Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.23.2
Credit Facility, Notes Payable and Derivative Instruments (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended 15 Months Ended
Jul. 31, 2020
USD ($)
Apr. 27, 2020
USD ($)
Mar. 31, 2016
USD ($)
Jun. 30, 2023
USD ($)
contract
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
contract
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2023
USD ($)
contract
Jul. 08, 2022
USD ($)
Notes Payable and Revolving Credit Facility                    
Amortization of financing costs       $ 38 $ 38 $ 77 $ 77      
Increase (Decrease) in Security Deposits           $ (1,248) 764      
Proceeds from Credit Facility             92,500      
Repayments of Lines of Credit             5,000      
Proceeds from (Repayments of) Credit Facility             87,500      
Debt Instrument, Term           3 years 4 months 24 days   3 years 10 months 24 days    
Number of loans | contract       4   4     4  
Note balance       $ 57,496   $ 57,496   $ 58,124 $ 57,496  
Additional Interest Expense           16,703        
Derivative asset       35,864   35,864   $ 34,705 $ 35,864  
Interest expense       $ 8,468 5,401 $ 16,739 10,202      
Weighted average interest rate basis       4.09%   4.09%   4.20% 4.09%  
Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       10   10     10  
Derivative asset       $ 35,864   $ 35,864     $ 35,864  
Derivative liability               $ 34,705    
Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       5   5     5  
Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       $ 900,000   $ 900,000     $ 900,000  
Amortization of financing costs       $ 549 464 $ 1,098 927      
Credit facility extension option period           6 months        
Maximum consolidated leverage ratio under financial covenants       60   60     60  
Maximum consolidated secured recourse leverage ratio under financial covenant       10.00%   10.00%     10.00%  
Minimum fixed charge coverage ratio under financial covenants       1.50   1.50     1.50  
Minimum unsecured interest coverage ratio under financial covenant       1.50   1.50     1.50  
Maximum consolidated secured leverage ratio under financial covenants       30.00%   30.00%     30.00%  
Maximum consolidated unsecured leverage ratio under financial covenants       60.00%   60.00%     60.00%  
Covenant compliance           As of June 30, 2023, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.        
Proceeds from Credit Facility           $ 24,600        
Repayments of Lines of Credit           94,157        
Proceeds from (Repayments of) Credit Facility           69,557        
Interest expense       $ 7,181 4,208 14,169 7,822      
Minimum Net Worth Required for Compliance       $ 573,000   $ 573,000     $ 573,000  
Net Proceeds raised Through Equity Offerings, Percent                 75.00%  
Debt instrument extensions | contract           2        
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Temporary reduction in the interest rate if sustainability goals met       0.02%   0.02%     0.02%  
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   $ 400,000     $ 400,000  
Term Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       500,000   500,000     500,000  
Term Loan A [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       350,000   350,000     350,000  
Term Loan A [Member] | Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount       $ 350,000   $ 350,000     $ 350,000  
Number of interest rate swaps entered | contract       6   6     6  
Term Loan A [Member] | Interest Rate Swap Agreement One [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount       $ 150,000   $ 150,000     $ 150,000  
Term loan interest rate       1.80%   1.80%     1.80%  
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount       $ 200,000   $ 200,000     $ 200,000  
Term loan interest rate       1.50%   1.50%     1.50%  
Term Loan A [Member] | Interest Rate Swap Agreement Three [Member]                    
Notes Payable and Revolving Credit Facility                    
Term loan interest rate       1.36%   1.36%     1.36%  
Term Loan A [Member] | Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       5   5     5  
Term Loan B [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       $ 150,000   $ 150,000     $ 150,000  
Term Loan B [Member] | Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       4   4     4  
Term Loan B [Member] | Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative fixed rate       2.54%   2.54%     2.54%  
Derivative, Notional Amount       $ 150,000   $ 150,000     $ 150,000  
Rosedale Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt $ 14,800     13,760   $ 13,760   13,954 13,760  
Debt Instrument, Interest Rate, Stated Percentage 3.85%                  
Debt Instrument, Maturity Date           Jul. 31, 2025        
Debt Instrument, Term 25 years                  
Principal payments made           $ 194   188    
Interest expense       134 138 268 275      
Dumfries Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt   $ 12,074   11,186   $ 11,186   11,336 11,186  
Debt Instrument, Interest Rate, Stated Percentage   4.68%                
Debt Instrument, Maturity Date           Jun. 01, 2024        
Debt Instrument, Term   10 years                
Principal payments made           $ 150 142      
Interest expense       131 135 261 268      
Cantor Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt     $ 32,097 31,133   $ 31,133   31,368 31,133  
Debt Instrument, Interest Rate, Stated Percentage     5.22%              
Debt Instrument, Maturity Date           Apr. 06, 2026        
Prepayment period before maturity date           4 months        
Debt Instrument, Term     30 years              
Principal payments made           $ 235 222      
Interest expense       412 $ 418 $ 821 $ 833      
Toledo Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Interest Rate, Stated Percentage                   5.00%
Debt Instrument, Maturity Date           Jul. 30, 2033        
Principal payments made           $ 49        
Note balance       1,417   1,417   $ 1,466 1,417 $ 1,513
Interest expense       23   45        
Accordion [Member] | Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       $ 500,000   $ 500,000     $ 500,000