v3.25.4
Debt - Schedule of Summarized Real Estate Secured Debt (Parenthetical) (Detail)
$ in Thousands
 12 Months Ended
Nov. 16, 2023
USD ($)
Mar. 17, 2021
USD ($)
Property
Dec. 31, 2025
USD ($)
Property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Oct. 01, 2025
Feb. 04, 2025
USD ($)
Debt Instrument [Line Items]              
Debt Instrument Carrying Amount     $ 1,104,368        
Debt Instrument Variable Rate           4.53%  
Proceeds from line of credit     $ 320,000 $ 669,950 $ 135,000    
2032 Private Placement Notes              
Debt Instrument [Line Items]              
Senior notes maturity date [1],[2]     Apr. 19, 2032        
Debt Instrument Carrying Amount [1]     $ 150,000 150,000      
Debt Instrument Variable Rate [1],[2]     4.53%        
2028 Canadian Term Loan              
Debt Instrument [Line Items]              
Senior notes maturity date Dec. 01, 2028   Dec. 01, 2028 [2],[3],[4]        
Interest rate 6.41%            
Term 25 years            
Debt Instrument Carrying Amount [3],[4]     $ 80,234 76,527      
Debt Instrument Variable Rate [2],[3],[4]     6.41%        
Proceeds from line of credit $ 110,000            
KeyBank SST IV CMBS Loan              
Debt Instrument [Line Items]              
Number of properties encumbered | Property   7          
Senior notes maturity date   Feb. 01, 2030          
Debt Instrument Carrying Amount   $ 40,500          
2027 NBC Loan              
Debt Instrument [Line Items]              
Debt Instrument Carrying Amount [4],[5]     $ 0 51,425      
Fixed Rate Secured Debt | KeyBank CMBS Loan              
Debt Instrument [Line Items]              
Number of properties encumbered | Property     29        
Senior notes maturity date [2],[6]     Aug. 01, 2026        
Debt Instrument Carrying Amount [6]     $ 87,355 89,240      
Debt Instrument Variable Rate [2],[6]     3.89%        
Fixed Rate Secured Debt | KeyBank Property Loan              
Debt Instrument [Line Items]              
Credit Facility increase commitments             $ 50,000
Initial maximum amount available             700,000
Credit facility utilized             $ 51,000
Fixed Rate Secured Debt | CMBS Loan              
Debt Instrument [Line Items]              
Number of properties encumbered | Property     10        
Senior notes maturity date [2],[7]     Feb. 01, 2029        
Debt Instrument Carrying Amount [7]     $ 104,000 $ 104,000      
Debt Instrument Variable Rate [2],[7]     5.00%        
[1] On October 1, 2025, the Total Leverage Ratio Event had ended, and the interest rate reverted to 4.53%.
[2] Reflects the interest rate or maturity date in effect as of December 31, 2025, as applicable.
[3] 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.
[4] The amounts shown above are in USD based on the foreign exchange rate in effect as of the date presented.
[5] 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.
[6] 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.
[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.