Revolving Credit Facility And Term Loans (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
|
May 06, 2021
USD ($)
property
|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
item
|
Dec. 31, 2020
USD ($)
|
Jan. 25, 2017
USD ($)
|
|
| Line of Credit Facility [Line Items] | ||||||
| Loan balance | $ 2,359,284,000 | $ 2,359,284,000 | $ 2,801,797,000 | |||
| Gain (Loss) from extinguishment of debt, net | (46,735,000) | |||||
| Outstanding borrowings under the facility | $ 189,000,000 | $ 189,000,000 | $ 25,000,000 | |||
| 2017 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Terms of dividend restriction | The Company was in compliance with its debt covenants under its revolving credit facility and term loan as of June 30, 2021. | |||||
| 2017 Credit Facility [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Borrowing capacity under the credit facility | $ 600,000,000 | |||||
| Credit facility maturity month and year | January 2021 | |||||
| Number of extension options | item | 2 | |||||
| Credit facility, extension period | 6 months | |||||
| Terms of the unsecured facility | The terms of the 2017 Credit Facility included: (1) a four year term ending in January 2021, with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million, with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below), of which $10.6 million of letters of credit had been issued as of May 6, 2021; (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months. Accordingly, the term of the 2017 Credit Facility was extended to July 2021, with the Company’s payment of the 7.5 basis point extension fee. | |||||
| Loan period | 4 years | |||||
| 2017 Credit Agreement, Letter Of Credit [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Borrowing capacity under the credit facility | $ 60,000,000 | |||||
| Proceeds from Letters of Credit | $ 10,600,000 | |||||
| 2017 Credit Facility, Extension One [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Credit facility, extension period | 6 months | |||||
| Credit facility extension fee, basis points | 7.50% | 7.50% | ||||
| Mortgage loan, maturity month and year | July 2021 | |||||
| 2021 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Spread over LIBOR | 0.0012% | |||||
| Appraisal value | $ 800,000,000 | |||||
| Debt service coverage ratio | the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter | |||||
| Percentage of net cash proceeds of equity issuances | 80.00% | |||||
| 2021 Credit Facility [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Borrowing capacity under the credit facility | $ 250,000,000 | |||||
| Terms of the unsecured facility | The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. | |||||
| Loan period | 3 years | |||||
| Credit facility, Maturity month and year | May 2024 | |||||
| Secured debt | $ 250,000,000 | |||||
| Outstanding borrowings under the facility | 145,000,000 | |||||
| 2021 Term Loan [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Loan balance | 150,000,000 | |||||
| Borrowing capacity under the credit facility | $ 150,000,000 | |||||
| Terms of the unsecured facility | The terms of the 2021 Term Loan include: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. | |||||
| Loan period | 18 months | |||||
| Credit facility, Maturity month and year | November 2022 | |||||
| Secured debt | $ 150,000,000 | |||||
| Debt paid | $ 123,000,000 | |||||
| 2021 Credit Agreement, Letter Of Credit [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Borrowing capacity under the credit facility | $ 50,000,000 | |||||
| 2021 Credit Facility, Usage Less Or Equal To Fifty Percent [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Facility fee basis points | 0.35% | |||||
| 2021 Credit Facility, Usage Greater Than Fifty Percent [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Facility fee basis points | 0.25% | |||||
| Harborside 2/3 And Harborside 5 [Member] | 2021 Credit Facility [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Appraisal value | $ 800,000,000 | |||||
| Harborside 2/3 And Harborside 5 [Member] | 2021 Term Loan [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Appraisal value | $ 800,000,000 | |||||
| Unsecured Term Loan [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Loan balance | 27,000,000 | $ 27,000,000 | ||||
| Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Outstanding borrowings under the facility | $ 0 | $ 0 | $ 25,000,000 | |||
| 2017 Term Loan [Member] | 2017 Credit Facility [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Credit facility extension fee, basis points | 7.50% | 7.50% | ||||
| Minimum [Member] | 2021 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Spread over LIBOR | 1.25% | |||||
| Number of collateral pool properties | property | 2 | |||||
| Tangible net worth ratio | 80.00% | |||||
| Maximum [Member] | 2021 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Spread over LIBOR | 2.75% | |||||
| Maximum collateral pool leverage ratio | 40.00% | |||||
| Total leverage ratio | 65.00% | |||||
| Senior Unsecured Notes [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Loan balance | $ 575,000,000 | |||||
| Unamortized deferred financing costs | $ 843,000 | |||||
| Adjusted LIBO Rate [Member] | 2021 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Spread over LIBOR | 1.00% | |||||
| Overnight Bank Funding Rate [Member] | 2021 Credit Agreement [Member] | ||||||
| Line of Credit Facility [Line Items] | ||||||
| Spread over LIBOR | 0.50% |