Unsecured Revolving Credit Facility And Term Loans (Narrative) (Details) |
3 Months Ended | 12 Months Ended | |||||||
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May 06, 2021
USD ($)
property
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Mar. 06, 2018 |
Jan. 25, 2017
USD ($)
entity
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Jan. 24, 2017
USD ($)
entity
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Mar. 31, 2021
USD ($)
item
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Dec. 31, 2020
USD ($)
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Dec. 31, 2019
USD ($)
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Jan. 07, 2019
USD ($)
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Jan. 31, 2016
USD ($)
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| Line of Credit Facility [Line Items] | |||||||||
| Loan balance | $ 2,821,964,000 | $ 2,801,797,000 | |||||||
| Outstanding borrowings under the facility | $ 25,000,000 | ||||||||
| 2017 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Investment limitations as a percentage of total capitalization | 15.00% | ||||||||
| Terms of the unsecured facility | The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ||||||||
| Terms of dividend restriction | The 2017 Credit Agreement contains “change of control” and other covenants that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2017 Credit Facility. These change of control provisions, which have been included as an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board Directors nor appointed by a majority of directors nominated by the Board of Directors. Furthermore, the agreements governing the Company's Senior Unsecured Notes include cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the Notes if the change of control or other covenants under the 2017 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2017 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. In addition, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions similar to those in the agreements governing the Notes for defaults by the Company. If these change of control or other covenants were triggered and an event of default was declared under the 2017 Credit Facility, the Company could seek a forbearance, waiver or amendment of the change of control or other covenants from the lenders, as applicable, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. | ||||||||
| Spread over LIBOR | 1.30% | ||||||||
| 2017 Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Number of lending institutions | entity | 13 | ||||||||
| 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 include: (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 (subject to increase as discussed below), 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 March 31, 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 maintains a debt rating from Moody’s or S&P, or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, currently 25 basis points, 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 maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The Company’s unsecured debt is currently rated B1 by Moody’s and B+ by S&P. 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 | ||||||||
| Facility fee basis points | 0.25% | ||||||||
| 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 Agreement Amendment And 2016 Term Loan Amendment [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Terms of the unsecured facility | On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment was effective as of June 30, 2018 and provided for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan: 1.The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and2.A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. | ||||||||
| 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% | ||||||||
| Mortgage loan, maturity month and year | July 2021 | ||||||||
| Unsecured Revolving Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Number of lending institutions | entity | 17 | ||||||||
| Borrowing capacity under the credit facility | $ 600,000,000 | ||||||||
| Credit facility maturity month and year | July 2017 | ||||||||
| 2021 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Percentage of net cash proceeds of equity issuances | 80.00% | ||||||||
| 2021 Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Terms of the unsecured facility | The terms of the 2021 Credit Facility include: (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%. | ||||||||
| 2021 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| 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 | ||||||||
| Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Outstanding borrowings under the facility | $ 0 | $ 25,000,000 | |||||||
| 5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Loan balance | $ 200,000,000 | ||||||||
| Loan maturity date | Jan. 15, 2016 | ||||||||
| 2017 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Unamortized deferred financing costs | $ 253,000 | ||||||||
| Loan extension period | 1 year | ||||||||
| Borrowing capacity under the credit facility | $ 325,000,000 | ||||||||
| Credit facility maturity month and year | January 2020 | ||||||||
| Number of extension options | item | 2 | ||||||||
| Terms of the unsecured facility | The terms of the 2017 Term Loan included: (1) a three year term ending in January 2020, with two one year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (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 maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. | ||||||||
| Spread over LIBOR | 1.55% | ||||||||
| Loan period | 3 years | ||||||||
| Minimum percentage of initial borrowing | 50.00% | ||||||||
| Term commitment fee percent | 0.25% | ||||||||
| Gain on early termination | 173,000 | ||||||||
| Gain (Loss) from extinguishment of debt, net | 80,000 | ||||||||
| 2017 Term Loan [Member] | 2017 Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Credit facility extension fee, basis points | 7.50% | ||||||||
| 2016 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Unsecured term loan, net | $ 350,000,000 | ||||||||
| Unamortized deferred financing costs | 242,000 | ||||||||
| Interest rate | 3.28% | ||||||||
| Credit facility maturity month and year | January 2019 | ||||||||
| Number of extension options | item | 2 | ||||||||
| Credit facility, extension period | 1 year | ||||||||
| Unsecured indebtedness | 60.00% | ||||||||
| Investment limitations as a percentage of total capitalization | 15.00% | ||||||||
| Terms of the unsecured facility | The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ||||||||
| Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. | ||||||||
| Spread over LIBOR | 1.55% | ||||||||
| Extension fee amount | $ 500,000 | ||||||||
| Gain on early termination | $ 2,100,000 | ||||||||
| 2016 Term Loan, Extension One [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Loan extension period | 1 year | ||||||||
| Credit facility maturity month and year | January 2020 | ||||||||
| Minimum [Member] | 2017 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Fixed charge coverage ratio | 1.5 | ||||||||
| Unencumbered property interest coverage | 2.0 | ||||||||
| Minimum [Member] | 2021 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Tangible net worth ratio | 80.00% | ||||||||
| Minimum [Member] | 2016 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Fixed charge coverage ratio | 1.5 | ||||||||
| Unencumbered property interest coverage | 2.0 | ||||||||
| Maximum [Member] | 2017 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Leverage ratio | 60.00% | ||||||||
| Secured indebtedness | 40.00% | ||||||||
| Unsecured indebtedness | 60.00% | ||||||||
| Maximum [Member] | 2016 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Secured indebtedness | 40.00% | ||||||||
| Subsequent Event [Member] | 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 | ||||||||
| Subsequent Event [Member] | 2021 Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Borrowing capacity under the credit facility | $ 250,000,000 | ||||||||
| 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 | ||||||||
| Subsequent Event [Member] | 2021 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Loan balance | 150,000,000 | ||||||||
| Borrowing capacity under the credit facility | $ 150,000,000 | ||||||||
| Credit facility, Maturity month and year | November 2022 | ||||||||
| Secured debt | $ 150,000,000 | ||||||||
| Subsequent Event [Member] | 2021 Credit Agreement, Letter Of Credit [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Borrowing capacity under the credit facility | $ 50,000,000 | ||||||||
| Subsequent Event [Member] | 2021 Credit Facility, Usage Less Or Equal To Fifty Percent [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Facility fee basis points | 0.35% | ||||||||
| Subsequent Event [Member] | 2021 Credit Facility, Usage Greater Than Fifty Percent [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Facility fee basis points | 0.25% | ||||||||
| Subsequent Event [Member] | Harborside 2/3 And Harborside 5 [Member] | 2021 Credit Facility [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Appraisal value | $ 800,000,000 | ||||||||
| Subsequent Event [Member] | Harborside 2/3 And Harborside 5 [Member] | 2021 Term Loan [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Appraisal value | $ 800,000,000 | ||||||||
| Subsequent Event [Member] | Minimum [Member] | 2021 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Spread over LIBOR | 1.25% | ||||||||
| Number of collateral pool properties | property | 2 | ||||||||
| Subsequent Event [Member] | 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 | $ 575,000,000 | |||||||
| Unamortized deferred financing costs | $ 718,000 | $ 843,000 | |||||||
| Overnight Bank Funding Rate [Member] | Subsequent Event [Member] | 2021 Credit Agreement [Member] | |||||||||
| Line of Credit Facility [Line Items] | |||||||||
| Spread over LIBOR | 0.50% | ||||||||