v3.25.3
Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 24, 2025
Jun. 11, 2025
Nov. 16, 2023
Sep. 30, 2025
Oct. 01, 2025
Jun. 30, 2025
Apr. 15, 2025
Dec. 31, 2024
Dec. 20, 2024
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 1,047,957          
Debt issuance costs, net       (4,384)          
Total debt       1,041,661       $ 1,317,435  
Debt Instrument Fixed Rate         4.53%        
Ladera Office Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 3,661       3,736  
Interest rate       4.29%          
Senior notes maturity date       Nov. 01, 2026          
2027 NBC Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [1],[2]       $ 0       51,425  
2027 Ladera Ranch Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 42,000       42,000  
Debt Instrument Fixed Rate                 5.00%
Interest rate       5.00%          
Senior notes maturity date       Dec. 05, 2027          
2028 Canadian Notes                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [1]       $ 359,250       0  
Interest rate   3.91%   3.91% [1]          
Senior notes maturity date   Jun. 16, 2028   Jun. 16, 2028 [1]          
Kelowna Property Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Fixed Rate             3.45%    
Kelowna Canadian Property Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 17,376       0  
Interest rate       3.45%          
Senior notes maturity date       Sep. 30, 2028          
SST IV CMBS Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [3]       $ 40,500       40,500  
Interest rate [3]       3.56%          
Senior notes maturity date [3]       Feb. 01, 2030          
2030 Canadian Notes                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [1]       $ 143,700       0  
Interest rate 3.89%     3.89% [1]          
Senior notes maturity date Sep. 24, 2030     Sep. 24, 2030 [1]          
Fixed Rate Secured Debt                  
Debt Instrument [Line Items]                  
Discount on secured debt, net       $ (1,912)       (1,570)  
Debt issuance costs, net       (4,384)       (3,369)  
Fixed Rate Secured Debt | KeyBank CMBS Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [4]       $ 87,835       89,240  
Debt Instrument Fixed Rate [4]       3.89%          
Senior notes maturity date [4]       Aug. 01, 2026          
Fixed Rate Secured Debt | CMBS Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [5]       $ 104,000       104,000  
Debt Instrument Fixed Rate [5]       5.00%          
Senior notes maturity date [5]       Feb. 01, 2029          
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [6]       $ 0       49,915  
USD | 2027 NBC Loan                  
Debt Instrument [Line Items]                  
Debt issuance costs, net           $ (400)      
2025 KeyBank Acquisition Facility | Fixed Rate Secured Debt                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       0       100,200  
Credit Facility [Member]                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 11,826       614,831  
Interest rate       5.74%          
Senior notes maturity date       Feb. 22, 2027          
2028 Canadian Term Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [1],[7]       $ 79,035       76,527  
Interest rate     6.41% 6.41% [1],[7]          
Senior notes maturity date     Dec. 01, 2028 Dec. 01, 2028 [1],[7]          
2032 Private Placement Notes                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount [8]       $ 150,000       150,000  
Interest rate [8]       5.28%          
Senior notes maturity date [8]       Apr. 19, 2032          
Houston Property Loan                  
Debt Instrument [Line Items]                  
Debt Instrument Carrying Amount       $ 8,774       $ 0  
Interest rate       5.15%          
Senior notes maturity date       May 01, 2034          
[1] The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
[2] This loan incurred interest at an all in rate of CORRA (as defined further below under the section entitled "2027 NBC Loan"), plus a CORRA adjustment of approximately 0.30%, plus a spread of 2.20%. The effective interest rate on this loan was 6.42% when factoring the effects of a CORRA Swap which we entered into with the National Bank of Canada for the initial term of the loan. The Dufferin, Oakville II, Burlington II, Iroquois Shore Rd, and Stoney Creek I properties were encumbered by this loan. See Note 7 – Derivative Instruments for additional information.
[3] On March 17, 2021, in connection with the SST IV Merger, we assumed a $40.5 million fixed rate CMBS financing with KeyBank as the initial lender pursuant to a mortgage loan (the “SST IV CMBS Loan”). This fixed rate loan encumbers seven properties owned by us (Jensen Beach, Texas City, Riverside, Las Vegas IV, Puyallup, Las Vegas V, and Plant City). The separate assets of these encumbered properties are not available to pay our other debts, and we serve as a non-recourse guarantor under this loan. The loan has a maturity date of February 1, 2030. Monthly payments due under the loan agreement (the “SST IV CMBS Loan Agreement”) are interest only, with the full principal amount becoming due and payable on the maturity date.
[4] This fixed rate loan encumbers 29 properties (Whittier, La Verne, Santa Ana, Upland, La Habra, Monterey Park, Huntington Beach, Chico, Lancaster I, Riverside, Fairfield, Lompoc, Santa Rosa, Federal Heights, Aurora, Littleton, Bloomingdale, Crestwood, Forestville, Warren I, Sterling Heights, Troy, Warren II, Beverly, Everett, Foley, Tampa, Boynton Beach, and Lancaster II) with monthly interest only payments until September 2021, at
which time both interest and principal payments became due monthly. The separate assets of these encumbered properties are not available to pay our other debts, and we serve as a non-recourse guarantor under this loan.
[5] This fixed rate, interest only loan encumbers 10 properties (Myrtle Beach I, Myrtle Beach II, Port St. Lucie, Plantation, Sonoma, Las Vegas I, Las Vegas II, Las Vegas III, Ft Pierce, and Nantucket Island). The separate assets of these encumbered properties are not available to pay our other debts, and we serve as a non-recourse guarantor under this loan.
[6] On February 4, 2025, we completed a series of transactions whereby we (i) defeased this loan (the “Defeasance”), and (ii) exercised the accordion rights under the Credit Facility to increase commitments by $50 million to a total of $700 million and simultaneously drew approximately $51 million.
[7] On November 16, 2023, we, through eight of our wholly-owned Canadian subsidiaries entered into a term loan (the "2028 Canadian Term Loan") with affiliates of QuadReal Finance LP, receiving net proceeds of $110.0 million CAD on such date. The 2028 Canadian Term Loan is secured by eight Canadian properties, has a maturity date of December 1, 2028, and carries a fixed interest rate for the term of the loan of 6.41%. The first two years of the Canadian Term Loan are interest only, after which it requires monthly amortizing payments based on a 25-year amortization schedule.
[8] Subsequent to September 30, 2025, the Total Leverage Ratio Event had ended, and the interest rate reverted to 4.53% as of October 1, 2025.