60%                
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Base Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   0.60%                
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) Interest Rate | Prior To Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   1.60%                
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) Interest Rate | After Investment Grade                    
Debt Instrument [Line Items]                    
Variable rate   1.60%                
Mortgages | Mortgage Note                    
Debt Instrument [Line Items]                    
Total debt       $ 8,399,000   $ 8,399,000   $ 8,498,000    
Interest Rate       4.53%   4.53%        
Deferred financing costs       $ 100,000   $ 100,000        
Total gross mortgage indebtedness       8,400,000   8,400,000        
Aggregate net book value       12,700,000   12,700,000        
Debt discount       $ 600,000   $ 600,000