Quarterly report pursuant to Section 13 or 15(d)

REVOLVING CREDIT FACILITY AND TERM LOANS (Details)

v3.22.2
REVOLVING CREDIT FACILITY AND TERM LOANS (Details)
$ in Thousands
1 Months Ended 6 Months Ended
Jul. 27, 2021
USD ($)
Dec. 31, 2020
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
property
Dec. 31, 2021
USD ($)
May 06, 2021
USD ($)
lender
Line of Credit Facility [Line Items]            
Loan balance       $ 2,200,000 $ 2,400,000  
Outstanding borrowings under the facility       $ 76,000 148,000  
2021 Credit Facility | Until May 6, 2022            
Line of Credit Facility [Line Items]            
Debt service coverage ratio       1.10%    
2021 Credit Facility | May 7, 2022 through May 6, 2023            
Line of Credit Facility [Line Items]            
Debt service coverage ratio       1.20%    
2021 Credit Facility | After May 6, 2023            
Line of Credit Facility [Line Items]            
Debt service coverage ratio       1.40%    
2021 Term Loan            
Line of Credit Facility [Line Items]            
Loan period       18 months    
2021 Credit Agreement            
Line of Credit Facility [Line Items]            
Loan period       3 years    
2021 Credit Agreement, Letter Of Credit            
Line of Credit Facility [Line Items]            
Borrowing capacity under the credit facility       $ 50,000    
2021 Credit Facility, Usage Less Or Equal To Fifty Percent            
Line of Credit Facility [Line Items]            
Facility fee basis points       0.35%    
2021 Credit Facility, Usage Greater Than Fifty Percent            
Line of Credit Facility [Line Items]            
Facility fee basis points       0.25%    
2021 Credit Facility            
Line of Credit Facility [Line Items]            
Number of lenders | lender           7
Secured debt           $ 250,000
Variable interest rate       0.12%    
Maximum collateral pool leverage ratio       40.00%    
Tangible net worth ratio   80.00%        
Percentage of net cash proceeds of equity issuances       80.00%    
2021 Credit Facility | 2021 Credit Facility | Overnight Bank Funding Rate            
Line of Credit Facility [Line Items]            
Variable interest rate       0.50%    
2021 Credit Facility | 2021 Credit Facility | Adjusted LIBO Rate            
Line of Credit Facility [Line Items]            
Variable interest rate       1.00%    
2021 Credit Facility | 2021 Credit Agreement | Harborside 2/3 And Harborside 5            
Line of Credit Facility [Line Items]            
Appraisal value       $ 800,000    
2021 Credit Facility | Minimum            
Line of Credit Facility [Line Items]            
Variable interest rate       1.25%    
Number of collateral pool properties | property       2    
2021 Credit Facility | Minimum | 2021 Credit Facility            
Line of Credit Facility [Line Items]            
Appraisal value       $ 800,000    
2021 Credit Facility | Maximum            
Line of Credit Facility [Line Items]            
Variable interest rate       2.75%    
Total leverage ratio       65.00%    
2021 Term Loan            
Line of Credit Facility [Line Items]            
Secured debt           150,000
Borrowing capacity under the credit facility       $ 150,000    
Loan balance           150,000
Debt paid $ 27,000   $ 123,000      
2021 Term Loan | Harborside 2/3 And Harborside 5            
Line of Credit Facility [Line Items]            
Appraisal value       800,000    
2021 Credit Agreement            
Line of Credit Facility [Line Items]            
Borrowing capacity under the credit facility       $ 250,000    
Outstanding borrowings under the facility           $ 145,000
2021 Credit Agreement | Overnight Bank Funding Rate            
Line of Credit Facility [Line Items]            
Variable interest rate       0.00%    
2021 Credit Agreement | Adjusted LIBO Rate            
Line of Credit Facility [Line Items]            
Variable interest rate       1.00%    
Unsecured Term Loan | Unsecured Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Loan balance         $ 148,000  
Outstanding borrowings under the facility       $ 76,000