v3.25.4
Debt - Schedule of Summarized Real Estate Secured Debt (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Sep. 24, 2025
Jun. 11, 2025
Nov. 16, 2023
Dec. 31, 2025
Oct. 01, 2025
Apr. 15, 2025
Dec. 31, 2024
Dec. 20, 2024
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount       $ 1,104,368        
Debt issuance costs, net       (4,373)        
Total debt       1,098,248     $ 1,317,435  
Debt Instrument Fixed Rate         4.53%      
Ladera Office Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount       $ 3,635     3,736  
Debt Instrument Fixed Rate [1]       4.29%        
Senior notes maturity date [1]       Nov. 01, 2026        
2027 NBC Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [2],[3]       $ 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% [1]       5.00%
Senior notes maturity date [1]       Dec. 05, 2027        
2028 Canadian Notes                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [2]       $ 364,700     0  
Debt Instrument Fixed Rate [1],[2]       3.91%        
Interest rate   3.91%            
Senior notes maturity date   Jun. 16, 2028   Jun. 16, 2028 [1],[2]        
Kelowna Canadian Property Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [2]       $ 17,524     0  
Debt Instrument Fixed Rate [1],[2]       3.45%        
Senior notes maturity date [1],[2]       Sep. 30, 2028        
SST IV CMBS Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [4]       $ 40,500     40,500  
Debt Instrument Fixed Rate [1],[4]       3.56%        
Senior notes maturity date [1],[4]       Feb. 01, 2030        
2030 Canadian Notes                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [2]       $ 145,880     0  
Debt Instrument Fixed Rate [1],[2]       3.89%        
Interest rate 3.89%              
Senior notes maturity date Sep. 24, 2030     Sep. 24, 2030 [1],[2]        
Kelowna Property Loan                
Debt Instrument [Line Items]                
Debt Instrument Fixed Rate           3.45%    
Fixed Rate Secured Debt                
Debt Instrument [Line Items]                
Discount on secured debt, net       $ (1,747)     (1,570)  
Debt issuance costs, net       (4,373)     (3,369)  
Fixed Rate Secured Debt | KeyBank CMBS Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [5]       $ 87,355     89,240  
Debt Instrument Fixed Rate [1],[5]       3.89%        
Senior notes maturity date [1],[5]       Aug. 01, 2026        
Fixed Rate Secured Debt | KeyBank Florida CMBS Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [6]       $ 0     49,915  
Fixed Rate Secured Debt | CMBS Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [7]       $ 104,000     104,000  
Debt Instrument Fixed Rate [1],[7]       5.00%        
Senior notes maturity date [1],[7]       Feb. 01, 2029        
2025 KeyBank Acquisition Facility | Fixed Rate Secured Debt                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount       $ 0     100,200  
Credit Facility                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [8]       $ 59,826     614,831  
Debt Instrument Fixed Rate [1],[8]       5.37%        
Senior notes maturity date [1],[8]       Feb. 22, 2027        
2028 Canadian Term Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [2],[9]       $ 80,234     76,527  
Debt Instrument Fixed Rate [1],[2],[9]       6.41%        
Interest rate     6.41%          
Senior notes maturity date     Dec. 01, 2028 Dec. 01, 2028 [1],[2],[9]        
2032 Private Placement Notes                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount [10]       $ 150,000     150,000  
Debt Instrument Fixed Rate [1],[10]       4.53%        
Senior notes maturity date [1],[10]       Apr. 19, 2032        
Houston Property Loan                
Debt Instrument [Line Items]                
Debt Instrument Carrying Amount       $ 8,714     $ 0  
Debt Instrument Fixed Rate [1]       5.15%        
Senior notes maturity date [1]       May 01, 2034        
[1] Reflects the interest rate or maturity date in effect as of December 31, 2025, as applicable.
[2] The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
[3] 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. This loan was fully paid off on June 16, 2025 with proceeds from the 2028 Canadian Notes offering, as described below.
[4] 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.
[5] 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.
[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] 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.
[8] The Credit Facility was recast on February 18, 2026. See Note 16 – Subsequent Events for further information.
[9] 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. After the third anniversary, any prepayment of the loan are subject to an exit fee, which is equal to a percentage of the then
outstanding principal amount, as follows: (i) 100 bps if the prepayment occurs between the third and fourth anniversaries; and (ii) 75 bps if the prepayment occurs after the fourth anniversary.
[10] On October 1, 2025, the Total Leverage Ratio Event had ended, and the interest rate reverted to 4.53%.