Quarterly report pursuant to Section 13 or 15(d)

Debt, Net - Credit Agreement (Details)

v3.24.1.u1
Debt, Net - Credit Agreement (Details)
3 Months Ended
May 03, 2024
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Jun. 29, 2023
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fiscal_quarter
Nov. 12, 2021
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Mar. 31, 2024
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Dec. 31, 2023
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Nov. 13, 2023
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Dec. 31, 2022
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Dec. 01, 2022
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Feb. 28, 2022
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Feb. 10, 2022
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Debt Instrument [Line Items]                    
Debt instrument, term       2 years 8 months 12 days            
Weighted-Average Interest Rate       5.88%            
Borrowings outstanding under the credit facility       $ 116,000,000 $ 116,000,000          
Designated as Hedging Instrument                    
Debt Instrument [Line Items]                    
Derivative, notional amount       60,000,000 60,000,000          
Interest Rate Swap                    
Debt Instrument [Line Items]                    
Derivative, notional amount             $ 175,000,000 $ 175,000,000    
Interest rate collars | Designated as Hedging Instrument                    
Debt Instrument [Line Items]                    
Derivative, notional amount       60,000,000 $ 60,000,000 $ 60,000,000        
Interest Rate Collar on $25.0 Million | Designated as Hedging Instrument                    
Debt Instrument [Line Items]                    
Derivative, notional amount           $ 25,000,000        
Interest Rate Collar on $25.0 Million | Designated as Hedging Instrument | Minimum                    
Debt Instrument [Line Items]                    
Benchmark rate (percent)           4.20%        
Interest Rate Collar on $25.0 Million | Designated as Hedging Instrument | Maximum                    
Debt Instrument [Line Items]                    
Benchmark rate (percent)           5.50%        
Interest Rate Collar on $35.0 Million | Designated as Hedging Instrument                    
Debt Instrument [Line Items]                    
Derivative, notional amount           $ 35,000,000        
Interest Rate Collar on $35.0 Million | Designated as Hedging Instrument | Minimum                    
Debt Instrument [Line Items]                    
Benchmark rate (percent)           4.035%        
Interest Rate Collar on $35.0 Million | Designated as Hedging Instrument | Maximum                    
Debt Instrument [Line Items]                    
Benchmark rate (percent)           5.50%        
Senior term loan | Credit facility term loan, net                    
Debt Instrument [Line Items]                    
Debt instrument, term     2 years              
Borrowing capacity     $ 175,000,000              
Repayments of term loans   $ 175,000,000                
Optional term extension period   18 months                
Mortgages payable | CMBS Loan                    
Debt Instrument [Line Items]                    
Debt instrument, face amount                 $ 355,000,000 $ 355,000,000
Credit facility revolver                    
Debt Instrument [Line Items]                    
Effective interest rate percentage             3.92%      
Credit facility revolver | Line of Credit                    
Debt Instrument [Line Items]                    
Debt instrument, term     3 years              
Borrowing capacity     $ 425,000,000 425,000,000            
Debt instrument, face amount             $ 175,000,000      
Borrowings outstanding under the credit facility       $ 116,000,000            
Effective interest rate percentage       8.66%            
Commitment fee percentage   0.25%                
Unrestricted cash and cash equivalents   $ 25,000,000                
Covenant, total debt to total asset value, maximum   0.60                
Covenant, adjusted EBITDA to fixed charges, minimum   1.50                
Covenant, secured debt to total asset value, maximum   0.40                
Covenant, unsecured debt to unencumbered asset value, maximum   0.60                
Covenant, unencumbered real properties to unsecured interest expense, minimum   2.00                
Covenant, unencumbered asset value, minimum   $ 600,000,000   $ 600,000,000            
Covenant, unsecured debt to total unencumbered assets, threshold   0.35                
Covenant measurement period - number of consecutive quarters | fiscal_quarter   2                
Period within which to grant administrative agent a first priority lien on all property included in pool   90 days                
Credit facility revolver | Line of Credit | Subsequent Event                    
Debt Instrument [Line Items]                    
Borrowing capacity $ 350,000,000                  
Line of credit facility, decrease, net 75,000,000                  
Covenant, unencumbered asset value, minimum $ 500,000,000                  
Credit facility revolver | Line of Credit | SOFR                    
Debt Instrument [Line Items]                    
Variable rate   0.10%                
Credit facility revolver | Line of Credit | Term SOFR                    
Debt Instrument [Line Items]                    
Variable rate   3.25%                
Credit facility revolver | Line of Credit | Base Rate                    
Debt Instrument [Line Items]                    
Variable rate   2.25%                
Credit facility revolver | Letter of Credit                    
Debt Instrument [Line Items]                    
Borrowing capacity     $ 25,000,000              
Bridge Facility | Line of Credit                    
Debt Instrument [Line Items]                    
Debt instrument, term     6 months              
Borrowing capacity     $ 355,000,000