XML 57 R46.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt - Narrative (Details)
3 Months Ended
Mar. 01, 2024
USD ($)
Jul. 03, 2023
USD ($)
tenant
Jun. 15, 2023
USD ($)
Aug. 11, 2022
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Nov. 28, 2023
Jan. 27, 2023
derivative
Jan. 26, 2023
derivative
Sep. 01, 2022
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                        
Long-term debt, gross         $ 708,322,000   $ 613,361,000          
Unamortized deferred financing costs         1,757,000   1,942,000          
Number of derivatives | derivative                 4 4    
Proceeds under revolving credit facilities         82,000,000 $ 99,000,000            
Revolving credit facility | Line of Credit                        
Debt Instrument [Line Items]                        
Facility fees         $ 200,000              
Credit Facility | Term Loan                        
Debt Instrument [Line Items]                        
Weighted average effective interest rate (as a percent)         6.69% 5.77%            
Credit Facility | Revolving credit facility | Line of Credit                        
Debt Instrument [Line Items]                        
Weighted average effective interest rate (as a percent)         6.54% 5.86%            
2028 Term Loan | Line of Credit                        
Debt Instrument [Line Items]                        
Deferred financing costs, gross (less than)       $ 3,800,000                
2028 Term Loan | Revolving credit facility | Line of Credit                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity       400,000,000                
Available increase       $ 800,000,000                
Long-term debt, gross         $ 75,000,000   80,000,000          
Debt instrument, extension term       1 year                
Rate reduction       0.025%                
Interest Rate         6.42%              
Deferred financing costs, gross (less than)       $ 2,400,000                
Increase limit       400,000,000                
2028 Term Loan | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Debt instrument, face amount       $ 200,000,000                
Long-term debt, gross         $ 200,000,000   200,000,000          
Debt instrument, extension term       1 year                
Interest Rate         3.88%              
Deferred financing costs, gross (less than)       $ 1,300,000                
Hedged fixed rate                     2.63%  
2028 Term Loan | Minimum | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Revolver facility fee (as a percent)       0.15%                
2028 Term Loan | Minimum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Revolver facility fee (as a percent)       0.125%                
2028 Term Loan | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Revolver facility fee (as a percent)       0.30%                
2028 Term Loan | Maximum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Revolver facility fee (as a percent)       0.30%                
2028 Term Loan | SOFR rate | Minimum | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.00%                
2028 Term Loan | SOFR rate | Minimum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.725%                
2028 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.15%                
2028 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.80%                
2028 Term Loan | SOFR rate | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.45%                
2028 Term Loan | SOFR rate | Maximum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.40%                
2028 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.60%                
2028 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       1.60%                
2028 Term Loan | Base Rate | Minimum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.00%                
2028 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.15%                
2028 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.00%                
2028 Term Loan | Base Rate | Maximum | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.45%                
2028 Term Loan | Base Rate | Maximum | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.40%                
2028 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.60%                
2028 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.60%                
2028 Term Loan | SOFR adjustment rate | Revolving credit facility | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.10%                
2028 Term Loan | SOFR adjustment rate | Revolving credit facility | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.10%                
2028 Term Loan | SOFR adjustment rate | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.10%                
2028 Term Loan | SOFR adjustment rate | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)       0.10%                
2028 Term Loan | SOFR rate | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Weighted average effective interest rate (as a percent)         5.33%              
2028 Term Loan | SOFR adjustment | Revolving credit facility | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         0.10%              
2028 Term Loan | SOFR adjustment | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         0.10%              
2027 Term Loan | Line of Credit                        
Debt Instrument [Line Items]                        
Unamortized deferred financing costs       $ 500,000                
2027 Term Loan | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Debt instrument, face amount     $ 175,000,000                 $ 175,000,000
Long-term debt, gross         $ 175,000,000   175,000,000          
Debt instrument, extension term     1 year                  
Interest Rate         3.12%              
Hedged fixed rate               1.87% 0.12%      
2027 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     1.15%                  
2027 Term Loan | SOFR rate | Minimum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     0.80%                  
2027 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     1.60%                  
2027 Term Loan | SOFR rate | Maximum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     1.60%                  
2027 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     0.15%                  
2027 Term Loan | Base Rate | Minimum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     0.00%                  
2027 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     0.60%                  
2027 Term Loan | Base Rate | Maximum | Term loans | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)     0.60%                  
2027 Term Loan | SOFR rate | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         531.00%              
2027 Term Loan | SOFR adjustment | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         0.10%              
Mortgage Note Payable | Mortgages                        
Debt Instrument [Line Items]                        
Long-term debt, gross         $ 8,322,000   8,361,000          
Interest Rate         4.53%              
Deferred financing costs, gross (less than)         $ 100,000              
Mortgages Outstanding         8,300,000              
Collateral aggregate net book value         12,500,000              
Debt discount         600,000              
2029 Term Loan | Line of Credit                        
Debt Instrument [Line Items]                        
Deferred financing costs, gross (less than)   $ 1,400,000                    
Hedged fixed rate   3.74%                    
Facility fees   $ 900,000                    
2029 Term Loan | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Long-term debt, gross         $ 250,000,000   $ 150,000,000          
Interest Rate         4.99%              
Increase limit   400,000,000                    
Proceeds under revolving credit facilities $ 100,000,000.0 $ 150,000,000                    
Debt term   12 months                    
2029 Term Loan | Term loans | Line of Credit | Period One                        
Debt Instrument [Line Items]                        
Extension term   1 year                    
Available extensions | tenant   2                    
2029 Term Loan | Term loans | Line of Credit | Period Two                        
Debt Instrument [Line Items]                        
Extension term   6 months                    
Available extensions | tenant   1                    
2029 Term Loan | SOFR adjustment rate | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         0.10%              
2029 Term Loan | SOFR rate | Term loans | Line of Credit                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)         5.32%              
2029 Term Loan | SOFR rate | Minimum | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   1.15%                    
2029 Term Loan | SOFR rate | Minimum | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   0.80%                    
2029 Term Loan | SOFR rate | Maximum | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   1.60%                    
2029 Term Loan | SOFR rate | Maximum | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   1.60%                    
2029 Term Loan | Applicable margin | Minimum | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   0.15%                    
2029 Term Loan | Applicable margin | Maximum | Line of Credit | Prior To Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   0.60%                    
2029 Term Loan | Secured Overnight Financing Rate (SOFR) Base Rate | Minimum | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   0.00%                    
2029 Term Loan | Secured Overnight Financing Rate (SOFR) Base Rate | Maximum | Line of Credit | After Investment Grade                        
Debt Instrument [Line Items]                        
Variable rate (as a percent)   0.60%