Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.22.2
Credit Facility, Notes Payable and Derivative Instruments (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Aug. 01, 2022
USD ($)
Jul. 31, 2020
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Apr. 27, 2020
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Mar. 31, 2016
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Jun. 30, 2022
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contract
Jun. 30, 2021
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Jun. 30, 2022
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contract
item
Jun. 30, 2021
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Dec. 31, 2021
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Aug. 02, 2022
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Notes Payable and Revolving Credit Facility                    
Interest expense             $ 10,202,000      
Increase (Decrease) in Security Deposits             764,000 $ 45,000    
Proceeds from (Repayments of) Credit Facility             $ 87,500,000      
Debt Instrument, Term             3 years 9 months 14 days   4 years 3 months 10 days  
Note balance         $ 57,217,000   $ 57,217,000   $ 57,769,000  
Line Of Credit Cash Paid Other             7,000 6,177,000    
Additional Interest Expense             4,242,000      
Interest Expense, Total         $ 5,401,000 $ 5,020,000 $ 10,202,000 10,057,000    
Weighted average interest rate basis         3.14%   3.14%   2.87%  
Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount         $ 350,000,000   $ 350,000,000      
Number of interest rate swaps entered | contract         6   6      
Derivative Instruments in Hedges, Liabilities, at Fair Value         $ 16,583,000   $ 16,583,000   $ 6,554,000  
Interest Rate Swap [Member] | Subsequent Event                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount                   $ 150,000,000
Interest Rate Swap [Member] | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative fixed rate                   2.54%
Interest Rate Swap Agreement One [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount         150,000,000   150,000,000      
Interest Rate Swap Agreement Two [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount         $ 200,000,000   $ 200,000,000      
Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract         5   5      
Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity         $ 750,000,000   $ 750,000,000      
Maximum consolidated leverage ratio under financial covenants         60   60      
Maximum consolidated secured recourse leverage ratio under financial covenant         10.00%   10.00%      
Minimum fixed charge coverage ratio under financial covenants         1.50   1.50      
Minimum unsecured interest coverage ratio under financial covenant         1.50   1.50      
Maximum consolidated secured leverage ratio under financial covenants         30.00%   30.00%      
Maximum consolidated unsecured leverage ratio under financial covenants         60.00%   60.00%      
Percentage of net proceeds raised, covenant         75.00%   75.00%      
Covenant compliance             As of June 30, 2022, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.      
Proceeds from Credit Facility             $ 92,500,000 133,100,000    
Repayments of Lines of Credit             5,000,000 207,200,000    
Proceeds from (Repayments of) Credit Facility               (74,100,000)    
Interest Expense, Total         $ 4,208,000 3,749,000 7,822,000 7,601,000    
Minimum Net Worth Required for Compliance         345,000,000   345,000,000      
Credit Facility [Member] | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate 0.10%                  
Revolving Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity         400,000,000   400,000,000      
Amortization of financing costs         464,000 427,000 $ 927,000 776,000    
Debt instrument extensions | item             2      
Extension option             6 months      
Term Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity         350,000,000   $ 350,000,000      
Term Loan [Member] | Subsequent Event                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity $ 150,000,000                  
Term Loan [Member] | Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate 0.10%                  
New Term Loan [Member] | Subsequent Event                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maturity date Feb. 01, 2028                  
Debt Instrument, Face Amount $ 150,000,000                 $ 150,000,000
Rosedale Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt   $ 14,800,000     14,142,000   $ 14,142,000   14,330,000  
Debt Instrument, Interest Rate, Stated Percentage   3.85%                
Debt Instrument, Maturity Date             Jul. 31, 2025      
Interest expense         138,000 141,000 $ 275,000 282,000    
Debt Instrument, Term   25 years                
Principal payments made             188,000   180,000  
Dumfries Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt     $ 12,074,000   11,482,000   $ 11,482,000   11,624,000  
Debt Instrument, Interest Rate, Stated Percentage     4.68%              
Debt Instrument, Maturity Date             Jun. 01, 2024      
Interest expense         135,000 137,000 $ 268,000 275,000    
Debt Instrument, Term     10 years              
Principal payments made             142,000 136,000    
Cantor Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt       $ 32,097,000 31,593,000   $ 31,593,000   $ 31,815,000  
Debt Instrument, Interest Rate, Stated Percentage       5.22%            
Debt Instrument, Maturity Date             Apr. 06, 2026      
Prepayment period before maturity date             4 months      
Interest expense         418,000 423,000 $ 833,000 842,000    
Debt Instrument, Term       30 years            
Principal payments made             $ 222,000 70,000    
The Term loan [Member] | Interest Rate Swap Agreement One [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate             1.91%      
The Term loan [Member] | Interest Rate Swap Agreement Two [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate             1.61%      
The Term loan [Member] | Interest Rate Swap Agreement Three [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate             1.45%      
Accordion [Member] | Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity         500,000,000   $ 500,000,000      
Notes Payable [Member]                    
Notes Payable and Revolving Credit Facility                    
Amortization of financing costs         $ 38,000 $ 66,000 $ 77,000 $ 129,000