Quarterly report [Sections 13 or 15(d)]

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.25.2
Credit Facility, Notes Payable and Derivative Instruments (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
contract
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
contract
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Notes Payable and Revolving Credit Facility          
Long term debt $ 14,157,000   $ 14,157,000    
Increase (Decrease) in Security Deposits     $ 83,000 $ 285,000  
Debt Instrument, Term     1 year 7 months 6 days   2 years
Note balance 14,157,000   $ 14,157,000   $ 14,421,000
Additional Interest Expense     9,171,000    
Derivative asset 10,396,000   10,396,000   $ 18,613,000
Interest expense $ 8,009,000 $ 6,992,000 $ 15,176,000 13,883,000  
Weighted average interest rate basis 4.09%   4.09%   3.75%
Interest Rate Swap [Member]          
Notes Payable and Revolving Credit Facility          
Number of interest rate swaps entered | contract 9   9    
Derivative asset $ 10,396,000   $ 10,396,000    
Derivative liability         $ 18,613,000
Credit Facility [Member]          
Notes Payable and Revolving Credit Facility          
Credit Facility maximum borrowing capacity 900,000,000   900,000,000    
Amortization of financing costs 550,000 550,000 $ 1,100,000 1,099,000  
Credit facility extension option period     6 months    
Interest expense $ 7,236,000 6,184,000 $ 13,698,000 12,240,000  
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 1.5   1.5    
Minimum unsecured interest coverage ratio under financial covenant 1.5   1.5    
Maximum consolidated secured leverage ratio under financial covenants 30.00%   30.00%    
Maximum consolidated unsecured leverage ratio under financial covenants 60.00%   60.00%    
Maximum cash investment in joint venture under financial covenants 10.00%   10.00%    
Covenant terms     The Operating Partnership is subject to a number of financial covenants under the Credit Facility, including, among other things, the following as of the end of each fiscal quarter, (i) a maximum consolidated unsecured leverage ratio of less than 60%, (ii) a maximum consolidated secured leverage ratio of less than 30%, (iii) a maximum consolidated secured recourse leverage ratio of less than 10%, (iv) a minimum fixed charge coverage ratio of 1.50:1.00, (v) a minimum unsecured interest coverage ratio of 1.50:1.00, (vi) a maximum consolidated leverage ratio of less than 60%, (vii) a maximum cash investment in joint ventures of 10% of total asset value and (viii) a minimum net worth of $573 million plus 75% of all net proceeds raised through equity offerings subsequent to March 31, 2022.    
Covenant compliance     As of June 30, 2025, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.    
Proceeds from Credit Facility     $ 94,500,000 38,500,000  
Repayments of Lines of Credit     28,500,000 25,900,000  
Proceeds from (Repayments of) Credit Facility     66,000,000 12,600,000  
Minimum Net Worth Required for Compliance $ 573,000,000   $ 573,000,000    
Net Proceeds raised Through Equity Offerings, Percent     75.00%    
Debt instrument extensions | contract     2    
Debt Instrument, Basis Spread on Variable Rate     0.10%    
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember    
Revolving Credit Facility [Member]          
Notes Payable and Revolving Credit Facility          
Credit Facility maximum borrowing capacity 400,000,000   $ 400,000,000    
Term Loan [Member]          
Notes Payable and Revolving Credit Facility          
Credit Facility maximum borrowing capacity 500,000,000   500,000,000    
Term Loan A [Member]          
Notes Payable and Revolving Credit Facility          
Credit Facility maximum borrowing capacity $ 350,000,000   $ 350,000,000    
Term Loan A [Member] | Interest Rate Swap [Member]          
Notes Payable and Revolving Credit Facility          
Interest rate 1.36%   1.36%    
Derivative, Notional Amount $ 350,000,000   $ 350,000,000    
Number of interest rate swaps entered | contract 5   5    
Term Loan B [Member]          
Notes Payable and Revolving Credit Facility          
Credit Facility maximum borrowing capacity $ 150,000,000   $ 150,000,000    
Term Loan B [Member] | Interest Rate Swap [Member]          
Notes Payable and Revolving Credit Facility          
Interest rate 2.54%   2.54%    
Derivative, Notional Amount $ 150,000,000   $ 150,000,000    
Number of interest rate swaps entered | contract 4   4    
Rosedale Loan [Member]          
Notes Payable and Revolving Credit Facility          
Interest rate 3.85%   3.85%   3.85%
Loan, maturity date     Jul. 31, 2025   Jul. 31, 2025
Note balance $ 12,948,000   $ 12,948,000   $ 13,158,000
Toledo Loan [Member]          
Notes Payable and Revolving Credit Facility          
Interest rate 5.00%   5.00%   5.00%
Loan, maturity date     Jul. 30, 2033   Jul. 30, 2033
Note balance $ 1,209,000   $ 1,209,000   $ 1,263,000
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 9,000 13,000 18,000 26,000  
Interest expense $ 145,000 $ 245,000 291,000 518,000  
Principal payments made     $ 264,000 $ 11,287,000