XML 81 R71.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt - Summary of Consolidated Indebtedness (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Long-term debt, gross $ 1,831,231   $ 1,831,231 $ 1,819,738
Net unamortized debt issuance costs (13,768)   (13,768) (7,946)
Unamortized premium 369   369 446
Mortgage and other notes payable, net 945,235   945,235 1,140,293
Unsecured notes payable, net 694,310   694,310 559,040
Total Indebtedness $ 1,817,832   1,817,832 1,812,238
SOFR        
Debt Instrument [Line Items]        
Basis spread on variable rate 2.61% 2.56%    
Fund Portfolio | Fund II        
Debt Instrument [Line Items]        
Long-term debt, gross $ 132,259   132,259 255,978
Fund Portfolio | Fund III        
Debt Instrument [Line Items]        
Long-term debt, gross 35,970   $ 35,970 34,728
Fund Portfolio | LIBOR | Fund V | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.60%  
Variable Rate        
Debt Instrument [Line Items]        
Long-term debt, gross [1] 489,876   $ 489,876 780,935
Mortgages        
Debt Instrument [Line Items]        
Net unamortized debt issuance costs (5,416)   (5,416) (3,988)
Unamortized premium 369   369 446
Mortgage and other notes payable, net 945,235   945,235 1,140,293
Mortgages | Core Portfolio        
Debt Instrument [Line Items]        
Long-term debt, gross 204,716   204,716 218,421
Mortgages | Fund Portfolio        
Debt Instrument [Line Items]        
Long-term debt, gross 427,418   427,418 388,410
Mortgages | Fund Portfolio | Fund IV        
Debt Instrument [Line Items]        
Long-term debt, gross 152,855   152,855 246,268
Unsecured Debt        
Debt Instrument [Line Items]        
Net unamortized debt issuance costs (8,352)   (8,352) (3,958)
Unsecured notes payable, net 694,310   694,310 559,040
Line of Credit        
Debt Instrument [Line Items]        
Unsecured notes payable, net 178,287   178,287 112,905
Fixed Rate        
Debt Instrument [Line Items]        
Long-term debt, gross [2] 1,341,355   1,341,355 1,038,803
Fixed Rate | Mortgages | Core Portfolio        
Debt Instrument [Line Items]        
Long-term debt, gross $ 144,326   $ 144,326 $ 145,464
Fixed Rate | Mortgages | Core Portfolio | Maximum        
Debt Instrument [Line Items]        
Interest rate, stated percentage 5.89%   5.89% 5.89%
Maturity Date     2035-04  
Fixed Rate | Mortgages | Core Portfolio | Minimum        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.88%   3.88% 3.88%
Maturity Date     2024-02  
Fixed Rate | Mortgages | Fund Portfolio | Fund IV        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.50%   4.50% 4.50%
Maturity Date     2025-10  
Long-term debt, gross $ 1,120   $ 1,120 $ 1,120
Fixed Rate | Mortgages | Fund Portfolio | Fund V        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.35%   3.35% 3.35%
Maturity Date     2023-05  
Long-term debt, gross $ 31,801   $ 31,801 $ 31,801
Variable Rate Debt | Core Portfolio | LIBOR | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.70%  
Variable Rate Debt | Core Portfolio | LIBOR | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.50%  
Variable Rate Debt | Fund Portfolio | LIBOR | Fund III        
Debt Instrument [Line Items]        
Basis spread on variable rate     3.10%  
Variable Rate Debt | Fund Portfolio | LIBOR | Fund IV | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     3.65%  
Variable Rate Debt | Fund Portfolio | LIBOR | Fund IV | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.75%  
Variable Rate Debt | Fund Portfolio | LIBOR | Fund V | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.50%  
Variable Rate Debt | Fund Portfolio | LIBOR | Fund V | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.50%  
Variable Rate Debt | Fund Portfolio | SOFR | Fund II        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.61%  
Variable Rate Debt | Mortgages | SOFR | Fund II        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.61%  
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV        
Debt Instrument [Line Items]        
Long-term debt, gross 151,735   $ 151,735 221,832
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     3.65%  
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.75%  
Variable Rate Debt | Mortgages | Fund Portfolio | Fund V        
Debt Instrument [Line Items]        
Long-term debt, gross 58,136   $ 58,136 $ 58,878
Variable Rate Debt | Mortgages | Fund Portfolio | Prime rate | Fund II        
Debt Instrument [Line Items]        
Basis spread on variable rate       2.00%
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund II        
Debt Instrument [Line Items]        
Basis spread on variable rate       2.75%
Maturity Date     2025-08  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund III | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate       2.75%
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund III | Minimum        
Debt Instrument [Line Items]        
Maturity Date     2023-07  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate       3.65%
Maturity Date     2026-06  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate       1.60%
Maturity Date     2022-10  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.85%  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate       2.76%
Maturity Date     2026-11  
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate       1.85%
Maturity Date     2023-06  
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.76%  
Variable Rate Debt | Mortgages | Variable Rate | SOFR | Fund III | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate     3.35%  
Variable Rate - Swapped | Mortgages | Core Portfolio        
Debt Instrument [Line Items]        
Long-term debt, gross [3] $ 60,390   $ 60,390 $ 72,957
Variable Rate - Swapped | Mortgages | Core Portfolio | Maximum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 4.54%   4.54% 4.54%
Maturity Date [3]     2028-11  
Variable Rate - Swapped | Mortgages | Core Portfolio | Minimum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 3.41%   3.41% 3.41%
Maturity Date [3]     2026-06  
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV        
Debt Instrument [Line Items]        
Long-term debt, gross [3] $ 0   $ 0 $ 23,316
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV | Maximum        
Debt Instrument [Line Items]        
Basis spread on variable rate [3]       4.61%
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate [3]       3.48%
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V        
Debt Instrument [Line Items]        
Long-term debt, gross [3] $ 337,481   $ 337,481 $ 297,731
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V | Maximum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 5.11%   5.11% 4.78%
Maturity Date [3]     2025-04  
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V | Minimum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 2.51%   2.51% 2.43%
Maturity Date [3]     2023-01  
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio        
Debt Instrument [Line Items]        
Long-term debt, gross [3] $ 650,000   $ 650,000 $ 400,000
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio | Maximum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 5.32%   5.32% 5.32%
Maturity Date [3]     2029-07  
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio | Minimum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 3.65%   3.65% 3.65%
Maturity Date [3]     2026-06  
Variable Rate Unsecured Term Loans - Swapped | Line of Credit | Core Portfolio        
Debt Instrument [Line Items]        
Maturity Date     2025-06  
Long-term debt, gross $ 62,050   $ 62,050 $ 46,491
Variable Rate Unsecured Term Loans - Swapped | Line of Credit | Core Portfolio | LIBOR | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.40% 1.40%
Unsecured Notes Payable | Core Portfolio | LIBOR | Minimum        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.55%  
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II        
Debt Instrument [Line Items]        
Long-term debt, gross 0   $ 0 $ 40,000
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | LIBOR | Fund II        
Debt Instrument [Line Items]        
Basis spread on variable rate       2.25%
Term Loan Subscription Facility | Unsecured Debt | Fund Portfolio | Fund IV        
Debt Instrument [Line Items]        
Long-term debt, gross 0   $ 0 $ 5,000
Term Loan Subscription Facility | Unsecured Debt | Fund Portfolio | SOFR | Fund IV        
Debt Instrument [Line Items]        
Basis spread on variable rate     2.01% 2.01%
Maturity Date     2022-12  
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V        
Debt Instrument [Line Items]        
Long-term debt, gross $ 49,726   $ 49,726 $ 118,028
Subscription Line | Unsecured Debt | Fund Portfolio | LIBOR | Fund V        
Debt Instrument [Line Items]        
Basis spread on variable rate       1.90%
Maturity Date 2023-05      
Subscription Line | Unsecured Debt | Fund Portfolio | SOFR | Fund V        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.86%  
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio        
Debt Instrument [Line Items]        
Maturity Date [3]     2025-06  
Long-term debt, gross [3] $ 116,237   $ 116,237 $ 66,414
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio | Maximum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 5.32%   5.32% 5.32%
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio | Minimum        
Debt Instrument [Line Items]        
Interest rate, stated percentage [3] 3.65%   3.65% 3.65%
[1] Includes $107.3 million and $110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.
[2] Includes $1,164.1 million and $860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[3] At September 30, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; LIBOR + 3.10% for Fund III variable-rate debt; LIBOR 1.75% to LIBOR + 3.65% for Fund IV variable-rate debt; LIBOR + 1.50% to SOFR + 2.50% for Fund V variable-rate debt; LIBOR + 1.55% to SOFR + 1.60% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit.