Annual report pursuant to Section 13 and 15(d)

DEBT FINANCING - Narrative (Details)

v3.22.0.1
DEBT FINANCING - Narrative (Details)
12 Months Ended
Jul. 29, 2019
USD ($)
Jun. 05, 2018
USD ($)
Dec. 31, 2021
USD ($)
property
Nov. 09, 2021
USD ($)
Jul. 09, 2021
USD ($)
property
May 03, 2021
USD ($)
Dec. 31, 2020
USD ($)
Oct. 22, 2020
USD ($)
Aug. 30, 2019
USD ($)
Apr. 24, 2019
USD ($)
Dec. 21, 2018
USD ($)
Jun. 30, 2016
USD ($)
Debt Instrument [Line Items]                        
Carrying value     $ 2,948,944,000       $ 1,922,614,000          
Credit Facility                        
Debt Instrument [Line Items]                        
Extension fee (percent) 0.075%                      
Unsecured debt | Credit Facility                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity $ 1,550,000,000                      
Maximum borrowing capacity if expansion option is exercised $ 1,750,000,000                      
Maximum total leverage ratio 60.00%                      
Maximum total leverage ratio allowable within two quarters of material acquisition 65.00%                      
Minimum fixed charge coverage ratio 1.5                      
Maximum unsecured debt to unencumbered asset value ratio 60.00%                      
Maximum unsecured debt to unencumbered asset value ratio allowable within two quarters of material acquisition 65.00%                      
Minimum encumbered adjusted net operating income to unsecured interest expense ratio 2.0                      
Unsecured debt | Credit Facility | Fed Funds Rate                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent) 0.50%                      
Unsecured debt | Credit Facility | LIBOR                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent) 1.00%                      
Unsecured debt | Credit Facility | LIBOR | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent) 1.10%                      
Credit rating pricing election (percent) 0.78%                      
Unsecured debt | Credit Facility | LIBOR | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent) 1.80%                      
Credit rating pricing election (percent) 1.65%                      
Unsecured debt | Credit Facility | Base Rate | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent) 0.10%                      
Credit rating pricing election (percent) 0.00%                      
Unsecured debt | Credit Facility | Base Rate | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent) 0.80%                      
Credit rating pricing election (percent) 0.65%                      
Unsecured debt | 2023 Term loan facility                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity if expansion option is exercised   $ 400,000,000                    
Effective interest rate (percent)     2.83%                  
Debt issued                       $ 100,000,000
Maximum expansion option                       $ 100,000,000
Aggregate amount of expansion option exercised   75,000,000                    
Carrying value   175,000,000 $ 175,000,000       175,000,000          
Expansion option capacity increase   200,000,000                    
Current borrowing capacity   $ 225,000,000                    
Minimum number of rating agencies required | property     2                  
Unsecured debt | 2023 Term loan facility | Fed Funds Rate                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent)     0.50%                  
Unsecured debt | 2023 Term loan facility | LIBOR                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent)     1.00%                  
Unsecured debt | 2023 Term loan facility | LIBOR | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     1.30%                  
Credit rating pricing election (percent)     0.90%                  
Unsecured debt | 2023 Term loan facility | LIBOR | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     1.70%                  
Credit rating pricing election (percent)     1.75%                  
Unsecured debt | 2023 Term loan facility | Base Rate | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     0.30%                  
Credit rating pricing election (percent)     0.00%                  
Unsecured debt | 2023 Term loan facility | Base Rate | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     0.70%                  
Credit rating pricing election (percent)     0.75%                  
Unsecured debt | 2028 Term loan facility                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity if expansion option is exercised                     $ 125,000,000  
Effective interest rate (percent)     4.62%                  
Debt issued                     $ 75,000,000  
Carrying value     $ 75,000,000       75,000,000          
Minimum number of rating agencies required | property     2                  
Unsecured debt | 2028 Term loan facility | Fed Funds Rate                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent)     0.50%                  
Unsecured debt | 2028 Term loan facility | LIBOR                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent)     1.00%                  
Unsecured debt | 2028 Term loan facility | LIBOR | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     1.80%                  
Credit rating pricing election (percent)     1.40%                  
Unsecured debt | 2028 Term loan facility | LIBOR | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     2.35%                  
Credit rating pricing election (percent)     2.25%                  
Unsecured debt | 2028 Term loan facility | Base Rate | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     0.80%                  
Credit rating pricing election (percent)     0.40%                  
Unsecured debt | 2028 Term loan facility | Base Rate | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     1.35%                  
Credit rating pricing election (percent)     1.25%                  
Unsecured debt | 2029 Term loan facility                        
Debt Instrument [Line Items]                        
Effective interest rate (percent)     4.27%             4.27%    
Debt issued                   $ 100,000,000    
Carrying value     $ 100,000,000       100,000,000          
Minimum number of rating agencies required | property     2                  
Unsecured debt | 2029 Term loan facility | Interest rate swap                        
Debt Instrument [Line Items]                        
Aggregate notional amount                   $ 100,000,000    
Unsecured debt | 2029 Term loan facility | Fed Funds Rate                        
Debt Instrument [Line Items]                        
Basis spread on variable rate (percent)     0.50%                  
Unsecured debt | 2029 Term loan facility | LIBOR                        
Debt Instrument [Line Items]                        
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 rating pricing election (percent)     1.40%                  
Unsecured debt | 2029 Term loan facility | LIBOR | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     2.30%                  
Credit rating pricing election (percent)     2.25%                  
Unsecured debt | 2029 Term loan facility | Base Rate | Minimum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     0.85%                  
Credit rating pricing election (percent)     0.40%                  
Unsecured debt | 2029 Term loan facility | Base Rate | Maximum                        
Debt Instrument [Line Items]                        
Leverage based applicable margin (percent)     1.30%                  
Credit rating pricing election (percent)     1.25%                  
Unsecured debt | 2029 Senior Unsecured Notes                        
Debt Instrument [Line Items]                        
Effective interest rate (percent)     3.98%                  
Debt issued                 $ 100,000,000      
Interest rate (percent)                 3.98%      
Carrying value     $ 100,000,000       100,000,000          
Unsecured debt | August 2031 Senior Unsecured Notes                        
Debt Instrument [Line Items]                        
Effective interest rate (percent)     4.08%                  
Debt issued                 $ 50,000,000      
Interest rate (percent)                 4.08%      
Carrying value     $ 50,000,000       50,000,000          
Unsecured debt | August 2030 Senior Unsecured Notes                        
Debt Instrument [Line Items]                        
Effective interest rate (percent)     2.99%                  
Debt issued               $ 150,000,000        
Interest rate (percent)               2.99%        
Carrying value     $ 150,000,000       150,000,000          
Unsecured debt | 2032 Senior Unsecured Notes                        
Debt Instrument [Line Items]                        
Effective interest rate (percent)     3.09%                  
Debt issued               $ 100,000,000        
Interest rate (percent)               3.09%        
Carrying value     $ 100,000,000       100,000,000          
Unsecured debt | 2026 Senior Unsecured Notes                        
Debt Instrument [Line Items]                        
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