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Unsecured Term Loan (Details) - USD ($) $ in Thousands |  |  | 6 Months Ended |
--- | --- | --- | --- | ---
Jun. 30, 2022 | May 17, 2022 | Jun. 30, 2022 | Dec. 31, 2021
Debt Instrument [Line Items] |  |  |  |
Unsecured term loan | $ 728,795 | $ 730,000 | $ 728,795 | $ 0
Unsecured Term Loan |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  | $ 730,000 |  |
Debt Instrument, Interest Rate Terms |  | At BPLP’s option, the Unsecured Term Loan will bear interest at a rate per annum equal to (A) (1) a base rate per annum equal to the greater of (a) the federal funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) term SOFR plus 1.00% and (d) 1.00%, or (2) a term SOFR rate per annum equal to the forward-looking SOFR term rate administered by CME Group Benchmark Administration (“CME”) two business days prior to the commencement of such interest period; or if the rate is unavailable, then the forward-looking SOFR term rate administered by CME on the first business day immediately prior thereto, in each case, plus 0.10%, and (B) a margin ranging from 0 to 160 basis points based on BPLP’s credit rating. |  |
Unsecured term loan | $ 730,000 | $ 730,000 | $ 730,000 |
Debt Instrument, Covenant Description |  | The Unsecured Term Loan contains customary representations and warranties, affirmative and negative covenants and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay any outstanding amount under the Unsecured Term Loan. Among other covenants, the Unsecured Term Loan requires that BPLP maintain on an ongoing basis: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments. |  |
Debt Instrument, Covenant Compliance |  |  | At June 30, 2022, BPLP was in compliance with each of these financial and other covenant requirements. |
Debt Instrument, Basis Spread on Variable Rate | 0.95% |  |  |
Debt Instrument, Maturity Date |  | May 16, 2023 |  |

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- Definition Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 + Details
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