DEBT FINANCING - Narrative (Details)
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3 Months Ended |
5 Months Ended |
12 Months Ended |
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Jul. 29, 2019
USD ($)
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Jun. 05, 2018
USD ($)
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Dec. 31, 2019
USD ($)
property
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Sep. 30, 2019
USD ($)
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Jun. 30, 2019
USD ($)
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Mar. 31, 2019
USD ($)
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Dec. 31, 2018
USD ($)
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Sep. 30, 2018
USD ($)
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Jun. 30, 2018
USD ($)
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Mar. 31, 2018
USD ($)
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Dec. 31, 2019
USD ($)
property
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Dec. 31, 2019
USD ($)
property
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Dec. 31, 2018
USD ($)
property
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Aug. 30, 2019
USD ($)
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Apr. 24, 2019
USD ($)
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Dec. 21, 2018
USD ($)
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Jun. 30, 2016
USD ($)
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Debt Instrument [Line Items] |
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Carrying value |
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$ 1,539,260,000
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$ 1,277,638,000
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$ 1,539,260,000
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$ 1,539,260,000
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$ 1,277,638,000
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Number of mortgages assumed |
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$ 0
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$ 0
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$ 0
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$ 0
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0
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$ 0
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$ 0
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$ 7,581,000
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$ 0
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$ 7,581,000
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Number of properties related to assumed mortgages | property |
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4
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Interest rate swap |
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Debt Instrument [Line Items] |
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Aggregate notional amount |
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$ 100,000,000.0
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Credit Facility |
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Debt Instrument [Line Items] |
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Extension fee (percent) |
0.075%
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Unsecured Debt | Credit Facility |
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Debt Instrument [Line Items] |
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Amended credit facility total borrowing capacity increase |
$ 255,000,000.0
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Maximum borrowing capacity |
1,275,000,000
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Maximum borrowing capacity if expansion option is exercised |
$ 1,750,000,000
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Maximum total leverage ratio |
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60.00%
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Maximum total leverage ratio allowable within two quarters of material acquisition |
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65.00%
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Minimum fixed charge coverage ratio |
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1.5
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Maximum unsecured debt to unencumbered asset value ratio |
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60.00%
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Maximum unsecured debt to unencumbered asset value ratio allowable within two quarters of material acquisition |
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65.00%
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Minimum encumbered adjusted net operating income to unsecured interest expense ratio |
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2.0
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Unsecured Debt | Credit Facility | Fed Funds Rate |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
0.50%
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Unsecured Debt | Credit Facility | LIBOR |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
1.00%
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Unsecured Debt | Credit Facility | LIBOR | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
1.15%
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Credit pricing elective applicable margin (percent) |
0.78%
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Unsecured Debt | Credit Facility | LIBOR | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
2.20%
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Credit pricing elective applicable margin (percent) |
2.25%
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Unsecured Debt | Credit Facility | Base Rate | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
0.15%
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Credit pricing elective applicable margin (percent) |
0.00%
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Unsecured Debt | Credit Facility | Base Rate | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
1.20%
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Credit pricing elective applicable margin (percent) |
1.25%
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Unsecured Debt | 2023 Term loan facility |
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Debt Instrument [Line Items] |
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Maximum borrowing capacity if expansion option is exercised |
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$ 400,000,000.0
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Effective interest rate (percent) |
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2.83%
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2.83%
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2.83%
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Debt instrument, face amount |
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$ 100,000,000.0
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Maximum expansion option |
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$ 100,000,000.0
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Aggregate amount of expansion option exercised |
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75,000,000.0
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Carrying value |
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175,000,000.0
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$ 175,000,000
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175,000,000
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$ 175,000,000
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$ 175,000,000
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$ 175,000,000
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Expansion option capacity increase |
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200,000,000.0
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Current borrowing capacity |
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$ 225,000,000.0
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Minimum number of rating agencies required | property |
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2
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2
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2
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Unsecured Debt | 2023 Term loan facility | Fed Funds Rate |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
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0.50%
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Unsecured Debt | 2023 Term loan facility | LIBOR |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
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1.00%
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Unsecured Debt | 2023 Term loan facility | LIBOR | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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1.30%
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Credit pricing elective applicable margin (percent) |
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0.90%
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Unsecured Debt | 2023 Term loan facility | LIBOR | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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1.70%
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Credit pricing elective applicable margin (percent) |
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1.75%
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Unsecured Debt | 2023 Term loan facility | Base Rate | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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0.30%
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Credit pricing elective applicable margin (percent) |
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0.00%
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Unsecured Debt | 2023 Term loan facility | Base Rate | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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0.70%
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Credit pricing elective applicable margin (percent) |
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0.75%
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Unsecured Debt | 2028 Term loan facility |
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Debt Instrument [Line Items] |
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Maximum borrowing capacity if expansion option is exercised |
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$ 125,000,000.0
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Effective interest rate (percent) |
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4.62%
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4.62%
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4.62%
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Debt instrument, face amount |
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$ 75,000,000.0
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Carrying value |
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$ 75,000,000
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75,000,000
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$ 75,000,000
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$ 75,000,000
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75,000,000
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Minimum number of rating agencies required | property |
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2
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2
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2
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Unsecured Debt | 2028 Term loan facility | Fed Funds Rate |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
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0.50%
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Unsecured Debt | 2028 Term loan facility | LIBOR |
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Debt Instrument [Line Items] |
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Basis spread on variable rate (percent) |
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1.00%
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Unsecured Debt | 2028 Term loan facility | LIBOR | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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1.80%
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Credit pricing elective applicable margin (percent) |
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1.40%
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Unsecured Debt | 2028 Term loan facility | LIBOR | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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2.35%
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Credit pricing elective applicable margin (percent) |
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2.25%
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Unsecured Debt | 2028 Term loan facility | Base Rate | Minimum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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0.80%
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Credit pricing elective applicable margin (percent) |
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0.40%
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Unsecured Debt | 2028 Term loan facility | Base Rate | Maximum |
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Debt Instrument [Line Items] |
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Leverage based applicable margin (percent) |
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1.35%
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Credit pricing elective applicable margin (percent) |
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1.25%
|
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|
Unsecured Debt | 2029 Term loan facility |
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Debt Instrument [Line Items] |
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Effective interest rate (percent) |
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4.27%
|
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4.27%
|
4.27%
|
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|
4.27%
|
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|
Debt instrument, face amount |
|
|
|
|
|
|
|
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|
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|
|
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|
$ 100,000,000.0
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|
Carrying value |
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|
$ 100,000,000
|
|
|
|
0
|
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|
$ 100,000,000
|
$ 100,000,000
|
0
|
|
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|
|
Minimum number of rating agencies required | property |
|
|
2
|
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|
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2
|
2
|
|
|
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|
Unsecured Debt | 2029 Term loan facility | Fed Funds Rate |
|
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|
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Debt Instrument [Line Items] |
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|
Basis spread on variable rate (percent) |
|
|
|
|
|
|
|
|
|
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|
0.50%
|
|
|
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|
Unsecured Debt | 2029 Term loan facility | LIBOR |
|
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|
|
|
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|
Debt Instrument [Line Items] |
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|
|
|
|
|
|
|
|
Basis spread on variable rate (percent) |
|
|
|
|
|
|
|
|
|
|
|
1.00%
|
|
|
|
|
|
Unsecured Debt | 2029 Term loan facility | LIBOR | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage based applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
1.85%
|
|
|
|
|
|
Credit pricing elective applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
1.40%
|
|
|
|
|
|
Unsecured Debt | 2029 Term loan facility | LIBOR | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage based applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
2.30%
|
|
|
|
|
|
Credit pricing elective applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
2.25%
|
|
|
|
|
|
Unsecured Debt | 2029 Term loan facility | Base Rate | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage based applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
0.85%
|
|
|
|
|
|
Credit pricing elective applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
0.40%
|
|
|
|
|
|
Unsecured Debt | 2029 Term loan facility | Base Rate | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage based applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
1.30%
|
|
|
|
|
|
Credit pricing elective applicable margin (percent) |
|
|
|
|
|
|
|
|
|
|
|
1.25%
|
|
|
|
|
|
Unsecured Debt | 2029 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.98%
|
|
|
|
|
|
|
|
3.98%
|
3.98%
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 100,000,000.0
|
|
|
|
Carrying value |
|
|
$ 100,000,000
|
|
|
|
0
|
|
|
|
$ 100,000,000
|
$ 100,000,000
|
0
|
|
|
|
|
Debt instrument, fixed interest rate (percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.98%
|
|
|
|
Unsecured Debt | 2031 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
4.08%
|
|
|
|
|
|
|
|
4.08%
|
4.08%
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 50,000,000.0
|
|
|
|
Carrying value |
|
|
$ 50,000,000
|
|
|
|
0
|
|
|
|
$ 50,000,000
|
$ 50,000,000
|
0
|
|
|
|
|
Debt instrument, fixed interest rate (percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.08%
|
|
|
|
Mortgages | Fixed Rate Mortgages Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
4.16%
|
|
|
|
|
|
|
|
4.16%
|
4.16%
|
|
|
|
|
|
Carrying value |
|
|
$ 264,260,000
|
|
|
|
268,138,000
|
|
|
|
$ 264,260,000
|
$ 264,260,000
|
268,138,000
|
|
|
|
|
Number of mortgages assumed |
|
|
|
|
|
|
|
|
|
|
|
|
7,600,000
|
|
|
|
|
Mortgages | Fixed Rate Mortgages Payable | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.63%
|
|
|
|
|
|
|
|
3.63%
|
3.63%
|
|
|
|
|
|
Mortgages | Fixed Rate Mortgages Payable | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
5.00%
|
|
|
|
|
|
|
|
5.00%
|
5.00%
|
|
|
|
|
|
Revolving line of credit | Credit Facility | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Usage based fees with respect to unused portion of Revolver (percent) |
0.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratings based fees if credit pricing elected (percent) |
0.125%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit | Credit Facility | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Usage based fees with respect to unused portion of Revolver (percent) |
0.20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratings based fees if credit pricing elected (percent) |
0.30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit | Line of Credit | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
$ 500,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.06%
|
|
|
|
|
|
|
|
3.06%
|
3.06%
|
|
|
|
|
|
Revolving line of credit remaining borrowing capacity |
|
|
$ 494,300,000
|
|
|
|
|
|
|
|
$ 494,300,000
|
$ 494,300,000
|
|
|
|
|
|
Carrying value |
|
|
$ 0
|
|
|
|
139,500,000
|
|
|
|
$ 0
|
$ 0
|
139,500,000
|
|
|
|
|
Term Loan A | Unsecured Debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
125,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.74%
|
|
|
|
|
|
|
|
3.74%
|
3.74%
|
|
|
|
|
|
Carrying value |
|
|
$ 125,000,000
|
|
|
|
235,000,000
|
|
|
|
$ 125,000,000
|
$ 125,000,000
|
235,000,000
|
|
|
|
|
Term Loan B | Unsecured Debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
250,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.91%
|
|
|
|
|
|
|
|
2.91%
|
2.91%
|
|
|
|
|
|
Carrying value |
|
|
$ 250,000,000
|
|
|
|
155,000,000
|
|
|
|
$ 250,000,000
|
$ 250,000,000
|
155,000,000
|
|
|
|
|
Term Loan C | Unsecured Debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
225,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.80%
|
|
|
|
|
|
|
|
2.80%
|
2.80%
|
|
|
|
|
|
Carrying value |
|
|
$ 225,000,000
|
|
|
|
105,000,000
|
|
|
|
$ 225,000,000
|
$ 225,000,000
|
105,000,000
|
|
|
|
|
Term Loan D | Unsecured Debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
$ 175,000,000.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.57%
|
|
|
|
|
|
|
|
3.57%
|
3.57%
|
|
|
|
|
|
Carrying value |
|
|
$ 175,000,000
|
|
|
|
$ 125,000,000
|
|
|
|
$ 175,000,000
|
$ 175,000,000
|
$ 125,000,000
|
|
|
|
|
Letter of credit | Line of Credit | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Letters of credit outstanding |
|
|
$ 5,700,000
|
|
|
|
|
|
|
|
$ 5,700,000
|
$ 5,700,000
|
|
|
|
|
|