v3.25.1
NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details)
3 Months Ended
Mar. 26, 2025
USD ($)
Mar. 25, 2025
Feb. 06, 2025
extension_option
Nov. 22, 2024
USD ($)
property
Jun. 01, 2024
USD ($)
Jan. 01, 2024
USD ($)
Mar. 31, 2025
USD ($)
extension_option
Feb. 05, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 1,468,122,000   $ 1,451,063,000
Deferred financing costs, net             (20,210,000)   (8,402,000)
Total Notes Payable, net             1,447,912,000   1,442,661,000
Face amount of debt             1,468,122,000   1,451,063,000
Modified Portfolio Revolving Loan Facility | Loan Guarantor and Loan Borrower                  
Debt Instrument [Line Items]                  
Hold costs available for future disbursement             6,100,000    
Mortgages | The Almaden Mortgage Loan                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 118,050,000   118,440,000
Stated percentage             7.45%    
Effective interest rate             7.45%    
Debt instrument, periodic payment, principal           $ 130,000      
Mortgages | Carillon Mortgage Loan                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 88,557,000   88,140,000
Total Notes Payable, net $ 87,800,000                
Basis spread on variable rate 2.00% 1.50%              
Effective interest rate             6.32%    
Debt instrument, periodic payment, principal $ 112,000                
Mortgages | Carillon Mortgage Loan | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             2.00%    
Mortgages | 3001 & 3003 Washington Mortgage Loan (7)                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 138,807,000   138,807,000
Effective interest rate             7.32%    
Mortgages | 3001 & 3003 Washington Mortgage Loan (7) | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             2.90%    
Mortgages | 3001 & 3003 Washington Mortgage Loan (7) | Adjusted Term Secured Overnight Financing Rate (ASOFR)                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             0.10%    
Mortgages | Park Place Village Loan                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 65,000,000   65,000,000
Effective interest rate             6.27%    
Number of extensions | extension_option             2    
Extension period             12 months    
Mortgages | Park Place Village Loan | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             1.95%    
Secured Debt | Modified Portfolio Revolving Loan Facility                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 209,524,000   209,789,000
Effective interest rate             7.32%    
Debt instrument, periodic payment, principal         $ 880,900        
Secured Debt | Modified Portfolio Revolving Loan Facility | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             3.00%    
Secured Debt | Accenture Tower Revolving Loan                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 317,447,000   307,097,000
Effective interest rate             7.32%    
Face amount of debt             $ 317,400,000    
Number of extensions | extension_option             1    
Extension period             12 months    
Secured Debt | Accenture Tower Revolving Loan | Loan Guarantor and Loan Borrower                  
Debt Instrument [Line Items]                  
Hold costs available for future disbursement             $ 4,600,000    
Secured Debt | Accenture Tower Revolving Loan | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             3.00%    
Secured Debt | Amended and Restated Portfolio Loan Facility                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 467,885,000   460,938,000
Total Notes Payable, net               $ 465,900,000  
Basis spread on variable rate     3.00%            
Effective interest rate             7.32%    
Number of extensions | extension_option     2            
Extension period     12 months            
Secured Debt | Amended and Restated Portfolio Loan Facility | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             3.00%    
Line of Credit | Credit Facility                  
Debt Instrument [Line Items]                  
Total notes payable principal outstanding             $ 62,852,000   $ 62,852,000
Effective interest rate             7.32%    
Line of Credit | Credit Facility | Debt Covenant Period One                  
Debt Instrument [Line Items]                  
Debt instrument, covenant, required property sale, number | property       1          
Debt instrument, covenant, required debt pay down, maximum amount       $ 25,400,000          
Debt instrument, covenant, required maximum principal balance       $ 37,500,000          
Line of Credit | Credit Facility | Debt Covenant Period Two                  
Debt Instrument [Line Items]                  
Debt instrument, covenant, required property sale, number | property       1          
Debt instrument, covenant, required maximum principal balance       $ 27,500,000          
Debt instrument, covenant, debt paydown requirement, percent of property sale proceeds       0.50          
Line of Credit | Credit Facility | Debt Covenant Period Three                  
Debt Instrument [Line Items]                  
Debt instrument, covenant, required property sale, number | property       3          
Debt instrument, covenant, debt paydown requirement, percent of property sale proceeds       1          
Line of Credit | Credit Facility | One-month SOFR                  
Debt Instrument [Line Items]                  
Basis spread on variable rate             3.00%