DEBT FINANCING - Narrative (Details)
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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, 2021
USD ($)
property
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Nov. 09, 2021
USD ($)
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Jul. 09, 2021
USD ($)
property
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May 03, 2021
USD ($)
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Dec. 31, 2020
USD ($)
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Oct. 22, 2020
USD ($)
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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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$ 2,948,944,000
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$ 1,922,614,000
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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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Maximum borrowing capacity |
$ 1,550,000,000
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Maximum borrowing capacity if expansion option is exercised |
$ 1,750,000,000
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Maximum total leverage ratio |
60.00%
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Maximum total leverage ratio allowable within two quarters of material acquisition |
65.00%
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Minimum fixed charge coverage ratio |
1.5
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Maximum unsecured debt to unencumbered asset value ratio |
60.00%
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Maximum unsecured debt to unencumbered asset value ratio allowable within two quarters of material acquisition |
65.00%
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Minimum encumbered adjusted net operating income to unsecured interest expense ratio |
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) |
1.10%
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Credit rating pricing election (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) |
1.80%
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Credit rating pricing election (percent) |
1.65%
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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) |
0.10%
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Credit rating pricing election (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) |
0.80%
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Credit rating pricing election (percent) |
0.65%
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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
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Effective interest rate (percent) |
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2.83%
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Debt issued |
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$ 100,000,000
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Maximum expansion option |
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$ 100,000,000
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Aggregate amount of expansion option exercised |
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75,000,000
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Carrying value |
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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
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Current borrowing capacity |
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$ 225,000,000
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Minimum number of rating agencies required | property |
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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 rating pricing election (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 rating pricing election (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 rating pricing election (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 rating pricing election (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
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Effective interest rate (percent) |
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4.62%
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Debt issued |
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$ 75,000,000
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Carrying value |
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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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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 rating pricing election (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 rating pricing election (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 rating pricing election (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 rating pricing election (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%
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Debt issued |
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$ 100,000,000
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Carrying value |
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$ 100,000,000
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100,000,000
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Minimum number of rating agencies required | property |
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2
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Unsecured debt | 2029 Term loan facility | 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
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Unsecured debt | 2029 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 | 2029 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 | 2029 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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1.85%
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Credit rating pricing election (percent) |
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1.40%
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Unsecured debt | 2029 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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2.30%
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Credit rating pricing election (percent) |
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2.25%
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Unsecured debt | 2029 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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0.85%
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Credit rating pricing election (percent) |
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0.40%
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Unsecured debt | 2029 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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1.30%
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Credit rating pricing election (percent) |
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1.25%
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Unsecured debt | 2029 Senior Unsecured Notes |
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Debt Instrument [Line Items] |
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Effective interest rate (percent) |
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3.98%
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Debt issued |
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$ 100,000,000
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Interest rate (percent) |
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3.98%
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Carrying value |
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$ 100,000,000
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100,000,000
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Unsecured debt | August 2031 Senior Unsecured Notes |
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Debt Instrument [Line Items] |
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Effective interest rate (percent) |
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4.08%
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Debt issued |
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$ 50,000,000
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Interest rate (percent) |
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4.08%
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Carrying value |
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$ 50,000,000
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50,000,000
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Unsecured debt | August 2030 Senior Unsecured Notes |
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Debt Instrument [Line Items] |
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Effective interest rate (percent) |
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2.99%
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Debt issued |
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$ 150,000,000
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Interest rate (percent) |
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2.99%
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Carrying value |
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$ 150,000,000
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150,000,000
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Unsecured debt | 2032 Senior Unsecured Notes |
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Debt Instrument [Line Items] |
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Effective interest rate (percent) |
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3.09%
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Debt issued |
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$ 100,000,000
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Interest rate (percent) |
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3.09%
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Carrying value |
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$ 100,000,000
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|
100,000,000
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|
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|
Unsecured debt | 2026 Senior Unsecured Notes |
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Debt Instrument [Line Items] |
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|
|
|
|
Effective interest rate (percent) |
|
|
2.16%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
|
|
$ 35,000,000
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
|
|
2.16%
|
|
|
|
|
|
|
Carrying value |
|
|
$ 35,000,000
|
|
|
|
0
|
|
|
|
|
|
Unsecured debt | May 2031 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.00%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
|
|
$ 90,000,000
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
|
|
3.00%
|
|
|
|
|
|
|
Carrying value |
|
|
$ 90,000,000
|
|
|
|
0
|
|
|
|
|
|
Unsecured debt | May 2033 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.10%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
|
|
$ 55,000,000
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
|
|
3.10%
|
|
|
|
|
|
|
Carrying value |
|
|
$ 55,000,000
|
|
|
|
0
|
|
|
|
|
|
Unsecured debt | November 2030 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.72%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
$ 75,000,000
|
|
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
2.72%
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 75,000,000
|
|
|
|
0
|
|
|
|
|
|
Unsecured debt | November 2031 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.81%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
$ 175,000,000
|
|
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
2.81%
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 175,000,000
|
|
|
|
0
|
|
|
|
|
|
Unsecured debt | November 2033 Senior Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
$ 125,000,000
|
|
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
2.96%
|
|
|
|
|
|
|
|
|
Unsecured debt | 2036 Senior Unsecured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.06%
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
$ 75,000,000
|
|
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
3.06%
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 75,000,000
|
|
|
|
0
|
|
|
|
|
|
Fixed rate mortgages payable | Fixed rate mortgages payable |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.82%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 303,944,000
|
|
|
|
223,614,000
|
|
|
|
|
|
Fixed rate mortgages payable | Fixed rate mortgages payable | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.63%
|
|
|
|
|
|
|
|
|
|
Fixed rate mortgages payable | Fixed rate mortgages payable | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
Fixed rate mortgages payable | 2028 Fixed Rate Mortgage Payable |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Debt issued |
|
|
|
|
$ 88,000,000
|
|
|
|
|
|
|
|
Interest rate (percent) |
|
|
|
|
2.77%
|
|
|
|
|
|
|
|
Number of properties securing debt | property |
|
|
|
|
8
|
|
|
|
|
|
|
|
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 | Revolving line of credit | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
$ 650,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
1.35%
|
|
|
|
|
|
|
|
|
|
Revolving line of credit remaining borrowing capacity |
|
|
$ 154,300,000
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 490,000,000
|
|
|
|
174,000,000
|
|
|
|
|
|
Term loan A | Unsecured debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
125,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.69%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 125,000,000
|
|
|
|
125,000,000
|
|
|
|
|
|
Term loan B | Unsecured debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
250,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.86%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 250,000,000
|
|
|
|
250,000,000
|
|
|
|
|
|
Term loan C | Unsecured debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
225,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
2.86%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 225,000,000
|
|
|
|
225,000,000
|
|
|
|
|
|
Term loan D | Unsecured debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
175,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
3.07%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 175,000,000
|
|
|
|
175,000,000
|
|
|
|
|
|
Term loan E | Unsecured debt | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Maximum borrowing capacity |
$ 125,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Effective interest rate (percent) |
|
|
1.25%
|
|
|
|
|
|
|
|
|
|
Carrying value |
|
|
$ 125,000,000
|
|
|
|
$ 0
|
|
|
|
|
|
Letter of credit | Revolving line of credit | Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Letters of credit outstanding |
|
|
$ 5,700,000
|
|
|
|
|
|
|
|
|
|