XML 100 R56.htm IDEA: XBRL DOCUMENT v3.25.0.1
DEBT FINANCING - Narrative (Details)
$ in Thousands
12 Months Ended
Jul. 29, 2019
Dec. 31, 2024
USD ($)
agency
election_period
Sep. 05, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 05, 2023
USD ($)
Apr. 27, 2023
USD ($)
Dec. 01, 2022
USD ($)
Aug. 30, 2022
USD ($)
Jun. 24, 2022
USD ($)
Nov. 09, 2021
USD ($)
May 03, 2021
USD ($)
Oct. 22, 2020
USD ($)
Aug. 30, 2019
USD ($)
Apr. 24, 2019
USD ($)
Jan. 02, 2019
USD ($)
Dec. 21, 2018
USD ($)
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 1,355,000                            
Carrying value   3,459,093   $ 3,668,757                        
Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued   $ 225,000                            
Unsecured debt | Fed Funds Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.50%                            
Credit Facility | Revolving line of credit                                
Debt Instrument [Line Items]                                
Increase limit   $ 1,900,000                            
Credit Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Letters of credit outstanding   $ 6,700                            
Maximum total leverage ratio 60.00%                              
Maximum total leverage ratio allowable within two quarters of material acquisition 65.00%                              
Minimum fixed charge coverage ratio 1.5                              
Maximum secured indebtedness to gross asset value (as a percent) 40.00%                              
Maximum unsecured debt to unencumbered asset value ratio 60.00%                              
Maximum unsecured debt to unencumbered asset value ratio allowable within two quarters of material acquisition 65.00%                              
Minimum encumbered adjusted net operating income to unsecured interest expense ratio 2.0                              
Credit Facility | Unsecured debt | Fed Funds Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.50%                            
Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR)                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.00%                            
Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.10%                            
Credit rating pricing election (percent)   0.725%                            
Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.80%                            
Credit rating pricing election (percent)   1.65%                            
Credit Facility | Unsecured debt | Base Rate | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   0.10%                            
Credit rating pricing election (percent)   0.00%                            
Credit Facility | Unsecured debt | Base Rate | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   0.80%                            
Credit rating pricing election (percent)   0.65%                            
2028 Term loan facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                             $ 75,000  
Effective interest rate (percent)   4.62%                            
Maximum borrowing capacity if expansion option is exercised                               $ 125,000
Minimum number of rating agencies required | agency   2                            
Carrying value   $ 75,000   75,000                        
2028 Term loan facility | Unsecured debt | Fed Funds Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.50%                            
2028 Term loan facility | Unsecured debt | Base Rate | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   0.80%                            
Credit rating pricing election (percent)   0.40%                            
2028 Term loan facility | Unsecured debt | Base Rate | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.35%                            
Credit rating pricing election (percent)   1.25%                            
2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.00%                            
2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.80%                            
Credit rating pricing election (percent)   1.40%                            
2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   2.35%                            
Credit rating pricing election (percent)   2.25%                            
A2029 Term Loan Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                           $ 100,000    
Minimum number of rating agencies required | agency   2                            
A2029 Term Loan Facility | Unsecured debt | Interest rate swap                                
Debt Instrument [Line Items]                                
Aggregate notional amount                           $ 100,000    
A2029 Term Loan Facility | Unsecured debt | Fed Funds Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.50%                            
A2029 Term Loan Facility | Unsecured debt | Base Rate | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   0.85%                            
Credit rating pricing election (percent)   0.40%                            
A2029 Term Loan Facility | Unsecured debt | Base Rate | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.30%                            
Credit rating pricing election (percent)   1.25%                            
A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.00%                            
A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate | Minimum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   1.85%                            
Credit rating pricing election (percent)   1.40%                            
A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate | Maximum                                
Debt Instrument [Line Items]                                
Leverage based applicable margin (percent)   2.30%                            
Credit rating pricing election (percent)   2.25%                            
April 2029 Term loan facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   4.27%                       4.27%    
Carrying value   $ 100,000   100,000                        
June 2029 Term loan facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity             $ 285,000   $ 285,000              
Increase limit                 15,000              
Effective interest rate (percent)   5.37%         5.37%                  
Higher borrowing capacity option                 $ 300,000              
Carrying value   $ 285,000   285,000                        
June 2029 Term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR)                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.00%                            
June 2029 Term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.55%                            
June 2029 Term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum | Variable Rate Component One                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.075%                            
June 2029 Term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   2.20%                            
June 2029 Term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum | Variable Rate Component One                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   2.20%                            
June 2029 Term loan facility | Unsecured debt | Base Rate | Minimum                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.55%                            
June 2029 Term loan facility | Unsecured debt | Base Rate | Minimum | Variable Rate Component One                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   0.075%                            
June 2029 Term loan facility | Unsecured debt | Base Rate | Maximum                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.20%                            
June 2029 Term loan facility | Unsecured debt | Base Rate | Maximum | Variable Rate Component One                                
Debt Instrument [Line Items]                                
Basis spread on variable rate (percent)   1.20%                            
2029 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                         $ 100,000      
Effective interest rate (percent)   3.98%                     3.98%      
Carrying value   $ 100,000   100,000                        
August 2031 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                         $ 50,000      
Effective interest rate (percent)   4.08%                     4.08%      
Carrying value   $ 50,000   50,000                        
August 2030 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                       $ 150,000        
Effective interest rate (percent)   2.99%                   2.99%        
Carrying value   $ 150,000   150,000                        
September 2031 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued                       $ 100,000        
Effective interest rate (percent)                       3.09%        
May 2026 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                     2.16%          
Carrying value                     $ 35,000          
May 2031 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   3.00%                 3.00%          
Carrying value   $ 90,000   90,000             $ 90,000          
May 2033 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                     3.10%          
Carrying value                     $ 55,000          
November 2030 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   2.72%               2.72%            
Carrying value   $ 75,000   75,000           $ 75,000            
August 2031 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                   2.81%            
Carrying value                   $ 175,000            
2034 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                   2.96%            
Carrying value                   $ 125,000            
2036 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                   3.06%            
Carrying value                   $ 75,000            
November 2032 Senior Unsecured Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)               5.06%                
Senior unsecured notes               $ 200,000                
2028 Senior Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued     $ 75,000     $ 120,000                    
Effective interest rate (percent)     5.40%     5.75%                    
Interest rate (percent)           5.61%                    
October 2026 Notes                                
Debt Instrument [Line Items]                                
Debt issued         $ 65,000                      
Interest rate (percent)         6.46%                      
October 2028 Notes                                
Debt Instrument [Line Items]                                
Debt issued         $ 100,000                      
Interest rate (percent)         6.55%                      
October 2030 Notes                                
Debt Instrument [Line Items]                                
Debt issued         $ 35,000                      
Interest rate (percent)         6.66%                      
October 2033 Notes                                
Debt Instrument [Line Items]                                
Debt issued         $ 50,000                      
Interest rate (percent)         6.73%                      
2031 Senior Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued     $ 125,000                          
Effective interest rate (percent)     5.55%                          
2034 Senior Notes | Unsecured debt                                
Debt Instrument [Line Items]                                
Debt issued     $ 150,000                          
Effective interest rate (percent)     5.74%                          
Fixed rate mortgages payable | Fixed rate mortgages payable                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   3.54%                            
Carrying value   $ 200,793   222,757                        
Fixed rate mortgages payable | Fixed rate mortgages payable | Minimum                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   2.77%                            
Fixed rate mortgages payable | Fixed rate mortgages payable | Maximum                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)   4.14%                            
Revolving line of credit | Credit Facility | Minimum                                
Debt Instrument [Line Items]                                
Usage based fees with respect to unused portion of Revolver (percent)   0.15%                            
Ratings based fees if credit pricing elected (percent)   0.125%                            
Revolving line of credit | Credit Facility | Maximum                                
Debt Instrument [Line Items]                                
Usage based fees with respect to unused portion of Revolver (percent)   0.20%                            
Ratings based fees if credit pricing elected (percent)   0.30%                            
Revolving line of credit | Credit Facility | Revolving line of credit                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 950,000                            
Effective interest rate (percent)   4.32%                            
Debt instrument, extension periods, number of elections | election_period   2                            
Borrowing commitment extension fees percentage   0.0625%                            
Revolving line of credit remaining borrowing capacity   $ 500,000                            
Carrying value   443,300   381,000                        
Term loan D | Credit Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 275,000                            
Effective interest rate (percent)   3.96%                            
Carrying value   $ 275,000   275,000                        
Term loan E | Credit Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 130,000                            
Effective interest rate (percent)   4.89%                            
Carrying value   $ 130,000   130,000                        
Term loan E | 2028 Term loan facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Effective interest rate (percent)                             4.62%  
Term loan B | Credit Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 145,000                            
Effective interest rate (percent)   0.00%                            
Carrying value   $ 0   275,000                        
Term loan C | Credit Facility | Unsecured debt                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity   $ 325,000                            
Effective interest rate (percent)   0.00%                            
Carrying value   $ 0   $ 325,000