Quarterly report [Sections 13 or 15(d)]

Credit Facility, Notes Payable and Derivative Instruments (Details)

v3.25.1
Credit Facility, Notes Payable and Derivative Instruments (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
contract
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Notes Payable and Revolving Credit Facility      
Long term debt $ 14,261    
Increase (Decrease) in Security Deposits $ 50 $ 688  
Debt Instrument, Term 1 year 9 months 18 days   2 years
Note balance $ 14,261   $ 14,421
Additional Interest Expense 10,853    
Derivative asset 13,713   $ 18,613
Interest expense $ 7,167 6,890  
Weighted average interest rate basis 3.84%   3.75%
Interest Rate Swap [Member]      
Notes Payable and Revolving Credit Facility      
Number of interest rate swaps entered | contract 9    
Derivative asset $ 13,713    
Derivative liability     $ 18,613
Credit Facility [Member]      
Notes Payable and Revolving Credit Facility      
Credit Facility maximum borrowing capacity 900,000    
Amortization of financing costs $ 550 549  
Credit facility extension option period 6 months    
Interest expense $ 6,462 6,055  
Maximum consolidated leverage ratio under financial covenants 60    
Maximum consolidated secured recourse leverage ratio under financial covenant 10.00%    
Minimum fixed charge coverage ratio under financial covenants 1.5    
Minimum unsecured interest coverage ratio under financial covenant 1.5    
Maximum consolidated secured leverage ratio under financial covenants 30.00%    
Maximum consolidated unsecured leverage ratio under financial covenants 60.00%    
Maximum cash investment in joint venture under financial covenants 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 March 31, 2025, management believed it complied with all of the financial and non-financial covenants contained in the Credit Facility.    
Proceeds from Credit Facility $ 44,000 14,000  
Repayments of Lines of Credit 13,500 7,800  
Proceeds from (Repayments of) Credit Facility 30,500 6,200  
Minimum Net Worth Required for Compliance $ 573,000    
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    
Term Loan [Member]      
Notes Payable and Revolving Credit Facility      
Credit Facility maximum borrowing capacity 500,000    
Term Loan A [Member]      
Notes Payable and Revolving Credit Facility      
Credit Facility maximum borrowing capacity $ 350,000    
Term Loan A [Member] | Interest Rate Swap [Member]      
Notes Payable and Revolving Credit Facility      
Interest rate 1.36%    
Derivative, Notional Amount $ 350,000    
Number of interest rate swaps entered | contract 5    
Term Loan B [Member]      
Notes Payable and Revolving Credit Facility      
Credit Facility maximum borrowing capacity $ 150,000    
Term Loan B [Member] | Interest Rate Swap [Member]      
Notes Payable and Revolving Credit Facility      
Interest rate 2.54%    
Derivative, Notional Amount $ 150,000    
Number of interest rate swaps entered | contract 4    
Rosedale Loan [Member]      
Notes Payable and Revolving Credit Facility      
Interest rate 3.85%   3.85%
Loan, maturity date Jul. 31, 2025   Jul. 31, 2025
Note balance $ 13,052   $ 13,158
Toledo Loan [Member]      
Notes Payable and Revolving Credit Facility      
Interest rate 5.00%   5.00%
Loan, maturity date Jul. 30, 2033   Jul. 30, 2033
Note balance $ 1,209   $ 1,263
Accordion [Member] | Credit Facility [Member]      
Notes Payable and Revolving Credit Facility      
Credit Facility maximum borrowing capacity 500,000    
Notes Payable [Member]      
Notes Payable and Revolving Credit Facility      
Amortization of financing costs 9 13  
Interest expense 146 273  
Principal payments made $ 160 $ 230