Quarterly report pursuant to Section 13 or 15(d)

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.24.3
Credit Facility, Notes Payable and Derivative Instruments (Details)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended 30 Months Ended
Sep. 30, 2024
USD ($)
contract
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
contract
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
contract
Notes Payable and Revolving Credit Facility            
Long term debt $ 14,524   $ 14,524     $ 14,524
Increase (Decrease) in Security Deposits     $ (466) $ (1,548)    
Debt Instrument, Term     2 years 2 months 12 days   2 years 10 months 24 days  
Note balance 14,524   $ 14,524   $ 25,965 14,524
Additional Interest Expense     10,224      
Derivative asset 14,967   14,967   $ 25,125 $ 14,967
Interest expense $ 7,236 $ 7,170 $ 21,119 23,909    
Weighted average interest rate basis 3.79%   3.79%   3.83% 3.79%
Interest Rate Swap [Member]            
Notes Payable and Revolving Credit Facility            
Number of interest rate swaps entered | contract 9   9     9
Derivative asset $ 14,967   $ 14,967     $ 14,967
Derivative liability         $ 25,125  
Credit Facility [Member]            
Notes Payable and Revolving Credit Facility            
Credit Facility maximum borrowing capacity 900,000   900,000     $ 900,000
Amortization of financing costs 550 551 $ 1,649 1,649    
Credit facility extension option period     6 months      
Interest expense $ 6,526 5,878 $ 18,766 20,047    
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, 2024, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.      
Proceeds from Credit Facility     $ 82,800 38,100    
Repayments of Lines of Credit     55,400 115,400    
Proceeds from (Repayments of) Credit Facility     27,400 77,300    
Line Of Credit Cash Paid Other       13    
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      
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%      
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   $ 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
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]     us-gaap:SecuredOvernightFinancingRateSofrMember      
Term Loan A [Member] | Interest Rate Swap [Member]            
Notes Payable and Revolving Credit Facility            
Number of interest rate swaps entered | contract 5   5     5
Term Loan A [Member] | Interest Rate Swap Agreement Two [Member]            
Notes Payable and Revolving Credit Facility            
Debt Instrument, Basis Spread on Variable Rate     1.36%      
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            
Interest rate 3.85%   3.85%   3.85% 3.85%
Loan, maturity date     Jul. 31, 2025   Jul. 31, 2025  
Note balance $ 13,261   $ 13,261   $ 13,563 $ 13,261
Dumfries Loan [Member]            
Notes Payable and Revolving Credit Facility            
Interest rate 4.68%   4.68%   4.68% 4.68%
Loan, maturity date     Jun. 01, 2024   Jun. 01, 2024  
Note balance         $ 11,034  
Toledo Loan [Member]            
Notes Payable and Revolving Credit Facility            
Interest rate 5.00%   5.00%   5.00% 5.00%
Loan, maturity date     Jul. 30, 2033   Jul. 30, 2033  
Note balance $ 1,263   $ 1,263   $ 1,368 $ 1,263
Accordion [Member] | Credit Facility [Member]            
Notes Payable and Revolving Credit Facility            
Credit Facility maximum borrowing capacity 500,000   500,000     $ 500,000
Notes Payable [Member]            
Notes Payable and Revolving Credit Facility            
Amortization of financing costs 9 38 35 115    
Interest expense $ 151 $ 703 669 2,098    
Principal payments made     $ 11,441 $ 964