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v3.23.3

Unsecured Term Loan (Details) $ in Thousands |  |  | 9 Months Ended |
--- | --- | --- | --- | ---
Sep. 30, 2023 USD ($) | Jan. 04, 2023 USD ($) mo Rate | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($)
Debt Instrument [Line Items] |  |  |  |  |
Repayments of Unsecured Debt |  |  | $ 500,000 | $ 0 |
Unsecured term loan | $ 1,197,173 |  | 1,197,173 |  | $ 730,000
2022 Unsecured Term Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Repayments of Unsecured Debt |  | $ 730,000 |  |  |
Payment for Debt Extinguishment or Debt Prepayment Cost |  | 0 |  |  |
2023 Unsecured Term Loan |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  | 1,200,000 |  |  |
Line of Credit, Additional Borrowing Capacity |  | $ 300,000 |  |  |
Debt Instrument, Maturity Date |  | May 16, 2024 |  |  |
Number of extensions |  | 1 |  |  |
Extension Option (in months) | mo |  | 12 |  |  |
Proceeds from Unsecured Lines of Credit |  | $ 1,200,000 |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 1.00% |  |  |
Debt Instrument, Interest Rate Terms |  | At BPLP’s option, loans under the 2023 Unsecured Term Loan will bear interest at a rate per annum equal to (1) a base rate equal to the greatest of (a) the Federal Funds rate plus 0.5%, (b) the administrative agent’s prime rate, (c) Term SOFR for a one-month period plus 1.00%, and (d) 1.00%, in each case, plus a margin ranging from 0 to 60 basis points based on BPLP’s credit rating; or (2) a rate equal to adjusted Term SOFR with a one-month period plus a margin ranging from 75 to 160 basis points based on BPLP’s credit rating. Based on BPLP’s credit rating upon entry into the credit agreement, the base rate margin is 0 basis points and the Term SOFR margin is 0.85%. |  |  |
Unsecured term loan | $ 1,200,000 |  | $ 1,200,000 |  |
2023 Unsecured Term Loan | Minimum [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Number of Additional Term Loans |  | 1 |  |  |
2023 Unsecured Term Loan | Fed Funds Effective Rate Overnight Index Swap Rate |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 0.50% |  |  |
2023 Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 1.00% |  |  |
2023 Unsecured Term Loan | Base Rate [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  | 0.00% |  |  |
2023 Unsecured Term Loan | Base Rate [Member] | Maximum [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 0.60% |  |  |
2023 Unsecured Term Loan | Base Rate [Member] | Minimum [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 0.00% |  |  |
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | 0.85% | 0.85% |  |  |
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Maximum [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 1.60% |  |  |
2023 Unsecured Term Loan | Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR) | Minimum [Member] |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate | Rate |  | 0.75% |  |  |

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