XML 59 R46.htm IDEA: XBRL DOCUMENT v3.22.4
Bank Note Payable, Term Loans Payable and Senior Notes (Details)
12 Months Ended
Sep. 06, 2022
USD ($)
Nov. 30, 2021
USD ($)
Oct. 25, 2021
USD ($)
Sep. 30, 2021
USD ($)
Jun. 04, 2021
USD ($)
Dec. 24, 2020
USD ($)
Oct. 24, 2017
USD ($)
Dec. 31, 2022
USD ($)
item
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Feb. 10, 2023
USD ($)
Feb. 10, 2022
USD ($)
Jan. 10, 2022
USD ($)
Sep. 27, 2021
May 27, 2021
property
Dec. 23, 2020
USD ($)
Mar. 29, 2019
USD ($)
Mar. 07, 2019
USD ($)
Sep. 27, 2018
USD ($)
Aug. 02, 2018
USD ($)
Debt Instrument [Line Items]                                        
Repayments of unsecured debt               $ 110,000,000 $ 445,000,000 $ 50,000,000                    
Loss on extinguishment of debt     $ 700,000         (78,000) (901,000)                      
Unsecured term loan               164,750,000 $ 274,286,000                      
Borrowing capacity                     $ 150,000,000                  
Borrowings outstanding               $ 48,000,000                        
Leverage Ratio 40 to 45 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               40.00%                        
Leverage Ratio 50 to 55 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               50.00%                        
Office Properties in Atlanta, Georgia                                        
Debt Instrument [Line Items]                                        
Number of properties sold | property                             3          
Senior Notes                                        
Debt Instrument [Line Items]                                        
Principal amount of loan             $ 200,000,000                          
Fixed charge coverage ratio             1.50                          
Series A Notes                                        
Debt Instrument [Line Items]                                        
Principal amount of loan             $ 116,000,000                          
Interest rate (as a percent)                 4.49%                      
Series B Notes                                        
Debt Instrument [Line Items]                                        
Principal amount of loan             $ 84,000,000                          
Interest rate (as a percent)                 4.76%                      
Minimum | Leverage Ratio Less Than 35 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               35.00%                        
Minimum | Leverage Ratio 35 to 40 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               35.00%                        
Minimum | Leverage Ratio 45 to 50 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               45.00%                        
Maximum | Leverage Ratio 35 to 40 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               40.00%                        
Maximum | Leverage Ratio 40 to 45 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               45.00%                        
Maximum | Leverage Ratio 45 to 50 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               50.00%                        
Maximum | Leverage Ratio 50 to 55 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               55.00%                        
Maximum | Leverage Ratio Greater Than 55 Percent                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               55.00%                        
Maximum | Senior Notes                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio             60.00%                          
Unsecured leverage ratio for significant acquisition             65.00%                          
Baa3                                        
Debt Instrument [Line Items]                                        
Facility fee at period end (as a percent)               0.30%                        
SOFR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.00%                        
SOFR | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.40%                        
Fed Funds Effective Rate Overnight Index Swap Rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.50%                        
Bank's base rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.00%                        
Bank's base rate | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.40%                        
Revolving Credit Facility                                        
Debt Instrument [Line Items]                                        
Weighted average interest rate (as a percent)                 1.33%                      
Weighted average variable interest rate (as a percent)               2.52%                        
Effective interest rate (as a percent)               6.22%                        
Borrowing capacity               $ 237,500,000       $ 237,500,000 $ 217,500,000              
Increase to maximum borrowing capacity by exercising an accordion feature                       $ 20,000,000.0                
Borrowings outstanding               48,000,000.0                        
Maximum allowable borrowing capacity upon exercising an accordion feature               $ 750,000,000                        
Facility fee at period end (as a percent)               0.35%                        
Percentage of funds from operations which dividend distributions cannot exceed per the BofA Credit Agreement               95.00%                        
Investment Grade Credit Rating | item               1                        
Revolving Credit Facility | Leverage Ratio Less Than 35 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.55%                        
Facility fee (as a percent)               0.30%                        
Revolving Credit Facility | Leverage Ratio 35 to 40 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.65%                        
Facility fee (as a percent)               0.30%                        
Revolving Credit Facility | Leverage Ratio 40 to 45 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.75%                        
Facility fee (as a percent)               0.35%                        
Revolving Credit Facility | Leverage Ratio 45 to 50 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.95%                        
Facility fee (as a percent)               0.35%                        
Revolving Credit Facility | Leverage Ratio 50 to 55 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.15%                        
Facility fee (as a percent)               0.35%                        
Revolving Credit Facility | Leverage Ratio Greater Than 55 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.35%                        
Facility fee (as a percent)               0.40%                        
Revolving Credit Facility | A3                                        
Debt Instrument [Line Items]                                        
Facility fee at period end (as a percent)               0.125%                        
Revolving Credit Facility | Baa1                                        
Debt Instrument [Line Items]                                        
Facility fee at period end (as a percent)               0.15%                        
Revolving Credit Facility | Baa2                                        
Debt Instrument [Line Items]                                        
Facility fee at period end (as a percent)               0.20%                        
Revolving Credit Facility | Baa3                                        
Debt Instrument [Line Items]                                        
Facility fee at period end (as a percent)               0.25%                        
Revolving Credit Facility | SOFR                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               1.75%                        
Revolving Credit Facility | SOFR | Leverage Ratio Less Than 35 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.55%                        
Revolving Credit Facility | SOFR | Leverage Ratio 35 to 40 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.65%                        
Revolving Credit Facility | SOFR | Leverage Ratio 40 to 45 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.75%                        
Revolving Credit Facility | SOFR | Leverage Ratio 45 to 50 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.95%                        
Revolving Credit Facility | SOFR | Leverage Ratio 50 to 55 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               2.15%                        
Revolving Credit Facility | SOFR | Leverage Ratio Greater Than 55 Percent                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               2.35%                        
Revolving Credit Facility | SOFR | A3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.725%                        
Revolving Credit Facility | SOFR | Baa1                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.775%                        
Revolving Credit Facility | SOFR | Baa2                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.85%                        
Revolving Credit Facility | SOFR | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.05%                        
Revolving Credit Facility | One Month SOFR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.11448%                        
Term of SOFR               1 month                        
Revolving Credit Facility | Three month SOFR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.26161%                        
Term of SOFR               3 months                        
Revolving Credit Facility | Six month SOFR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.42826%                        
Term of SOFR               6 months                        
Revolving Credit Facility | Bank's base rate                                        
Debt Instrument [Line Items]                                        
Unsecured leverage ratio               0.75%                        
Revolving Credit Facility | Bank's base rate | A3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.00%                        
Revolving Credit Facility | Bank's base rate | Baa1                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.00%                        
Revolving Credit Facility | Bank's base rate | Baa2                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.00%                        
Revolving Credit Facility | Bank's base rate | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.05%                        
2012 Revolver | Federal Funds Rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.50%                        
2012 Revolver | One month LIBOR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.00%                        
Unsecured Debt [Member]                                        
Debt Instrument [Line Items]                                        
Principal amount of loan $ 400,000,000                                      
Repayments of unsecured debt 110,000,000   $ 200,000,000 $ 90,000,000                                
Loss on extinguishment of debt $ 100,000                                      
Unsecured term loan               $ 0                        
Weighted average interest rate (as a percent)                 1.85%                      
Effective interest rate (as a percent) 2.65%               1.84%                      
Unsecured Debt [Member] | LIBOR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate at period end (as a percent) 1.75%                                      
Fixed rate (as a percent)                           1.12%            
Unsecured Debt [Member] | Bank's base rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate at period end (as a percent) 0.75%                                      
JPM Term Loan                                        
Debt Instrument [Line Items]                                        
Principal amount of loan                                       $ 150,000,000
Repayments of unsecured debt         $ 100,000,000 $ 50,000,000                            
Loss on extinguishment of debt         (100,000)                              
Unsecured term loan                               $ 100,000,000        
Portion of future LIBOR-based rate risk   $ 100,000,000                                    
JPM Term Loan | Hedged portion                                        
Debt Instrument [Line Items]                                        
Payment to terminate interest rate swap         1,200,000                              
Portion of future LIBOR-based rate risk                                 $ 100,000,000 $ 100,000,000    
JPM Term Loan | LIBOR | Hedged portion                                        
Debt Instrument [Line Items]                                        
Fixed rate (as a percent)                                 2.44%      
BMO Term Loan                                        
Debt Instrument [Line Items]                                        
Principal amount of loan                                     $ 220,000,000  
Effective interest rate (as a percent)               4.04%                        
Maximum allowable borrowing capacity upon exercising an accordion feature               $ 100,000,000                        
BMO Term Loan | Federal Funds Rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               0.50%                        
BMO Term Loan | LIBOR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate at period end (as a percent)               1.65%                        
Fixed rate (as a percent)               2.32%                        
BMO Term Loan | LIBOR | Hedged portion                                        
Debt Instrument [Line Items]                                        
Fixed rate (as a percent)               2.39%                        
BMO Term Loan | LIBOR | A- | A3 | Minimum                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               85.00%                        
BMO Term Loan | LIBOR | BBB+ | Baa1                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               90.00%                        
BMO Term Loan | LIBOR | BBB | Baa2                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               100.00%                        
BMO Term Loan | LIBOR | BBB- | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               125.00%                        
BMO Term Loan | LIBOR | BBB- | Baa3 | Maximum                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               165.00%                        
BMO Term Loan | Bank's base rate                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate at period end (as a percent)               0.65%                        
BMO Term Loan | Bank's base rate | BBB- | Baa3                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               25.00%                        
BMO Term Loan | Bank's base rate | BBB- | Baa3 | Maximum                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               65.00%                        
BMO Term Loan | One month LIBOR                                        
Debt Instrument [Line Items]                                        
Basis spread on variable rate (as a percent)               1.00%                        
Tranche A Term Loan                                        
Debt Instrument [Line Items]                                        
Principal amount of loan                                     55,000,000  
Loss on extinguishment of debt   $ 100,000                                    
Payment to terminate interest rate swap         $ 600,000                              
Tranche B Term Loan                                        
Debt Instrument [Line Items]                                        
Principal amount of loan               $ 165,000,000                     $ 165,000,000