Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.23.3
Credit Facility, Notes Payable and Derivative Instruments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended 18 Months Ended
Jul. 31, 2020
USD ($)
Apr. 27, 2020
USD ($)
Mar. 31, 2016
USD ($)
Sep. 30, 2023
USD ($)
contract
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
contract
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2023
USD ($)
contract
Jul. 08, 2022
USD ($)
Notes Payable and Revolving Credit Facility                    
Amortization of financing costs       $ 38 $ 39 $ 115 $ 116      
Increase (Decrease) in Security Deposits           $ (1,548) 864      
Proceeds from Credit Facility             127,100      
Repayments of Lines of Credit             5,000      
Proceeds from (Repayments of) Credit Facility             122,100      
Debt Instrument, Term           3 years 1 month 6 days   3 years 10 months 24 days    
Number of loans | contract       4   4     4  
Note balance       $ 57,160   $ 57,160   $ 58,124 $ 57,160  
Additional Interest Expense           17,226        
Derivative asset       38,379   38,379   $ 34,705 $ 38,379  
Interest expense       $ 7,170 6,963 $ 23,909 17,166      
Weighted average interest rate basis       3.78%   3.78%   4.20% 3.78%  
Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       10   10     10  
Derivative asset       $ 38,379   $ 38,379     $ 38,379  
Derivative liability               $ 34,705    
Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Number of interest rate swaps entered | contract       3   3     3  
Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       $ 900,000   $ 900,000     $ 900,000  
Financing costs paid           13 3,215      
Amortization of financing costs       $ 551 519 $ 1,649 1,446      
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 September 30, 2023, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.        
Proceeds from Credit Facility           $ 38,100        
Repayments of Lines of Credit           115,400        
Proceeds from (Repayments of) Credit Facility           77,300        
Interest expense       $ 5,878 5,689 20,047 13,512      
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  
Derivative, Notional Amount       $ 350,000   $ 350,000     $ 350,000  
Term Loan A [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate           1.50%        
Term Loan A [Member] | Interest Rate Swap [Member]                    
Notes Payable and Revolving Credit Facility                    
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       $ 200,000   $ 200,000     $ 200,000  
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount       150,000   $ 150,000     150,000  
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]                    
Notes Payable and Revolving Credit Facility                    
Debt Instrument, Basis Spread on Variable Rate           1.36%        
Term Loan A [Member] | Forward Starting Interest Rate Swaps [Member]                    
Notes Payable and Revolving Credit Facility                    
Derivative, Notional Amount       $ 200,000   $ 200,000     $ 200,000  
Number of interest rate swaps entered | contract       3   3     3  
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     13,663   $ 13,663   13,954 13,663  
Debt Instrument, Interest Rate, Stated Percentage 3.85%                  
Debt Instrument, Maturity Date           Jul. 31, 2025        
Debt Instrument, Term 25 years                  
Principal payments made           $ 291   281    
Interest expense       135 139 403 414      
Dumfries Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt   $ 12,074   11,111   $ 11,111   11,336 11,111  
Debt Instrument, Interest Rate, Stated Percentage   4.68%                
Debt Instrument, Maturity Date           Jun. 01, 2024        
Debt Instrument, Term   10 years                
Principal payments made           $ 225 214      
Interest expense       132 135 393 403      
Cantor Loan [Member]                    
Notes Payable and Revolving Credit Facility                    
Long term debt     $ 32,097 31,018   $ 31,018   31,368 31,018  
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           $ 350 331      
Interest expense       414 420 $ 1,235 1,253      
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           $ 98 47      
Note balance       1,368   1,368   $ 1,466 1,368 $ 1,513
Interest expense       22 $ 22 67 $ 22      
Accordion [Member] | Credit Facility [Member]                    
Notes Payable and Revolving Credit Facility                    
Credit Facility maximum borrowing capacity       $ 500,000   $ 500,000     $ 500,000