☒ | ||||||||||||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||||||
FOR THE FISCAL YEAR ENDED | ||||||||||||||
December 31, | ||||||||||||||
OR | ||||||||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||||
For the transition period from ___ to ___ | ||||||||||||||
COMMISSION FILE NUMBER | ||||||||||||||
1-07094 |
Maryland | 13-2711135 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
400 W Parkway Place | |||||||||||
Suite 100 | |||||||||||
Ridgeland, | Mississippi | 39157 | |||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, $0.0001 par value per share | EGP | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ | ||||||||||||
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |
Page | ||||||||
PART I | ||||||||
PART II | ||||||||
PART III | ||||||||
PART IV | ||||||||
Years Ending December 31, | Number of Leases Expiring | Total Area of Leases Expiring (in Square Feet) | Annualized Current Base Rent of Leases Expiring (1) | % of Total Base Rent of Leases Expiring | ||||||||||||||||||||||
2022 (2) | 283 | 6,179,000 | $ | 42,114,000 | 13.7% | |||||||||||||||||||||
2023 | 286 | 6,927,000 | $ | 46,174,000 | 15.0% | |||||||||||||||||||||
2024 | 293 | 7,837,000 | $ | 52,363,000 | 17.0% | |||||||||||||||||||||
2025 | 202 | 6,348,000 | $ | 44,412,000 | 14.4% | |||||||||||||||||||||
2026 | 241 | 7,462,000 | $ | 52,211,000 | 16.9% | |||||||||||||||||||||
2027 | 123 | 4,635,000 | $ | 27,410,000 | 8.9% | |||||||||||||||||||||
2028 | 57 | 2,415,000 | $ | 16,606,000 | 5.4% | |||||||||||||||||||||
2029 | 33 | 1,880,000 | $ | 9,947,000 | 3.2% | |||||||||||||||||||||
2030 | 15 | 600,000 | $ | 4,799,000 | 1.6% | |||||||||||||||||||||
2031 and beyond | 32 | 2,124,000 | $ | 11,907,000 | 3.9% |
Years Ending December 31, | Number of Leases Expiring | Total Area of Leases Expiring (in Square Feet) | Annualized Current Base Rent of Leases Expiring (1) | % of Total Base Rent of Leases Expiring | |||||||
2020 (2) | 329 | 5,660,000 | $ | 36,530,000 | 14.6% | ||||||
2021 | 297 | 7,590,000 | $ | 48,814,000 | 19.6% | ||||||
2022 | 281 | 7,305,000 | $ | 43,535,000 | 17.5% | ||||||
2023 | 197 | 4,649,000 | $ | 29,694,000 | 11.9% | ||||||
2024 | 200 | 5,882,000 | $ | 36,426,000 | 14.6% | ||||||
2025 | 80 | 3,264,000 | $ | 18,555,000 | 7.4% | ||||||
2026 | 51 | 1,926,000 | $ | 12,793,000 | 5.1% | ||||||
2027 | 27 | 1,305,000 | $ | 7,676,000 | 3.1% | ||||||
2028 | 20 | 1,024,000 | $ | 5,899,000 | 2.4% | ||||||
2029 and beyond | 24 | 1,664,000 | $ | 9,467,000 | 3.8% |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||
2019 | 2018 | 2021 | 2020 | ||||||||||||||
Common Share Distributions: | (Per share) | Common Share Distributions: | (Per share) | ||||||||||||||
Ordinary dividends | $ | 3.14000 | 2.14305 | Ordinary dividends | $ | 3.61656 | 3.32868 | ||||||||||
Nondividend distributions | — | — | Nondividend distributions | — | — | ||||||||||||
Unrecaptured Section 1250 capital gain | — | — | Unrecaptured Section 1250 capital gain | — | — | ||||||||||||
Other capital gain | — | — | Other capital gain | — | — | ||||||||||||
Total Common Distributions | $ | 3.14000 | 2.14305 | Total Common Distributions | $ | 3.61656 | 3.32868 |
Fiscal years ended December 31, | ||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||
EastGroup | $ | 100.00 | 91.51 | 126.09 | 155.48 | 166.30 | 246.46 | |||||||||||
FTSE Nareit Equity REITs | 100.00 | 103.20 | 111.99 | 117.84 | 112.39 | 141.61 | ||||||||||||
S&P 500 Total Return | 100.00 | 101.38 | 113.51 | 138.29 | 132.23 | 173.86 |
Fiscal years ended December 31, | |||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
EastGroup | $ | 100.00 | 123.35 | 131.90 | 195.48 | 208.58 | 351.33 | ||||||||||||||||||||||||||||
FTSE Nareit Equity REITs | 100.00 | 105.23 | 100.37 | 126.47 | 116.35 | 166.66 | |||||||||||||||||||||||||||||
S&P 500 Total Return | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.42 |
Years Ended December 31, | |||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||
OPERATING DATA | (In thousands, except per share data) | ||||||||||||||
REVENUES | |||||||||||||||
Income from real estate operations | $ | 330,813 | 299,018 | 274,031 | 252,961 | 234,918 | |||||||||
Other revenue | 574 | 1,374 | 119 | 86 | 90 | ||||||||||
331,387 | 300,392 | 274,150 | 253,047 | 235,008 | |||||||||||
Expenses | |||||||||||||||
Expenses from real estate operations | 93,274 | 86,394 | 80,108 | 74,347 | 67,402 | ||||||||||
Depreciation and amortization | 104,724 | 91,704 | 83,874 | 77,935 | 73,290 | ||||||||||
General and administrative | 16,406 | 13,738 | 14,972 | 13,232 | 15,091 | ||||||||||
Indirect leasing costs | 411 | — | — | — | — | ||||||||||
Acquisition costs | — | — | — | 161 | 164 | ||||||||||
214,815 | 191,836 | 178,954 | 165,675 | 155,947 | |||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (34,463 | ) | (35,106 | ) | (34,775 | ) | (35,213 | ) | (34,666 | ) | |||||
Gain, net of loss, on sales of real estate investments | 41,068 | 14,273 | 21,855 | 42,170 | 2,903 | ||||||||||
Other | 163 | 913 | 1,313 | 1,765 | 1,101 | ||||||||||
Net income | 123,340 | 88,636 | 83,589 | 96,094 | 48,399 | ||||||||||
Net income attributable to noncontrolling interest in joint ventures | (1,678 | ) | (130 | ) | (406 | ) | (585 | ) | (533 | ) | |||||
Net income attributable to EastGroup Properties, Inc. common stockholders | 121,662 | 88,506 | 83,183 | 95,509 | 47,866 | ||||||||||
Other comprehensive income (loss) - Cash flow hedges | (3,894 | ) | 1,353 | 3,353 | 5,451 | (1,099 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 117,768 | 89,859 | 86,536 | 100,960 | 46,767 | |||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||
Net income attributable to common stockholders | $ | 3.25 | 2.50 | 2.45 | 2.93 | 1.49 | |||||||||
Weighted average shares outstanding | 37,442 | 35,439 | 33,996 | 32,563 | 32,091 | ||||||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||
Net income attributable to common stockholders | $ | 3.24 | 2.49 | 2.44 | 2.93 | 1.49 | |||||||||
Weighted average shares outstanding | 37,527 | 35,506 | 34,047 | 32,628 | 32,196 | ||||||||||
OTHER PER SHARE DATA | |||||||||||||||
Book value, at end of year | $ | 30.84 | 24.74 | 21.56 | 19.13 | 17.11 | |||||||||
Common distributions declared | 2.94 | 2.72 | 2.52 | 2.44 | 2.34 | ||||||||||
Common distributions paid | 2.91 | 2.00 | 2.52 | 2.44 | 2.34 | ||||||||||
BALANCE SHEET DATA (AT END OF YEAR) | |||||||||||||||
Real estate investments, at cost (1) | $ | 3,274,050 | 2,827,609 | 2,591,358 | 2,419,461 | 2,232,344 | |||||||||
Real estate investments, net of accumulated depreciation (1) | 2,402,911 | 2,012,694 | 1,841,757 | 1,725,211 | 1,574,890 | ||||||||||
Total assets | 2,546,078 | 2,131,705 | 1,953,221 | 1,825,764 | 1,661,904 | ||||||||||
Unsecured bank credit facilities, unsecured debt and secured debt | 1,182,602 | 1,105,787 | 1,108,282 | 1,101,333 | 1,027,909 | ||||||||||
Total liabilities | 1,343,749 | 1,227,002 | 1,202,091 | 1,183,898 | 1,102,703 | ||||||||||
Noncontrolling interest in joint ventures | 1,765 | 1,644 | 1,658 | 4,205 | 4,339 | ||||||||||
Total stockholders’ equity | 1,200,564 | 903,059 | 749,472 | 637,661 | 554,862 |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
NET INCOME | $ | 157,638 | 108,391 | 123,340 | |||||||||||||
Gain on sales of real estate investments | (38,859) | (13,145) | (41,068) | ||||||||||||||
Gain on sales of non-operating real estate | — | — | (83) | ||||||||||||||
Net loss on other | — | — | 884 | ||||||||||||||
Interest income | (6) | (101) | (129) | ||||||||||||||
Other revenue | (63) | (354) | (574) | ||||||||||||||
Indirect leasing costs | 700 | 661 | 411 | ||||||||||||||
Depreciation and amortization | 127,099 | 116,359 | 104,724 | ||||||||||||||
Company’s share of depreciation from unconsolidated investment | 136 | 137 | 141 | ||||||||||||||
Interest expense | 32,945 | 33,927 | 34,463 | ||||||||||||||
General and administrative expense | 15,704 | 14,404 | 16,406 | ||||||||||||||
Noncontrolling interest in PNOI of consolidated joint ventures | (61) | (171) | (199) | ||||||||||||||
PROPERTY NET OPERATING INCOME (“PNOI”) | 295,233 | 260,108 | 238,316 | ||||||||||||||
PNOI from 2020 and 2021 acquisitions | (5,111) | (492) | * | ||||||||||||||
PNOI from 2020 and 2021 development and value-add properties | (26,970) | (12,552) | * | ||||||||||||||
PNOI from 2020 and 2021 operating property dispositions | (1,518) | (2,691) | * | ||||||||||||||
Other PNOI | 233 | 256 | * | ||||||||||||||
SAME PNOI | 261,867 | 244,629 | * | ||||||||||||||
Net lease termination fee income from same properties | (1,411) | (709) | * | ||||||||||||||
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS | $ | 260,456 | 243,920 | * |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Income from real estate operations | $ | 409,412 | 362,669 | 330,813 | |||||||||||||
Expenses from real estate operations | (115,078) | (103,368) | (93,274) | ||||||||||||||
Noncontrolling interest in PNOI of consolidated joint ventures | (61) | (171) | (199) | ||||||||||||||
PNOI from 50% owned unconsolidated investment | 960 | 978 | 976 | ||||||||||||||
PROPERTY NET OPERATING INCOME (“PNOI”) | $ | 295,233 | 260,108 | 238,316 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
Income from real estate operations | $ | 330,813 | 299,018 | 274,031 | |||||
Expenses from real estate operations | (93,274 | ) | (86,394 | ) | (80,108 | ) | |||
Noncontrolling interest in PNOI of consolidated joint ventures | (199 | ) | (314 | ) | (633 | ) | |||
PNOI from 50% owned unconsolidated investment | 976 | 869 | 897 | ||||||
PROPERTY NET OPERATING INCOME ("PNOI") | $ | 238,316 | 213,179 | 194,187 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
NET INCOME | $ | 123,340 | 88,636 | 83,589 | |||||
(Gain) on sales of real estate investments | (41,068 | ) | (14,273 | ) | (21,855 | ) | |||
(Gain) on sales of non-operating real estate | (83 | ) | (86 | ) | (293 | ) | |||
(Gain) on sales of other assets | — | (427 | ) | — | |||||
Net loss on other | 884 | 497 | — | ||||||
Interest income | (129 | ) | (156 | ) | (247 | ) | |||
Other revenue | (574 | ) | (1,374 | ) | (119 | ) | |||
Indirect leasing costs | 411 | — | — | ||||||
Depreciation and amortization | 104,724 | 91,704 | 83,874 | ||||||
Company's share of depreciation from unconsolidated investment | 141 | 128 | 124 | ||||||
Interest expense | 34,463 | 35,106 | 34,775 | ||||||
General and administrative expense | 16,406 | 13,738 | 14,972 | ||||||
Noncontrolling interest in PNOI of consolidated joint ventures | (199 | ) | (314 | ) | (633 | ) | |||
PROPERTY NET OPERATING INCOME ("PNOI") | 238,316 | 213,179 | 194,187 | ||||||
PNOI from 2018 and 2019 Acquisitions | (6,520 | ) | (1,444 | ) | * | ||||
PNOI from 2018 and 2019 Development and Value-Add Properties | (20,321 | ) | (7,771 | ) | * | ||||
PNOI from 2018 and 2019 Operating Property Dispositions | (3,812 | ) | (4,783 | ) | * | ||||
Other PNOI | 247 | 372 | * | ||||||
SAME PNOI | 207,910 | 199,553 | * | ||||||
Net lease termination fee (income) from same properties | (1,257 | ) | (294 | ) | * | ||||
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS | $ | 206,653 | 199,259 | * |
Years Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ | 157,557 | 108,363 | 121,662 | ||||||||||||||||
Depreciation and amortization | 127,099 | 116,359 | 104,724 | |||||||||||||||||
Company’s share of depreciation from unconsolidated investment | 136 | 137 | 141 | |||||||||||||||||
Depreciation and amortization from noncontrolling interest | — | (142) | (186) | |||||||||||||||||
Gain on sales of real estate investments | (38,859) | (13,145) | (41,068) | |||||||||||||||||
Gain on sales of non-operating real estate | — | — | (83) | |||||||||||||||||
Noncontrolling interest in gain on sales of real estate investments of consolidated joint ventures | — | — | 1,671 | |||||||||||||||||
FUNDS FROM OPERATIONS (“FFO”) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 245,933 | 211,572 | 186,861 | ||||||||||||||||
Net income attributable to common stockholders per diluted share | $ | 3.90 | 2.76 | 3.24 | ||||||||||||||||
Funds from operations (“FFO”) attributable to common stockholders per diluted share | $ | 6.09 | 5.38 | 4.98 | ||||||||||||||||
Diluted shares for earnings per share and funds from operations | 40,377 | 39,296 | 37,527 |
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands, except per share data) | ||||||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ | 121,662 | 88,506 | 83,183 | ||||||||
Depreciation and amortization | 104,724 | 91,704 | 83,874 | |||||||||
Company's share of depreciation from unconsolidated investment | 141 | 128 | 124 | |||||||||
Depreciation and amortization from noncontrolling interest | (186 | ) | (182 | ) | (224 | ) | ||||||
Net (gain) on sales of real estate investments | (41,068 | ) | (14,273 | ) | (21,855 | ) | ||||||
Net (gain) on sales of non-operating real estate | (83 | ) | (86 | ) | (293 | ) | ||||||
Net (gain) on sales of other assets | — | (427 | ) | — | ||||||||
Noncontrolling interest in gain on sales of real estate investments of consolidated joint ventures | 1,671 | — | — | |||||||||
FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 186,861 | 165,370 | 144,809 | ||||||||
Net income attributable to common stockholders per diluted share | $ | 3.24 | 2.49 | 2.44 | ||||||||
Funds from operations ("FFO") attributable to common stockholders per diluted share | 4.98 | 4.66 | 1.0 | (1) | 4.25 | 1.0 | (1) | |||||
Diluted shares for earnings per share and funds from operations | 37,527 | 35,506 | 34,047 |
REAL ESTATE PROPERTIES ACQUIRED IN 2019 | Location | Size | Date Acquired | Cost (1) | |||||||
(Square feet) | (In thousands) | ||||||||||
Airways Business Center | Denver, CO | 382,000 | 05/20/2019 | $ | 45,775 | ||||||
385 Business Park | Greenville, SC | 155,000 | 07/31/2019 | 12,138 | |||||||
Grand Oaks 75 Business Center 1 | Tampa, FL | 169,000 | 09/06/2019 | 16,554 | |||||||
Siempre Viva Distribution Center 2 | San Diego, CA | 60,000 | 10/04/2019 | 8,590 | |||||||
Rocky Point Distribution Center 1 | San Diego, CA | 118,000 | 12/17/2019 | 22,244 | |||||||
Total Real Estate Property Acquisitions | 884,000 | $ | 105,301 |
REAL ESTATE PROPERTIES ACQUIRED IN 2021 | Location | Size | Date Acquired | Cost | ||||||||||||||||||||||
(Square feet) | (In thousands) | |||||||||||||||||||||||||
Southpark Distribution Center 2 | Phoenix, AZ | 79,000 | 06/10/2021 | $ | 9,177 | |||||||||||||||||||||
DFW Global Logistics Centre | Dallas, TX | 611,000 | 08/26/2021 | 89,829 | ||||||||||||||||||||||
Progress Center 3 | Atlanta, GA | 50,000 | 09/23/2021 | 5,000 | ||||||||||||||||||||||
Texas Avenue | Austin, TX | 20,000 | 10/15/2021 | 4,143 | ||||||||||||||||||||||
Total operating property acquisitions | 760,000 | $ | 108,149 | |||||||||||||||||||||||
VALUE-ADD PROPERTIES ACQUIRED IN 2021 | Location | Size | Date Acquired | Cost | ||||||||||||||||||||||
(Square feet) | (In thousands) | |||||||||||||||||||||||||
Access Point 1 | Greenville, SC | 156,000 | 01/15/2021 | $ | 10,501 | |||||||||||||||||||||
Northpoint 200 | Atlanta, GA | 79,000 | 01/21/2021 | 6,516 | ||||||||||||||||||||||
Access Point 2 | Greenville, SC | 159,000 | 05/19/2021 | 10,743 | ||||||||||||||||||||||
Cherokee 75 Business Center 2 | Atlanta, GA | 105,000 | 06/17/2021 | 8,837 | ||||||||||||||||||||||
Siempre Viva Distribution Center 3-6 | San Diego, CA | 547,000 | 12/01/2021 | 134,479 | ||||||||||||||||||||||
Total operating property acquisitions | 1,046,000 | $ | 171,076 |
VALUE-ADD PROPERTIES ACQUIRED IN 2019 | Location | Size | Date Acquired | Cost (1) | |||||||
(Square feet) | (In thousands) | ||||||||||
Logistics Center 6 & 7 | Dallas, TX | 142,000 | 04/23/2019 | $ | 12,605 | ||||||
Arlington Tech Centre 1 & 2 | Dallas, TX | 151,000 | 08/16/2019 | 12,615 | |||||||
Grand Oaks 75 Business Center 2 | Tampa, FL | 150,000 | 09/06/2019 | 12,815 | |||||||
Interstate Commons Distribution Center 2 | Phoenix, AZ | 142,000 | 10/21/2019 | 9,386 | |||||||
Southwest Commerce Center | Las Vegas, NV | 196,000 | 10/30/2019 | 25,609 | |||||||
Rocky Point Distribution Center 2 | San Diego, CA | 109,000 | 12/17/2019 | 19,238 | |||||||
Total Value-Add Property Acquisitions | 890,000 | $ | 92,268 |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | |||||||||||||||||
Costs Transferred in 2019 (1) | For the Year Ended 12/31/19 | Cumulative as of 12/31/19 | Projected Total Costs (2) | Anticipated Building Conversion Date | ||||||||||||||
(In thousands) | ||||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||
Logistics Center 6 & 7, Dallas, TX (3) | 142,000 | $ | — | 15,735 | 15,735 | 16,400 | 01/20 | |||||||||||
Settlers Crossing 1, Austin, TX | 77,000 | — | 2,999 | 9,259 | 10,200 | 01/20 | ||||||||||||
Settlers Crossing 2, Austin, TX | 83,000 | — | 1,360 | 8,475 | 9,200 | 01/20 | ||||||||||||
Parc North 5, Dallas, TX | 100,000 | — | 1,736 | 8,689 | 9,200 | 02/20 | ||||||||||||
Airport Commerce Center 3, Charlotte, NC | 96,000 | — | 2,763 | 8,556 | 9,100 | 03/20 | ||||||||||||
Horizon VIII & IX, Orlando, FL | 216,000 | 4,967 | 11,634 | 16,601 | 18,800 | 04/20 | ||||||||||||
Ten West Crossing 8, Houston, TX | 132,000 | — | 3,174 | 9,764 | 10,900 | 04/20 | ||||||||||||
Tri-County Crossing 1 & 2, San Antonio, TX | 203,000 | — | 6,491 | 15,386 | 16,700 | 04/20 | ||||||||||||
CreekView 121 5 & 6, Dallas, TX | 139,000 | — | 7,546 | 13,151 | 16,200 | 06/20 | ||||||||||||
Parc North 6, Dallas, TX | 96,000 | 2,552 | 5,738 | 8,290 | 10,100 | 07/20 | ||||||||||||
Arlington Tech Centre 1 & 2, Dallas, TX (3) | 151,000 | — | 13,277 | 13,277 | 15,100 | 08/20 | ||||||||||||
Gateway 5, Miami, FL | 187,000 | 11,944 | 11,161 | 23,105 | 23,500 | 09/20 | ||||||||||||
Grand Oaks 75 2, Tampa, FL (3) | 150,000 | — | 13,115 | 13,115 | 13,600 | 09/20 | ||||||||||||
Southwest Commerce Center, Las Vegas, NV (3) | 196,000 | — | 26,613 | 26,613 | 30,100 | 10/20 | ||||||||||||
SunCoast 6, Ft. Myers, FL | 81,000 | 3,915 | 4,019 | 7,934 | 9,200 | 10/20 | ||||||||||||
Rocky Point 2, San Diego, CA (3) | 109,000 | — | 19,275 | 19,275 | 20,600 | 12/20 | ||||||||||||
Steele Creek IX, Charlotte, NC | 125,000 | 1,766 | 7,354 | 9,120 | 9,800 | 12/20 | ||||||||||||
Total Lease-Up | 2,283,000 | 25,144 | 153,990 | 226,345 | 248,700 | |||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||
SunCoast 8, Ft. Myers, FL | 77,000 | 4,361 | 123 | 4,484 | 9,000 | 05/20 | ||||||||||||
Gilbert Crossroads A & B, Phoenix, AZ | 140,000 | 3,221 | 10,729 | 13,950 | 16,000 | 01/21 | ||||||||||||
Hurricane Shoals 3, Atlanta, GA | 101,000 | 3,890 | 2,739 | 6,629 | 8,800 | 03/21 | ||||||||||||
Interstate Commons 2, Phoenix, AZ (3) | 142,000 | — | 9,882 | 9,882 | 11,800 | 03/21 | ||||||||||||
Tri-County Crossing 3 & 4, San Antonio, TX | 203,000 | 2,334 | 6,364 | 8,698 | 14,700 | 05/21 | ||||||||||||
World Houston 44, Houston, TX | 134,000 | 1,546 | 3,244 | 4,790 | 9,100 | 05/21 | ||||||||||||
Ridgeview 1 & 2, San Antonio, TX | 226,000 | 2,499 | 4,032 | 6,531 | 18,500 | 06/21 | ||||||||||||
Creekview 121 7 & 8, Dallas, TX | 137,000 | 5,489 | 1,310 | 6,799 | 16,300 | 07/21 | ||||||||||||
Northwest Crossing 1-3, Houston, TX | 278,000 | 6,109 | 5,426 | 11,535 | 25,700 | 07/21 | ||||||||||||
Settlers Crossing 3 & 4, Austin, TX | 173,000 | 4,030 | 4,059 | 8,089 | 18,400 | 07/21 | ||||||||||||
LakePort 1-3, Dallas, TX | 194,000 | 3,542 | 4,520 | 8,062 | 22,500 | 09/21 | ||||||||||||
Total Under Construction | 1,805,000 | 37,021 | 52,428 | 89,449 | 170,800 | |||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||
Phoenix, AZ | 178,000 | (3,221 | ) | 785 | 4,373 | |||||||||||||
Ft. Myers, FL | 329,000 | (8,276 | ) | 2,457 | 7,503 | |||||||||||||
Miami, FL | 463,000 | (11,944 | ) | 9,798 | 34,185 | |||||||||||||
Orlando, FL | — | (4,967 | ) | 323 | 1,075 | |||||||||||||
Tampa, FL | 349,000 | — | 4,241 | 5,801 | ||||||||||||||
Atlanta, GA | — | (3,890 | ) | 3,164 | — | |||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||
Charlotte, NC | 475,000 | (1,766 | ) | 1,884 | 7,327 | |||||||||||||
Austin, TX | — | (4,030 | ) | 288 | — | |||||||||||||
Dallas, TX | 997,000 | (11,583 | ) | 18,979 | 19,588 | |||||||||||||
Houston, TX | 1,223,000 | (13,126 | ) | 16,135 | 19,448 | |||||||||||||
San Antonio, TX | 373,000 | (5,987 | ) | 1,137 | 4,199 | |||||||||||||
Total Prospective Development | 4,415,000 | (68,790 | ) | 59,191 | 104,205 | |||||||||||||
8,503,000 | $ | (6,625 | ) | 265,609 | 419,999 | |||||||||||||
The Development and Value-Add Properties Activity table is continued on the following page. |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | Actual or Anticipated Building Conversion Date | ||||||||||||||||||||||||||||||||||||
Costs Transferred in 2021 (1) | For the Year Ended 12/31/21 | Cumulative as of 12/31/21 | Projected Total Costs (2) | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||||||||||||||||||||||
Access Point 1, Greenville, SC (3) | 156,000 | $ | — | 12,522 | 12,522 | 13,300 | 01/22 | |||||||||||||||||||||||||||||||
Access Point 2, Greenville, SC (3) | 159,000 | — | 11,631 | 11,631 | 13,100 | 05/22 | ||||||||||||||||||||||||||||||||
Grand Oaks 75 3, Tampa, FL | 136,000 | 2,198 | 7,994 | 10,192 | 12,400 | 07/22 | ||||||||||||||||||||||||||||||||
Horizon West 2 & 3, Orlando, FL | 210,000 | 5,505 | 11,685 | 17,190 | 19,200 | 09/22 | ||||||||||||||||||||||||||||||||
Siempre Viva 3-6, San Diego, CA (3) | 547,000 | — | 132,688 | 132,688 | 135,600 | 12/22 | ||||||||||||||||||||||||||||||||
Total Lease-Up | 1,208,000 | 7,703 | 176,520 | 184,223 | 193,600 | |||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||
Speed Distribution Center, San Diego, CA | 519,000 | 17,758 | (4) | 50,060 | 67,818 | 88,600 | 03/22 | |||||||||||||||||||||||||||||||
SunCoast 12, Fort Myers, FL | 79,000 | 960 | 3,218 | 4,178 | 8,000 | 06/22 | ||||||||||||||||||||||||||||||||
CreekView 9 & 10, Dallas, TX | 145,000 | 4,350 | 6,986 | 11,336 | 17,200 | 07/22 | ||||||||||||||||||||||||||||||||
Steele Creek 8, Charlotte, NC | 72,000 | 1,869 | 859 | 2,728 | 8,400 | 08/22 | ||||||||||||||||||||||||||||||||
Basswood 1 & 2, Fort Worth, TX | 237,000 | — | 10,475 | 15,229 | 22,100 | 02/23 | ||||||||||||||||||||||||||||||||
Gateway 3, Miami, FL | 133,000 | 6,791 | 6,375 | 13,166 | 19,100 | 04/23 | ||||||||||||||||||||||||||||||||
Grand Oaks 75 4, Tampa, FL | 185,000 | 3,313 | 3,065 | 6,378 | 17,900 | 04/23 | ||||||||||||||||||||||||||||||||
Tri-County Crossing 5, San Antonio, TX | 105,000 | 1,328 | 4,272 | 5,600 | 10,300 | 04/23 | ||||||||||||||||||||||||||||||||
Americas Ten 2, El Paso, TX | 168,000 | 2,885 | 6,215 | 9,100 | 14,100 | 05/23 | ||||||||||||||||||||||||||||||||
Grand West Crossing 1, Houston, TX | 121,000 | 3,492 | 5,377 | 8,869 | 15,700 | 05/23 | ||||||||||||||||||||||||||||||||
45 Crossing, Austin, TX | 177,000 | — | 17,060 | 17,060 | 26,200 | 06/23 | ||||||||||||||||||||||||||||||||
McKinney 3 & 4, Dallas, TX | 212,000 | 5,120 | 5,318 | 10,438 | 26,300 | 06/23 | ||||||||||||||||||||||||||||||||
Ridgeview 3, San Antonio, TX | 88,000 | 1,443 | 4,361 | 5,804 | 10,700 | 06/23 | ||||||||||||||||||||||||||||||||
Tri-County Crossing 6, San Antonio, TX | 124,000 | 1,576 | 2,206 | 3,782 | 9,900 | 06/23 | ||||||||||||||||||||||||||||||||
LakePort 4 & 5, Dallas, TX | 177,000 | 6,668 | 1,270 | 7,938 | 22,400 | 08/23 | ||||||||||||||||||||||||||||||||
I-20 West Business Center, Atlanta, GA | 155,000 | 1,803 | 1,161 | 2,964 | 14,200 | 10/23 | ||||||||||||||||||||||||||||||||
Total Under Construction | 2,697,000 | 59,356 | 128,278 | 192,388 | 331,100 | |||||||||||||||||||||||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||||||||||||||||||||||
Ft. Myers, FL | 543,000 | (960) | 1,392 | 8,298 | ||||||||||||||||||||||||||||||||||
Miami, FL | 243,000 | (6,791) | 826 | 14,331 | ||||||||||||||||||||||||||||||||||
Orlando, FL | 1,278,000 | (5,505) | 4,065 | 26,238 | ||||||||||||||||||||||||||||||||||
Tampa, FL | 32,000 | (5,511) | 613 | 825 | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 580,000 | (1,803) | 5,469 | 5,058 | ||||||||||||||||||||||||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 1,387,000 | (1,869) | 12,648 | 15,104 | ||||||||||||||||||||||||||||||||||
Greenville, SC | 400,000 | — | 1,736 | 1,736 | ||||||||||||||||||||||||||||||||||
Austin, TX | 274,000 | — | 6,431 | 6,431 | ||||||||||||||||||||||||||||||||||
Dallas, TX | 172,000 | (16,138) | 1,658 | 8,398 | ||||||||||||||||||||||||||||||||||
El Paso, TX | — | (2,885) | 298 | — | ||||||||||||||||||||||||||||||||||
Ft. Worth, TX | 652,000 | — | 777 | 15,327 | ||||||||||||||||||||||||||||||||||
Houston, TX | 1,293,000 | (3,492) | 7,567 | 24,833 | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 55,000 | (4,347) | 200 | 718 | ||||||||||||||||||||||||||||||||||
Total Prospective Development | 6,937,000 | (49,301) | 43,680 | 128,003 | ||||||||||||||||||||||||||||||||||
Total Development and Value-Add Properties | 10,842,000 | $ | 17,758 | 348,478 | 504,614 | |||||||||||||||||||||||||||||||||
The Development and Value-Add Properties Activity table is continued on the following page. |
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2019 | Costs Incurred | |||||||||||||||||
Costs Transferred in 2019 (1) | For the Year Ended 12/31/19 | Cumulative as of 12/31/19 | ||||||||||||||||
Building Size (Square feet) | (In thousands) | Building Conversion Date | ||||||||||||||||
Siempre Viva I, San Diego, CA (3) | 115,000 | $ | — | — | 14,075 | 01/19 | ||||||||||||
CreekView 121 3 & 4, Dallas, TX | 158,000 | — | 1,739 | 15,539 | 03/19 | |||||||||||||
Horizon VI, Orlando, FL | 148,000 | — | 3,682 | 11,907 | 03/19 | |||||||||||||
Horizon XI, Orlando, FL | 135,000 | — | 507 | 9,230 | 04/19 | |||||||||||||
Falcon Field, Phoenix, AZ | 97,000 | — | 181 | 8,413 | 05/19 | |||||||||||||
Gateway 1, Miami, FL | 200,000 | — | 3,402 | 23,643 | 05/19 | |||||||||||||
SunCoast 5, Ft. Myers, FL | 81,000 | — | 1,335 | 7,870 | 05/19 | |||||||||||||
Steele Creek V, Charlotte, NC | 54,000 | — | 2,223 | 5,537 | 07/19 | |||||||||||||
Broadmoor 2, Atlanta, GA | 111,000 | — | 1,478 | 7,892 | 11/19 | |||||||||||||
Eisenhauer Point 9, San Antonio, TX | 82,000 | 1,154 | 5,175 | 6,329 | 11/19 | |||||||||||||
World Houston 43, Houston, TX | 86,000 | 1,041 | 5,381 | 6,422 | 11/19 | |||||||||||||
Eisenhauer Point 7 & 8, San Antonio, TX | 336,000 | — | 9,790 | 22,880 | 12/19 | |||||||||||||
World Houston 45, Houston, TX | 160,000 | 4,430 | 12,522 | 16,952 | 12/19 | |||||||||||||
Total Transferred to Real Estate Properties | 1,763,000 | $ | 6,625 | 47,415 | 156,689 | (4) |
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2021 | Costs Incurred | |||||||||||||||||||||||||||||||||||||
Costs Transferred in 2021 (1) | For the Year Ended 12/31/21 | Cumulative as of 12/31/21 | ||||||||||||||||||||||||||||||||||||
Building Size (Square feet) | (In thousands) | Building Conversion Date | ||||||||||||||||||||||||||||||||||||
Gilbert Crossroads A & B, Phoenix, AZ | 140,000 | $ | — | — | 16,768 | 01/21 | ||||||||||||||||||||||||||||||||
CreekView 7 & 8, Dallas, TX | 137,000 | — | 1,099 | 17,658 | 03/21 | |||||||||||||||||||||||||||||||||
Hurricane Shoals 3, Atlanta, GA | 101,000 | — | 124 | 8,935 | 03/21 | |||||||||||||||||||||||||||||||||
Northpoint 200, Atlanta, GA (3) | 79,000 | — | 6,861 | 6,861 | 03/21 | |||||||||||||||||||||||||||||||||
Rancho Distribution Center, Los Angeles, CA (3) | 162,000 | — | — | 27,325 | 03/21 | |||||||||||||||||||||||||||||||||
World Houston 44, Houston, TX | 134,000 | — | 399 | 8,525 | 05/21 | |||||||||||||||||||||||||||||||||
Gateway 4, Miami, FL | 197,000 | — | 641 | 22,688 | 06/21 | |||||||||||||||||||||||||||||||||
Interstate Commons 2, Phoenix, AZ (3) | 142,000 | — | 50 | 12,291 | 06/21 | |||||||||||||||||||||||||||||||||
Settlers Crossing 3 & 4, Austin, TX | 173,000 | — | 2,477 | 19,981 | 06/21 | |||||||||||||||||||||||||||||||||
SunCoast 7, Fort Myers, FL | 77,000 | — | 276 | 7,649 | 06/21 | |||||||||||||||||||||||||||||||||
Tri-County Crossing 3 & 4, San Antonio, TX | 203,000 | — | 1,000 | 15,409 | 06/21 | |||||||||||||||||||||||||||||||||
Cherokee 75 Business Center 2, Atlanta, GA (3) | 105,000 | — | 9,052 | 9,052 | 07/21 | |||||||||||||||||||||||||||||||||
Northwest Crossing 1-3, Houston, TX | 278,000 | — | 1,497 | 23,819 | 09/21 | |||||||||||||||||||||||||||||||||
Ridgeview 1 & 2, San Antonio, TX | 226,000 | — | 2,021 | 19,114 | 10/21 | |||||||||||||||||||||||||||||||||
Gilbert Crossroads C & D, Phoenix, AZ | 178,000 | — | 14,955 | 21,572 | 12/21 | |||||||||||||||||||||||||||||||||
LakePort 1-3, Dallas, TX | 194,000 | — | 3,983 | 23,764 | 12/21 | |||||||||||||||||||||||||||||||||
Steele Creek 10, Charlotte, NC | 162,000 | — | 6,647 | 10,881 | 12/21 | |||||||||||||||||||||||||||||||||
Total Transferred to Real Estate Properties | 2,688,000 | $ | — | 51,082 | 272,292 | (5) |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Leasing costs (principally commissions) | $ | 116,772 | 95,914 | ||||||||
Accumulated amortization of leasing costs | (42,193) | (38,371) | |||||||||
Leasing costs (principally commissions), net of accumulated amortization | 74,579 | 57,543 | |||||||||
Acquired in-place lease intangibles | 31,561 | 28,107 | |||||||||
Accumulated amortization of acquired in-place lease intangibles | (13,038) | (13,554) | |||||||||
Acquired in-place lease intangibles, net of accumulated amortization | 18,523 | 14,553 | |||||||||
Acquired above market lease intangibles | 885 | 1,825 | |||||||||
Accumulated amortization of acquired above market lease intangibles | (508) | (1,231) | |||||||||
Acquired above market lease intangibles, net of accumulated amortization | 377 | 594 | |||||||||
Straight-line rents receivable | 51,970 | 43,079 | |||||||||
Accounts receivable | 7,133 | 6,064 | |||||||||
Interest rate swap assets | 2,237 | — | |||||||||
Right of use assets – Office leases (operating) | 1,984 | 2,131 | |||||||||
Receivable for common stock offerings | — | 1,942 | |||||||||
Goodwill | 990 | 990 | |||||||||
Receivable for tenant improvement cost reimbursements | 7,680 | 192 | |||||||||
Prepaid expenses and other assets | 16,747 | 22,491 | |||||||||
Total Other assets | $ | 182,220 | 149,579 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Leasing costs (principally commissions) | $ | 89,191 | 78,985 | |||
Accumulated amortization of leasing costs | (34,963 | ) | (30,185 | ) | ||
Leasing costs (principally commissions), net of accumulated amortization | 54,228 | 48,800 | ||||
Acquired in-place lease intangibles | 28,834 | 21,696 | ||||
Accumulated amortization of acquired in-place lease intangibles | (11,918 | ) | (9,833 | ) | ||
Acquired in-place lease intangibles, net of accumulated amortization | 16,916 | 11,863 | ||||
Acquired above market lease intangibles | 1,721 | 1,465 | ||||
Accumulated amortization of acquired above market lease intangibles | (1,007 | ) | (902 | ) | ||
Acquired above market lease intangibles, net of accumulated amortization | 714 | 563 | ||||
Straight-line rents receivable | 40,369 | 36,022 | ||||
Accounts receivable | 5,581 | 5,433 | ||||
Mortgage loans receivable | 1,679 | 2,594 | ||||
Interest rate swap assets | 3,485 | 6,701 | ||||
Right of use assets – Office leases (operating) (1) | 2,115 | — | ||||
Goodwill | 990 | 990 | ||||
Prepaid expenses and other assets | 18,545 | 8,265 | ||||
Total Other assets | $ | 144,622 | 121,231 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Property taxes payable | $ | 4,494 | 3,524 | ||||||||
Development costs payable | 17,529 | 4,004 | |||||||||
Retainage payable | 10,576 | 2,423 | |||||||||
Real estate improvements and capitalized leasing costs payable | 5,798 | 5,692 | |||||||||
Interest payable | 6,547 | 6,537 | |||||||||
Dividends payable | 46,864 | 32,677 | |||||||||
Book overdraft (1) | 4,845 | 5,176 | |||||||||
Other payables and accrued expenses | 13,107 | 9,540 | |||||||||
Total Accounts payable and accrued expenses | $ | 109,760 | 69,573 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Property taxes payable | $ | 2,696 | 10,718 | |||
Development costs payable | 11,766 | 15,410 | ||||
Real estate improvements and capitalized leasing costs payable | 4,636 | 3,911 | ||||
Interest payable | 6,370 | 4,067 | ||||
Dividends payable | 30,714 | 27,738 | ||||
Book overdraft (1) | 25,771 | 15,048 | ||||
Other payables and accrued expenses | 10,071 | 9,671 | ||||
Total Accounts payable and accrued expenses | $ | 92,024 | 86,563 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Security deposits | $ | 28,343 | 22,140 | ||||||||
Prepaid rent and other deferred income | 16,401 | 14,694 | |||||||||
Operating lease liabilities — Ground leases | 22,898 | 11,199 | |||||||||
Operating lease liabilities — Office leases | 2,032 | 2,167 | |||||||||
Acquired below market lease intangibles | 8,124 | 6,472 | |||||||||
Accumulated amortization of acquired below-market lease intangibles | (2,707) | (3,621) | |||||||||
Acquired below market lease intangibles, net of accumulated amortization | 5,417 | 2,851 | |||||||||
Interest rate swap liabilities | 935 | 10,752 | |||||||||
Tenant improvement cost liabilities | 2,796 | 364 | |||||||||
Other liabilities | 3,516 | 5,650 | |||||||||
Total Other liabilities | $ | 82,338 | 69,817 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Security deposits | $ | 20,351 | 18,432 | |||
Prepaid rent and other deferred income | 13,855 | 12,728 | ||||
Operating lease liabilities — Ground leases (1) | 12,048 | — | ||||
Operating lease liabilities — Office leases (1) | 2,141 | — | ||||
Acquired below-market lease intangibles | 8,616 | 5,891 | ||||
Accumulated amortization of acquired below-market lease intangibles | (4,494 | ) | (3,028 | ) | ||
Acquired below-market lease intangibles, net of accumulated amortization | 4,122 | 2,863 | ||||
Interest rate swap liabilities | 678 | — | ||||
Prepaid tenant improvement reimbursements | 56 | 614 | ||||
Other liabilities | 15,872 | 15 | ||||
Total Other liabilities | $ | 69,123 | 34,652 |
•PNOI increased by $35,125,000 ($0.87 per diluted share) for 2021 as compared to 2020. PNOI increased $17,238,000 from same property operations, $14,418,000 from newly developed and value-add properties and $4,619,000 from 2020 and 2021 acquisitions; PNOI decreased $1,173,000 from operating properties sold in 2020 and 2021. For the year 2021, lease termination fee income was $1,411,000 compared to $709,000 for 2020. The Company recorded net recoveries for uncollectible rent of $475,000 in 2021 and net reserves for uncollectible rent of $2,763,000 in 2020. Straight-lining of rent increased PNOI by $8,698,000 and $4,888,000 in 2021 and 2020, respectively. • |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | Increase (Decrease) | |||||||||||||||
(In thousands) | |||||||||||||||||
VARIABLE RATE INTEREST EXPENSE | |||||||||||||||||
Unsecured bank credit facilities interest - variable rate (excluding amortization of facility fees and debt issuance costs) | $ | 962 | 1,620 | (658) | |||||||||||||
Amortization of facility fees - unsecured bank credit facilities | 751 | 790 | (39) | ||||||||||||||
Amortization of debt issuance costs - unsecured bank credit facilities | 606 | 561 | 45 | ||||||||||||||
Total variable rate interest expense | 2,319 | 2,971 | (652) | ||||||||||||||
FIXED RATE INTEREST EXPENSE | |||||||||||||||||
Unsecured debt interest (1) (excluding amortization of debt issuance costs) | 37,443 | 34,536 | 2,907 | ||||||||||||||
Secured debt interest (excluding amortization of debt issuance costs) | 1,521 | 5,214 | (3,693) | ||||||||||||||
Amortization of debt issuance costs - unsecured debt | 589 | 624 | (35) | ||||||||||||||
Amortization of debt issuance costs - secured debt | 101 | 233 | (132) | ||||||||||||||
Total fixed rate interest expense | 39,654 | 40,607 | (953) | ||||||||||||||
Total interest | 41,973 | 43,578 | (1,605) | ||||||||||||||
Less capitalized interest | (9,028) | (9,651) | 623 | ||||||||||||||
TOTAL INTEREST EXPENSE | $ | 32,945 | 33,927 | (982) |
Years Ended December 31, | |||||||||
2019 | 2018 | Increase (Decrease) | |||||||
(In thousands) | |||||||||
VARIABLE RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - variable rate (excluding amortization of facility fees and debt issuance costs) | $ | 5,756 | 3,736 | 2,020 | |||||
Amortization of facility fees - unsecured bank credit facilities | 790 | 736 | 54 | ||||||
Amortization of debt issuance costs - unsecured bank credit facilities | 556 | 508 | 48 | ||||||
Total variable rate interest expense | 7,102 | 4,980 | 2,122 | ||||||
FIXED RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - fixed rate (1) (2) (excluding amortization of facility fees and debt issuance costs) | — | 1,001 | (1,001 | ) | |||||
Unsecured debt interest (1) (excluding amortization of debt issuance costs) | 28,039 | 24,544 | 3,495 | ||||||
Secured debt interest (excluding amortization of debt issuance costs) | 6,987 | 10,071 | (3,084 | ) | |||||
Amortization of debt issuance costs - unsecured debt | 539 | 564 | (25 | ) | |||||
Amortization of debt issuance costs - secured debt | 249 | 280 | (31 | ) | |||||
Total fixed rate interest expense | 35,814 | 36,460 | (646 | ) | |||||
Total interest | 42,916 | 41,440 | 1,476 | ||||||
Less capitalized interest | (8,453 | ) | (6,334 | ) | (2,119 | ) | |||
TOTAL INTEREST EXPENSE | $ | 34,463 | 35,106 | (643 | ) |
Years Ended December 31, | ||||||||||||||||||||
2021 | 2020 | Increase (Decrease) | ||||||||||||||||||
(In thousands, except rates of interest) | ||||||||||||||||||||
Average borrowings on unsecured bank credit facilities - variable rate | $ | 95,629 | 87,095 | 8,534 | ||||||||||||||||
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) | 1.01 | % | 1.86 | % |
Years Ended December 31, | ||||||||||
2019 | 2018 | Increase (Decrease) | ||||||||
(In thousands, except rates of interest) | ||||||||||
Average borrowings on unsecured bank credit facilities - variable rate | $ | 172,175 | 141,223 | 30,952 | ||||||
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) | 3.34 | % | 2.64 | % |
SECURED DEBT REPAID IN 2019 | Interest Rate | Date Repaid | Payoff Amount | |||||
(In thousands) | ||||||||
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington | 7.50% | 04/05/2019 | $ | 45,725 | ||||
Blue Heron II | 5.39% | 12/16/2019 | 47 | |||||
Weighted Average/Total Amount for 2019 | 7.50% | $ | 45,772 |
NEW UNSECURED DEBT IN 2018 and 2019 | Effective Interest Rate | Date Obtained | Maturity Date | Amount | ||||||
(In thousands) | ||||||||||
$60 Million Senior Unsecured Notes | 3.93% | 04/10/2018 | 04/10/2028 | $ | 60,000 | |||||
$80 Million Senior Unsecured Notes | 4.27% | 03/28/2019 | 03/28/2029 | 80,000 | ||||||
$35 Million Senior Unsecured Notes | 3.54% | 08/15/2019 | 08/15/2031 | 35,000 | ||||||
$75 Million Senior Unsecured Notes | 3.47% | 08/19/2019 | 08/19/2029 | 75,000 | ||||||
$100 Million Senior Unsecured Term Loan (1) | 2.75% | 10/10/2019 | 10/10/2026 | 100,000 | ||||||
Weighted Average/Total Amount for 2018 and 2019 | 3.53% | $ | 350,000 |
NEW UNSECURED DEBT IN 2020 and 2021 | Effective Interest Rate | Date Obtained | Maturity Date | Amount | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
$100 Million Senior Unsecured Term Loan (1) | 2.39% | 03/25/2020 | 03/25/2027 | $ | 100,000 | |||||||||||||||||||||
$100 Million Senior Unsecured Notes | 2.61% | 10/14/2020 | 10/14/2030 | 100,000 | ||||||||||||||||||||||
$75 Million Senior Unsecured Notes | 2.71% | 10/14/2020 | 10/14/2032 | 75,000 | ||||||||||||||||||||||
$50 Million Senior Unsecured Term Loan (2) | 1.55% | 03/18/2021 | 03/18/2025 | 50,000 | ||||||||||||||||||||||
$125 Million Senior Unsecured Notes | 2.74% | 06/10/2021 | 06/10/2031 | 125,000 | ||||||||||||||||||||||
Weighted Average/Total Amount for 2020 and 2021 | 2.50% | $ | 450,000 |
(1) The interest rate on this unsecured term loan is comprised of LIBOR plus 145 basis points subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into an interest rate swap to convert the loan’s LIBOR rate to a fixed interest rate, |
UNSECURED DEBT REPAID IN 2020 AND 2021 | Interest Rate | Date Repaid | Payoff Amount | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
$30 Million Senior Unsecured Notes | 3.80% | 08/28/2020 | $ | 30,000 | ||||||||||||||||
$75 Million Senior Unsecured Term Loan | 3.45% | 12/21/2020 | 75,000 | |||||||||||||||||
$40 Million Senior Unsecured Term Loan | 2.34% | 07/30/2021 | 40,000 | |||||||||||||||||
Weighted Average/Total Amount for 2020 and 2021 | 3.22% | $ | 145,000 |
UNSECURED DEBT REPAID IN 2018 AND 2019 | Interest Rate | Date Repaid | Payoff Amount | |||||
(In thousands) | ||||||||
$50 Million Senior Unsecured Term Loan | 3.91% | 06/21/2018 | $ | 50,000 | ||||
$75 Million Senior Unsecured Term Loan | 2.85% | 07/31/2019 | 75,000 | |||||
Weighted Average/Total Amount for 2018 and 2019 | 3.27% | $ | 125,000 |
SECURED DEBT REPAID IN 2020 AND 2021 | Interest Rate | Date Repaid | Payoff Amount | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
40th Avenue Distribution Center, Beltway Crossing Business Park 5, Centennial Park, Executive Airport Distribution Ctr, Interchange Park 1, Ocean View Corporate Center, Wetmore Business Center 5-8 and World Houston Int’l Business Ctr 26, 28, 29 & 30 | 4.39% | 10/07/2020 | $ | 45,871 | ||||||||||||||||
Colorado Crossing Distribution Center, Interstate Warehouse 1-3, Rojas Commerce Park, Steele Creek Commerce Park 1 & 2, Venture Warehouses and World Houston Int’l Business Ctr 3, 4 & 6-9 | 4.75% | 03/08/2021 | 40,841 | |||||||||||||||||
Arion Business Park 18, Beltway Crossing Business Park 6 & 7, Commerce Park Center 2 & 3, Concord Distribution Center, Interstate Warehouse 5-7, Lakeview Business Center, Ridge Creek Distribution Center 2, Southridge Commerce Park 4 & 5 and World Houston Int’l Business Ctr 32 | 4.09% | 10/07/2021 | 33,090 | |||||||||||||||||
Weighted Average/Total Amount for 2020 and 2021 | 4.43% | $ | 119,802 | |||||||||||||||||
Estimated Useful Life | Years Ended December 31, | |||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Upgrade on Acquisitions | 40 yrs | $ | 1,863 | 294 | ||||
Tenant Improvements: | ||||||||
New Tenants | Lease Life | 13,113 | 12,896 | |||||
Renewal Tenants | Lease Life | 3,908 | 2,926 | |||||
Other: | ||||||||
Building Improvements | 5-40 yrs | 5,304 | 9,012 | |||||
Roofs | 5-15 yrs | 12,179 | 9,053 | |||||
Parking Lots | 3-5 yrs | 1,455 | 2,878 | |||||
Other | 5 yrs | 834 | 861 | |||||
Total Real Estate Improvements (1) | $ | 38,656 | 37,920 |
Years Ended December 31, | |||||||
2019 | 2018 | ||||||
(In thousands) | |||||||
Total Real Estate Improvements | $ | 38,656 | 37,920 | ||||
Change in Real Estate Property Payables | (876 | ) | 581 | ||||
Change in Construction in Progress | (5 | ) | (999 | ) | |||
Real Estate Improvements on the Consolidated Statements of Cash Flows | $ | 37,775 | 37,502 |
Estimated Useful Life | Years Ended December 31, | |||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Development and Value-Add | Lease Life | $ | 8,065 | 4,843 | ||||
New Tenants | Lease Life | 5,900 | 5,880 | |||||
Renewal Tenants | Lease Life | 5,069 | 5,038 | |||||
Total Capitalized Leasing Costs | $ | 19,034 | 15,761 | |||||
Amortization of Leasing Costs | $ | 13,167 | 11,493 |
Years Ended December 31, | |||||||||
2018 | 2017 | Increase (Decrease) | |||||||
(In thousands) | |||||||||
VARIABLE RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - variable rate (excluding amortization of facility fees and debt issuance costs) | $ | 3,736 | 2,379 | 1,357 | |||||
Amortization of facility fees - unsecured bank credit facilities | 736 | 670 | 66 | ||||||
Amortization of debt issuance costs - unsecured bank credit facilities | 508 | 451 | 57 | ||||||
Total variable rate interest expense | 4,980 | 3,500 | 1,480 | ||||||
FIXED RATE INTEREST EXPENSE | |||||||||
Unsecured bank credit facilities interest - fixed rate (1)(2) (excluding amortization of facility fees and debt issuance costs) | 1,001 | 1,616 | (615 | ) | |||||
Unsecured debt interest (1) (excluding amortization of debt issuance costs) | 24,544 | 22,425 | 2,119 | ||||||
Secured debt interest (excluding amortization of debt issuance costs) | 10,071 | 12,201 | (2,130 | ) | |||||
Amortization of debt issuance costs - unsecured debt | 564 | 479 | 85 | ||||||
Amortization of debt issuance costs - secured debt | 280 | 319 | (39 | ) | |||||
Total fixed rate interest expense | 36,460 | 37,040 | (580 | ) | |||||
Total interest | 41,440 | 40,540 | 900 | ||||||
Less capitalized interest | (6,334 | ) | (5,765 | ) | (569 | ) | |||
TOTAL INTEREST EXPENSE | $ | 35,106 | 34,775 | 331 |
Years Ended December 31, | ||||||||||
2018 | 2017 | Increase (Decrease) | ||||||||
(In thousands, except rates of interest) | ||||||||||
Average borrowings on unsecured bank credit facilities - variable rate | $ | 141,223 | 114,751 | 26,472 | ||||||
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) | 2.64 | % | 2.07 | % |
SECURED DEBT REPAID IN 2017 | Interest Rate | Date Repaid | Payoff Amount | |||||
(In thousands) | ||||||||
Arion 16, Broadway VI, Chino, East University I & II, Northpark I-IV, Santan 10 II, 55th Avenue and World Houston 1 & 2, 21 & 23 | 5.57% | 08/07/2017 | $ | 45,069 |
NEW UNSECURED DEBT IN 2017 and 2018 | Effective Interest Rate | Date Obtained | Maturity Date | Amount | ||||||
(In thousands) | ||||||||||
$60 Million Senior Unsecured Notes | 3.460% | 12/13/2017 | 12/13/2024 | $ | 60,000 | |||||
$60 Million Senior Unsecured Notes | 3.930% | 04/10/2018 | 04/10/2028 | 60,000 | ||||||
Weighted Average/Total Amount for 2017 and 2018 | 3.695% | $ | 120,000 |
Estimated Useful Life | Years Ended December 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Upgrade on Acquisitions | 40 yrs | $ | 1,337 | 298 | |||||||||||||
Tenant Improvements: | |||||||||||||||||
New Tenants | Lease Life | 13,603 | 11,811 | ||||||||||||||
Renewal Tenants �� | Lease Life | 3,935 | 3,284 | ||||||||||||||
Other: | |||||||||||||||||
Building Improvements | 5-40 yrs | 8,044 | 4,962 | ||||||||||||||
Roofs | 5-15 yrs | 8,007 | 8,529 | ||||||||||||||
Parking Lots | 3-5 yrs | 1,570 | 568 | ||||||||||||||
Other | 5 yrs | 1,399 | 803 | ||||||||||||||
Total Real Estate Improvements (1) | $ | 37,895 | 30,255 |
Years Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Total Real Estate Improvements | $ | 37,895 | 30,255 | |||||||||||
Change in Real Estate Property Payables | (26) | (373) | ||||||||||||
Change in Construction in Progress | (1,204) | 3,249 | ||||||||||||
Real Estate Improvements on the Consolidated Statements of Cash Flows | $ | 36,665 | 33,131 |
Estimated Useful Life | Years Ended December 31, | |||||||
2018 | 2017 | |||||||
(In thousands) | ||||||||
Upgrade on Acquisitions | 40 yrs | $ | 294 | 161 | ||||
Tenant Improvements: | ||||||||
New Tenants | Lease Life | 12,896 | 11,413 | |||||
Renewal Tenants | Lease Life | 2,926 | 3,357 | |||||
Other: | ||||||||
Building Improvements | 5-40 yrs | 9,012 | 3,362 | |||||
Roofs | 5-15 yrs | 9,053 | 6,197 | |||||
Parking Lots | 3-5 yrs | 2,878 | 1,880 | |||||
Other | 5 yrs | 861 | 1,101 | |||||
Total Real Estate Improvements (1) | $ | 37,920 | 27,471 |
Years Ended December 31, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
Total Real Estate Improvements | $ | 37,920 | 27,471 | ||||
Change in Real Estate Property Payables | 581 | (1,313 | ) | ||||
Change in Construction in Progress | (999 | ) | 1,227 | ||||
Real Estate Improvements on the Consolidated Statements of Cash Flows | $ | 37,502 | 27,385 |
Estimated Useful Life | Years Ended December 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Development and Value-Add | Lease Life | $ | 12,280 | 5,223 | |||||||||||||
New Tenants | Lease Life | 10,990 | 5,732 | ||||||||||||||
Renewal Tenants | Lease Life | 10,111 | 7,244 | ||||||||||||||
Total Capitalized Leasing Costs (1) | $ | 33,381 | 18,199 | ||||||||||||||
Amortization of Leasing Costs | $ | 16,209 | 14,449 |
Estimated Useful Life | Years Ended December 31, | |||||||
2018 | 2017 | |||||||
(In thousands) | ||||||||
Development and Value-Add | Lease Life | $ | 4,843 | 5,571 | ||||
New Tenants | Lease Life | 5,880 | 5,782 | |||||
Renewal Tenants | Lease Life | 5,038 | 4,907 | |||||
Total Capitalized Leasing Costs | $ | 15,761 | 16,260 | |||||
Amortization of Leasing Costs | $ | 11,493 | 10,329 |
Years Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Total Capitalized Leasing Costs | $ | 33,381 | 18,199 | |||||||||||
Change in Leasing Commissions Payables | (80) | (683) | ||||||||||||
Leasing Commissions on the Consolidated Statements of Cash Flows | $ | 33,301 | 17,516 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Unsecured bank credit facilities - variable rate, carrying amount | $ | 112,710 | 195,730 | |||
Unamortized debt issuance costs | (1,316 | ) | (1,804 | ) | ||
Unsecured bank credit facilities | 111,394 | 193,926 | ||||
Unsecured debt - fixed rate, carrying amount (1) | 940,000 | 725,000 | ||||
Unamortized debt issuance costs | (1,885 | ) | (1,600 | ) | ||
Unsecured debt | 938,115 | 723,400 | ||||
Secured debt - fixed rate, carrying amount (1) | 133,422 | 189,038 | ||||
Unamortized debt issuance costs | (329 | ) | (577 | ) | ||
Secured debt | 133,093 | 188,461 | ||||
Total debt | $ | 1,182,602 | 1,105,787 |
Payments Due by Period | |||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||
(In thousands) | |||||||||||||||
Unsecured Bank Credit Facilities (1) (2) | $ | 112,710 | — | 112,710 | — | — | |||||||||
Interest on Unsecured Bank Credit Facilities (3) | 10,221 | 3,918 | 6,303 | — | — | ||||||||||
Unsecured Debt (1) | 940,000 | 105,000 | 115,000 | 235,000 | 485,000 | ||||||||||
Interest on Unsecured Debt | 183,230 | 31,638 | 53,528 | 44,970 | 53,094 | ||||||||||
Secured Debt (1) | 133,422 | 9,047 | 122,332 | 241 | 1,802 | ||||||||||
Interest on Secured Debt | 8,797 | 5,710 | 2,809 | 149 | 129 | ||||||||||
Dividends Payable (4) | 29,096 | 29,096 | — | — | — | ||||||||||
Operating Lease Obligations: | |||||||||||||||
Office Leases | 2,277 | 495 | 884 | 850 | 48 | ||||||||||
Ground Leases | 22,400 | 970 | 1,940 | 1,974 | 17,516 | ||||||||||
Real Estate Property Obligations (5) | 8,250 | 8,250 | — | — | — | ||||||||||
Development and Value-Add Obligations (6) | 59,268 | 59,268 | — | — | — | ||||||||||
Tenant Improvements (7) | 13,908 | 13,908 | — | — | — | ||||||||||
Purchase Obligations | 10,822 | 10,522 | 300 | — | — | ||||||||||
Total | $ | 1,534,401 | 277,822 | 415,806 | 283,184 | 557,589 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Unsecured bank credit facilities - variable rate, carrying amount (1) | $ | 209,210 | 125,000 | ||||||||
Unamortized debt issuance costs | (2,144) | (806) | |||||||||
Unsecured bank credit facilities, net of debt issuance costs | 207,066 | 124,194 | |||||||||
Unsecured debt - fixed rate, carrying amount (2) (3) | 1,245,000 | 1,110,000 | |||||||||
Unamortized debt issuance costs | (2,430) | (2,292) | |||||||||
Unsecured debt, net of debt issuance costs | 1,242,570 | 1,107,708 | |||||||||
Secured debt - fixed rate, carrying amount (2) (4) | 2,156 | 79,096 | |||||||||
Unamortized debt issuance costs | (14) | (103) | |||||||||
Secured debt, net of debt issuance costs | 2,142 | 78,993 | |||||||||
Total debt, net of debt issuance costs | $ | 1,451,778 | 1,310,895 |
Cash Requirements (1) | |||||
Real estate property obligations (2) | $ | 10,520 | |||
Development and value-add obligations (3) | 88,686 | ||||
Tenant improvements (4) | 27,880 | ||||
Total | $ | 127,086 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Unsecured bank credit facilities - variable rate (in thousands) | $ | — | — | — | 209,210 | (1) | — | — | 209,210 | 209,202 (2) | |||||||||||||||||||||||||||||||||||||
Weighted average interest rate | — | — | — | 0.88% | (3) | — | — | 0.88% | |||||||||||||||||||||||||||||||||||||||
Unsecured debt - fixed rate (in thousands) | $ | 75,000 | 115,000 | 120,000 | 145,000 | 140,000 | 650,000 | 1,245,000 | 1,267,702 (4) | ||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 3.03% | 2.96% | 3.47% | 3.12% | 3.03% | 3.09% | 3.11% | ||||||||||||||||||||||||||||||||||||||||
Secured debt - fixed rate (in thousands) | $ | 115 | 119 | 122 | 128 | 1,672 | — | 2,156 | 2,269 (4) | ||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | 3.85% | 3.85% | 3.85% | 3.85% | 3.85% | — | 3.85% |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | Fair Value | ||||||||||||||||
Unsecured bank credit facilities - variable rate (in thousands) | $ | — | — | 112,710 | (1) | — | — | — | 112,710 | 113,174 (2) | |||||||||||||
Weighted average interest rate | — | — | 2.78 | % | (3) | — | — | — | 2.78 | % | |||||||||||||
Unsecured debt - fixed rate (in thousands) | $ | 105,000 | 40,000 | 75,000 | 115,000 | 120,000 | 485,000 | 940,000 | 959,177 (4) | ||||||||||||||
Weighted average interest rate | 3.55 | % | 2.34 | % | 3.03 | % | 2.96 | % | 3.47 | % | 3.63 | % | 3.42 | % | |||||||||
Secured debt - fixed rate (in thousands) | $ | 9,047 | 89,562 | 32,770 | 119 | 122 | 1,802 | 133,422 | 136,107 (4) | ||||||||||||||
Weighted average interest rate | 4.42 | % | 4.55 | % | 4.09 | % | 3.85 | % | 3.85 | % | 3.85 | % | 4.42 | % |
Financial Statements | Page | |||||||
The following documents are filed as part of this Annual Report on Form 10-K: | ||||||||
Financial Statement Schedules | Page | |||||||
The following documents are filed as part of this Annual Report on Form 10-K: | ||||||||
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted, or the required information is included in the Notes to Consolidated Financial Statements. | ||||||||
Exhibits | ||||||||
The following exhibits are included in this Annual Report on Form 10-K for the fiscal year ended December 31, |
Exhibit Number | Description | ||||
Articles of | |||||
Amended and Restated Bylaws of EastGroup Properties, Inc. | |||||
Description of Securities (filed herewith). | |||||
EastGroup Properties, Inc. 2013 Equity Incentive Plan, as amended and restated as of March 3, 2017 (incorporated by reference to Exhibit 10.1 to the | |||||
Form of Severance and Change in Control Agreement entered into by and between the Company and each of Marshall A. Loeb, Brent W. Wood and John F. Coleman (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K | |||||
Form of Severance and Change in Control Agreement by and between the Company and each of Ryan M. Collins | |||||
EastGroup Properties, Inc. Director Compensation Program Including the Independent Director Compensation Policy pursuant to the 2013 Equity Incentive Plan (incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K | |||||
Note Purchase Agreement, dated as of August 28, 2013, by and among EastGroup Properties, L.P., the Company and each of the Purchasers of the Notes party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K | |||||
Note Purchase Agreement, dated as of August 17, 2020, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 2.61% Series A Senior Notes due October 14, 2030 and the 2.71% Series B Senior Notes due October 14, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K | |||||
Form of Indemnification Agreement entered into by and between the Company and each of its directors and executive officers (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020). | |||||
Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R. Reid Dunbar and Ryan M. Collins (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020). | |||||
Form of Severance and Change in Control Agreement, entered into by and between the Company and Staci H. Tyler (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020). | |||||
Note Purchase Agreement, dated as of February 3, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 3.03% Senior Notes due April 20, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 8, 2022). | |||||
Subsidiaries of the Company (filed herewith). | |||||
Consent of KPMG LLP (filed herewith). | |||||
Powers of attorney (included on signature page hereto). | |||||
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (filed herewith). | |||||
Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Brent W. Wood, Chief Financial Officer (filed herewith). |
Exhibit Number | Description | ||||
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (furnished herewith). | |||||
Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Brent W. Wood, Chief Financial Officer (furnished herewith). | |||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | ||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) (filed herewith). |
* Indicates a management contract or any compensatory plan, contract or arrangement. |
/s/ KPMG LLP | ||||||
We have served as the | ||||||
Jackson, Mississippi | ||||||
February |
/s/ EASTGROUP PROPERTIES, INC. | |||||
Ridgeland, Mississippi | |||||
February |
Jackson, Mississippi | |||||
February |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands, except share and per share data) | |||||||||||
ASSETS | |||||||||||
Real estate properties | $ | 3,546,711 | 3,159,497 | ||||||||
Development and value-add properties | 504,614 | 359,588 | |||||||||
4,051,325 | 3,519,085 | ||||||||||
Less accumulated depreciation | (1,035,617) | (955,328) | |||||||||
3,015,708 | 2,563,757 | ||||||||||
Real estate assets held for sale | 5,695 | — | |||||||||
Unconsolidated investment | 7,320 | 7,446 | |||||||||
Cash | 4,393 | 21 | |||||||||
Other assets | 182,220 | 149,579 | |||||||||
TOTAL ASSETS | $ | 3,215,336 | 2,720,803 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
LIABILITIES | |||||||||||
Unsecured bank credit facilities, net of debt issuance costs | $ | 207,066 | 124,194 | ||||||||
Unsecured debt, net of debt issuance costs | 1,242,570 | 1,107,708 | |||||||||
Secured debt, net of debt issuance costs | 2,142 | 78,993 | |||||||||
Accounts payable and accrued expenses | 109,760 | 69,573 | |||||||||
Other liabilities | 82,338 | 69,817 | |||||||||
Total Liabilities | 1,643,876 | 1,450,285 | |||||||||
EQUITY | |||||||||||
Stockholders’ Equity: | |||||||||||
Common stock; $0.0001 par value; 70,000,000 shares authorized; 41,268,846 shares issued and outstanding at December 31, 2021 and 39,676,828 at December 31, 2020 | 4 | 4 | |||||||||
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued | — | — | |||||||||
Additional paid-in capital | 1,886,820 | 1,610,053 | |||||||||
Distributions in excess of earnings | (318,056) | (329,667) | |||||||||
Accumulated other comprehensive income (loss) | 1,302 | (10,752) | |||||||||
Total Stockholders’ Equity | 1,570,070 | 1,269,638 | |||||||||
Noncontrolling interest in joint ventures | 1,390 | 880 | |||||||||
Total Equity | 1,571,460 | 1,270,518 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,215,336 | 2,720,803 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands, except share and per share data) | ||||||
ASSETS | ||||||
Real estate properties | $ | 2,844,567 | 2,553,481 | |||
Development and value-add properties | 419,999 | 263,664 | ||||
3,264,566 | 2,817,145 | |||||
Less accumulated depreciation | (871,139 | ) | (814,915 | ) | ||
2,393,427 | 2,002,230 | |||||
Unconsolidated investment | 7,805 | 7,870 | ||||
Cash | 224 | 374 | ||||
Other assets | 144,622 | 121,231 | ||||
TOTAL ASSETS | $ | 2,546,078 | 2,131,705 | |||
LIABILITIES AND EQUITY | ||||||
LIABILITIES | ||||||
Unsecured bank credit facilities | $ | 111,394 | 193,926 | |||
Unsecured debt | 938,115 | 723,400 | ||||
Secured debt | 133,093 | 188,461 | ||||
Accounts payable and accrued expenses | 92,024 | 86,563 | ||||
Other liabilities | 69,123 | 34,652 | ||||
Total Liabilities | 1,343,749 | 1,227,002 | ||||
EQUITY | ||||||
Stockholders’ Equity: | ||||||
Common stock; $0.0001 par value; 70,000,000 shares authorized; 38,925,953 shares issued and outstanding at December 31, 2019 and 36,501,356 at December 31, 2018 | 4 | 4 | ||||
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued | — | — | ||||
Additional paid-in capital | 1,514,055 | 1,222,547 | ||||
Distributions in excess of earnings | (316,302 | ) | (326,193 | ) | ||
Accumulated other comprehensive income | 2,807 | 6,701 | ||||
Total Stockholders’ Equity | 1,200,564 | 903,059 | ||||
Noncontrolling interest in joint ventures | 1,765 | 1,644 | ||||
Total Equity | 1,202,329 | 904,703 | ||||
TOTAL LIABILITIES AND EQUITY | $ | 2,546,078 | 2,131,705 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||||||||||||
REVENUES | REVENUES | |||||||||||||||||||||||||
Income from real estate operations | $ | 330,813 | 299,018 | 274,031 | Income from real estate operations | $ | 409,412 | 362,669 | 330,813 | |||||||||||||||||
Other revenue | 574 | 1,374 | 119 | Other revenue | 63 | 354 | 574 | |||||||||||||||||||
331,387 | 300,392 | 274,150 | 409,475 | 363,023 | 331,387 | |||||||||||||||||||||
EXPENSES | EXPENSES | |||||||||||||||||||||||||
Expenses from real estate operations | 93,274 | 86,394 | 80,108 | Expenses from real estate operations | 115,078 | 103,368 | 93,274 | |||||||||||||||||||
Depreciation and amortization | 104,724 | 91,704 | 83,874 | Depreciation and amortization | 127,099 | 116,359 | 104,724 | |||||||||||||||||||
General and administrative | 16,406 | 13,738 | 14,972 | General and administrative | 15,704 | 14,404 | 16,406 | |||||||||||||||||||
Indirect leasing costs | 411 | — | — | Indirect leasing costs | 700 | 661 | 411 | |||||||||||||||||||
214,815 | 191,836 | 178,954 | ||||||||||||||||||||||||
258,581 | 234,792 | 214,815 | ||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||
Interest expense | (34,463 | ) | (35,106 | ) | (34,775 | ) | Interest expense | (32,945) | (33,927) | (34,463) | ||||||||||||||||
Gain on sales of real estate investments | 41,068 | 14,273 | 21,855 | Gain on sales of real estate investments | 38,859 | 13,145 | 41,068 | |||||||||||||||||||
Other | 163 | 913 | 1,313 | Other | 830 | 942 | 163 | |||||||||||||||||||
NET INCOME | 123,340 | 88,636 | 83,589 | NET INCOME | 157,638 | 108,391 | 123,340 | |||||||||||||||||||
Net income attributable to noncontrolling interest in joint ventures | (1,678 | ) | (130 | ) | (406 | ) | Net income attributable to noncontrolling interest in joint ventures | (81) | (28) | (1,678) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 121,662 | 88,506 | 83,183 | NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 157,557 | 108,363 | 121,662 | |||||||||||||||||||
Other comprehensive income (loss) – cash flow hedges | (3,894 | ) | 1,353 | 3,353 | ||||||||||||||||||||||
Other comprehensive income (loss) – interest rate swaps | Other comprehensive income (loss) – interest rate swaps | 12,054 | (13,559) | (3,894) | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 117,768 | 89,859 | 86,536 | TOTAL COMPREHENSIVE INCOME | $ | 169,611 | 94,804 | 117,768 | |||||||||||||||||
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 3.25 | 2.50 | 2.45 | Net income attributable to common stockholders | $ | 3.91 | 2.77 | 3.25 | |||||||||||||||||
Weighted average shares outstanding | 37,442 | 35,439 | 33,996 | Weighted average shares outstanding | 40,255 | 39,185 | 37,442 | |||||||||||||||||||
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 3.24 | 2.49 | 2.44 | Net income attributable to common stockholders | $ | 3.90 | 2.76 | 3.24 | |||||||||||||||||
Weighted average shares outstanding | 37,527 | 35,506 | 34,047 | Weighted average shares outstanding | 40,377 | 39,296 | 37,527 |
Common Shares | Additional Paid-In Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Joint Ventures | Total | ||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 4 | 1,222,547 | (326,193) | 6,701 | 1,644 | 904,703 | ||||||||||||||||||||||||||||
Net income | — | — | 121,662 | — | 1,678 | 123,340 | |||||||||||||||||||||||||||||
Net unrealized change in fair value of interest rate swaps | — | — | — | (3,894) | — | (3,894) | |||||||||||||||||||||||||||||
Common dividends declared – $2.94 per share | — | — | (111,771) | — | — | (111,771) | |||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | 9,374 | — | — | — | 9,374 | |||||||||||||||||||||||||||||
Issuance of 2,388,342 shares of common stock, common stock offering, net of expenses | — | 284,710 | — | — | — | 284,710 | |||||||||||||||||||||||||||||
Issuance of 1,893 shares of common stock, dividend reinvestment plan | — | 212 | — | — | — | 212 | |||||||||||||||||||||||||||||
Withheld 28,955 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,788) | — | — | — | (2,788) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | 821 | 821 | |||||||||||||||||||||||||||||
Net distributions to noncontrolling interest | — | — | — | — | (2,378) | (2,378) | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | 4 | 1,514,055 | (316,302) | 2,807 | 1,765 | 1,202,329 | |||||||||||||||||||||||||||||
Net income | — | — | 108,363 | — | 28 | 108,391 | |||||||||||||||||||||||||||||
Net unrealized change in fair value of interest rate swaps | — | — | — | (13,559) | — | (13,559) | |||||||||||||||||||||||||||||
Common dividends declared – $3.08 per share | — | — | (121,728) | — | — | (121,728) | |||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | 8,502 | — | — | — | 8,502 | |||||||||||||||||||||||||||||
Issuance of 709,924 shares of common stock, common stock offering, net of expenses | — | 92,663 | — | — | — | 92,663 | |||||||||||||||||||||||||||||
Withheld 36,445 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (4,939) | — | — | — | (4,939) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | 20 | 20 | |||||||||||||||||||||||||||||
Net distributions to noncontrolling interest | — | — | — | — | (115) | (115) | |||||||||||||||||||||||||||||
Sale of noncontrolling interest in joint venture | — | (228) | — | — | (818) | (1,046) | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | 4 | 1,610,053 | (329,667) | (10,752) | 880 | 1,270,518 | |||||||||||||||||||||||||||||
Net income | — | — | 157,557 | — | 81 | 157,638 | |||||||||||||||||||||||||||||
Net unrealized change in fair value of interest rate swaps | — | — | — | 12,054 | — | 12,054 | |||||||||||||||||||||||||||||
Common dividends declared – $3.58 per share | — | — | (145,946) | — | — | (145,946) | |||||||||||||||||||||||||||||
Stock-based compensation, net of forfeitures | — | 9,847 | — | — | — | 9,847 | |||||||||||||||||||||||||||||
Issuance of 1,551,181 shares of common stock, common stock offering, net of expenses | — | 271,155 | — | — | — | 271,155 | |||||||||||||||||||||||||||||
Withheld 30,252 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (4,240) | — | — | — | (4,240) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | 584 | 584 | |||||||||||||||||||||||||||||
Net distributions to noncontrolling interest | — | 5 | — | — | (155) | (150) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 4 | 1,886,820 | (318,056) | 1,302 | 1,390 | 1,571,460 |
Common Stock | Additional Paid-In Capital | Distributions In Excess Of Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest in Joint Ventures | Total | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||
Balance, December 31, 2016 | $ | 3 | 949,318 | (313,655 | ) | 1,995 | 4,205 | 641,866 | ||||||||||
Net income | — | — | 83,183 | — | 406 | 83,589 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | 3,353 | — | 3,353 | ||||||||||||
Common dividends declared – $2.52 per share | — | — | (86,560 | ) | — | — | (86,560 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 7,012 | — | — | — | 7,012 | ||||||||||||
Issuance of 1,370,457 shares of common stock, common stock offering, net of expenses | — | 109,207 | — | — | — | 109,207 | ||||||||||||
Issuance of 2,744 shares of common stock, dividend reinvestment plan | — | 228 | — | — | — | 228 | ||||||||||||
Withheld 33,695 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,505 | ) | — | — | — | (2,505 | ) | ||||||||||
Purchase of noncontrolling interest in joint venture | — | (2,107 | ) | — | — | (2,597 | ) | (4,704 | ) | |||||||||
Distributions to noncontrolling interest | — | — | — | — | (478 | ) | (478 | ) | ||||||||||
Contributions from noncontrolling interest | — | — | — | — | 122 | 122 | ||||||||||||
Balance, December 31, 2017 | 3 | 1,061,153 | (317,032 | ) | 5,348 | 1,658 | 751,130 | |||||||||||
Net income | — | — | 88,506 | — | 130 | 88,636 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | 1,353 | — | 1,353 | ||||||||||||
Common dividends declared – $2.72 per share | — | — | (97,667 | ) | — | — | (97,667 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 6,103 | — | — | — | 6,103 | ||||||||||||
Issuance of 1,706,474 shares of common stock, common stock offering, net of expenses | 1 | 157,318 | — | — | — | 157,319 | ||||||||||||
Issuance of 1,844 shares of common stock, dividend reinvestment plan | — | 164 | — | — | — | 164 | ||||||||||||
Withheld 23,824 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,055 | ) | — | — | — | (2,055 | ) | ||||||||||
Purchase of noncontrolling interest in joint venture | — | (136 | ) | — | — | — | (136 | ) | ||||||||||
Distributions to noncontrolling interest | — | — | — | — | (194 | ) | (194 | ) | ||||||||||
Contributions from noncontrolling interest | — | — | — | — | 50 | 50 | ||||||||||||
Balance, December 31, 2018 | 4 | 1,222,547 | (326,193 | ) | 6,701 | 1,644 | 904,703 | |||||||||||
Net income | — | — | 121,662 | — | 1,678 | 123,340 | ||||||||||||
Net unrealized change in fair value of cash flow hedges | — | — | — | (3,894 | ) | — | (3,894 | ) | ||||||||||
Common dividends declared – $2.94 per share | — | — | (111,771 | ) | — | — | (111,771 | ) | ||||||||||
Stock-based compensation, net of forfeitures | — | 9,374 | — | — | — | 9,374 | ||||||||||||
Issuance of 2,388,342 shares of common stock, common stock offering, net of expenses | — | 284,710 | — | — | — | 284,710 | ||||||||||||
Issuance of 1,893 shares of common stock, dividend reinvestment plan | — | 212 | — | — | — | 212 | ||||||||||||
Withheld 28,955 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — | (2,788 | ) | — | — | — | (2,788 | ) | ||||||||||
Contributions from noncontrolling interest | — | — | — | — | 821 | 821 | ||||||||||||
Distributions to noncontrolling interest | — | — | — | — | (2,378 | ) | (2,378 | ) | ||||||||||
Balance, December 31, 2019 | $ | 4 | 1,514,055 | (316,302 | ) | 2,807 | 1,765 | 1,202,329 |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 157,638 | 108,391 | 123,340 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 127,099 | 116,359 | 104,724 | ||||||||||||||
Stock-based compensation expense | 7,511 | 6,579 | 6,838 | ||||||||||||||
Gain on sales of real estate investments | (38,859) | (13,145) | (41,068) | ||||||||||||||
Gain on casualties and involuntary conversion on real estate assets | — | (161) | (180) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accrued income and other assets | (11,572) | (4,615) | (5,558) | ||||||||||||||
Accounts payable, accrued expenses and prepaid rent | 13,298 | (18,851) | 6,514 | ||||||||||||||
Other | 1,377 | 1,728 | 1,302 | ||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 256,492 | 196,285 | 195,912 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Development and value-add properties | (418,855) | (195,446) | (318,288) | ||||||||||||||
Purchases of real estate | (108,149) | (49,199) | (142,712) | ||||||||||||||
Real estate improvements | (36,665) | (33,131) | (37,775) | ||||||||||||||
Net proceeds from sales of real estate investments and non-operating real estate | 44,260 | 21,565 | 66,737 | ||||||||||||||
Leasing commissions | (33,301) | (17,516) | (19,194) | ||||||||||||||
Proceeds from casualties and involuntary conversion on real estate assets | — | 242 | 723 | ||||||||||||||
Repayments on mortgage loans receivable | — | 1,679 | 915 | ||||||||||||||
Changes in accrued development costs | 21,678 | (5,339) | (3,644) | ||||||||||||||
Changes in other assets and other liabilities | 1,769 | (11,111) | 9,901 | ||||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (529,263) | (288,256) | (443,337) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Proceeds from unsecured bank credit facilities | 625,520 | 625,387 | 932,658 | ||||||||||||||
Repayments on unsecured bank credit facilities | (541,310) | (613,097) | (1,015,678) | ||||||||||||||
Proceeds from unsecured debt | 175,000 | 275,000 | 290,000 | ||||||||||||||
Repayments on unsecured debt | (40,000) | (105,000) | (75,000) | ||||||||||||||
Repayments on secured debt | (76,920) | (54,306) | (55,593) | ||||||||||||||
Debt issuance costs | (2,678) | (1,090) | (893) | ||||||||||||||
Distributions paid to stockholders (not including dividends accrued) | (131,759) | (119,765) | (108,795) | ||||||||||||||
Proceeds from common stock offerings | 273,097 | 90,721 | 284,710 | ||||||||||||||
Proceeds from dividend reinvestment plan | — | — | 212 | ||||||||||||||
Other | (3,807) | (6,082) | (4,346) | ||||||||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 277,143 | 91,768 | 247,275 | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,372 | (203) | (150) | ||||||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 21 | 224 | 374 | ||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 4,393 | 21 | 224 | |||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||||||||
Cash paid for interest, net of amounts capitalized of $9,028, $9,651, and $8,453 for 2021, 2020 and 2019, respectively | $ | 31,658 | 32,362 | 30,839 | |||||||||||||
Cash paid for operating lease liabilities | 1,707 | 1,476 | 1,314 | ||||||||||||||
NON-CASH OPERATING ACTIVITY | |||||||||||||||||
Operating lease liabilities arising from obtaining right of use assets | $ | 13,056 | 495 | 15,435 | |||||||||||||
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
OPERATING ACTIVITIES | |||||||||
Net income | $ | 123,340 | 88,636 | 83,589 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | 104,724 | 91,704 | 83,874 | ||||||
Stock-based compensation expense | 6,838 | 5,283 | 5,521 | ||||||
Net gain on sales of real estate investments and non-operating real estate | (41,151 | ) | (14,359 | ) | (22,148 | ) | |||
Gain on casualties and involuntary conversion on real estate assets | (180 | ) | (1,245 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||||
Accrued income and other assets | (5,558 | ) | (4,091 | ) | (5,034 | ) | |||
Accounts payable, accrued expenses and prepaid rent | 6,514 | (2,682 | ) | 8,333 | |||||
Other | 1,385 | 1,485 | 879 | ||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 195,912 | 164,731 | 155,014 | ||||||
INVESTING ACTIVITIES | |||||||||
Development and value-add properties | (318,288 | ) | (167,667 | ) | (124,938 | ) | |||
Purchases of real estate | (142,712 | ) | (57,152 | ) | (55,195 | ) | |||
Real estate improvements | (37,775 | ) | (37,502 | ) | (27,385 | ) | |||
Net proceeds from sales of real estate investments and non-operating real estate | 66,737 | 24,508 | 42,710 | ||||||
Proceeds from casualties and involuntary conversion on real estate assets | 723 | 1,635 | — | ||||||
Repayments on mortgage loans receivable | 915 | 1,987 | 171 | ||||||
Changes in accrued development costs | (3,644 | ) | 5,711 | (144 | ) | ||||
Changes in other assets and other liabilities | (9,293 | ) | (12,955 | ) | (14,645 | ) | |||
NET CASH USED IN INVESTING ACTIVITIES | (443,337 | ) | (241,435 | ) | (179,426 | ) | |||
FINANCING ACTIVITIES | |||||||||
Proceeds from unsecured bank credit facilities | 932,658 | 448,100 | 391,617 | ||||||
Repayments on unsecured bank credit facilities | (1,015,678 | ) | (448,709 | ) | (387,298 | ) | |||
Proceeds from unsecured debt | 290,000 | 60,000 | 60,000 | ||||||
Repayments on unsecured debt | (75,000 | ) | (50,000 | ) | — | ||||
Repayments on secured debt | (55,593 | ) | (11,289 | ) | (58,209 | ) | |||
Debt issuance costs | (893 | ) | (1,922 | ) | (380 | ) | |||
Distributions paid to stockholders (not including dividends accrued) | (108,795 | ) | (71,294 | ) | (86,725 | ) | |||
Proceeds from common stock offerings | 284,710 | 157,319 | 109,207 | ||||||
Proceeds from dividend reinvestment plan | 212 | 221 | 228 | ||||||
Other �� | (4,346 | ) | (5,364 | ) | (4,534 | ) | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 247,275 | 77,062 | 23,906 | ||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (150 | ) | 358 | (506 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 374 | 16 | 522 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 224 | 374 | 16 | |||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||
Cash paid for interest, net of amount capitalized of $8,453, $6,334, and $5,765 for 2019, 2018 and 2017, respectively | $ | 30,839 | 33,458 | 33,634 | |||||
Cash paid for operating lease liabilities | 1,314 | — | — | ||||||
NON-CASH OPERATING ACTIVITY | |||||||||
Operating lease liabilities arising from obtaining right of use assets | $ | 15,435 | — | — |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Common Share Distributions: | (Per share) | ||||||||||||||||
Ordinary dividends | $ | 3.61656 | 3.32868 | 3.14000 | |||||||||||||
Nondividend distributions | — | — | — | ||||||||||||||
Unrecaptured Section 1250 capital gain | — | — | — | ||||||||||||||
Other capital gain | — | — | — | ||||||||||||||
Total Common Share Distributions | $ | 3.61656 | 3.32868 | 3.14000 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
Common Share Distributions: | (Per share) | ||||||||
Ordinary dividends | $ | 3.14000 | 2.14305 | 2.49146 | |||||
Nondividend distributions | — | — | 0.02686 | ||||||
Unrecaptured Section 1250 capital gain | — | — | — | ||||||
Other capital gain | — | — | 0.00168 | ||||||
Total Common Share Distributions | $ | 3.14000 | 2.14305 | 2.52000 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Lease income — operating leases | $ | 306,658 | 271,094 | 248,237 | |||||||||||||||||||||||||||||||
Variable lease income (1) | 102,754 | 91,575 | 82,576 | ||||||||||||||||||||||||||||||||
Income from real estate operations | $ | 409,412 | 362,669 | 330,813 |
Year Ended December 31, 2019 | |||
(In thousands) | |||
Lease income — operating leases | $ | 248,237 | |
Variable lease income (1) | 82,576 | ||
Income from real estate operations | $ | 330,813 |
Years Ending December 31, | (In thousands) | |||
2020 | $ | 252,654 | ||
2021 | 215,820 | |||
2022 | 171,607 | |||
2023 | 132,274 | |||
2024 | 99,183 | |||
Thereafter | 171,392 | |||
Total minimum receipts | $ | 1,042,930 |
Years Ending December 31, | (In thousands) | |||||||
2022 | $ | 322,765 | ||||||
2023 | 291,810 | |||||||
2024 | 245,109 | |||||||
2025 | 195,340 | |||||||
2026 | 146,152 | |||||||
Thereafter | 313,050 | |||||||
Total minimum receipts | $ | 1,514,226 |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 226,330 | ||
2020 | 195,850 | |||
2021 | 151,564 | |||
2022 | 112,007 | |||
2023 | 82,262 | |||
Thereafter | 163,499 | |||
Total minimum receipts | $ | 931,512 |
Years Ending December 31, | (In thousands) | |||||||
2022 | $ | 6,461 | ||||||
2023 | 4,400 | |||||||
2024 | 3,276 | |||||||
2025 | 2,465 | |||||||
2026 | 1,391 |
Years Ending December 31, | (In thousands) | |||
2020 | $ | 4,949 | ||
2021 | 3,719 | |||
2022 | 2,697 | |||
2023 | 2,160 | |||
2024 | 1,593 |
Costs Incurred During the Years Ended December 31, | ||||||||||||||||||||
ACQUIRED ASSETS AND ASSUMED LIABILITIES | 2021 | 2020 | 2019 | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Land | $ | 42,554 | 23,565 | 76,039 | ||||||||||||||||
Buildings and building improvements | 225,645 | 42,024 | 144,301 | |||||||||||||||||
Tenant and other improvements | 4,907 | 7,971 | 6,490 | |||||||||||||||||
Right of use assets — Ground leases (operating) | 12,708 | — | 2,679 | |||||||||||||||||
Total real estate properties acquired | 285,814 | 73,560 | 229,509 | |||||||||||||||||
In-place lease intangibles (1) | 9,949 | 3,257 | 10,020 | |||||||||||||||||
Above market lease intangibles (1) | 6 | 104 | 344 | |||||||||||||||||
Below market lease intangibles (2) | (3,836) | (403) | (2,685) | |||||||||||||||||
Operating lease liabilities — Ground leases (3) | (12,708) | — | (2,679) | |||||||||||||||||
Total assets acquired, net of liabilities assumed | $ | 279,225 | 76,518 | 234,509 |
(k)Stock-Based |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Real estate properties: | |||||||||||
Land | $ | 544,505 | 502,739 | ||||||||
Buildings and building improvements | 2,408,944 | 2,120,731 | |||||||||
Tenant and other improvements | 570,627 | 524,954 | |||||||||
Right of use assets — Ground leases (operating) (1) | 22,635 | 11,073 | |||||||||
Development and value-add properties | 504,614 | 359,588 | |||||||||
4,051,325 | 3,519,085 | ||||||||||
Less accumulated depreciation | (1,035,617) | (955,328) | |||||||||
$ | 3,015,708 | 2,563,757 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Real estate properties: | ||||||
Land | $ | 452,698 | 380,684 | |||
Buildings and building improvements | 1,907,963 | 1,732,592 | ||||
Tenant and other improvements | 471,909 | 440,205 | ||||
Right of use assets — Ground leases (operating) (1) | 11,997 | — | ||||
Development and value-add properties (2) | 419,999 | 263,664 | ||||
3,264,566 | 2,817,145 | |||||
Less accumulated depreciation | (871,139 | ) | (814,915 | ) | ||
$ | 2,393,427 | 2,002,230 |
REAL ESTATE PROPERTIES ACQUIRED | Location | Size | Date Acquired | Cost | ||||||||||||||||||||||
(In square feet or acres) | (In thousands) | |||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||
OPERATING PROPERTIES ACQUIRED (1) | ||||||||||||||||||||||||||
Southpark Distribution Center 2 | Phoenix, AZ | 79,000 | 06/10/2021 | $ | 9,177 | |||||||||||||||||||||
DFW Global Logistics Centre | Dallas, TX | 611,000 | 08/26/2021 | 89,829 | ||||||||||||||||||||||
Progress Center 3 | Atlanta, GA | 50,000 | 09/23/2021 | 5,000 | ||||||||||||||||||||||
Texas Avenue | Austin, TX | 20,000 | 10/15/2021 | 4,143 | ||||||||||||||||||||||
Total operating property acquisitions | 760,000 | 108,149 | ||||||||||||||||||||||||
VALUE-ADD PROPERTIES ACQUIRED (2) | ||||||||||||||||||||||||||
Access Point 1 | Greenville, SC | 156,000 | 01/15/2021 | 10,501 | ||||||||||||||||||||||
Northpoint 200 | Atlanta, GA | 79,000 | 01/21/2021 | 6,516 | ||||||||||||||||||||||
Access Point 2 | Greenville, SC | 159,000 | 05/19/2021 | 10,743 | ||||||||||||||||||||||
Cherokee 75 Business Center 2 | Atlanta, GA | 105,000 | 06/17/2021 | 8,837 | ||||||||||||||||||||||
Siempre Viva Distribution Center 3-6 | San Diego, CA | 547,000 | 12/01/2021 | 134,479 | ||||||||||||||||||||||
Total value-add property acquisitions | 1,046,000 | 171,076 | ||||||||||||||||||||||||
Total acquired assets in 2021 (3) | 1,806,000 | $ | 279,225 | |||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||
OPERATING PROPERTIES ACQUIRED (1) | ||||||||||||||||||||||||||
Wells Point One | Austin, TX | 50,000 | 02/28/2020 | $ | 6,231 | |||||||||||||||||||||
Cherokee 75 Business Center 1 | Atlanta, GA | 85,000 | 12/15/2020 | 8,323 | ||||||||||||||||||||||
The Rock at Star Business Park | Dallas, TX | 212,000 | 12/17/2020 | 34,102 | ||||||||||||||||||||||
Total operating property acquisitions | 347,000 | 48,656 | ||||||||||||||||||||||||
VALUE-ADD PROPERTIES ACQUIRED (2) | ||||||||||||||||||||||||||
Rancho Distribution Center | Los Angeles, CA | 162,000 | 10/15/2020 | 27,862 | ||||||||||||||||||||||
Total acquired assets in 2020 (3) | 509,000 | $ | 76,518 | |||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
OPERATING PROPERTIES ACQUIRED (1) | ||||||||||||||||||||||||||
Airways Business Center | Denver, CO | 382,000 | 05/20/2019 | $ | 48,327 | |||||||||||||||||||||
Miramar Land (4) | San Diego, CA | 6.5 Acres | 05/31/2019 | 13,386 | ||||||||||||||||||||||
385 Business Park | Greenville, SC | 155,000 | 07/31/2019 | 13,900 | ||||||||||||||||||||||
Grand Oaks 75 Business Center 1 | Tampa, FL | 169,000 | 09/06/2019 | 17,974 | ||||||||||||||||||||||
Siempre Viva Distribution Center 2 | San Diego, CA | 60,000 | 10/04/2019 | 8,621 | ||||||||||||||||||||||
Rocky Point Distribution Center 1 | San Diego, CA | 118,000 | 12/17/2019 | 24,396 | ||||||||||||||||||||||
Otay Mesa Land (4) | San Diego, CA | 41.6 Acres | 12/31/2019 | 15,282 | ||||||||||||||||||||||
Total operating property acquisitions | 884,000 | 141,886 | ||||||||||||||||||||||||
48.1 Acres | ||||||||||||||||||||||||||
VALUE-ADD PROPERTIES ACQUIRED (2) | ||||||||||||||||||||||||||
Logistics Center 6 & 7 | Dallas, TX | 142,000 | 04/23/2019 | 12,960 | ||||||||||||||||||||||
Arlington Tech Centre 1 & 2 | Dallas, TX | 151,000 | 08/16/2019 | 12,615 | ||||||||||||||||||||||
Grand Oaks 75 Business Center 2 | Tampa, FL | 150,000 | 09/06/2019 | 12,815 | ||||||||||||||||||||||
Interstate Commons Distribution Center 2 | Phoenix, AZ | 142,000 | 10/21/2019 | 9,386 | ||||||||||||||||||||||
Southwest Commerce Center | Las Vegas, NV | 196,000 | 10/30/2019 | 25,609 | ||||||||||||||||||||||
Rocky Point Distribution Center 2 | San Diego, CA | 109,000 | 12/17/2019 | 19,238 | ||||||||||||||||||||||
Total value-add property acquisitions | 890,000 | 92,623 | ||||||||||||||||||||||||
Total acquired assets in 2019 (3) | 1,774,000 | $ | 234,509 | |||||||||||||||||||||||
48.1 Acres |
Real Estate Properties | Location | Size (in Square Feet) | Date Sold | Net Sales Price | Basis | Recognized Gain | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||
Jetport Commerce Park | Tampa, FL | 284,000 | 11/09/2021 | $ | 44,260 | 5,401 | 38,859 | |||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||
University Business Center 120 (1) | Santa Barbara, CA | 46,000 | 12/01/2020 | $ | 10,342 | 4,007 | 6,335 | |||||||||||||||||||||||||||||||
Central Green | Houston, TX | 80,000 | 12/23/2020 | 10,168 | 3,358 | 6,810 | ||||||||||||||||||||||||||||||||
Total for 2020 | $ | 20,510 | 7,365 | 13,145 | ||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||
World Houston 5 | Houston, TX | 51,000 | 01/29/2019 | $ | 3,679 | 1,354 | 2,325 | |||||||||||||||||||||||||||||||
Altamonte Commerce Center | Orlando, FL | 186,000 | 05/20/2019 | 14,423 | 5,342 | 9,081 | ||||||||||||||||||||||||||||||||
University Business Center 130 (2) | Santa Barbara, CA | 40,000 | 11/07/2019 | 11,083 | 2,729 | 8,354 | ||||||||||||||||||||||||||||||||
Southpointe Distribution Center | Tucson, AZ | 207,000 | 12/03/2019 | 13,699 | 2,281 | 11,418 | ||||||||||||||||||||||||||||||||
University Business Center 125 & 175 | Santa Barbara, CA | 133,000 | 12/11/2019 | 23,675 | 13,785 | 9,890 | ||||||||||||||||||||||||||||||||
Total for 2019 | $ | 66,559 | 25,491 | 41,068 |
Real Estate Properties | Location | Size (in Square Feet) | Date Sold | Net Sales Price | Basis | Recognized Gain | |||||||||||
(In thousands) | |||||||||||||||||
2019 | |||||||||||||||||
World Houston 5 | Houston, TX | 51,000 | 01/29/2019 | $ | 3,679 | 1,354 | 2,325 | ||||||||||
Altamonte Commerce Center | Orlando, FL | 186,000 | 05/20/2019 | 14,423 | 5,342 | 9,081 | |||||||||||
University Business Center 130 (1) | Santa Barbara, CA | 40,000 | 11/07/2019 | 11,083 | 2,729 | 8,354 | |||||||||||
Southpointe Distribution Center | Tucson, AZ | 207,000 | 12/03/2019 | 13,699 | 2,281 | 11,418 | |||||||||||
University Business Center 125 & 175 | Santa Barbara, CA | 133,000 | 12/11/2019 | 23,675 | 13,785 | 9,890 | |||||||||||
Total for 2019 | $ | 66,559 | 25,491 | 41,068 | |||||||||||||
2018 | |||||||||||||||||
World Houston 18 | Houston, TX | 33,000 | 01/26/2018 | $ | 2,289 | 1,211 | 1,078 | ||||||||||
56 Commerce Park | Tampa, FL | 181,000 | 03/20/2018 | 12,032 | 2,888 | 9,144 | |||||||||||
35th Avenue Distribution Center | Phoenix, AZ | 125,000 | 07/26/2018 | 7,683 | 3,632 | 4,051 | |||||||||||
Total for 2018 | $ | 22,004 | 7,731 | 14,273 | |||||||||||||
2017 | |||||||||||||||||
Stemmons Circle | Dallas, TX | 99,000 | 05/12/2017 | $ | 5,051 | 1,329 | 3,722 | ||||||||||
Techway Southwest I-IV | Houston, TX | 415,000 | 06/19/2017 | 32,506 | 14,373 | 18,133 | |||||||||||
Total for 2017 | $ | 37,557 | 15,702 | 21,855 |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | Actual or Anticipated Building Conversion Date | ||||||||||||||||||||||||||||||||||||
Costs Transferred in 2021 (1) | For the Year Ended 12/31/21 | Cumulative as of 12/31/21 | Projected Total Costs (2) | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||||||||||||||||||||||
Access Point 1, Greenville, SC (3) | 156,000 | $ | — | 12,522 | 12,522 | 13,300 | 01/22 | |||||||||||||||||||||||||||||||
Access Point 2, Greenville, SC (3) | 159,000 | — | 11,631 | 11,631 | 13,100 | 05/22 | ||||||||||||||||||||||||||||||||
Grand Oaks 75 3, Tampa, FL | 136,000 | 2,198 | 7,994 | 10,192 | 12,400 | 07/22 | ||||||||||||||||||||||||||||||||
Horizon West 2 & 3, Orlando, FL | 210,000 | 5,505 | 11,685 | 17,190 | 19,200 | 09/22 | ||||||||||||||||||||||||||||||||
Siempre Viva 3-6, San Diego, CA (3) | 547,000 | — | 132,688 | 132,688 | 135,600 | 12/22 | ||||||||||||||||||||||||||||||||
Total Lease-Up | 1,208,000 | 7,703 | 176,520 | 184,223 | 193,600 | |||||||||||||||||||||||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||||||||||||||||||||||
Speed Distribution Center, San Diego, CA | 519,000 | 17,758 | (4) | 50,060 | 67,818 | 88,600 | 03/22 | |||||||||||||||||||||||||||||||
SunCoast 12, Fort Myers, FL | 79,000 | 960 | 3,218 | 4,178 | 8,000 | 06/22 | ||||||||||||||||||||||||||||||||
CreekView 9 & 10, Dallas, TX | 145,000 | 4,350 | 6,986 | 11,336 | 17,200 | 07/22 | ||||||||||||||||||||||||||||||||
Steele Creek 8, Charlotte, NC | 72,000 | 1,869 | 859 | 2,728 | 8,400 | 08/22 | ||||||||||||||||||||||||||||||||
Basswood 1 & 2, Fort Worth, TX | 237,000 | — | 10,475 | 15,229 | 22,100 | 02/23 | ||||||||||||||||||||||||||||||||
Gateway 3, Miami, FL | 133,000 | 6,791 | 6,375 | 13,166 | 19,100 | 04/23 | ||||||||||||||||||||||||||||||||
Grand Oaks 75 4, Tampa, FL | 185,000 | 3,313 | 3,065 | 6,378 | 17,900 | 04/23 | ||||||||||||||||||||||||||||||||
Tri-County Crossing 5, San Antonio, TX | 105,000 | 1,328 | 4,272 | 5,600 | 10,300 | 04/23 | ||||||||||||||||||||||||||||||||
Americas Ten 2, El Paso, TX | 168,000 | 2,885 | 6,215 | 9,100 | 14,100 | 05/23 | ||||||||||||||||||||||||||||||||
Grand West Crossing 1, Houston, TX | 121,000 | 3,492 | 5,377 | 8,869 | 15,700 | 05/23 | ||||||||||||||||||||||||||||||||
45 Crossing, Austin, TX | 177,000 | — | 17,060 | 17,060 | 26,200 | 06/23 | ||||||||||||||||||||||||||||||||
McKinney 3 & 4, Dallas, TX | 212,000 | 5,120 | 5,318 | 10,438 | 26,300 | 06/23 | ||||||||||||||||||||||||||||||||
Ridgeview 3, San Antonio, TX | 88,000 | 1,443 | 4,361 | 5,804 | 10,700 | 06/23 | ||||||||||||||||||||||||||||||||
Tri-County Crossing 6, San Antonio, TX | 124,000 | 1,576 | 2,206 | 3,782 | 9,900 | 06/23 | ||||||||||||||||||||||||||||||||
LakePort 4 & 5, Dallas, TX | 177,000 | 6,668 | 1,270 | 7,938 | 22,400 | 08/23 | ||||||||||||||||||||||||||||||||
I-20 West Business Center, Atlanta, GA | 155,000 | 1,803 | 1,161 | 2,964 | 14,200 | 10/23 | ||||||||||||||||||||||||||||||||
Total Under Construction | 2,697,000 | 59,356 | 128,278 | 192,388 | 331,100 | |||||||||||||||||||||||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||||||||||||||||||||||
Ft. Myers, FL | 543,000 | (960) | 1,392 | 8,298 | ||||||||||||||||||||||||||||||||||
Miami, FL | 243,000 | (6,791) | 826 | 14,331 | ||||||||||||||||||||||||||||||||||
Orlando, FL | 1,278,000 | (5,505) | 4,065 | 26,238 | ||||||||||||||||||||||||||||||||||
Tampa, FL | 32,000 | (5,511) | 613 | 825 | ||||||||||||||||||||||||||||||||||
Atlanta, GA | 580,000 | (1,803) | 5,469 | 5,058 | ||||||||||||||||||||||||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||||||||||||||||||||||
Charlotte, NC | 1,387,000 | (1,869) | 12,648 | 15,104 | ||||||||||||||||||||||||||||||||||
Greenville, SC | 400,000 | — | 1,736 | 1,736 | ||||||||||||||||||||||||||||||||||
Austin, TX | 274,000 | — | 6,431 | 6,431 | ||||||||||||||||||||||||||||||||||
Dallas, TX | 172,000 | (16,138) | 1,658 | 8,398 | ||||||||||||||||||||||||||||||||||
El Paso, TX | — | (2,885) | 298 | — | ||||||||||||||||||||||||||||||||||
Ft. Worth, TX | 652,000 | — | 777 | 15,327 | ||||||||||||||||||||||||||||||||||
Houston, TX | 1,293,000 | (3,492) | 7,567 | 24,833 | ||||||||||||||||||||||||||||||||||
San Antonio, TX | 55,000 | (4,347) | 200 | 718 | ||||||||||||||||||||||||||||||||||
Total Prospective Development | 6,937,000 | (49,301) | 43,680 | 128,003 | ||||||||||||||||||||||||||||||||||
Total Development and Value-Add Properties | 10,842,000 | $ | 17,758 | 348,478 | 504,614 | |||||||||||||||||||||||||||||||||
The Development and Value-Add Properties Activity table is continued on the following page. |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY | Costs Incurred | Anticipated Building Conversion Date | ||||||||||||||||
Costs Transferred in 2019 (1) | For the Year Ended 12/31/19 | Cumulative as of 12/31/19 | Projected Total Costs (2) | |||||||||||||||
(In thousands) | ||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
LEASE-UP | Building Size (Square feet) | |||||||||||||||||
Logistics Center 6 & 7, Dallas, TX (3) | 142,000 | $ | — | 15,735 | 15,735 | 16,400 | 01/20 | |||||||||||
Settlers Crossing 1, Austin, TX | 77,000 | — | 2,999 | 9,259 | 10,200 | 01/20 | ||||||||||||
Settlers Crossing 2, Austin, TX | 83,000 | — | 1,360 | 8,475 | 9,200 | 01/20 | ||||||||||||
Parc North 5, Dallas, TX | 100,000 | — | 1,736 | 8,689 | 9,200 | 02/20 | ||||||||||||
Airport Commerce Center 3, Charlotte, NC | 96,000 | — | 2,763 | 8,556 | 9,100 | 03/20 | ||||||||||||
Horizon VIII & IX, Orlando, FL | 216,000 | 4,967 | 11,634 | 16,601 | 18,800 | 04/20 | ||||||||||||
Ten West Crossing 8, Houston, TX | 132,000 | — | 3,174 | 9,764 | 10,900 | 04/20 | ||||||||||||
Tri-County Crossing 1 & 2, San Antonio, TX | 203,000 | — | 6,491 | 15,386 | 16,700 | 04/20 | ||||||||||||
CreekView 121 5 & 6, Dallas, TX | 139,000 | — | 7,546 | 13,151 | 16,200 | 06/20 | ||||||||||||
Parc North 6, Dallas, TX | 96,000 | 2,552 | 5,738 | 8,290 | 10,100 | 07/20 | ||||||||||||
Arlington Tech Centre 1 & 2, Dallas, TX (3) | 151,000 | — | 13,277 | 13,277 | 15,100 | 08/20 | ||||||||||||
Gateway 5, Miami, FL | 187,000 | 11,944 | 11,161 | 23,105 | 23,500 | 09/20 | ||||||||||||
Grand Oaks 75 2, Tampa, FL (3) | 150,000 | — | 13,115 | 13,115 | 13,600 | 09/20 | ||||||||||||
Southwest Commerce Center, Las Vegas, NV (3) | 196,000 | — | 26,613 | 26,613 | 30,100 | 10/20 | ||||||||||||
SunCoast 6, Ft. Myers, FL | 81,000 | 3,915 | 4,019 | 7,934 | 9,200 | 10/20 | ||||||||||||
Rocky Point 2, San Diego, CA (3) | 109,000 | — | 19,275 | 19,275 | 20,600 | 12/20 | ||||||||||||
Steele Creek IX, Charlotte, NC | 125,000 | 1,766 | 7,354 | 9,120 | 9,800 | 12/20 | ||||||||||||
Total Lease-Up | 2,283,000 | 25,144 | 153,990 | 226,345 | 248,700 | |||||||||||||
UNDER CONSTRUCTION | ||||||||||||||||||
SunCoast 8, Ft. Myers, FL | 77,000 | 4,361 | 123 | 4,484 | 9,000 | 05/20 | ||||||||||||
Gilbert Crossroads A & B, Phoenix, AZ | 140,000 | 3,221 | 10,729 | 13,950 | 16,000 | 01/21 | ||||||||||||
Hurricane Shoals 3, Atlanta, GA | 101,000 | 3,890 | 2,739 | 6,629 | 8,800 | 03/21 | ||||||||||||
Interstate Commons 2, Phoenix, AZ (3) | 142,000 | — | 9,882 | 9,882 | 11,800 | 03/21 | ||||||||||||
Tri-County Crossing 3 & 4, San Antonio, TX | 203,000 | 2,334 | 6,364 | 8,698 | 14,700 | 05/21 | ||||||||||||
World Houston 44, Houston, TX | 134,000 | 1,546 | 3,244 | 4,790 | 9,100 | 05/21 | ||||||||||||
Ridgeview 1 & 2, San Antonio, TX | 226,000 | 2,499 | 4,032 | 6,531 | 18,500 | 06/21 | ||||||||||||
Creekview 121 7 & 8, Dallas, TX | 137,000 | 5,489 | 1,310 | 6,799 | 16,300 | 07/21 | ||||||||||||
Northwest Crossing 1-3, Houston, TX | 278,000 | 6,109 | 5,426 | 11,535 | 25,700 | 07/21 | ||||||||||||
Settlers Crossing 3 & 4, Austin, TX | 173,000 | 4,030 | 4,059 | 8,089 | 18,400 | 07/21 | ||||||||||||
LakePort 1-3, Dallas, TX | 194,000 | 3,542 | 4,520 | 8,062 | 22,500 | 09/21 | ||||||||||||
Total Under Construction | 1,805,000 | 37,021 | 52,428 | 89,449 | 170,800 | |||||||||||||
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) | Estimated Building Size (Square feet) | |||||||||||||||||
Phoenix, AZ | 178,000 | (3,221 | ) | 785 | 4,373 | |||||||||||||
Ft. Myers, FL | 329,000 | (8,276 | ) | 2,457 | 7,503 | |||||||||||||
Miami, FL | 463,000 | (11,944 | ) | 9,798 | 34,185 | |||||||||||||
Orlando, FL | — | (4,967 | ) | 323 | 1,075 | |||||||||||||
Tampa, FL | 349,000 | — | 4,241 | 5,801 | ||||||||||||||
Atlanta, GA | — | (3,890 | ) | 3,164 | — | |||||||||||||
Jackson, MS | 28,000 | — | — | 706 | ||||||||||||||
Charlotte, NC | 475,000 | (1,766 | ) | 1,884 | 7,327 | |||||||||||||
Austin, TX | — | (4,030 | ) | 288 | — | |||||||||||||
Dallas, TX | 997,000 | (11,583 | ) | 18,979 | 19,588 | |||||||||||||
Houston, TX | 1,223,000 | (13,126 | ) | 16,135 | 19,448 | |||||||||||||
San Antonio, TX | 373,000 | (5,987 | ) | 1,137 | 4,199 | |||||||||||||
Total Prospective Development | 4,415,000 | (68,790 | ) | 59,191 | 104,205 | |||||||||||||
8,503,000 | $ | (6,625 | ) | 265,609 | 419,999 | |||||||||||||
The Development and Value-Add Properties Activity table is continued on the following page. |
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2021 | Costs Incurred | |||||||||||||||||||||||||||||||||||||
Costs Transferred in 2021 (1) | For the Year Ended 12/31/21 | Cumulative as of 12/31/21 | ||||||||||||||||||||||||||||||||||||
(Unaudited) | (In thousands) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Building Size (Square feet) | Building Conversion Date | |||||||||||||||||||||||||||||||||||||
Gilbert Crossroads A & B, Phoenix, AZ | 140,000 | $ | — | — | 16,768 | 01/21 | ||||||||||||||||||||||||||||||||
CreekView 7 & 8, Dallas, TX | 137,000 | — | 1,099 | 17,658 | 03/21 | |||||||||||||||||||||||||||||||||
Hurricane Shoals 3, Atlanta, GA | 101,000 | — | 124 | 8,935 | 03/21 | |||||||||||||||||||||||||||||||||
Northpoint 200, Atlanta, GA (3) | 79,000 | — | 6,861 | 6,861 | 03/21 | |||||||||||||||||||||||||||||||||
Rancho Distribution Center, Los Angeles, CA (3) | 162,000 | — | — | 27,325 | 03/21 | |||||||||||||||||||||||||||||||||
World Houston 44, Houston, TX | 134,000 | — | 399 | 8,525 | 05/21 | |||||||||||||||||||||||||||||||||
Gateway 4, Miami, FL | 197,000 | — | 641 | 22,688 | 06/21 | |||||||||||||||||||||||||||||||||
Interstate Commons 2, Phoenix, AZ (3) | 142,000 | — | 50 | 12,291 | 06/21 | |||||||||||||||||||||||||||||||||
Settlers Crossing 3 & 4, Austin, TX | 173,000 | — | 2,477 | 19,981 | 06/21 | |||||||||||||||||||||||||||||||||
SunCoast 7, Fort Myers, FL | 77,000 | — | 276 | 7,649 | 06/21 | |||||||||||||||||||||||||||||||||
Tri-County Crossing 3 & 4, San Antonio, TX | 203,000 | — | 1,000 | 15,409 | 06/21 | |||||||||||||||||||||||||||||||||
Cherokee 75 Business Center 2, Atlanta, GA (3) | 105,000 | — | 9,052 | 9,052 | 07/21 | |||||||||||||||||||||||||||||||||
Northwest Crossing 1-3, Houston, TX | 278,000 | — | 1,497 | 23,819 | 09/21 | |||||||||||||||||||||||||||||||||
Ridgeview 1 & 2, San Antonio, TX | 226,000 | — | 2,021 | 19,114 | 10/21 | |||||||||||||||||||||||||||||||||
Gilbert Crossroads C & D, Phoenix, AZ | 178,000 | — | 14,955 | 21,572 | 12/21 | |||||||||||||||||||||||||||||||||
LakePort 1-3, Dallas, TX | 194,000 | — | 3,983 | 23,764 | 12/21 | |||||||||||||||||||||||||||||||||
Steele Creek 10, Charlotte, NC | 162,000 | — | 6,647 | 10,881 | 12/21 | |||||||||||||||||||||||||||||||||
Total Transferred to Real Estate Properties | 2,688,000 | $ | — | 51,082 | 272,292 | (5) |
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2019 | Costs Incurred | |||||||||||||||||
Costs Transferred in 2019 (1) | For the Year Ended 12/31/19 | Cumulative as of 12/31/19 | ||||||||||||||||
(Unaudited) | (In thousands) | (Unaudited) | ||||||||||||||||
Building Size (Square feet) | Building Conversion Date | |||||||||||||||||
Siempre Viva I, San Diego, CA (3) | 115,000 | $ | — | — | 14,075 | 01/19 | ||||||||||||
CreekView 121 3 & 4, Dallas, TX | 158,000 | — | 1,739 | 15,539 | 03/19 | |||||||||||||
Horizon VI, Orlando, FL | 148,000 | — | 3,682 | 11,907 | 03/19 | |||||||||||||
Horizon XI, Orlando, FL | 135,000 | — | 507 | 9,230 | 04/19 | |||||||||||||
Falcon Field, Phoenix, AZ | 97,000 | — | 181 | 8,413 | 05/19 | |||||||||||||
Gateway 1, Miami, FL | 200,000 | — | 3,402 | 23,643 | 05/19 | |||||||||||||
SunCoast 5, Ft. Myers, FL | 81,000 | — | 1,335 | 7,870 | 05/19 | |||||||||||||
Steele Creek V, Charlotte, NC | 54,000 | — | 2,223 | 5,537 | 07/19 | |||||||||||||
Broadmoor 2, Atlanta, GA | 111,000 | — | 1,478 | 7,892 | 11/19 | |||||||||||||
Eisenhauer Point 9, San Antonio, TX | 82,000 | 1,154 | 5,175 | 6,329 | 11/19 | |||||||||||||
World Houston 43, Houston, TX | 86,000 | 1,041 | 5,381 | 6,422 | 11/19 | |||||||||||||
Eisenhauer Point 7 & 8, San Antonio, TX | 336,000 | — | 9,790 | 22,880 | 12/19 | |||||||||||||
World Houston 45, Houston, TX | 160,000 | 4,430 | 12,522 | 16,952 | 12/19 | |||||||||||||
Total Transferred to Real Estate Properties | 1,763,000 | $ | 6,625 | 47,415 | 156,689 | (4) |
Years Ending December 31, | (In thousands) | |||||||
2022 | $ | 1,605 | ||||||
2023 | 1,610 | |||||||
2024 | 1,663 | |||||||
2025 | 1,697 | |||||||
2026 | 1,734 | |||||||
Thereafter | 60,476 | |||||||
Total minimum payments | 68,785 | |||||||
Imputed interest (1) | (45,887) | |||||||
Total ground lease liabilities | $ | 22,898 |
Years Ending December 31, | (In thousands) | |||
2020 | $ | 970 | ||
2021 | 970 | |||
2022 | 970 | |||
2023 | 975 | |||
2024 | 999 | |||
Thereafter | 38,916 | |||
Total minimum payments | 43,800 | |||
Imputed interest (1) | (31,752 | ) | ||
Total ground leases | $ | 12,048 |
(1)As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining |
Years Ending December 31, | (In thousands) | |||
2019 | $ | 791 | ||
2020 | 791 | |||
2021 | 791 | |||
2022 | 791 | |||
2023 | 791 | |||
Thereafter | 30,751 | |||
$ | 34,706 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Leasing costs (principally commissions) | $ | 116,772 | 95,914 | ||||||||
Accumulated amortization of leasing costs | (42,193) | (38,371) | |||||||||
Leasing costs (principally commissions), net of accumulated amortization | 74,579 | 57,543 | |||||||||
Acquired in-place lease intangibles | 31,561 | 28,107 | |||||||||
Accumulated amortization of acquired in-place lease intangibles | (13,038) | (13,554) | |||||||||
Acquired in-place lease intangibles, net of accumulated amortization | 18,523 | 14,553 | |||||||||
Acquired above market lease intangibles | 885 | 1,825 | |||||||||
Accumulated amortization of acquired above market lease intangibles | (508) | (1,231) | |||||||||
Acquired above market lease intangibles, net of accumulated amortization | 377 | 594 | |||||||||
Straight-line rents receivable | 51,970 | 43,079 | |||||||||
Accounts receivable | 7,133 | 6,064 | |||||||||
Interest rate swap assets | 2,237 | — | |||||||||
Right of use assets - Office leases (operating) | 1,984 | 2,131 | |||||||||
Receivable for common stock offerings | — | 1,942 | |||||||||
Goodwill | 990 | 990 | |||||||||
Receivable for tenant improvement cost reimbursements | 7,680 | 192 | |||||||||
Prepaid expenses and other assets | 16,747 | 22,491 | |||||||||
Total Other assets | $ | 182,220 | 149,579 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Leasing costs (principally commissions) | $ | 89,191 | 78,985 | |||
Accumulated amortization of leasing costs | (34,963 | ) | (30,185 | ) | ||
Leasing costs (principally commissions), net of accumulated amortization | 54,228 | 48,800 | ||||
Acquired in-place lease intangibles | 28,834 | 21,696 | ||||
Accumulated amortization of acquired in-place lease intangibles | (11,918 | ) | (9,833 | ) | ||
Acquired in-place lease intangibles, net of accumulated amortization | 16,916 | 11,863 | ||||
Acquired above market lease intangibles | 1,721 | 1,465 | ||||
Accumulated amortization of acquired above market lease intangibles | (1,007 | ) | (902 | ) | ||
Acquired above market lease intangibles, net of accumulated amortization | 714 | 563 | ||||
Straight-line rents receivable | 40,369 | 36,022 | ||||
Accounts receivable | 5,581 | 5,433 | ||||
Mortgage loans receivable | 1,679 | 2,594 | ||||
Interest rate swap assets | 3,485 | 6,701 | ||||
Right of use assets - Office leases (operating) (1) | 2,115 | — | ||||
Goodwill | 990 | 990 | ||||
Prepaid expenses and other assets | 18,545 | 8,265 | ||||
Total Other assets | $ | 144,622 | 121,231 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Unsecured bank credit facilities - variable rate, carrying amount | $ | 209,210 | 125,000 | ||||||||
Unamortized debt issuance costs | (2,144) | (806) | |||||||||
Unsecured bank credit facilities, net of debt issuance costs | 207,066 | 124,194 | |||||||||
Unsecured debt - fixed rate, carrying amount (1) | 1,245,000 | 1,110,000 | |||||||||
Unamortized debt issuance costs | (2,430) | (2,292) | |||||||||
Unsecured debt, net of debt issuance costs | 1,242,570 | 1,107,708 | |||||||||
Secured debt - fixed rate, carrying amount (1) | 2,156 | 79,096 | |||||||||
Unamortized debt issuance costs | (14) | (103) | |||||||||
Secured debt, net of debt issuance costs | 2,142 | 78,993 | |||||||||
Total debt, net of debt issuance costs | $ | 1,451,778 | 1,310,895 |
December 31, 2019 | December 31, 2018 | |||||
(In thousands) | ||||||
Unsecured bank credit facilities - variable rate, carrying amount | $ | 112,710 | 195,730 | |||
Unamortized debt issuance costs | (1,316 | ) | (1,804 | ) | ||
Unsecured bank credit facilities | 111,394 | 193,926 | ||||
Unsecured debt - fixed rate, carrying amount (1) | 940,000 | 725,000 | ||||
Unamortized debt issuance costs | (1,885 | ) | (1,600 | ) | ||
Unsecured debt | 938,115 | 723,400 | ||||
Secured debt - fixed rate, carrying amount (1) | 133,422 | 189,038 | ||||
Unamortized debt issuance costs | (329 | ) | (577 | ) | ||
Secured debt | 133,093 | 188,461 | ||||
Total debt | $ | 1,182,602 | 1,105,787 |
Balance at December 31, | |||||||||||||||||||||||||||||
Margin Above LIBOR | Interest Rate | Maturity Date | 2021 | 2020 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
$40 Million Unsecured Term Loan (1) | 1.10% | 2.34% | 07/30/2021 | $ | — | 40,000 | |||||||||||||||||||||||
$75 Million Unsecured Term Loan (1) | 1.40% | 3.03% | 02/28/2022 | 75,000 | 75,000 | ||||||||||||||||||||||||
$65 Million Unsecured Term Loan (1) | 1.10% | 2.31% | 04/01/2023 | 65,000 | 65,000 | ||||||||||||||||||||||||
$70 Million Senior Unsecured Notes: | |||||||||||||||||||||||||||||
$50 Million Notes | Not applicable | 3.80% | 08/28/2023 | 50,000 | 50,000 | ||||||||||||||||||||||||
$20 Million Notes | Not applicable | 3.80% | 08/28/2025 | 20,000 | 20,000 | ||||||||||||||||||||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.46% | 12/13/2024 | 60,000 | 60,000 | ||||||||||||||||||||||||
$100 Million Senior Unsecured Notes: | |||||||||||||||||||||||||||||
$60 Million Notes | Not applicable | 3.48% | 12/15/2024 | 60,000 | 60,000 | ||||||||||||||||||||||||
$40 Million Notes | Not applicable | 3.75% | 12/15/2026 | 40,000 | 40,000 | ||||||||||||||||||||||||
$25 Million Senior Unsecured Notes | Not applicable | 3.97% | 10/01/2025 | 25,000 | 25,000 | ||||||||||||||||||||||||
$50 Million Senior Unsecured Notes | Not applicable | 3.99% | 10/07/2025 | 50,000 | 50,000 | ||||||||||||||||||||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.93% | 04/10/2028 | 60,000 | 60,000 | ||||||||||||||||||||||||
$80 Million Senior Unsecured Notes | Not applicable | 4.27% | 03/28/2029 | 80,000 | 80,000 | ||||||||||||||||||||||||
$35 Million Senior Unsecured Notes | Not applicable | 3.54% | 08/15/2031 | 35,000 | 35,000 | ||||||||||||||||||||||||
$75 Million Senior Unsecured Notes | Not applicable | 3.47% | 08/19/2029 | 75,000 | 75,000 | ||||||||||||||||||||||||
$100 Million Unsecured Term Loan (1) (2) | 0.85% | 2.10% | 10/10/2026 | 100,000 | 100,000 | ||||||||||||||||||||||||
$100 Million Unsecured Term Loan (1) | 1.45% | 2.39% | 03/25/2027 | 100,000 | 100,000 | ||||||||||||||||||||||||
$100 Million Senior Unsecured Notes | Not applicable | 2.61% | 10/14/2030 | 100,000 | 100,000 | ||||||||||||||||||||||||
$75 Million Senior Unsecured Notes | Not applicable | 2.71% | 10/14/2032 | 75,000 | 75,000 | ||||||||||||||||||||||||
$50 Million Unsecured Term Loan (1) | 1.00% | 1.55% | 03/18/2025 | 50,000 | — | ||||||||||||||||||||||||
$125 Million Senior Unsecured Notes | Not applicable | 2.74% | 06/10/2031 | 125,000 | — | ||||||||||||||||||||||||
$ | 1,245,000 | 1,110,000 |
Balance at December 31, | |||||||||||
Margin Above LIBOR | Interest Rate | Maturity Date | 2019 | 2018 | |||||||
(In thousands) | |||||||||||
$75 Million Unsecured Term Loan (1) | 1.15% | 2.85% | 07/31/2019 | $ | — | 75,000 | |||||
$75 Million Unsecured Term Loan (1) | 1.10% | 3.45% | 12/20/2020 | 75,000 | 75,000 | ||||||
$40 Million Unsecured Term Loan (1) | 1.10% | 2.34% | 07/30/2021 | 40,000 | 40,000 | ||||||
$75 Million Unsecured Term Loan (1) | 1.40% | 3.03% | 02/28/2022 | 75,000 | 75,000 | ||||||
$65 Million Unsecured Term Loan (1) | 1.10% | 2.31% | 04/01/2023 | 65,000 | 65,000 | ||||||
$100 Million Senior Unsecured Notes: | |||||||||||
$30 Million Notes | Not applicable | 3.80% | 08/28/2020 | 30,000 | 30,000 | ||||||
$50 Million Notes | Not applicable | 3.80% | 08/28/2023 | 50,000 | 50,000 | ||||||
$20 Million Notes | Not applicable | 3.80% | 08/28/2025 | 20,000 | 20,000 | ||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.46% | 12/13/2024 | 60,000 | 60,000 | ||||||
$100 Million Senior Unsecured Notes: | |||||||||||
$60 Million Notes | Not applicable | 3.48% | 12/15/2024 | 60,000 | 60,000 | ||||||
$40 Million Notes | Not applicable | 3.75% | 12/15/2026 | 40,000 | 40,000 | ||||||
$25 Million Senior Unsecured Notes | Not applicable | 3.97% | 10/01/2025 | 25,000 | 25,000 | ||||||
$50 Million Senior Unsecured Notes | Not applicable | 3.99% | 10/07/2025 | 50,000 | 50,000 | ||||||
$60 Million Senior Unsecured Notes | Not applicable | 3.93% | 04/10/2028 | 60,000 | 60,000 | ||||||
$80 Million Senior Unsecured Notes | Not applicable | 4.27% | 03/28/2029 | 80,000 | — | ||||||
$35 Million Senior Unsecured Notes | Not applicable | 3.54% | 08/15/2031 | 35,000 | — | ||||||
$75 Million Senior Unsecured Notes | Not applicable | 3.47% | 08/19/2029 | 75,000 | — | ||||||
$100 Million Unsecured Term Loan (1) | 1.50% | 2.75% | 10/10/2026 | 100,000 | — | ||||||
$ | 940,000 | 725,000 |
Interest Rate | Monthly Principal & Interest Payment | Maturity Date | Carrying Amount of Securing Real Estate at December 31, 2021 | Balance at December 31, | ||||||||||||||||||||||||||||||||||
Property | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Colorado Crossing Distribution Center, Interstate Warehouse 1-3, Rojas Commerce Park, Steele Creek Commerce Park 1 & 2, Venture Warehouses and World Houston Int’l Business Ctr 3, 4 & 6-9 | 4.75% | 420,045 | Repaid | $ | — | — | 41,610 | |||||||||||||||||||||||||||||||
Arion Business Park 18, Beltway Crossing Business Park 6 & 7, Commerce Park Center 2 & 3, Concord Distribution Center, Interstate Warehouse 5-7, Lakeview Business Center, Ridge Creek Distribution Center 2, Southridge Commerce Park 4 & 5 and World Houston Int’l Business Ctr 32 | 4.09% | 329,796 | Repaid | — | — | 35,220 | ||||||||||||||||||||||||||||||||
Ramona Distribution Center | 3.85% | 16,287 | 11/30/2026 | 8,515 | 2,156 | 2,266 | ||||||||||||||||||||||||||||||||
$ | 8,515 | 2,156 | 79,096 |
Interest Rate | Monthly P&I Payment | Maturity Date | Carrying Amount of Securing Real Estate at December 31, 2019 | Balance at December 31, | |||||||||||||
Property | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington | 7.50% | 539,747 | Repaid | $ | — | — | 46,725 | ||||||||||
Blue Heron II | 5.39% | 16,176 | Repaid | — | — | 233 | |||||||||||
40th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 | 4.39% | 463,778 | 01/05/2021 | 66,072 | 48,772 | 52,115 | |||||||||||
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) | 4.75% | 420,045 | 06/05/2021 | 50,002 | 44,596 | 47,445 | |||||||||||
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 | 4.09% | 329,796 | 01/05/2022 | 53,889 | 37,682 | 40,046 | |||||||||||
Ramona | 3.85% | 16,287 | 11/30/2026 | 8,794 | 2,372 | 2,474 | |||||||||||
$ | 178,757 | 133,422 | 189,038 |
Years Ending December 31, | (In thousands) | |||||||
2022 | $ | 75,115 | ||||||
2023 | 115,119 | |||||||
2024 | 120,122 | |||||||
2025 | 145,128 | |||||||
2026 | 141,672 |
Years Ending December 31, | (In thousands) | |||
2020 | $ | 114,047 | ||
2021 | 129,562 | |||
2022 | 107,770 | |||
2023 | 115,119 | |||
2024 | 120,122 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Property taxes payable | $ | 4,494 | 3,524 | ||||||||
Development costs payable | 17,529 | 4,004 | |||||||||
Retainage payable | 10,576 | 2,423 | |||||||||
Real estate improvements and capitalized leasing costs payable | 5,798 | 5,692 | |||||||||
Interest payable | 6,547 | 6,537 | |||||||||
Dividends payable | 46,864 | 32,677 | |||||||||
Book overdraft (1) | 4,845 | 5,176 | |||||||||
Other payables and accrued expenses | 13,107 | 9,540 | |||||||||
Total Accounts payable and accrued expenses | $ | 109,760 | 69,573 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Property taxes payable | $ | 2,696 | 10,718 | |||
Development costs payable | 11,766 | 15,410 | ||||
Real estate improvements and capitalized leasing costs payable | 4,636 | 3,911 | ||||
Interest payable | 6,370 | 4,067 | ||||
Dividends payable | 30,714 | 27,738 | ||||
Book overdraft (1) | 25,771 | 15,048 | ||||
Other payables and accrued expenses | 10,071 | 9,671 | ||||
Total Accounts payable and accrued expenses | $ | 92,024 | 86,563 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Security deposits | $ | 28,343 | 22,140 | ||||||||
Prepaid rent and other deferred income | 16,401 | 14,694 | |||||||||
Operating lease liabilities — Ground leases | 22,898 | 11,199 | |||||||||
Operating lease liabilities — Office leases | 2,032 | 2,167 | |||||||||
Acquired below-market lease intangibles | 8,124 | 6,472 | |||||||||
Accumulated amortization of acquired below-market lease intangibles | (2,707) | (3,621) | |||||||||
Acquired below-market lease intangibles, net of accumulated amortization | 5,417 | 2,851 | |||||||||
Interest rate swap liabilities | 935 | 10,752 | |||||||||
Tenant improvement cost liabilities | 2,796 | 364 | |||||||||
Other liabilities | 3,516 | 5,650 | |||||||||
Total Other liabilities | $ | 82,338 | 69,817 |
December 31, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Security deposits | $ | 20,351 | 18,432 | |||
Prepaid rent and other deferred income | 13,855 | 12,728 | ||||
Operating lease liabilities — Ground leases (1) | 12,048 | — | ||||
Operating lease liabilities — Office leases (1) | 2,141 | — | ||||
Acquired below-market lease intangibles | 8,616 | 5,891 | ||||
Accumulated amortization of acquired below-market lease intangibles | (4,494 | ) | (3,028 | ) | ||
Acquired below-market lease intangibles, net of accumulated amortization | 4,122 | 2,863 | ||||
Interest rate swap liabilities | 678 | — | ||||
Prepaid tenant improvement reimbursements | 56 | 614 | ||||
Other liabilities | 15,872 | 15 | ||||
Total Other liabilities | $ | 69,123 | 34,652 |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Common Stock (in shares) | |||||||||||||||||
Shares outstanding at beginning of year | 39,676,828 | 38,925,953 | 36,501,356 | ||||||||||||||
Common stock offerings | 1,551,181 | 709,924 | 2,388,342 | ||||||||||||||
Dividend reinvestment plan | — | — | 1,893 | ||||||||||||||
Incentive restricted stock granted | 66,623 | 69,446 | 59,943 | ||||||||||||||
Incentive restricted stock forfeited | — | (440) | (3,010) | ||||||||||||||
Director common stock awarded | 4,466 | 8,182 | 6,384 | ||||||||||||||
Director restricted stock granted | — | 208 | — | ||||||||||||||
Restricted stock withheld for tax obligations | (30,252) | (36,445) | (28,955) | ||||||||||||||
Shares outstanding at end of year | 41,268,846 | 39,676,828 | 38,925,953 |
Years Ended December 31, | ||||||||
2019 | 2018 | 2017 | ||||||
Common Stock (in shares) | ||||||||
Shares outstanding at beginning of year | 36,501,356 | 34,758,167 | 33,332,213 | |||||
Common stock offerings | 2,388,342 | 1,706,474 | 1,370,457 | |||||
Dividend reinvestment plan | 1,893 | 1,844 | 2,744 | |||||
Incentive restricted stock granted | 59,943 | 50,217 | 93,285 | |||||
Incentive restricted stock forfeited | (3,010 | ) | — | (16,000 | ) | |||
Director common stock awarded | 6,384 | 8,478 | 8,881 | |||||
Director restricted stock granted | — | — | 282 | |||||
Restricted stock withheld for tax obligations | (28,955 | ) | (23,824 | ) | (33,695 | ) | ||
Shares outstanding at end of year | 38,925,953 | 36,501,356 | 34,758,167 |
Years Ended December 31, | Number of Shares of Common Stock Issued | Net Proceeds | ||||||||||||
(In thousands) | ||||||||||||||
2021 | 1,551,181 | $ | 271,155 | |||||||||||
2020 | 709,924 | 92,663 | ||||||||||||
2019 | 2,388,342 | 284,710 |
Years Ended December 31, | Number of Shares of Common Stock Issued | Net Proceeds | |||||
(In thousands) | |||||||
2019 | 2,388,342 | $ | 284,710 | ||||
2018 | 1,706,474 | 157,319 | |||||
2017 | 1,370,457 | 109,207 |
2021 Award | 2020 Award | 2019 Award | |||||||||||||||
Valuation date | 2/25/2021 | 3/6/2020 | 3/7/2019 | ||||||||||||||
Risk-free interest rate | 0.39 | % | 0.62 | % | 2.52 | % | |||||||||||
Expected share price volatility for the Company | 30.51 | % | 16.72 | % | 18.13 | % | |||||||||||
Expected share price volatility for peer group companies - low end of range | 26.87 | % | 14.40 | % | 14.27 | % | |||||||||||
Expected share price volatility for peer group companies - high end of range | 54.25 | % | 49.23 | % | 35.76 | % | |||||||||||
Expected dividend yield | 2.27 | % | 2.28 | % | 2.72 | % | |||||||||||
Number of simulation paths | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||
Grant date fair value (in thousands) | $ | 2,941 | 2,037 | 2,413 |
2021 Award | 2020 Award | 2019 Award | 2018 Award | ||||||||||||||||||||
Grant date | 2/25/2021 | 3/6/2020 | 3/7/2019 | 6/1/2018 | |||||||||||||||||||
Performance period | 1/1/21 - 12/31/23 | 1/1/20 - 12/31/22 | 1/1/19 - 12/31/21 | 1/1/18 - 12/31/20 | |||||||||||||||||||
Range of earnable shares - low end of range | — | — | — | — | |||||||||||||||||||
Range of earnable shares - high end of range | 36,400 | 25,261 | 33,442 | 27,086 | |||||||||||||||||||
Shares determined | N/A (1) | N/A (1) | N/A (1) | 27,086 |
2021 Award | 2020 Award | 2019 Award | 2018 Award | ||||||||||||||||||||
Grant date | 2/25/2021 | 3/6/2020 | 3/7/2019 | 6/1/2018 | |||||||||||||||||||
Shares granted | 7,801 | 7,217 | 9,947 | 7,884 | |||||||||||||||||||
Grant date share price | $ | 138.93 | 131.36 | 105.97 | 95.19 |
2021 Award | 2020 Award | 2019 Award (1) (2) | 2019 Award (2) | ||||||||||||||||||||
Grant date | 2/25/2021 | 3/6/2020 | 8/28/2019 | 3/7/2019 | |||||||||||||||||||
Performance period | 1/1/21 - 12/31/21 | 1/1/20 - 12/31/20 | 1/1/19 - 12/31/19 | 1/1/19 - 12/31/19 | |||||||||||||||||||
Range of earnable shares - low end of range | — | — | — | — | |||||||||||||||||||
Range of earnable shares - high end of range | 19,052 | 19,282 | 15,990 | 9,594 | |||||||||||||||||||
Shares determined | N/A (3) | 18,380 | 15,990 | 9,162 | |||||||||||||||||||
Grant date share price | $ | 138.93 | 131.36 | 122.61 | 105.97 |
2021 Award | 2020 Award | 2019 Award (1) | |||||||||||||||
Grant date | N/A (2) | 2/17/2021 | 2/13/2020 | ||||||||||||||
Performance period | 1/1/21 - 12/31/21 | 1/1/20 - 12/31/20 | 1/1/19 - 12/31/19 | ||||||||||||||
Range of earnable shares - low end of range | — | — | — | ||||||||||||||
Range of earnable shares - high end of range | 4,756 | 4,812 | 6,394 | ||||||||||||||
Shares determined | N/A (2) | 4,156 | 5,860 | ||||||||||||||
Grant date share price | N/A (2) | $ | 142.89 | 141.63 |
2021 Award | 2020 Award | 2019 Award | |||||||||||||||
Grant date | 7/7/2021 | 5/6/2020 | 5/14/2019 | ||||||||||||||
Shares granted | 9,200 | 12,300 | 10,175 | ||||||||||||||
Grant date share price | $ | 168.35 | 105.30 | 112.14 |
Restricted Stock Activity: | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested at beginning of year | 113,125 | $ | 100.86 | 130,884 | $ | 82.78 | 143,314 | $ | 70.26 | ||||||||||||||||||||||||||
Granted (1) (2) | 66,623 | 115.30 | 69,446 | 101.19 | 59,943 | 94.62 | |||||||||||||||||||||||||||||
Forfeited | — | — | (440) | 112.14 | (3,010) | 86.19 | |||||||||||||||||||||||||||||
Vested | (73,692) | 91.59 | (86,765) | 73.80 | (69,363) | 66.99 | |||||||||||||||||||||||||||||
Unvested at end of year | 106,056 | 116.37 | 113,125 | 100.86 | 130,884 | 82.78 |
Restricted Stock Activity: | Years Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Unvested at beginning of year | 143,314 | $ | 70.26 | 152,644 | $ | 63.18 | 162,087 | $ | 51.97 | |||||||||||
Granted (1) | 59,943 | 94.62 | 50,217 | 84.09 | 93,285 | 76.70 | ||||||||||||||
Forfeited | (3,010 | ) | 86.19 | — | — | (16,000 | ) | 36.98 | ||||||||||||
Vested | (69,363 | ) | 66.99 | (59,547 | ) | 63.77 | (86,728 | ) | 61.62 | |||||||||||
Unvested at end of year | 130,884 | 82.78 | 143,314 | 70.26 | 152,644 | 63.18 |
Unvested Shares Vesting Schedule | Number of Shares | |||||||
2022 | 49,155 | |||||||
2023 | 33,123 | |||||||
2024 | 15,690 | |||||||
2025 | 6,248 | |||||||
2026 | 1,840 | |||||||
Total Unvested Shares | 106,056 |
Unvested Shares Vesting Schedule | Number of Shares | ||
2020 | 63,931 | ||
2021 | 30,897 | ||
2022 | 21,934 | ||
2023 | 12,152 | ||
2024 | 1,970 | ||
Total Unvested Shares | 130,884 |
Restricted Stock Activity: | Years Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Unvested at beginning of year | 278 | $ | 112.45 | 140 | $ | 88.86 | 211 | $ | 88.86 | ||||||||||||||||||||||||||
Granted | — | — | 208 | 120.39 | — | — | |||||||||||||||||||||||||||||
Forfeited | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Vested | (122) | 102.30 | (70) | 88.86 | (71) | 88.86 | |||||||||||||||||||||||||||||
Unvested at end of year | 156 | 120.39 | 278 | 112.45 | 140 | 88.86 |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): | (In thousands) | ||||||||||||||||
Balance at beginning of year | $ | (10,752) | 2,807 | 6,701 | |||||||||||||
Other comprehensive income (loss) - interest rate swaps | 12,054 | (13,559) | (3,894) | ||||||||||||||
Balance at end of year | $ | 1,302 | (10,752) | 2,807 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME: | (In thousands) | ||||||||
Balance at beginning of year | $ | 6,701 | 5,348 | 1,995 | |||||
Change in fair value of interest rate swaps - cash flow hedges | (3,894 | ) | 1,353 | 3,353 | |||||
Balance at end of year | $ | 2,807 | 6,701 | 5,348 |
Interest Rate Derivative | Notional Amount as of December 31, 2021 | Notional Amount as of December 31, 2020 | ||||||||||||
(In thousands) | ||||||||||||||
Interest Rate Swap | — | $40,000 | ||||||||||||
Interest Rate Swap | $75,000 | $75,000 | ||||||||||||
Interest Rate Swap | $65,000 | $65,000 | ||||||||||||
Interest Rate Swap | $100,000 | $100,000 | ||||||||||||
Interest Rate Swap | $100,000 | $100,000 | ||||||||||||
Interest Rate Swap | $50,000 | — |
Interest Rate Derivative | Notional Amount as of December 31, 2019 | Notional Amount as of December 31, 2018 | ||
(In thousands) | ||||
Interest Rate Swap | — | $75,000 | ||
Interest Rate Swap | $75,000 | $75,000 | ||
Interest Rate Swap | $65,000 | $65,000 | ||
Interest Rate Swap | $60,000 | $60,000 | ||
Interest Rate Swap | $40,000 | $40,000 | ||
Interest Rate Swap | $15,000 | $15,000 | ||
Interest Rate Swap | $100,000 | — |
Derivatives As of December 31, 2021 | Derivatives As of December 31, 2020 | ||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||
Interest rate swap assets | Other assets | $ | 2,237 | Other assets | $ | — | |||||||||||||||||
Interest rate swap liabilities | Other liabilities | 935 | Other liabilities | 10,752 |
Derivatives As of December 31, 2019 | Derivatives As of December 31, 2018 | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
(In thousands) | |||||||||||
Derivatives designated as cash flow hedges: | |||||||||||
Interest rate swap assets | Other assets | $ | 3,485 | Other assets | $ | 6,701 | |||||
Interest rate swap liabilities | Other liabilities | 678 | Other liabilities | — |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS | |||||||||||||||||
Interest Rate Swaps: | |||||||||||||||||
Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives | $ | 7,747 | (17,364) | (1,975) | |||||||||||||
Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense | 4,307 | 3,805 | (1,919) |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS | |||||||||
Interest Rate Swaps: | |||||||||
Amount of income (loss) recognized in Other comprehensive income (loss) on derivatives | $ | (1,975 | ) | 2,757 | 1,437 | ||||
Amount of (income) loss reclassified from Accumulated other comprehensive income into Interest expense | (1,919 | ) | (1,404 | ) | 1,916 |
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Numerator – net income attributable to common stockholders | $ | 121,662 | 88,506 | 83,183 | |||||
Denominator – weighted average shares outstanding | 37,442 | 35,439 | 33,996 | ||||||
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||
Numerator – net income attributable to common stockholders | $ | 121,662 | 88,506 | 83,183 | |||||
Denominator: | |||||||||
Weighted average shares outstanding | 37,442 | 35,439 | 33,996 | ||||||
Unvested restricted stock | 85 | 67 | 51 | ||||||
Total Shares | 37,527 | 35,506 | 34,047 |
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||
Numerator – net income attributable to common stockholders | $ | 157,557 | 108,363 | 121,662 | |||||||||||||
Denominator – weighted average shares outstanding | 40,255 | 39,185 | 37,442 | ||||||||||||||
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | |||||||||||||||||
Numerator – net income attributable to common stockholders | $ | 157,557 | 108,363 | 121,662 | |||||||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding | 40,255 | 39,185 | 37,442 | ||||||||||||||
Unvested restricted stock | 122 | 111 | 85 | ||||||||||||||
Total Shares | 40,377 | 39,296 | 37,527 |
2019 Quarter Ended | 2018 Quarter Ended | |||||||||||||||||||||||
Mar 31 | Jun 30 | Sep 30 | Dec 31 | Mar 31 | Jun 30 | Sep 30 | Dec 31 | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||
Revenues | $ | 81,365 | 91,425 | 84,180 | 116,532 | 83,179 | 75,107 | 79,593 | 78,196 | |||||||||||||||
Expenses | (58,831 | ) | (64,476 | ) | (61,605 | ) | (65,250 | ) | (54,431 | ) | (56,843 | ) | (56,552 | ) | (59,613 | ) | ||||||||
Net income | 22,534 | 26,949 | 22,575 | 51,282 | 28,748 | 18,264 | 23,041 | 18,583 | ||||||||||||||||
Net income attributable to noncontrolling interest in joint ventures | (5 | ) | 4 | (4 | ) | (1,673 | ) | (35 | ) | (37 | ) | (31 | ) | (27 | ) | |||||||||
Net income attributable to EastGroup Properties, Inc. common stockholders | $ | 22,529 | 26,953 | 22,571 | 49,609 | 28,713 | 18,227 | 23,010 | 18,556 | |||||||||||||||
BASIC PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 0.62 | 0.73 | 0.60 | 1.29 | 0.83 | 0.52 | 0.64 | 0.51 | |||||||||||||||
Weighted average shares outstanding | 36,465 | 36,944 | 37,771 | 38,561 | 34,689 | 35,196 | 35,716 | 36,135 | ||||||||||||||||
DILUTED PER SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1) | ||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 0.62 | 0.73 | 0.60 | 1.28 | 0.83 | 0.52 | 0.64 | 0.51 | |||||||||||||||
Weighted average shares outstanding | 36,526 | 37,019 | 37,869 | 38,687 | 34,736 | 35,259 | 35,798 | 36,232 |
December 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Carrying Amount (1) | Fair Value | Carrying Amount (1) | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,393 | 4,393 | 21 | 21 | ||||||||||||||||||
Interest rate swap assets | 2,237 | 2,237 | — | — | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Unsecured bank credit facilities - variable rate (2) | 209,210 | 209,202 | 125,000 | 124,820 | |||||||||||||||||||
Unsecured debt (2) | 1,245,000 | 1,267,702 | 1,110,000 | 1,141,803 | |||||||||||||||||||
Secured debt (2) | 2,156 | 2,269 | 79,096 | 80,435 | |||||||||||||||||||
Interest rate swap liabilities | 935 | 935 | 10,752 | 10,752 |
December 31, | ||||||||||||
2019 | 2018 | |||||||||||
Carrying Amount (1) | Fair Value | Carrying Amount (1) | Fair Value | |||||||||
(In thousands) | ||||||||||||
Financial Assets: | ||||||||||||
Cash and cash equivalents | $ | 224 | 224 | 374 | 374 | |||||||
Mortgage loans receivable | 1,679 | 1,703 | 2,594 | 2,571 | ||||||||
Interest rate swap assets | 3,485 | 3,485 | 6,701 | 6,701 | ||||||||
Financial Liabilities: | ||||||||||||
Unsecured bank credit facilities - variable rate (2) | 112,710 | 113,174 | 195,730 | 196,423 | ||||||||
Unsecured debt (2) | 940,000 | 959,177 | 725,000 | 718,364 | ||||||||
Secured debt (2) | 133,422 | 136,107 | 189,038 | 191,742 | ||||||||
Interest rate swap liabilities | 678 | 678 | — | — |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Real Estate Properties (c): | |||||||||||||||||||||||||||||
Industrial: | |||||||||||||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
Tampa | |||||||||||||||||||||||||||||
Jetport Commerce Park | $ | — | 1,575 | 6,591 | 6,920 | 1,575 | 13,511 | 15,086 | 9,287 | 1993-99 | 1974-85 | ||||||||||||||||||
Westport Commerce Center | — | 980 | 3,800 | 2,996 | 980 | 6,796 | 7,776 | 4,966 | 1994 | 1983/87 | |||||||||||||||||||
Benjamin Distribution Center I & II | — | 843 | 3,963 | 1,915 | 883 | 5,838 | 6,721 | 4,120 | 1997 | 1996 | |||||||||||||||||||
Benjamin Distribution Center III | — | 407 | 1,503 | 658 | 407 | 2,161 | 2,568 | 1,638 | 1999 | 1988 | |||||||||||||||||||
Palm River Center | — | 1,190 | 4,625 | 2,957 | 1,190 | 7,582 | 8,772 | 5,272 | 1997/98 | 1990/97/98 | |||||||||||||||||||
Palm River North I & III | — | 1,005 | 4,688 | 2,886 | 1,005 | 7,574 | 8,579 | 4,639 | 1998 | 2000 | |||||||||||||||||||
Palm River North II | — | 634 | 4,418 | 454 | 634 | 4,872 | 5,506 | 3,547 | 1997/98 | 1999 | |||||||||||||||||||
Palm River South I | — | 655 | 3,187 | 654 | 655 | 3,841 | 4,496 | 2,018 | 2000 | 2005 | |||||||||||||||||||
Palm River South II | — | 655 | — | 4,415 | 655 | 4,415 | 5,070 | 2,319 | 2000 | 2006 | |||||||||||||||||||
Walden Distribution Center I | — | 337 | 3,318 | 696 | 337 | 4,014 | 4,351 | 2,315 | 1997/98 | 2001 | |||||||||||||||||||
Walden Distribution Center II | — | 465 | 3,738 | 1,492 | 465 | 5,230 | 5,695 | 3,145 | 1998 | 1998 | |||||||||||||||||||
Oak Creek Distribution Center I | — | 1,109 | 6,126 | 1,395 | 1,109 | 7,521 | 8,630 | 4,484 | 1998 | 1998 | |||||||||||||||||||
Oak Creek Distribution Center II | — | 647 | 3,603 | 1,715 | 647 | 5,318 | 5,965 | 2,893 | 2003 | 2001 | |||||||||||||||||||
Oak Creek Distribution Center III | — | 439 | — | 3,213 | 556 | 3,096 | 3,652 | 1,334 | 2005 | 2007 | |||||||||||||||||||
Oak Creek Distribution Center IV | — | 682 | 6,472 | 837 | 682 | 7,309 | 7,991 | 3,274 | 2005 | 2001 | |||||||||||||||||||
Oak Creek Distribution Center V | — | 724 | — | 6,007 | 916 | 5,815 | 6,731 | 2,584 | 2005 | 2007 | |||||||||||||||||||
Oak Creek Distribution Center VI | — | 642 | — | 5,579 | 812 | 5,409 | 6,221 | 2,011 | 2005 | 2008 | |||||||||||||||||||
Oak Creek Distribution Center VII | — | 740 | — | 6,399 | 740 | 6,399 | 7,139 | 441 | 2005 | 2017 | |||||||||||||||||||
Oak Creek Distribution Center VIII | — | 843 | — | 6,251 | 1,051 | 6,043 | 7,094 | 841 | 2005 | 2015 | |||||||||||||||||||
Oak Creek Distribution Center IX | — | 618 | — | 5,121 | 781 | 4,958 | 5,739 | 1,620 | 2005 | 2009 | |||||||||||||||||||
Oak Creek Distribution Center A | — | 185 | — | 1,498 | 185 | 1,498 | 1,683 | 560 | 2005 | 2008 | |||||||||||||||||||
Oak Creek Distribution Center B | — | 227 | — | 1,555 | 227 | 1,555 | 1,782 | 583 | 2005 | 2008 | |||||||||||||||||||
Airport Commerce Center | — | 1,257 | 4,012 | 1,037 | 1,257 | 5,049 | 6,306 | 2,983 | 1998 | 1998 | |||||||||||||||||||
Westlake Distribution Center | — | 1,333 | 6,998 | 2,623 | 1,333 | 9,621 | 10,954 | 5,999 | 1998 | 1998/99 | |||||||||||||||||||
Expressway Commerce Center I | — | 915 | 5,346 | 1,585 | 915 | 6,931 | 7,846 | 3,711 | 2002 | 2004 | |||||||||||||||||||
Expressway Commerce Center II | — | 1,013 | 3,247 | 798 | 1,013 | 4,045 | 5,058 | 2,151 | 2003 | 2001 | |||||||||||||||||||
Silo Bend Distribution Center | — | 4,131 | 27,497 | 3,872 | 4,132 | 31,368 | 35,500 | 8,026 | 2011 | 1987/90 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties (c): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westport Commerce Center | $ | — | 980 | 3,800 | 3,239 | 980 | 7,039 | 8,019 | 5,327 | 1994 | 1983/87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Benjamin Distribution Center 1 & 2 | — | 843 | 3,963 | 2,047 | 883 | 5,970 | 6,853 | 4,455 | 1997 | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benjamin Distribution Center 3 | — | 407 | 1,503 | 747 | 407 | 2,250 | 2,657 | 1,735 | 1999 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm River Center | — | 1,190 | 4,625 | 2,986 | 1,190 | 7,611 | 8,801 | 5,721 | 1997/98 | 1990/97/98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm River North 1 & 3 | — | 1,005 | 4,688 | 3,418 | 1,005 | 8,106 | 9,111 | 5,160 | 1998 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm River North 2 | — | 634 | 4,418 | 468 | 634 | 4,886 | 5,520 | 3,698 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm River South 1 | — | 655 | 3,187 | 782 | 655 | 3,969 | 4,624 | 2,210 | 2000 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm River South 2 | — | 655 | — | 4,905 | 655 | 4,905 | 5,560 | 2,558 | 2000 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Walden Distribution Center 1 | — | 337 | 3,318 | 891 | 337 | 4,209 | 4,546 | 2,513 | 1997/98 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Walden Distribution Center 2 | — | 465 | 3,738 | 1,547 | 465 | 5,285 | 5,750 | 3,448 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 1 | — | 1,109 | 6,126 | 1,487 | 1,109 | 7,613 | 8,722 | 4,957 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 2 | — | 647 | 3,603 | 1,927 | 647 | 5,530 | 6,177 | 3,268 | 2003 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 3 | — | 439 | — | 3,270 | 556 | 3,153 | 3,709 | 1,515 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 4 | — | 682 | 6,472 | 903 | 682 | 7,375 | 8,057 | 3,766 | 2005 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 5 | — | 724 | — | 6,078 | 916 | 5,886 | 6,802 | 2,935 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 6 | — | 642 | — | 5,860 | 812 | 5,690 | 6,502 | 2,618 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 7 | — | 740 | — | 6,399 | 740 | 6,399 | 7,139 | 922 | 2005 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 8 | — | 843 | — | 6,302 | 1,051 | 6,094 | 7,145 | 1,277 | 2005 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center 9 | — | 618 | — | 5,187 | 781 | 5,024 | 5,805 | 1,928 | 2005 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center A | — | 185 | — | 1,517 | 185 | 1,517 | 1,702 | 644 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center B | — | 227 | — | 1,574 | 227 | 1,574 | 1,801 | 669 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center C Land | — | 355 | — | 425 | 355 | 425 | 780 | 11 | 2005 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Airport Commerce Center | — | 1,257 | 4,012 | 1,147 | 1,257 | 5,159 | 6,416 | 3,249 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Westlake Distribution Center | — | 1,333 | 6,998 | 2,849 | 1,333 | 9,847 | 11,180 | 6,598 | 1998 | 1998/99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expressway Commerce Center 1 | — | 915 | 5,346 | 1,688 | 915 | 7,034 | 7,949 | 4,127 | 2002 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expressway Commerce Center 2 | — | 1,013 | 3,247 | 1,066 | 1,013 | 4,313 | 5,326 | 2,470 | 2003 | 2001 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Tampa East Distribution Center | — | 791 | 4,758 | 671 | 791 | 5,429 | 6,220 | 1,634 | 2011 | 1984 | |||||||||||||||||||
Tampa West Distribution Center | — | 2,139 | 8,502 | 1,276 | 2,140 | 9,777 | 11,917 | 2,833 | 2011 | 1975/93/94 | |||||||||||||||||||
Madison Distribution Center | — | 495 | 2,779 | 437 | 495 | 3,216 | 3,711 | 989 | 2012 | 2007 | |||||||||||||||||||
Madison Distribution Center II & III | — | 624 | — | 7,028 | 624 | 7,028 | 7,652 | 1,227 | 2012 | 2015 | |||||||||||||||||||
Madison Distribution Center IV & V | — | 565 | — | 8,232 | 565 | 8,232 | 8,797 | 1,231 | 2012 | 2016 | |||||||||||||||||||
Grand Oaks 75 Business Center I | — | 3,572 | 12,979 | 5 | 3,572 | 12,984 | 16,556 | 171 | 2019 | 2017 | |||||||||||||||||||
Orlando | |||||||||||||||||||||||||||||
Chancellor Center | — | 291 | 1,711 | 513 | 291 | 2,224 | 2,515 | 1,416 | 1996/97 | 1996/97 | |||||||||||||||||||
Exchange Distribution Center I | — | 603 | 2,414 | 2,348 | 603 | 4,762 | 5,365 | 3,538 | 1994 | 1975 | |||||||||||||||||||
Exchange Distribution Center II | — | 300 | 945 | 482 | 300 | 1,427 | 1,727 | 909 | 2002 | 1976 | |||||||||||||||||||
Exchange Distribution Center III | — | 320 | 997 | 408 | 320 | 1,405 | 1,725 | 973 | 2002 | 1980 | |||||||||||||||||||
Sunbelt Distribution Center | — | 1,472 | 5,745 | 6,043 | 1,472 | 11,788 | 13,260 | 9,239 | 1989/97/98 | 1974/87/97/98 | |||||||||||||||||||
John Young Commerce Center I | — | 497 | 2,444 | 1,443 | 497 | 3,887 | 4,384 | 2,387 | 1997/98 | 1997/98 | |||||||||||||||||||
John Young Commerce Center II | — | 512 | 3,613 | 533 | 512 | 4,146 | 4,658 | 2,855 | 1998 | 1999 | |||||||||||||||||||
Sunport Center I | — | 555 | 1,977 | 1,049 | 555 | 3,026 | 3,581 | 1,729 | 1999 | 1999 | |||||||||||||||||||
Sunport Center II | — | 597 | 3,271 | 1,907 | 597 | 5,178 | 5,775 | 3,675 | 1999 | 2001 | |||||||||||||||||||
Sunport Center III | — | 642 | 3,121 | 1,268 | 642 | 4,389 | 5,031 | 2,461 | 1999 | 2002 | |||||||||||||||||||
Sunport Center IV | — | 642 | 2,917 | 1,820 | 642 | 4,737 | 5,379 | 2,773 | 1999 | 2004 | |||||||||||||||||||
Sunport Center V | — | 750 | 2,509 | 2,427 | 750 | 4,936 | 5,686 | 2,944 | 1999 | 2005 | |||||||||||||||||||
Sunport Center VI | — | 672 | — | 3,750 | 672 | 3,750 | 4,422 | 1,575 | 1999 | 2006 | |||||||||||||||||||
Southridge Commerce Park I | — | 373 | — | 4,992 | 373 | 4,992 | 5,365 | 3,084 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park II | — | 342 | — | 4,532 | 342 | 4,532 | 4,874 | 2,398 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park III | — | 547 | — | 5,683 | 547 | 5,683 | 6,230 | 2,462 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park IV (g) | 2,574 | 506 | — | 4,918 | 506 | 4,918 | 5,424 | 2,052 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park V (g) | 2,339 | 382 | — | 4,547 | 382 | 4,547 | 4,929 | 2,284 | 2003 | 2006 | |||||||||||||||||||
Southridge Commerce Park VI | — | 571 | — | 5,396 | 571 | 5,396 | 5,967 | 2,216 | 2003 | 2007 | |||||||||||||||||||
Southridge Commerce Park VII | — | 520 | — | 6,787 | 520 | 6,787 | 7,307 | 2,766 | 2003 | 2008 | |||||||||||||||||||
Southridge Commerce Park VIII | — | 531 | — | 6,368 | 531 | 6,368 | 6,899 | 2,213 | 2003 | 2008 | |||||||||||||||||||
Southridge Commerce Park IX | — | 468 | — | 6,460 | 468 | 6,460 | 6,928 | 1,971 | 2003 | 2012 | |||||||||||||||||||
Southridge Commerce Park X | — | 414 | — | 4,879 | 414 | 4,879 | 5,293 | 1,181 | 2003 | 2012 | |||||||||||||||||||
Southridge Commerce Park XI | — | 513 | — | 5,939 | 513 | 5,939 | 6,452 | 1,600 | 2003 | 2012 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Silo Bend Distribution Center | — | 4,131 | 27,497 | 5,665 | 4,132 | 33,161 | 37,293 | 10,408 | 2011 | 1987/90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa East Distribution Center | — | 791 | 4,758 | 727 | 791 | 5,485 | 6,276 | 2,014 | 2011 | 1984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa West Distribution Center | — | 2,139 | 8,502 | 1,776 | 2,140 | 10,277 | 12,417 | 3,361 | 2011 | 1975/93/94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Madison Distribution Center | — | 495 | 2,779 | 612 | 495 | 3,391 | 3,886 | 1,211 | 2012 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Madison Distribution Center 2 & 3 | — | 624 | — | 7,123 | 624 | 7,123 | 7,747 | 1,689 | 2012 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Madison Distribution Center 4 & 5 | — | 565 | — | 8,411 | 565 | 8,411 | 8,976 | 1,831 | 2012 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Oaks 75 Business Center 1 | — | 3,572 | 12,979 | 105 | 3,572 | 13,084 | 16,656 | 1,100 | 2019 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Oaks 75 Business Center 2 | — | 2,589 | 10,226 | 2,329 | 2,589 | 12,555 | 15,144 | 753 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chancellor Center | — | 291 | 1,711 | 560 | 291 | 2,271 | 2,562 | 1,558 | 1996/97 | 1996/97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange Distribution Center 1 | — | 603 | 2,414 | 2,441 | 603 | 4,855 | 5,458 | 3,786 | 1994 | 1975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange Distribution Center 2 | — | 300 | 945 | 487 | 300 | 1,432 | 1,732 | 989 | 2002 | 1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange Distribution Center 3 | — | 320 | 997 | 450 | 320 | 1,447 | 1,767 | 1,021 | 2002 | 1980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunbelt Distribution Center | — | 1,472 | 5,745 | 6,223 | 1,472 | 11,968 | 13,440 | 9,810 | 1989/97/98 | 1974/87/97/98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
John Young Commerce Center 1 | — | 497 | 2,444 | 1,615 | 497 | 4,059 | 4,556 | 2,696 | 1997/98 | 1997/98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
John Young Commerce Center 2 | — | 512 | 3,613 | 606 | 512 | 4,219 | 4,731 | 3,036 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 1 | — | 555 | 1,977 | 1,234 | 555 | 3,211 | 3,766 | 1,959 | 1999 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 2 | — | 597 | 3,271 | 2,288 | 597 | 5,559 | 6,156 | 4,026 | 1999 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 3 | — | 642 | 3,121 | 1,326 | 642 | 4,447 | 5,089 | 2,766 | 1999 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 4 | — | 642 | 2,917 | 2,259 | 642 | 5,176 | 5,818 | 3,169 | 1999 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 5 | — | 750 | 2,509 | 2,597 | 750 | 5,106 | 5,856 | 3,183 | 1999 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunport Center 6 | — | 672 | — | 3,789 | 672 | 3,789 | 4,461 | 1,808 | 1999 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 1 | — | 373 | — | 5,279 | 373 | 5,279 | 5,652 | 3,343 | 2003 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 2 | — | 342 | — | 4,766 | 342 | 4,766 | 5,108 | 2,605 | 2003 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 3 | — | 547 | — | 5,756 | 547 | 5,756 | 6,303 | 2,785 | 2003 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 4 | — | 506 | — | 4,980 | 506 | 4,980 | 5,486 | 2,364 | 2003 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 5 | — | 382 | — | 4,548 | 382 | 4,548 | 4,930 | 2,525 | 2003 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 6 | — | 571 | — | 5,579 | 571 | 5,579 | 6,150 | 2,543 | 2003 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 7 | — | 520 | — | 6,787 | 520 | 6,787 | 7,307 | 3,147 | 2003 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 8 | — | 531 | — | 6,730 | 531 | 6,730 | 7,261 | 2,521 | 2003 | 2008 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 9 | — | 468 | — | 6,462 | 468 | 6,462 | 6,930 | 2,512 | 2003 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 10 | — | 414 | — | 4,879 | 414 | 4,879 | 5,293 | 1,467 | 2003 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 11 | — | 513 | — | 5,939 | 513 | 5,939 | 6,452 | 1,921 | 2003 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southridge Commerce Park 12 | — | 2,025 | — | 17,237 | 2,025 | 17,237 | 19,262 | 6,468 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 1 | — | 991 | — | 6,605 | 991 | 6,605 | 7,596 | 1,852 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 2 | — | 1,111 | — | 7,257 | 1,111 | 7,257 | 8,368 | 1,934 | 2008 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 3 | — | 991 | — | 6,583 | 991 | 6,583 | 7,574 | 1,442 | 2008 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 4 | — | 1,097 | — | 8,612 | 1,097 | 8,612 | 9,709 | 1,999 | 2008 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 5 | — | 1,108 | — | 8,608 | 1,108 | 8,608 | 9,716 | 1,508 | 2008 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 6 | — | 1,099 | — | 11,131 | 1,099 | 11,131 | 12,230 | 1,286 | 2008 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 7 | — | 962 | — | 7,641 | 962 | 7,641 | 8,603 | 1,598 | 2008 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 8 & 9 | — | 1,590 | — | 16,628 | 1,590 | 16,628 | 18,218 | 1,129 | 2008 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 10 | — | 846 | — | 6,601 | 846 | 6,601 | 7,447 | 951 | 2009 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 11 | — | 1,101 | — | 9,877 | 1,101 | 9,877 | 10,978 | 918 | 2009 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park 12 | — | 1,416 | — | 10,581 | 1,416 | 10,581 | 11,997 | 1,540 | 2009 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jacksonville | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deerwood Distribution Center | — | 1,147 | 1,799 | 6,541 | 1,147 | 8,340 | 9,487 | 4,363 | 1989 | 1978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Phillips Distribution Center | — | 1,375 | 2,961 | 5,229 | 1,375 | 8,190 | 9,565 | 6,098 | 1994 | 1984/95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lake Pointe Business Park | — | 3,442 | 6,450 | 10,983 | 3,442 | 17,433 | 20,875 | 13,437 | 1993 | 1986/87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ellis Distribution Center | — | 540 | 7,513 | 4,237 | 540 | 11,750 | 12,290 | 5,596 | 1997 | 1977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Westside Distribution Center | — | 2,011 | 15,374 | 10,134 | 2,011 | 25,508 | 27,519 | 15,310 | 1997/2008 | 1984/85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beach Commerce Center | — | 476 | 1,899 | 898 | 476 | 2,797 | 3,273 | 1,696 | 2000 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Distribution Center | — | 1,879 | 5,700 | 2,318 | 1,879 | 8,018 | 9,897 | 5,042 | 2005 | 1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Flagler Center | — | 7,317 | 14,912 | 1,307 | 7,317 | 16,219 | 23,536 | 2,830 | 2016 | 1997 & 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ft. Lauderdale/Palm Beach area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Linpro Commerce Center | — | 613 | 2,243 | 3,722 | 616 | 5,962 | 6,578 | 4,360 | 1996 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cypress Creek Business Park | — | — | 2,465 | 2,945 | — | 5,410 | 5,410 | 3,709 | 1997 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lockhart Distribution Center | — | — | 3,489 | 3,379 | — | 6,868 | 6,868 | 5,177 | 1997 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Commerce Center | — | 485 | 2,652 | 2,025 | 485 | 4,677 | 5,162 | 2,806 | 1998 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Airport Distribution Ctr | — | 1,991 | 4,857 | 6,552 | 1,991 | 11,409 | 13,400 | 5,943 | 2001 | 2004/06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sample 95 Business Park | — | 2,202 | 8,785 | 5,197 | 2,202 | 13,982 | 16,184 | 9,067 | 1996/98 | 1990/99 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Heron Distribution Center | — | 975 | 3,626 | 2,881 | 975 | 6,507 | 7,482 | 4,254 | 1999 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Heron Distribution Center 2 | — | 1,385 | 4,222 | 2,188 | 1,385 | 6,410 | 7,795 | 3,675 | 2004 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Blue Heron Distribution Center 3 | — | 450 | — | 2,899 | 450 | 2,899 | 3,349 | 1,266 | 2004 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weston Commerce Park | — | 4,163 | 9,951 | 1,740 | 4,163 | 11,691 | 15,854 | 1,888 | 2016 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ft. Myers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 1 | — | 911 | — | 4,841 | 928 | 4,824 | 5,752 | 2,173 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 2 | — | 911 | — | 5,037 | 928 | 5,020 | 5,948 | 2,424 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 3 | — | 1,720 | — | 6,720 | 1,763 | 6,677 | 8,440 | 2,912 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 4 | — | 1,733 | — | 7,548 | 1,762 | 7,519 | 9,281 | 1,307 | 2006 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 5 | — | 1,511 | — | 6,737 | 1,594 | 6,654 | 8,248 | 823 | 2006 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 6 | — | 1,537 | — | 7,080 | 1,594 | 7,023 | 8,617 | 557 | 2006 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 7 | — | 1,533 | — | 7,041 | 1,533 | 7,041 | 8,574 | 136 | 2006 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 8 | — | 1,533 | — | 6,789 | 1,533 | 6,789 | 8,322 | 492 | 2006 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commerce Park 1 | — | 5,746 | — | 17,726 | 5,746 | 17,726 | 23,472 | 2,145 | 2016 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commerce Park 4 | — | 4,711 | — | 20,013 | 4,711 | 20,013 | 24,724 | 314 | 2016 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commerce Park 5 | — | 5,746 | — | 18,221 | 5,357 | 18,610 | 23,967 | 1,794 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wiegman Distribution Center 1 | — | 2,197 | 8,788 | 2,711 | 2,308 | 11,388 | 13,696 | 7,583 | 1996 | 1986/87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wiegman Distribution Center 2 | — | 2,579 | 4,316 | 152 | 2,579 | 4,468 | 7,047 | 1,195 | 2012 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Huntwood Distribution Center | — | 3,842 | 15,368 | 4,088 | 3,842 | 19,456 | 23,298 | 13,133 | 1996 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
San Clemente Distribution Center | — | 893 | 2,004 | 967 | 893 | 2,971 | 3,864 | 2,153 | 1997 | 1978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Yosemite Distribution Center | — | 259 | 7,058 | 2,072 | 731 | 8,658 | 9,389 | 5,700 | 1999 | 1974/87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eucalyptus Distribution Center | — | 11,392 | 11,498 | 803 | 11,392 | 12,301 | 23,693 | 1,395 | 2018 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kingsview Industrial Center | — | 643 | 2,573 | 812 | 643 | 3,385 | 4,028 | 2,367 | 1996 | 1980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominguez Distribution Center | — | 2,006 | 8,025 | 4,014 | 2,006 | 12,039 | 14,045 | 6,441 | 1996 | 1977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Main Street Distribution Center | — | 1,606 | 4,103 | 1,013 | 1,606 | 5,116 | 6,722 | 3,251 | 1999 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Walnut Business Center | — | 2,885 | 5,274 | 2,641 | 2,885 | 7,915 | 10,800 | 5,489 | 1996 | 1966/90 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Distribution Center | — | 1,636 | 4,900 | 840 | 1,636 | 5,740 | 7,376 | 3,728 | 1997 | 1996/97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chino Distribution Center | — | 2,544 | 10,175 | 1,623 | 2,544 | 11,798 | 14,342 | 9,600 | 1998 | 1980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ramona Distribution Center | 2,156 | 3,761 | 5,751 | 160 | 3,761 | 5,911 | 9,672 | 1,157 | 2014 | 1984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Distribution Center 1 | — | 10,230 | 12,373 | 4,890 | 10,230 | 17,263 | 27,493 | 11,348 | 1998 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Distribution Center 3 | — | — | 3,012 | (157) | — | 2,855 | 2,855 | 2,855 | 2007 | 1992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chestnut Business Center | — | 1,674 | 3,465 | 409 | 1,674 | 3,874 | 5,548 | 2,328 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles Corporate Center | — | 1,363 | 5,453 | 4,364 | 1,363 | 9,817 | 11,180 | 6,796 | 1996 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresno | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shaw Commerce Center | — | 2,465 | 11,627 | 8,059 | 2,465 | 19,686 | 22,151 | 13,535 | 1998 | 1978/81/87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eastlake Distribution Center | — | 3,046 | 6,888 | 2,039 | 3,046 | 8,927 | 11,973 | 6,239 | 1997 | 1989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Miramar Land | — | 13,980 | — | 29 | 13,981 | 28 | 14,009 | 1 | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ocean View Corporate Center | — | 6,577 | 7,105 | 1,871 | 6,577 | 8,976 | 15,553 | 3,778 | 2010 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rancho Distribution Center | — | 16,180 | 11,140 | 326 | 16,180 | 11,466 | 27,646 | 511 | 2020 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rocky Point Distribution Center 1 | — | 8,857 | 13,388 | 1 | 8,857 | 13,389 | 22,246 | 1,281 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rocky Point Distribution Center 2 | — | 7,623 | 11,614 | 1,423 | 7,623 | 13,037 | 20,660 | 542 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Siempre Viva Distribution Center 1 | — | 4,628 | 9,211 | 368 | 4,628 | 9,579 | 14,207 | 916 | 2018 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Siempre Viva Distribution Center 2 | — | 2,868 | 5,694 | 125 | 2,877 | 5,810 | 8,687 | 419 | 2019 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allen Station 1 & 2 | — | 5,815 | 17,612 | 2,156 | 5,815 | 19,768 | 25,583 | 2,741 | 2018 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arlington Tech Centre 1 & 2 | — | 2,510 | 10,096 | 3,307 | 2,515 | 13,398 | 15,913 | 626 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Warehouse 1 & 2 | — | 1,746 | 4,941 | 3,934 | 1,746 | 8,875 | 10,621 | 7,558 | 1988 | 1978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Warehouse 3 | — | 519 | 2,008 | 1,674 | 519 | 3,682 | 4,201 | 2,729 | 2000 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Warehouse 4 | — | 416 | 2,481 | 899 | 416 | 3,380 | 3,796 | 1,950 | 2004 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Warehouse 5, 6, & 7 | — | 1,824 | 4,106 | 2,779 | 1,824 | 6,885 | 8,709 | 4,302 | 2009 | 1979/80/81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LakePort 1-3 | — | 2,984 | — | 21,208 | 2,984 | 21,208 | 24,192 | 317 | 2018 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Logistics Center 6 & 7 | — | — | 12,605 | 3,219 | — | 15,824 | 15,824 | 1,479 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Venture Warehouses | — | 1,452 | 3,762 | 2,889 | 1,452 | 6,651 | 8,103 | 5,811 | 1988 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ParkView Commerce Center 1-3 | — | 2,663 | — | 18,908 | 2,663 | 18,908 | 21,571 | 4,175 | 2014 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shady Trail Distribution Center | — | 635 | 3,621 | 1,408 | 635 | 5,029 | 5,664 | 3,056 | 2003 | 1998 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valwood Distribution Center | — | 4,361 | 34,405 | 4,469 | 4,361 | 38,874 | 43,235 | 13,168 | 2012 | 1986/87/97/98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Northfield Distribution Center | — | 12,470 | 50,713 | 8,133 | 12,471 | 58,845 | 71,316 | 19,098 | 2013 | 1999-2001/03/04/08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Parc North 1-4 | — | 4,615 | 26,358 | 6,421 | 4,615 | 32,779 | 37,394 | 6,518 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Parc North 5 | — | 1,286 | — | 7,966 | 1,286 | 7,966 | 9,252 | 789 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Parc North 6 | — | 1,233 | — | 9,537 | 1,233 | 9,537 | 10,770 | 741 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CreekView 1 & 2 | — | 3,275 | — | 14,883 | 3,275 | 14,883 | 18,158 | 3,279 | 2015 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CreekView 3 & 4 | — | 2,600 | — | 13,518 | 2,600 | 13,518 | 16,118 | 2,214 | 2015 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CreekView 5 & 6 | — | 2,682 | — | 12,910 | 2,681 | 12,911 | 15,592 | 1,136 | 2016 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CreekView 7 & 8 | — | 2,640 | — | 15,047 | 2,640 | 15,047 | 17,687 | 606 | 2016 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Rock at Star Business Park | — | 5,296 | 27,223 | 294 | 5,296 | 27,517 | 32,813 | 1,735 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DFW Global Logistics Centre | — | — | 86,564 | 68 | — | 86,632 | 86,632 | 1,106 | 2021 | 2014/15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 1 & 2 | — | 660 | 5,893 | 2,795 | 660 | 8,688 | 9,348 | 5,811 | 1998 | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 3 & 4 | — | 820 | 5,130 | 874 | 707 | 6,117 | 6,824 | 3,900 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 6 | — | 425 | 2,423 | 732 | 425 | 3,155 | 3,580 | 2,224 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 7 & 8 | — | 680 | 4,584 | 5,600 | 680 | 10,184 | 10,864 | 6,964 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 9 | — | 800 | 4,355 | 2,166 | 800 | 6,521 | 7,321 | 3,923 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 10 | — | 933 | 4,779 | 904 | 933 | 5,683 | 6,616 | 3,348 | 2001 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 11 | — | 638 | 3,764 | 1,799 | 638 | 5,563 | 6,201 | 3,419 | 1999 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 12 | — | 340 | 2,419 | 383 | 340 | 2,802 | 3,142 | 1,855 | 2000 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 13 | — | 282 | 2,569 | 787 | 282 | 3,356 | 3,638 | 2,306 | 2000 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 14 | — | 722 | 2,629 | 1,350 | 722 | 3,979 | 4,701 | 2,542 | 2000 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 15 | — | 731 | — | 6,297 | 731 | 6,297 | 7,028 | 3,843 | 2000 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 16 | — | 519 | 4,248 | 1,840 | 519 | 6,088 | 6,607 | 3,594 | 2000 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 17 | — | 373 | 1,945 | 848 | 373 | 2,793 | 3,166 | 1,670 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 19 | — | 373 | 2,256 | 1,327 | 373 | 3,583 | 3,956 | 2,219 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 20 | — | 1,008 | 1,948 | 2,201 | 1,008 | 4,149 | 5,157 | 2,633 | 2000 | 2004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 21 | — | 436 | — | 4,142 | 436 | 4,142 | 4,578 | 2,053 | 2000/03 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 22 | — | 436 | — | 4,654 | 436 | 4,654 | 5,090 | 2,505 | 2000 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 23 | — | 910 | — | 7,438 | 910 | 7,438 | 8,348 | 3,788 | 2000 | 2007 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 24 | — | 837 | — | 6,202 | 838 | 6,201 | 7,039 | 3,136 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 25 | — | 508 | — | 4,486 | 508 | 4,486 | 4,994 | 2,137 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 26 | — | 445 | — | 3,267 | 445 | 3,267 | 3,712 | 1,424 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 27 | — | 837 | — | 5,202 | 838 | 5,201 | 6,039 | 2,600 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 28 | — | 550 | — | 4,667 | 550 | 4,667 | 5,217 | 2,349 | 2005 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 29 | — | 782 | — | 4,179 | 974 | 3,987 | 4,961 | 1,680 | 2007 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 30 | — | 981 | — | 6,000 | 1,222 | 5,759 | 6,981 | 2,736 | 2007 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 31A | — | 684 | — | 4,186 | 684 | 4,186 | 4,870 | 2,019 | 2008 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 31B | — | 546 | — | 3,640 | 546 | 3,640 | 4,186 | 1,562 | 2008 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 32 | — | 1,225 | — | 5,655 | 1,526 | 5,354 | 6,880 | 1,880 | 2007 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 33 | — | 1,166 | — | 7,969 | 1,166 | 7,969 | 9,135 | 2,547 | 2011 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 34 | — | 439 | — | 3,453 | 439 | 3,453 | 3,892 | 1,153 | 2005 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 35 | — | 340 | — | 2,602 | 340 | 2,602 | 2,942 | 700 | 2005 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 36 | — | 684 | — | 4,959 | 684 | 4,959 | 5,643 | 1,738 | 2011 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 37 | — | 759 | — | 6,663 | 759 | 6,663 | 7,422 | 2,242 | 2011 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 38 | — | 1,053 | — | 7,881 | 1,053 | 7,881 | 8,934 | 2,495 | 2011 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 39 | — | 620 | — | 5,310 | 621 | 5,309 | 5,930 | 1,390 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 40 | — | 1,072 | — | 9,426 | 1,072 | 9,426 | 10,498 | 2,305 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 41 | — | 649 | — | 6,039 | 649 | 6,039 | 6,688 | 1,522 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 42 | — | 571 | — | 4,814 | 571 | 4,814 | 5,385 | 1,073 | 2011 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 43 | — | 443 | — | 6,132 | 443 | 6,132 | 6,575 | 589 | 2011 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 44 | — | 653 | — | 8,579 | 653 | 8,579 | 9,232 | 245 | 2011 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr 45 | — | 3,243 | — | 13,745 | 3,243 | 13,745 | 16,988 | 995 | 2015 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Glenmont Business Park | — | 936 | 6,161 | 3,661 | 937 | 9,821 | 10,758 | 6,250 | 1998 | 1999/2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 1 | — | 458 | 5,712 | 3,264 | 458 | 8,976 | 9,434 | 5,576 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 2 | — | 415 | — | 3,222 | 415 | 3,222 | 3,637 | 1,577 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 3 | — | 460 | — | 3,331 | 460 | 3,331 | 3,791 | 1,688 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 4 | — | 460 | — | 3,307 | 460 | 3,307 | 3,767 | 1,627 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 5 | — | 701 | — | 5,339 | 701 | 5,339 | 6,040 | 2,709 | 2005 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 6 | — | 618 | — | 6,486 | 618 | 6,486 | 7,104 | 2,681 | 2005 | 2008 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 7 | — | 765 | — | 6,217 | 765 | 6,217 | 6,982 | 2,875 | 2005 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 8 | — | 721 | — | 5,662 | 721 | 5,662 | 6,383 | 2,572 | 2005 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 9 | — | 418 | — | 2,141 | 418 | 2,141 | 2,559 | 741 | 2007 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 10 | — | 733 | — | 4,082 | 733 | 4,082 | 4,815 | 1,356 | 2007 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beltway Crossing Business Park 11 | — | 690 | — | 4,604 | 690 | 4,604 | 5,294 | 1,310 | 2007 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
West Road Business Park 1 | — | 621 | — | 4,103 | 541 | 4,183 | 4,724 | 1,278 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
West Road Business Park 2 | — | 981 | — | 4,819 | 854 | 4,946 | 5,800 | 1,338 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
West Road Business Park 3 | — | 597 | — | 4,222 | 520 | 4,299 | 4,819 | 853 | 2012 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
West Road Business Park 4 | — | 621 | — | 4,650 | 541 | 4,730 | 5,271 | 1,352 | 2012 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
West Road Business Park 5 | — | 484 | — | 4,373 | 421 | 4,436 | 4,857 | 802 | 2012 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 1 | — | 566 | — | 3,041 | 566 | 3,041 | 3,607 | 1,035 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 2 | — | 829 | — | 4,533 | 833 | 4,529 | 5,362 | 1,822 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 3 | — | 609 | — | 4,565 | 613 | 4,561 | 5,174 | 1,565 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 4 | — | 694 | — | 4,569 | 699 | 4,564 | 5,263 | 1,599 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 5 | — | 933 | — | 5,970 | 940 | 5,963 | 6,903 | 1,806 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 6 | — | 640 | — | 4,733 | 644 | 4,729 | 5,373 | 1,298 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 7 | — | 584 | — | 5,388 | 589 | 5,383 | 5,972 | 1,428 | 2012 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten West Crossing 8 | — | 1,126 | — | 9,449 | 1,135 | 9,440 | 10,575 | 936 | 2012 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Northwest Crossing 1-3 | — | 5,665 | — | 19,082 | 5,665 | 19,082 | 24,747 | 399 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
El Paso | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Butterfield Trail | — | — | 20,725 | 9,897 | — | 30,622 | 30,622 | 22,448 | 1997/2000 | 1987/95 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rojas Commerce Park | — | 900 | 3,659 | 4,059 | 900 | 7,718 | 8,618 | 5,965 | 1999 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas Ten Business Center 1 | — | 526 | 2,778 | 1,741 | 526 | 4,519 | 5,045 | 2,686 | 2001 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
San Antonio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Downs Distribution Center | — | 1,342 | 6,338 | 1,861 | 1,342 | 8,199 | 9,541 | 5,218 | 2004 | 1986/2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arion Business Park 1-13, 15 | — | 4,143 | 31,432 | 10,530 | 4,143 | 41,962 | 46,105 | 23,091 | 2005 | 1988-2000/06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arion Business Park 14 | — | 423 | — | 4,011 | 423 | 4,011 | 4,434 | 1,911 | 2005 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arion Business Park 16 | — | 427 | — | 3,715 | 427 | 3,715 | 4,142 | 1,799 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arion Business Park 17 | — | 616 | — | 4,413 | 616 | 4,413 | 5,029 | 2,793 | 2005 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arion Business Park 18 | — | 418 | — | 2,402 | 418 | 2,402 | 2,820 | 1,274 | 2005 | 2008 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetmore Business Center 1-4 | — | 1,494 | 10,804 | 3,919 | 1,494 | 14,723 | 16,217 | 8,857 | 2005 | 1998/99 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetmore Business Center 5 | — | 412 | — | 3,870 | 412 | 3,870 | 4,282 | 2,085 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetmore Business Center 6 | — | 505 | — | 4,093 | 505 | 4,093 | 4,598 | 1,946 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetmore Business Center 7 | — | 546 | — | 5,333 | 546 | 5,333 | 5,879 | 2,190 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetmore Business Center 8 | — | 1,056 | — | 8,368 | 1,056 | 8,368 | 9,424 | 4,042 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairgrounds Business Park | — | 1,644 | 8,209 | 2,720 | 1,644 | 10,929 | 12,573 | 6,222 | 2007 | 1985/86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rittiman Distribution Center | — | 1,083 | 6,649 | 671 | 1,083 | 7,320 | 8,403 | 2,190 | 2011 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Thousand Oaks Distribution Center 1 | — | 607 | — | 4,954 | 607 | 4,954 | 5,561 | 1,904 | 2008 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Thousand Oaks Distribution Center 2 | — | 794 | — | 4,844 | 794 | 4,844 | 5,638 | 1,747 | 2008 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Thousand Oaks Distribution Center 3 | — | 772 | — | 4,651 | 772 | 4,651 | 5,423 | 1,645 | 2008 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Thousand Oaks Distribution Center 4 | — | 753 | — | 4,752 | 753 | 4,752 | 5,505 | 1,094 | 2013 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Ridge Business Park 1 | — | 623 | — | 8,313 | 623 | 8,313 | 8,936 | 2,757 | 2007 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Ridge Business Park 2 | — | 402 | — | 5,368 | 402 | 5,368 | 5,770 | 1,328 | 2007 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Ridge Business Park 3 | — | 907 | — | 10,144 | 907 | 10,144 | 11,051 | 1,782 | 2007 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alamo Ridge Business Park 4 | — | 354 | — | 7,480 | 355 | 7,479 | 7,834 | 2,073 | 2007 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 1 & 2 | — | 1,881 | — | 14,767 | 1,881 | 14,767 | 16,648 | 3,412 | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 3 | — | 577 | — | 6,125 | 577 | 6,125 | 6,702 | 1,506 | 2015 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 4 | — | 555 | — | 4,832 | 555 | 4,832 | 5,387 | 875 | 2015 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 5 | — | 818 | — | 7,015 | 818 | 7,015 | 7,833 | 1,438 | 2015 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 6 | — | 569 | — | 4,869 | 569 | 4,869 | 5,438 | 568 | 2015 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 7 & 8 | — | 1,000 | — | 22,243 | 2,593 | 20,650 | 23,243 | 2,241 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eisenhauer Point Business Park 9 | — | 632 | — | 5,729 | 632 | 5,729 | 6,361 | 444 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tri-County Crossing 1 & 2 | — | 1,623 | — | 14,816 | 1,623 | 14,816 | 16,439 | 1,690 | 2017 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tri-County Crossing 3 & 4 | — | 1,733 | — | 14,442 | 1,733 | 14,442 | 16,175 | 583 | 2017 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridgeview 1 & 2 | — | 2,004 | — | 18,545 | 2,004 | 18,545 | 20,549 | 368 | 2018 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colorado Crossing Distribution Center | — | 4,602 | 19,757 | 833 | 4,595 | 20,597 | 25,192 | 7,161 | 2014 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenhill Distribution Center | — | 802 | 3,273 | 328 | 802 | 3,601 | 4,403 | 436 | 2018 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlers Crossing 1 | — | 1,211 | — | 8,207 | 1,211 | 8,207 | 9,418 | 850 | 2017 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlers Crossing 2 | — | 1,306 | — | 7,553 | 1,306 | 7,553 | 8,859 | 1,007 | 2017 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlers Crossing 3 & 4 | — | 2,774 | — | 17,221 | 2,774 | 17,221 | 19,995 | 673 | 2017 | 2020 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southpark Corporate Center 3 & 4 | — | 2,670 | 14,756 | 1,921 | 2,670 | 16,677 | 19,347 | 4,922 | 2015 | 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southpark Corporate Center 5-7 | — | 1,301 | 7,589 | 1,342 | 1,301 | 8,931 | 10,232 | 1,724 | 2017 | 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Springdale Business Center | — | 2,824 | 8,398 | 723 | 2,824 | 9,121 | 11,945 | 2,287 | 2015 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas Avenue | — | 4,143 | — | — | 4,143 | — | 4,143 | — | 2021 | 1983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Point One | — | 907 | 4,904 | 571 | 907 | 5,475 | 6,382 | 587 | 2020 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ARIZONA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Phoenix area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 1 | — | 837 | 3,349 | 2,932 | 837 | 6,281 | 7,118 | 3,755 | 1996 | 1971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 2 | — | 455 | 482 | 390 | 455 | 872 | 1,327 | 589 | 1999 | 1971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 3 | — | 775 | 1,742 | 1,054 | 775 | 2,796 | 3,571 | 1,636 | 2000 | 1983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 4 | — | 380 | 1,652 | 1,163 | 380 | 2,815 | 3,195 | 1,841 | 2000 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 5 | — | 353 | 1,090 | 871 | 353 | 1,961 | 2,314 | 1,112 | 2002 | 1980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 6 | — | 599 | 1,855 | 913 | 599 | 2,768 | 3,367 | 1,901 | 2002 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadway Industrial Park 7 | — | 450 | 650 | 298 | 450 | 948 | 1,398 | 376 | 2011 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kyrene Distribution Center | — | 1,490 | 4,453 | 2,206 | 1,490 | 6,659 | 8,149 | 4,588 | 1999 | 1981/2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Falcon Field Business Center | — | 1,312 | — | 8,010 | 1,312 | 8,010 | 9,322 | 1,044 | 2015 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southpark Distribution Center | — | 918 | 2,738 | 2,005 | 918 | 4,743 | 5,661 | 3,014 | 2001 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southpark Distribution Center 2 | — | 1,785 | 6,882 | 1,017 | 1,785 | 7,899 | 9,684 | 142 | 2021 | 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Santan 10 Distribution Center 1 | — | 846 | 2,647 | 711 | 846 | 3,358 | 4,204 | 1,883 | 2001 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Santan 10 Distribution Center 2 | — | 1,088 | — | 5,498 | 1,088 | 5,498 | 6,586 | 2,760 | 2004 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Chandler Freeways | — | 1,525 | — | 7,381 | 1,525 | 7,381 | 8,906 | 2,280 | 2012 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kyrene 202 Business Park 1 | — | 653 | — | 5,820 | 653 | 5,820 | 6,473 | 1,437 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kyrene 202 Business Park 2 | — | 387 | — | 3,414 | 387 | 3,414 | 3,801 | 836 | 2011 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kyrene 202 Business Park 3, 4 & 5 | — | 1,244 | — | 11,878 | 1,244 | 11,878 | 13,122 | 1,638 | 2011 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kyrene 202 Business Park 6 | — | 936 | — | 8,344 | 936 | 8,344 | 9,280 | 1,983 | 2011 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
51st Avenue Distribution Center | — | 300 | 2,029 | 1,261 | 300 | 3,290 | 3,590 | 2,414 | 1998 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East University Distribution Center 1 & 2 | — | 1,120 | 4,482 | 2,046 | 1,120 | 6,528 | 7,648 | 5,164 | 1998 | 1987/89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
East University Distribution Center 3 | — | 444 | 698 | 461 | 444 | 1,159 | 1,603 | 611 | 2010 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
55th Avenue Distribution Center | — | 912 | 3,717 | 1,543 | 917 | 5,255 | 6,172 | 4,042 | 1998 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Commons Distribution Center 1 | — | 311 | 1,416 | 1,164 | 311 | 2,580 | 2,891 | 1,721 | 1999 | 1988 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Commons Distribution Center 2 | — | 2,298 | 7,088 | 2,958 | 2,298 | 10,046 | 12,344 | 632 | 2019 | 1988/2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate Commons Distribution Center 3 | — | 242 | — | 3,112 | 242 | 3,112 | 3,354 | 1,382 | 2000 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Airport Commons Distribution Center | — | 1,000 | 1,510 | 1,780 | 1,000 | 3,290 | 4,290 | 2,435 | 2003 | 1971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
40th Avenue Distribution Center | — | 703 | — | 6,278 | 703 | 6,278 | 6,981 | 2,677 | 2004 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sky Harbor Business Park | — | 5,839 | — | 22,051 | 5,839 | 22,051 | 27,890 | 9,542 | 2006 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sky Harbor Business Park 6 | — | 807 | — | 2,142 | 807 | 2,142 | 2,949 | 483 | 2014 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten Sky Harbor Business Center | — | 1,568 | — | 5,132 | 1,569 | 5,131 | 6,700 | 1,074 | 2015 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gilbert Crossroads A & B | — | 2,825 | — | 14,145 | 2,825 | 14,145 | 16,970 | 966 | 2018 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gilbert Crossroads C & D | — | 3,602 | — | 19,417 | 3,602 | 19,417 | 23,019 | 154 | 2018 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tucson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Commerce Center 1 | — | 506 | 3,564 | 4,526 | 693 | 7,903 | 8,596 | 3,979 | 1997/2003 | 1994/2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Commerce Center 2 | — | 442 | 3,381 | 1,065 | 709 | 4,179 | 4,888 | 1,702 | 2007 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Commerce Center 3 & 4 | — | 1,407 | — | 12,286 | 1,575 | 12,118 | 13,693 | 5,568 | 2007 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Commerce Center 5 | — | 2,885 | — | 21,438 | 2,886 | 21,437 | 24,323 | 2,396 | 2016 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Airport Distribution Center | — | 1,403 | 4,672 | 1,834 | 1,403 | 6,506 | 7,909 | 4,480 | 1998/2000 | 1995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benan Distribution Center | — | 707 | 1,842 | 751 | 707 | 2,593 | 3,300 | 1,657 | 2005 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charlotte area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NorthPark Business Park | — | 2,758 | 15,932 | 5,517 | 2,758 | 21,449 | 24,207 | 12,146 | 2006 | 1987-89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lindbergh Business Park | — | 470 | 3,401 | 872 | 470 | 4,273 | 4,743 | 2,145 | 2007 | 2001/03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commerce Park Center 1 | — | 765 | 4,303 | 1,072 | 765 | 5,375 | 6,140 | 2,722 | 2007 | 1983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commerce Park Center 2 | — | 335 | 1,603 | 415 | 335 | 2,018 | 2,353 | 894 | 2010 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commerce Park Center 3 | — | 558 | 2,225 | 1,214 | 558 | 3,439 | 3,997 | 1,502 | 2010 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nations Ford Business Park | — | 3,924 | 16,171 | 5,473 | 3,924 | 21,644 | 25,568 | 11,713 | 2007 | 1989/94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Airport Commerce Center | — | 1,454 | 10,136 | 2,783 | 1,454 | 12,919 | 14,373 | 6,175 | 2008 | 2001/02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Airport Commerce Center 3 | — | 855 | — | 8,045 | 855 | 8,045 | 8,900 | 960 | 2008 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange Park 1 | — | 986 | 7,949 | 795 | 986 | 8,744 | 9,730 | 3,690 | 2008 | 1989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange Park 2 | — | 746 | 1,456 | 409 | 746 | 1,865 | 2,611 | 468 | 2013 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridge Creek Distribution Center 1 | — | 1,284 | 13,163 | 1,226 | 1,284 | 14,389 | 15,673 | 5,666 | 2008 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridge Creek Distribution Center 2 | — | 3,033 | 11,497 | 2,180 | 3,033 | 13,677 | 16,710 | 4,687 | 2011 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridge Creek Distribution Center 3 | — | 2,459 | 11,147 | 793 | 2,459 | 11,940 | 14,399 | 2,912 | 2014 | 2013 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Business Center | — | 1,392 | 5,068 | 1,237 | 1,392 | 6,305 | 7,697 | 2,324 | 2011 | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 1 | — | 993 | — | 4,372 | 1,010 | 4,355 | 5,365 | 1,595 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 2 | — | 941 | — | 4,771 | 957 | 4,755 | 5,712 | 1,529 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 3 | — | 1,464 | — | 6,609 | 1,469 | 6,604 | 8,073 | 1,988 | 2013 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 4 | — | 684 | — | 4,040 | 687 | 4,037 | 4,724 | 1,244 | 2013 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 5 | — | 610 | — | 5,239 | 631 | 5,218 | 5,849 | 508 | 2013/14/15 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 6 | — | 867 | — | 7,149 | 919 | 7,097 | 8,016 | 1,520 | 2013/14 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 7 | — | 1,207 | — | 8,001 | 1,253 | 7,955 | 9,208 | 1,312 | 2013/14/15 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 9 | — | 949 | — | 10,191 | 1,090 | 10,050 | 11,140 | 771 | 2016 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 10 | — | 1,221 | — | 9,822 | 1,509 | 9,534 | 11,043 | 26 | 2016 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Waterford Distribution Center | — | 654 | 3,392 | 989 | 654 | 4,381 | 5,035 | 1,848 | 2008 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greenville | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
385 Business Park | — | 1,308 | 10,822 | 529 | 1,308 | 11,351 | 12,659 | 1,137 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shiloh 400 Business Center 1 & 2 | — | 3,092 | 14,216 | 2,538 | 3,064 | 16,782 | 19,846 | 3,570 | 2017 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadmoor Commerce Park 1 | — | 1,307 | 3,560 | 1,298 | 1,307 | 4,858 | 6,165 | 1,149 | 2017 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadmoor Commerce Park 2 | — | 519 | — | 7,392 | 519 | 7,392 | 7,911 | 793 | 2017 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hurricane Shoals 1 & 2 | — | 4,284 | 12,449 | 4,157 | 4,284 | 16,606 | 20,890 | 2,630 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hurricane Shoals 3 | — | 497 | — | 9,834 | 644 | 9,687 | 10,331 | 290 | 2017 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Progress Center 1 & 2 | — | 1,297 | 9,015 | 332 | 1,297 | 9,347 | 10,644 | 1,995 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Progress Center 3 | — | 465 | 4,285 | — | 465 | 4,285 | 4,750 | 44 | 2021 | 2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gwinnett 316 | — | 531 | 3,617 | 21 | 531 | 3,638 | 4,169 | 384 | 2018 | 1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherokee 75 Business Center 1 | — | 1,183 | 6,727 | (3) | 1,183 | 6,724 | 7,907 | 274 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherokee 75 Business Center 2 | — | 1,336 | 7,495 | 481 | 1,337 | 7,975 | 9,312 | 110 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Northpoint 200 | — | 1,102 | 5,140 | 648 | 1,104 | 5,786 | 6,890 | 225 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LOUISIANA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Orleans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elmwood Business Park | — | 2,861 | 6,337 | 6,528 | 2,861 | 12,865 | 15,726 | 9,659 | 1997 | 1979 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverbend Business Park | — | 2,557 | 17,623 | 10,306 | 2,557 | 27,929 | 30,486 | 19,097 | 1997 | 1984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
COLORADO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airways Business Center | — | 6,137 | 39,637 | 1,203 | 6,137 | 40,840 | 46,977 | 3,396 | 2019 | 2007/08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Distribution Center 1 | — | 1,023 | 3,861 | 2,545 | 1,023 | 6,406 | 7,429 | 5,420 | 1988 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Distribution Center 2 | — | 230 | 2,977 | 1,660 | 230 | 4,637 | 4,867 | 3,550 | 1996/97 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Distribution Center 3 | — | 1,098 | 3,884 | 2,881 | 1,098 | 6,765 | 7,863 | 4,270 | 1997/98 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rampart Distribution Center 4 | — | 590 | — | 8,340 | 590 | 8,340 | 8,930 | 1,991 | 2012 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Concord Distribution Center | — | 1,051 | 4,773 | 1,062 | 1,051 | 5,835 | 6,886 | 2,650 | 2007 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Centennial Park | — | 750 | 3,319 | 2,169 | 750 | 5,488 | 6,238 | 2,426 | 2007 | 1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NEVADA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Las Vegas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arville Distribution Center | — | 4,933 | 5,094 | 825 | 4,933 | 5,919 | 10,852 | 2,401 | 2009 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jones Corporate Park | — | 13,068 | 26,325 | 1,942 | 13,068 | 28,267 | 41,335 | 4,701 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southwest Commerce Center | — | 9,008 | 16,576 | 4,203 | 9,008 | 20,779 | 29,787 | 1,210 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MISSISSIPPI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jackson area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interchange Business Park | — | 343 | 5,007 | 5,378 | 343 | 10,385 | 10,728 | 7,255 | 1997 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tower Automotive | — | — | 9,958 | 1,959 | 17 | 11,900 | 11,917 | 6,242 | 2001 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Airport Commerce Center 1 | — | 303 | 1,479 | 1,282 | 303 | 2,761 | 3,064 | 1,804 | 2001 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING) | — | — | — | — | — | — | 22,635 | — | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2,156 | 539,975 | 1,347,289 | 1,636,812 | 544,505 | 2,979,571 | 3,546,711 | 1,035,098 |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development and Value-Add Properties (d): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Siempre Viva 3-6 | — | 31,815 | 100,861 | 12 | 31,816 | 100,872 | 132,688 | 255 | 2021 | 2001-2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Speed Distribution Center | — | 15,282 | — | 52,536 | 15,290 | 52,528 | 67,818 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
FLORIDA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Center 12 | — | 1,552 | — | 2,626 | 785 | 3,393 | 4,178 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SunCoast Commerce Land | — | 4,995 | — | 3,303 | 5,845 | 2,453 | 8,298 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commerce Park 3 | — | 5,491 | — | 7,675 | 3,176 | 9,990 | 13,166 | — | 2016 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Commerce Park Land | — | 5,574 | — | 8,757 | 7,889 | 6,442 | 14,331 | — | 2016 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon Commerce Park Land | — | 650 | — | 426 | 650 | 426 | 1,076 | — | 2008/09 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon West 2 & 3 | — | 2,895 | — | 14,295 | 2,895 | 14,295 | 17,190 | 10 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon West Land | — | 17,633 | — | 7,529 | 17,635 | 7,527 | 25,162 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Oaks 75 3 | — | 1,767 | — | 8,425 | 1,770 | 8,422 | 10,192 | 42 | 2019 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Oaks 75 4 | — | 2,334 | — | 4,044 | 2,338 | 4,040 | 6,378 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Creek Distribution Center Land | — | 106 | — | 719 | 352 | 473 | 825 | — | 2005 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TEXAS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
45 Crossing Land | — | 10,028 | — | 7,032 | 10,028 | 7,032 | 17,060 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Arlington Tech Centre Land | — | 1,725 | — | 255 | 1,725 | 255 | 1,980 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stonefield 35 Land | — | 6,031 | — | 400 | 6,031 | 400 | 6,431 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basswood 1 & 2 | — | 4,086 | — | 11,143 | 4,087 | 11,142 | 15,229 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basswood Land | — | 11,680 | — | 1,667 | 11,681 | 1,666 | 13,347 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CreekView 9 & 10 | — | 3,985 | — | 7,351 | 3,987 | 7,349 | 11,336 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
LakePort 4-5 | — | 2,716 | — | 5,222 | 2,716 | 5,222 | 7,938 | — | 2018 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
McKinney 3 & 4 | — | 6,767 | — | 3,671 | 4,228 | 6,210 | 10,438 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
McKinney Land | — | 5,472 | — | 2,926 | 8,012 | 386 | 8,398 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand West Crossing 1 | — | 2,733 | — | 6,136 | 2,726 | 6,143 | 8,869 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand West Crossing Land | — | 6,024 | — | 1,631 | 6,024 | 1,631 | 7,655 | — | 2019 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lee Road Land | — | 2,689 | — | (1) | 1,960 | 728 | 2,688 | — | 2007 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Springwood Business Park Land | — | 6,208 | — | 153 | 6,208 | 153 | 6,361 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr Land - 2011 expansion | — | 1,636 | — | 1,898 | 1,824 | 1,710 | 3,534 | — | 2011 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
World Houston Int’l Business Ctr Land - 2015 expansion | — | 2,798 | — | 1,797 | 2,798 | 1,797 | 4,595 | — | 2015 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas Ten 2 | — | 2,516 | — | 6,584 | 2,518 | 6,582 | 9,100 | — | 2020 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridgeview 3 | — | 839 | — | 4,965 | 839 | 4,965 | 5,804 | — | 2018 | n/a |
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DECEMBER 31, 2021 (In thousands, except footnotes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ridgeview Land | — | 430 | — | 288 | 430 | 288 | 718 | — | 2018 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tri-County Crossing 5 | — | 871 | — | 4,729 | 871 | 4,729 | 5,600 | — | 2017 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tri-County Crossing 6 | — | 1,033 | — | 2,749 | 1,033 | 2,749 | 3,782 | — | 2017 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NORTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Skyway Logistics Park Land | — | 12,038 | — | 210 | 12,038 | 210 | 12,248 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek 8 | — | 544 | — | 2,184 | 673 | 2,055 | 2,728 | — | 2016/17 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Steele Creek Land | — | 1,866 | — | 990 | 1,866 | 990 | 2,856 | — | 2016/17 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
SOUTH CAROLINA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Access Point 1 | — | 884 | 9,606 | 2,032 | 893 | 11,629 | 12,522 | 198 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Access Point 2 | — | 1,010 | 9,604 | 1,017 | 1,012 | 10,619 | 11,631 | 14 | 2021 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hillside Land | — | 1,593 | — | 143 | 1,595 | 141 | 1,736 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GEORGIA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I-20 West Business Center | — | 1,670 | — | 1,294 | 1,647 | 1,317 | 2,964 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cass White Land | — | 2,923 | — | 134 | 2,923 | 134 | 3,057 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverside Parkway Land | — | 1,955 | — | 46 | 1,955 | 46 | 2,001 | — | 2021 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MISSISSIPPI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Airport Commerce Center 2 Land | — | 307 | — | 399 | 307 | 399 | 706 | — | 2001 | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 195,151 | 120,071 | 189,392 | 195,076 | 309,538 | 504,614 | 519 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total real estate owned (a)(b) | $ | 2,156 | 735,126 | 1,467,360 | 1,826,204 | 739,581 | 3,289,109 | 4,051,325 | 1,035,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Southridge Commerce Park XII | — | 2,025 | — | 17,180 | 2,025 | 17,180 | 19,205 | 5,547 | 2005 | 2008 | |||||||||||||||||||
Horizon Commerce Park I | — | 991 | — | 6,586 | 991 | 6,586 | 7,577 | 1,450 | 2008 | 2014 | |||||||||||||||||||
Horizon Commerce Park II | — | 1,111 | — | 7,249 | 1,111 | 7,249 | 8,360 | 1,383 | 2008 | 2014 | |||||||||||||||||||
Horizon Commerce Park III | — | 991 | — | 6,480 | 991 | 6,480 | 7,471 | 1,071 | 2008 | 2016 | |||||||||||||||||||
Horizon Commerce Park IV | — | 1,097 | — | 8,549 | 1,097 | 8,549 | 9,646 | 1,334 | 2008 | 2015 | |||||||||||||||||||
Horizon Commerce Park V | — | 1,108 | — | 8,604 | 1,108 | 8,604 | 9,712 | 857 | 2008 | 2017 | |||||||||||||||||||
Horizon Commerce Park VI | — | 1,099 | — | 11,130 | 1,099 | 11,130 | 12,229 | 514 | 2008 | 2019 | |||||||||||||||||||
Horizon Commerce Park VII | — | 962 | — | 7,523 | 962 | 7,523 | 8,485 | 929 | 2008 | 2017 | |||||||||||||||||||
Horizon Commerce Park X | — | 846 | — | 6,601 | 846 | 6,601 | 7,447 | 465 | 2009 | 2018 | |||||||||||||||||||
Horizon Commerce Park XI | — | 1,101 | — | 9,873 | 1,101 | 9,873 | 10,974 | 220 | 2009 | 2019 | |||||||||||||||||||
Horizon Commerce Park XII | — | 1,416 | — | 10,581 | 1,416 | 10,581 | 11,997 | 697 | 2009 | 2017 | |||||||||||||||||||
Jacksonville | |||||||||||||||||||||||||||||
Deerwood Distribution Center | — | 1,147 | 1,799 | 4,112 | 1,147 | 5,911 | 7,058 | 3,828 | 1989 | 1978 | |||||||||||||||||||
Phillips Distribution Center | — | 1,375 | 2,961 | 4,545 | 1,375 | 7,506 | 8,881 | 5,611 | 1994 | 1984/95 | |||||||||||||||||||
Lake Pointe Business Park | — | 3,442 | 6,450 | 9,538 | 3,442 | 15,988 | 19,430 | 12,272 | 1993 | 1986/87 | |||||||||||||||||||
Ellis Distribution Center | — | 540 | 7,513 | 1,981 | 540 | 9,494 | 10,034 | 5,401 | 1997 | 1977 | |||||||||||||||||||
Westside Distribution Center | — | 2,011 | 15,374 | 9,725 | 2,011 | 25,099 | 27,110 | 13,614 | 1997/2008 | 1984/85 | |||||||||||||||||||
Beach Commerce Center | — | 476 | 1,899 | 856 | 476 | 2,755 | 3,231 | 1,535 | 2000 | 2000 | |||||||||||||||||||
Interstate Distribution Center | — | 1,879 | 5,700 | 2,089 | 1,879 | 7,789 | 9,668 | 4,562 | 2005 | 1990 | |||||||||||||||||||
Flagler Center | — | 7,317 | 14,912 | 486 | 7,317 | 15,398 | 22,715 | 1,690 | 2016 | 1997 & 2005 | |||||||||||||||||||
Ft. Lauderdale/Palm Beach area | |||||||||||||||||||||||||||||
Linpro Commerce Center | — | 613 | 2,243 | 3,553 | 616 | 5,793 | 6,409 | 3,680 | 1996 | 1986 | |||||||||||||||||||
Cypress Creek Business Park | — | — | 2,465 | 2,582 | — | 5,047 | 5,047 | 3,335 | 1997 | 1986 | |||||||||||||||||||
Lockhart Distribution Center | — | — | 3,489 | 3,051 | — | 6,540 | 6,540 | 4,701 | 1997 | 1986 | |||||||||||||||||||
Interstate Commerce Center | — | 485 | 2,652 | 1,782 | 485 | 4,434 | 4,919 | 2,375 | 1998 | 1988 | |||||||||||||||||||
Executive Airport Distribution Ctr (e) | 6,016 | 1,991 | 4,857 | 5,506 | 1,991 | 10,363 | 12,354 | 5,339 | 2001 | 2004/06 | |||||||||||||||||||
Sample 95 Business Park | — | 2,202 | 8,785 | 4,123 | 2,202 | 12,908 | 15,110 | 8,220 | 1996/98 | 1990/99 | |||||||||||||||||||
Blue Heron Distribution Center | — | 975 | 3,626 | 2,441 | 975 | 6,067 | 7,042 | 3,852 | 1999 | 1986 | |||||||||||||||||||
Blue Heron Distribution Center II | — | 1,385 | 4,222 | 2,088 | 1,385 | 6,310 | 7,695 | 3,071 | 2004 | 1988 | |||||||||||||||||||
Blue Heron Distribution Center III | — | 450 | — | 2,833 | 450 | 2,833 | 3,283 | 1,059 | 2004 | 2009 | |||||||||||||||||||
Weston Commerce Park | — | 4,163 | 9,951 | 1,693 | 4,163 | 11,644 | 15,807 | 1,141 | 2016 | 1998 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Ft. Myers | |||||||||||||||||||||||||||||
SunCoast Commerce Center I | — | 911 | — | 4,830 | 928 | 4,813 | 5,741 | 1,961 | 2005 | 2008 | |||||||||||||||||||
SunCoast Commerce Center II | — | 911 | — | 5,002 | 928 | 4,985 | 5,913 | 2,210 | 2005 | 2007 | |||||||||||||||||||
SunCoast Commerce Center III | — | 1,720 | — | 6,700 | 1,763 | 6,657 | 8,420 | 2,599 | 2006 | 2008 | |||||||||||||||||||
SunCoast Commerce Center IV | — | 1,733 | — | 7,546 | 1,762 | 7,517 | 9,279 | 659 | 2006 | 2017 | |||||||||||||||||||
SunCoast Commerce Center V | — | 1,511 | — | 6,722 | 1,594 | 6,639 | 8,233 | 203 | 2006 | 2019 | |||||||||||||||||||
Miami | |||||||||||||||||||||||||||||
Gateway Commerce Park 1 | — | 5,746 | — | 18,841 | 5,746 | 18,841 | 24,587 | 545 | 2016 | 2018 | |||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
San Francisco area | |||||||||||||||||||||||||||||
Wiegman Distribution Center I | — | 2,197 | 8,788 | 2,211 | 2,308 | 10,888 | 13,196 | 6,903 | 1996 | 1986/87 | |||||||||||||||||||
Wiegman Distribution Center II | — | 2,579 | 4,316 | 152 | 2,579 | 4,468 | 7,047 | 947 | 2012 | 1998 | |||||||||||||||||||
Huntwood Distribution Center | — | 3,842 | 15,368 | 3,228 | 3,842 | 18,596 | 22,438 | 11,996 | 1996 | 1988 | |||||||||||||||||||
San Clemente Distribution Center | — | 893 | 2,004 | 944 | 893 | 2,948 | 3,841 | 2,022 | 1997 | 1978 | |||||||||||||||||||
Yosemite Distribution Center | — | 259 | 7,058 | 1,992 | 731 | 8,578 | 9,309 | 5,185 | 1999 | 1974/87 | |||||||||||||||||||
Los Angeles area | |||||||||||||||||||||||||||||
Eucalyptus Distribution Center | — | 11,392 | 11,498 | 194 | 11,392 | 11,692 | 23,084 | 637 | 2018 | 1988 | |||||||||||||||||||
Kingsview Industrial Center | — | 643 | 2,573 | 883 | 643 | 3,456 | 4,099 | 2,209 | 1996 | 1980 | |||||||||||||||||||
Dominguez Distribution Center | — | 2,006 | 8,025 | 1,170 | 2,006 | 9,195 | 11,201 | 5,922 | 1996 | 1977 | |||||||||||||||||||
Main Street Distribution Center | — | 1,606 | 4,103 | 831 | 1,606 | 4,934 | 6,540 | 2,998 | 1999 | 1999 | |||||||||||||||||||
Walnut Business Center | — | 2,885 | 5,274 | 2,500 | 2,885 | 7,774 | 10,659 | 4,779 | 1996 | 1966/90 | |||||||||||||||||||
Washington Distribution Center | — | 1,636 | 4,900 | 751 | 1,636 | 5,651 | 7,287 | 3,434 | 1997 | 1996/97 | |||||||||||||||||||
Chino Distribution Center | — | 2,544 | 10,175 | 1,623 | 2,544 | 11,798 | 14,342 | 8,865 | 1998 | 1980 | |||||||||||||||||||
Ramona Distribution Center | 2,372 | 3,761 | 5,751 | 83 | 3,761 | 5,834 | 9,595 | 801 | 2014 | 1984 | |||||||||||||||||||
Industry Distribution Center I | — | 10,230 | 12,373 | 4,750 | 10,230 | 17,123 | 27,353 | 10,054 | 1998 | 1959 | |||||||||||||||||||
Industry Distribution Center III | — | — | 3,012 | (157 | ) | — | 2,855 | 2,855 | 2,855 | 2007 | 1992 | ||||||||||||||||||
Chestnut Business Center | — | 1,674 | 3,465 | 361 | 1,674 | 3,826 | 5,500 | 2,109 | 1998 | 1999 | |||||||||||||||||||
Los Angeles Corporate Center | — | 1,363 | 5,453 | 3,614 | 1,363 | 9,067 | 10,430 | 6,277 | 1996 | 1986 | |||||||||||||||||||
Santa Barbara | |||||||||||||||||||||||||||||
University Business Center | — | 1,375 | 5,517 | 4,587 | 1,375 | 10,104 | 11,479 | 6,031 | 1996 | 1987/88 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Fresno | |||||||||||||||||||||||||||||
Shaw Commerce Center | — | 2,465 | 11,627 | 7,236 | 2,465 | 18,863 | 21,328 | 12,043 | 1998 | 1978/81/87 | |||||||||||||||||||
San Diego | |||||||||||||||||||||||||||||
Eastlake Distribution Center | — | 3,046 | 6,888 | 1,955 | 3,046 | 8,843 | 11,889 | 5,687 | 1997 | 1989 | |||||||||||||||||||
Miramar Land | — | 13,980 | — | — | 13,980 | — | 13,980 | — | 2019 | n/a | |||||||||||||||||||
Ocean View Corporate Center (e) | 7,322 | 6,577 | 7,105 | 1,353 | 6,577 | 8,458 | 15,035 | 3,158 | 2010 | 2005 | |||||||||||||||||||
Otay Mesa Land | — | 15,282 | — | — | 15,282 | — | 15,282 | — | 2019 | n/a | |||||||||||||||||||
Rocky Point Distribution Center I | — | 8,857 | 13,388 | — | 8,857 | 13,388 | 22,245 | 51 | 2019 | 2019 | |||||||||||||||||||
Siempre Viva Distribution Center I | — | 4,628 | 9,211 | 209 | 4,628 | 9,420 | 14,048 | 375 | 2018 | 2003 | |||||||||||||||||||
Siempre Viva Distribution Center II | — | 2,868 | 5,694 | 28 | 2,877 | 5,713 | 8,590 | 46 | 2019 | 2002 | |||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||
Dallas | |||||||||||||||||||||||||||||
Allen Station 1 & 2 | — | 5,815 | 17,612 | 764 | 5,815 | 18,376 | 24,191 | 997 | 2018 | 2001 | |||||||||||||||||||
Interstate Warehouse I & II (f) | 4,997 | 1,746 | 4,941 | 3,812 | 1,746 | 8,753 | 10,499 | 6,955 | 1988 | 1978 | |||||||||||||||||||
Interstate Warehouse III (f) | 1,964 | 519 | 2,008 | 1,599 | 519 | 3,607 | 4,126 | 2,481 | 2000 | 1979 | |||||||||||||||||||
Interstate Warehouse IV | — | 416 | 2,481 | 762 | 416 | 3,243 | 3,659 | 1,714 | 2004 | 2002 | |||||||||||||||||||
Interstate Warehouse V, VI, & VII (g) | 4,078 | 1,824 | 4,106 | 2,663 | 1,824 | 6,769 | 8,593 | 3,670 | 2009 | 1979/80/81 | |||||||||||||||||||
Venture Warehouses (f) | 3,793 | 1,452 | 3,762 | 2,755 | 1,452 | 6,517 | 7,969 | 5,496 | 1988 | 1979 | |||||||||||||||||||
ParkView Commerce Center I-3 | — | 2,663 | — | 18,861 | 2,663 | 18,861 | 21,524 | 2,717 | 2014 | 2015 | |||||||||||||||||||
Shady Trail Distribution Center | — | 635 | 3,621 | 1,371 | 635 | 4,992 | 5,627 | 2,750 | 2003 | 1998 | |||||||||||||||||||
Valwood Distribution Center | — | 4,361 | 34,405 | 4,146 | 4,361 | 38,551 | 42,912 | 10,498 | 2012 | 1986/87/97/98 | |||||||||||||||||||
Northfield Distribution Center | — | 12,470 | 50,713 | 4,845 | 12,471 | 55,557 | 68,028 | 14,922 | 2013 | 1999-2001/03/04/08 | |||||||||||||||||||
Parc North 1-4 | — | 4,615 | 26,358 | 6,021 | 4,615 | 32,379 | 36,994 | 3,669 | 2016 | 2016 | |||||||||||||||||||
CreekView 121 1 & 2 | — | 3,275 | — | 14,614 | 3,275 | 14,614 | 17,889 | 1,771 | 2015 | 2017 | |||||||||||||||||||
CreekView 121 3 & 4 | — | 2,600 | — | 13,518 | 2,600 | 13,518 | 16,118 | 839 | 2015 | 2018 | |||||||||||||||||||
Houston | |||||||||||||||||||||||||||||
World Houston Int'l Business Ctr 1 & 2 | — | 660 | 5,893 | 2,457 | 660 | 8,350 | 9,010 | 5,166 | 1998 | 1996 | |||||||||||||||||||
World Houston Int'l Business Ctr 3 & 4 (f) | 2,969 | 820 | 5,130 | 289 | 707 | 5,532 | 6,239 | 3,518 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 6 (f) | 1,674 | 425 | 2,423 | 669 | 425 | 3,092 | 3,517 | 2,034 | 1998 | 1998 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
World Houston Int'l Business Ctr 7 & 8 (f) | 4,893 | 680 | 4,584 | 5,017 | 680 | 9,601 | 10,281 | 6,305 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 9 (f) | 3,455 | 800 | 4,355 | 2,105 | 800 | 6,460 | 7,260 | 3,451 | 1998 | 1998 | |||||||||||||||||||
World Houston Int'l Business Ctr 10 | — | 933 | 4,779 | 824 | 933 | 5,603 | 6,536 | 2,889 | 2001 | 1999 | |||||||||||||||||||
World Houston Int'l Business Ctr 11 | — | 638 | 3,764 | 1,799 | 638 | 5,563 | 6,201 | 3,078 | 1999 | 1999 | |||||||||||||||||||
World Houston Int'l Business Ctr 12 | — | 340 | 2,419 | 383 | 340 | 2,802 | 3,142 | 1,734 | 2000 | 2002 | |||||||||||||||||||
World Houston Int'l Business Ctr 13 | — | 282 | 2,569 | 769 | 282 | 3,338 | 3,620 | 2,094 | 2000 | 2002 | |||||||||||||||||||
World Houston Int'l Business Ctr 14 | — | 722 | 2,629 | 1,329 | 722 | 3,958 | 4,680 | 2,188 | 2000 | 2003 | |||||||||||||||||||
World Houston Int'l Business Ctr 15 | — | 731 | — | 6,278 | 731 | 6,278 | 7,009 | 3,568 | 2000 | 2007 | |||||||||||||||||||
World Houston Int'l Business Ctr 16 | — | 519 | 4,248 | 1,602 | 519 | 5,850 | 6,369 | 3,421 | 2000 | 2005 | |||||||||||||||||||
World Houston Int'l Business Ctr 17 | — | 373 | 1,945 | 799 | 373 | 2,744 | 3,117 | 1,557 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 19 | — | 373 | 2,256 | 1,127 | 373 | 3,383 | 3,756 | 2,095 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 20 | — | 1,008 | 1,948 | 2,053 | 1,008 | 4,001 | 5,009 | 2,313 | 2000 | 2004 | |||||||||||||||||||
World Houston Int'l Business Ctr 21 | — | 436 | — | 4,155 | 436 | 4,155 | 4,591 | 1,717 | 2000/03 | 2006 | |||||||||||||||||||
World Houston Int'l Business Ctr 22 | — | 436 | — | 4,542 | 436 | 4,542 | 4,978 | 2,337 | 2000 | 2007 | |||||||||||||||||||
World Houston Int'l Business Ctr 23 | — | 910 | — | 7,428 | 910 | 7,428 | 8,338 | 3,298 | 2000 | 2007 | |||||||||||||||||||
World Houston Int'l Business Ctr 24 | — | 837 | — | 6,065 | 838 | 6,064 | 6,902 | 2,727 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 25 | — | 508 | — | 4,287 | 508 | 4,287 | 4,795 | 1,781 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 26 (e) | 1,808 | 445 | — | 3,267 | 445 | 3,267 | 3,712 | 1,263 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 27 | — | 837 | — | 5,242 | 838 | 5,241 | 6,079 | 2,139 | 2005 | 2008 | |||||||||||||||||||
World Houston Int'l Business Ctr 28 (e) | 2,540 | 550 | — | 4,665 | 550 | 4,665 | 5,215 | 2,042 | 2005 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 29 (e) | 2,416 | 782 | — | 4,179 | 974 | 3,987 | 4,961 | 1,461 | 2007 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 30 (e) | 3,348 | 981 | — | 5,894 | 1,222 | 5,653 | 6,875 | 2,403 | 2007 | 2009 | |||||||||||||||||||
World Houston Int'l Business Ctr 31A | — | 684 | — | 4,092 | 684 | 4,092 | 4,776 | 1,820 | 2008 | 2011 | |||||||||||||||||||
World Houston Int'l Business Ctr 31B | — | 546 | — | 3,561 | 546 | 3,561 | 4,107 | 1,407 | 2008 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 32 (g) | 3,265 | 1,225 | — | 5,655 | 1,526 | 5,354 | 6,880 | 1,563 | 2007 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 33 | — | 1,166 | — | 7,867 | 1,166 | 7,867 | 9,033 | 1,973 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 34 | — | 439 | — | 3,405 | 439 | 3,405 | 3,844 | 932 | 2005 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 35 | — | 340 | — | 2,576 | 340 | 2,576 | 2,916 | 569 | 2005 | 2012 | |||||||||||||||||||
World Houston Int'l Business Ctr 36 | — | 684 | — | 4,882 | 684 | 4,882 | 5,566 | 1,339 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 37 | — | 759 | — | 6,411 | 759 | 6,411 | 7,170 | 1,758 | 2011 | 2013 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
World Houston Int'l Business Ctr 38 | — | 1,053 | — | 7,324 | 1,053 | 7,324 | 8,377 | 1,989 | 2011 | 2013 | |||||||||||||||||||
World Houston Int'l Business Ctr 39 | — | 620 | — | 5,203 | 621 | 5,202 | 5,823 | 1,068 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 40 | — | 1,072 | — | 9,347 | 1,072 | 9,347 | 10,419 | 1,659 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 41 | — | 649 | — | 5,950 | 649 | 5,950 | 6,599 | 1,090 | 2011 | 2014 | |||||||||||||||||||
World Houston Int'l Business Ctr 42 | — | 571 | — | 4,814 | 571 | 4,814 | 5,385 | 741 | 2011 | 2015 | |||||||||||||||||||
World Houston Int'l Business Ctr 43 | — | 443 | — | 6,026 | 443 | 6,026 | 6,469 | 42 | 2011 | 2019 | |||||||||||||||||||
World Houston Int'l Business Ctr 45 | — | 3,243 | — | 13,711 | 3,243 | 13,711 | 16,954 | 38 | 2015 | 2019 | |||||||||||||||||||
Central Green Distribution Center | — | 566 | 4,031 | 1,041 | 566 | 5,072 | 5,638 | 2,716 | 1999 | 1998 | |||||||||||||||||||
Glenmont Business Park | — | 936 | 6,161 | 3,029 | 937 | 9,189 | 10,126 | 5,980 | 1998 | 1999/2000 | |||||||||||||||||||
Beltway Crossing Business Park I | — | 458 | 5,712 | 2,786 | 458 | 8,498 | 8,956 | 5,267 | 2002 | 2001 | |||||||||||||||||||
Beltway Crossing Business Park II | — | 415 | — | 2,998 | 415 | 2,998 | 3,413 | 1,461 | 2005 | 2007 | |||||||||||||||||||
Beltway Crossing Business Park III | — | 460 | — | 3,305 | 460 | 3,305 | 3,765 | 1,505 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park IV | — | 460 | — | 3,315 | 460 | 3,315 | 3,775 | 1,414 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park V (e) | 2,898 | 701 | — | 5,249 | 701 | 5,249 | 5,950 | 2,378 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park VI (g) | 3,432 | 618 | — | 6,614 | 618 | 6,614 | 7,232 | 2,258 | 2005 | 2008 | |||||||||||||||||||
Beltway Crossing Business Park VII (g) | 3,227 | 765 | — | 6,035 | 765 | 6,035 | 6,800 | 2,669 | 2005 | 2009 | |||||||||||||||||||
Beltway Crossing Business Park VIII | — | 721 | — | 5,516 | 721 | 5,516 | 6,237 | 1,950 | 2005 | 2011 | |||||||||||||||||||
Beltway Crossing Business Park IX | — | 418 | — | 2,141 | 418 | 2,141 | 2,559 | 640 | 2007 | 2012 | |||||||||||||||||||
Beltway Crossing Business Park X | — | 733 | — | 3,907 | 733 | 3,907 | 4,640 | 1,077 | 2007 | 2012 | |||||||||||||||||||
Beltway Crossing Business Park XI | — | 690 | — | 4,138 | 690 | 4,138 | 4,828 | 1,006 | 2007 | 2013 | |||||||||||||||||||
West Road Business Park I | — | 621 | — | 4,031 | 541 | 4,111 | 4,652 | 1,019 | 2012 | 2014 | |||||||||||||||||||
West Road Business Park II | — | 981 | — | 4,819 | 854 | 4,946 | 5,800 | 975 | 2012 | 2014 | |||||||||||||||||||
West Road Business Park III | — | 597 | — | 4,222 | 520 | 4,299 | 4,819 | 537 | 2012 | 2015 | |||||||||||||||||||
West Road Business Park IV | — | 621 | — | 4,622 | 541 | 4,702 | 5,243 | 915 | 2012 | 2015 | |||||||||||||||||||
West Road Business Park V | — | 484 | — | 4,372 | 421 | 4,435 | 4,856 | 313 | 2012 | 2018 | |||||||||||||||||||
Ten West Crossing 1 | — | 566 | — | 3,039 | 566 | 3,039 | 3,605 | 784 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 2 | — | 829 | — | 4,483 | 833 | 4,479 | 5,312 | 1,472 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 3 | — | 609 | — | 4,367 | 613 | 4,363 | 4,976 | 1,322 | 2012 | 2013 | |||||||||||||||||||
Ten West Crossing 4 | — | 694 | — | 4,512 | 699 | 4,507 | 5,206 | 1,341 | 2012 | 2014 | |||||||||||||||||||
Ten West Crossing 5 | — | 933 | — | 5,872 | 940 | 5,865 | 6,805 | 1,325 | 2012 | 2014 | |||||||||||||||||||
Ten West Crossing 6 | — | 640 | — | 4,646 | 644 | 4,642 | 5,286 | 935 | 2012 | 2014 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Ten West Crossing 7 | — | 584 | — | 5,321 | 589 | 5,316 | 5,905 | 877 | 2012 | 2015 | |||||||||||||||||||
El Paso | |||||||||||||||||||||||||||||
Butterfield Trail | — | — | 20,725 | 9,457 | — | 30,182 | 30,182 | 20,462 | 1997/2000 | 1987/95 | |||||||||||||||||||
Rojas Commerce Park (f) | 4,023 | 900 | 3,659 | 3,893 | 900 | 7,552 | 8,452 | 5,512 | 1999 | 1986 | |||||||||||||||||||
Americas Ten Business Center I | — | 526 | 2,778 | 1,741 | 526 | 4,519 | 5,045 | 2,425 | 2001 | 2003 | |||||||||||||||||||
San Antonio | |||||||||||||||||||||||||||||
Alamo Downs Distribution Center | — | 1,342 | 6,338 | 1,842 | 1,342 | 8,180 | 9,522 | 4,746 | 2004 | 1986/2002 | |||||||||||||||||||
Arion Business Park 1-13, 15 | — | 4,143 | 31,432 | 9,283 | 4,143 | 40,715 | 44,858 | 20,344 | 2005 | 1988-2000/06 | |||||||||||||||||||
Arion Business Park 14 | — | 423 | — | 3,484 | 423 | 3,484 | 3,907 | 1,613 | 2005 | 2006 | |||||||||||||||||||
Arion Business Park 16 | — | 427 | — | 3,715 | 427 | 3,715 | 4,142 | 1,577 | 2005 | 2007 | |||||||||||||||||||
Arion Business Park 17 | — | 616 | — | 4,377 | 616 | 4,377 | 4,993 | 2,539 | 2005 | 2007 | |||||||||||||||||||
Arion Business Park 18 (g) | 1,338 | 418 | — | 2,402 | 418 | 2,402 | 2,820 | 1,173 | 2005 | 2008 | |||||||||||||||||||
Wetmore Business Center 1-4 | — | 1,494 | 10,804 | 3,755 | 1,494 | 14,559 | 16,053 | 8,077 | 2005 | 1998/99 | |||||||||||||||||||
Wetmore Business Center 5 (e) | 2,085 | 412 | — | 3,870 | 412 | 3,870 | 4,282 | 1,843 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 6 (e) | 2,189 | 505 | — | 3,991 | 505 | 3,991 | 4,496 | 1,652 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 7 (e) | 2,595 | 546 | — | 4,783 | 546 | 4,783 | 5,329 | 1,644 | 2006 | 2008 | |||||||||||||||||||
Wetmore Business Center 8 (e) | 4,574 | 1,056 | — | 8,337 | 1,056 | 8,337 | 9,393 | 3,166 | 2006 | 2008 | |||||||||||||||||||
Fairgrounds Business Park | — | 1,644 | 8,209 | 2,483 | 1,644 | 10,692 | 12,336 | 5,670 | 2007 | 1985/86 | |||||||||||||||||||
Rittiman Distribution Center | — | 1,083 | 6,649 | 602 | 1,083 | 7,251 | 8,334 | 1,760 | 2011 | 2000 | |||||||||||||||||||
Thousand Oaks Distribution Center 1 | — | 607 | — | 4,356 | 607 | 4,356 | 4,963 | 1,709 | 2008 | 2012 | |||||||||||||||||||
Thousand Oaks Distribution Center 2 | — | 794 | — | 4,793 | 794 | 4,793 | 5,587 | 1,484 | 2008 | 2012 | |||||||||||||||||||
Thousand Oaks Distribution Center 3 | — | 772 | — | 4,547 | 772 | 4,547 | 5,319 | 1,380 | 2008 | 2013 | |||||||||||||||||||
Thousand Oaks Distribution Center 4 | — | 753 | — | 4,744 | 753 | 4,744 | 5,497 | 733 | 2013 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park I | — | 623 | — | 8,145 | 623 | 8,145 | 8,768 | 1,887 | 2007 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park II | — | 402 | — | 5,368 | 402 | 5,368 | 5,770 | 858 | 2007 | 2015 | |||||||||||||||||||
Alamo Ridge Business Park III | — | 907 | — | 10,144 | 907 | 10,144 | 11,051 | 1,054 | 2007 | 2017 | |||||||||||||||||||
Alamo Ridge Business Park IV | — | 354 | — | 7,479 | 355 | 7,478 | 7,833 | 703 | 2007 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 1 & 2 | — | 1,881 | — | 14,717 | 1,881 | 14,717 | 16,598 | 2,061 | 2015 | 2016 | |||||||||||||||||||
Eisenhauer Point Business Park 3 | — | 577 | — | 6,094 | 577 | 6,094 | 6,671 | 673 | 2015 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 4 | — | 555 | — | 4,817 | 555 | 4,817 | 5,372 | 482 | 2015 | 2017 | |||||||||||||||||||
Eisenhauer Point Business Park 5 | — | 818 | — | 7,015 | 818 | 7,015 | 7,833 | 650 | 2015 | 2018 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Eisenhauer Point Business Park 6 | — | 569 | — | 4,856 | 569 | 4,856 | 5,425 | 224 | 2015 | 2018 | |||||||||||||||||||
Eisenhauer Point Business Park 7 & 8 | — | 1,000 | — | 22,202 | 2,593 | 20,609 | 23,202 | 400 | 2016 | 2019 | |||||||||||||||||||
Eisenhauer Point Business Park 9 | — | 632 | — | 5,718 | 632 | 5,718 | 6,350 | 27 | 2016 | 2019 | |||||||||||||||||||
Austin | |||||||||||||||||||||||||||||
Colorado Crossing Distribution Center (f) | 11,680 | 4,602 | 19,757 | 184 | 4,595 | 19,948 | 24,543 | 5,583 | 2014 | 2009 | |||||||||||||||||||
Greenhill Distribution Center | — | 802 | 3,273 | 201 | 802 | 3,474 | 4,276 | 129 | 2018 | 1999 | |||||||||||||||||||
Southpark Corporate Center 3 & 4 | — | 2,670 | 14,756 | 1,813 | 2,670 | 16,569 | 19,239 | 3,504 | 2015 | 1995 | |||||||||||||||||||
Southpark Corporate Center 5-7 | — | 1,301 | 7,589 | 1,029 | 1,301 | 8,618 | 9,919 | 1,030 | 2017 | 1995 | |||||||||||||||||||
Springdale Business Center | — | 2,824 | 8,398 | 395 | 2,824 | 8,793 | 11,617 | 1,774 | 2015 | 2000 | |||||||||||||||||||
ARIZONA | |||||||||||||||||||||||||||||
Phoenix area | |||||||||||||||||||||||||||||
Broadway Industrial Park I | — | 837 | 3,349 | 1,144 | 837 | 4,493 | 5,330 | 3,055 | 1996 | 1971 | |||||||||||||||||||
Broadway Industrial Park II | — | 455 | 482 | 390 | 455 | 872 | 1,327 | 500 | 1999 | 1971 | |||||||||||||||||||
Broadway Industrial Park III | — | 775 | 1,742 | 589 | 775 | 2,331 | 3,106 | 1,431 | 2000 | 1983 | |||||||||||||||||||
Broadway Industrial Park IV | — | 380 | 1,652 | 915 | 380 | 2,567 | 2,947 | 1,687 | 2000 | 1986 | |||||||||||||||||||
Broadway Industrial Park V | — | 353 | 1,090 | 748 | 353 | 1,838 | 2,191 | 851 | 2002 | 1980 | |||||||||||||||||||
Broadway Industrial Park VI | — | 599 | 1,855 | 793 | 599 | 2,648 | 3,247 | 1,753 | 2002 | 1979 | |||||||||||||||||||
Broadway Industrial Park VII | — | 450 | 650 | 288 | 450 | 938 | 1,388 | 297 | 2011 | 1999 | |||||||||||||||||||
Kyrene Distribution Center | — | 1,490 | 4,453 | 1,951 | 1,490 | 6,404 | 7,894 | 4,164 | 1999 | 1981/2001 | |||||||||||||||||||
Falcon Field Business Center | — | 1,312 | — | 7,458 | 1,312 | 7,458 | 8,770 | 270 | 2015 | 2018 | |||||||||||||||||||
Southpark Distribution Center | — | 918 | 2,738 | 1,982 | 918 | 4,720 | 5,638 | 2,404 | 2001 | 2000 | |||||||||||||||||||
Santan 10 Distribution Center I | — | 846 | 2,647 | 692 | 846 | 3,339 | 4,185 | 1,675 | 2001 | 2005 | |||||||||||||||||||
Santan 10 Distribution Center II | — | 1,088 | — | 5,343 | 1,088 | 5,343 | 6,431 | 2,477 | 2004 | 2007 | |||||||||||||||||||
Chandler Freeways | — | 1,525 | — | 7,381 | 1,525 | 7,381 | 8,906 | 1,732 | 2012 | 2013 | |||||||||||||||||||
Kyrene 202 Business Park I | — | 653 | — | 5,777 | 653 | 5,777 | 6,430 | 1,040 | 2011 | 2014 | |||||||||||||||||||
Kyrene 202 Business Park II | — | 387 | — | 3,414 | 387 | 3,414 | 3,801 | 594 | 2011 | 2014 | |||||||||||||||||||
Kyrene 202 Business Park III, IV, & V | — | 1,244 | — | 11,878 | 1,244 | 11,878 | 13,122 | 760 | 2011 | 2018 | |||||||||||||||||||
Kyrene 202 Business Park VI | — | 936 | — | 8,333 | 936 | 8,333 | 9,269 | 1,194 | 2011 | 2015 | |||||||||||||||||||
Metro Business Park | — | 1,927 | 7,708 | 7,911 | 1,927 | 15,619 | 17,546 | 11,373 | 1996 | 1977/79 | |||||||||||||||||||
51st Avenue Distribution Center | — | 300 | 2,029 | 1,134 | 300 | 3,163 | 3,463 | 2,182 | 1998 | 1987 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
East University Distribution Center I and II | — | 1,120 | 4,482 | 1,926 | 1,120 | 6,408 | 7,528 | 4,736 | 1998 | 1987/89 | |||||||||||||||||||
East University Distribution Center III | — | 444 | 698 | 461 | 444 | 1,159 | 1,603 | 467 | 2010 | 1981 | |||||||||||||||||||
55th Avenue Distribution Center | — | 912 | 3,717 | 1,149 | 917 | 4,861 | 5,778 | 3,662 | 1998 | 1987 | |||||||||||||||||||
Interstate Commons Distribution Center I | — | 311 | 1,416 | 863 | 311 | 2,279 | 2,590 | 1,498 | 1999 | 1988 | |||||||||||||||||||
Interstate Commons Distribution Center III | — | 242 | — | 3,112 | 242 | 3,112 | 3,354 | 1,207 | 2000 | 2008 | |||||||||||||||||||
Airport Commons Distribution Center | — | 1,000 | 1,510 | 1,610 | 1,000 | 3,120 | 4,120 | 2,150 | 2003 | 1971 | |||||||||||||||||||
40th Avenue Distribution Center (e) | 3,294 | 703 | — | 6,061 | 703 | 6,061 | 6,764 | 2,409 | 2004 | 2008 | |||||||||||||||||||
Sky Harbor Business Park | — | 5,839 | — | 21,925 | 5,839 | 21,925 | 27,764 | 8,387 | 2006 | 2008 | |||||||||||||||||||
Sky Harbor Business Park 6 | — | 807 | — | 2,177 | 807 | 2,177 | 2,984 | 347 | 2014 | 2015 | |||||||||||||||||||
Ten Sky Harbor Business Center | — | 1,568 | — | 5,125 | 1,569 | 5,124 | 6,693 | 576 | 2015 | 2016 | |||||||||||||||||||
Tucson | |||||||||||||||||||||||||||||
Country Club Commerce Center I | — | 506 | 3,564 | 3,916 | 693 | 7,293 | 7,986 | 3,260 | 1997/2003 | 1994/2003 | |||||||||||||||||||
Country Club Commerce Center II | — | 442 | 3,381 | 1,065 | 709 | 4,179 | 4,888 | 1,455 | 2007 | 2000 | |||||||||||||||||||
Country Club Commerce Center III & IV | — | 1,407 | — | 12,250 | 1,575 | 12,082 | 13,657 | 4,914 | 2007 | 2009 | |||||||||||||||||||
Country Club Commerce Center V | — | 2,885 | — | 21,437 | 2,886 | 21,436 | 24,322 | 1,063 | 2016 | 2018 | |||||||||||||||||||
Airport Distribution Center | — | 1,403 | 4,672 | 1,834 | 1,403 | 6,506 | 7,909 | 4,145 | 1998/2000 | 1995 | |||||||||||||||||||
Benan Distribution Center | — | 707 | 1,842 | 737 | 707 | 2,579 | 3,286 | 1,538 | 2005 | 2001 | |||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Charlotte area | |||||||||||||||||||||||||||||
NorthPark Business Park | — | 2,758 | 15,932 | 5,138 | 2,758 | 21,070 | 23,828 | 10,793 | 2006 | 1987-89 | |||||||||||||||||||
Lindbergh Business Park | — | 470 | 3,401 | 668 | 470 | 4,069 | 4,539 | 1,908 | 2007 | 2001/03 | |||||||||||||||||||
Commerce Park Center I | — | 765 | 4,303 | 1,064 | 765 | 5,367 | 6,132 | 2,384 | 2007 | 1983 | |||||||||||||||||||
Commerce Park Center II (g) | 1,107 | 335 | 1,603 | 395 | 335 | 1,998 | 2,333 | 763 | 2010 | 1987 | |||||||||||||||||||
Commerce Park Center III (g) | 1,803 | 558 | 2,225 | 1,016 | 558 | 3,241 | 3,799 | 1,219 | 2010 | 1981 | |||||||||||||||||||
Nations Ford Business Park | — | 3,924 | 16,171 | 5,099 | 3,924 | 21,270 | 25,194 | 10,211 | 2007 | 1989/94 | |||||||||||||||||||
Airport Commerce Center | — | 1,454 | 10,136 | 2,604 | 1,454 | 12,740 | 14,194 | 5,232 | 2008 | 2001/02 | |||||||||||||||||||
Interchange Park I (e) | 4,689 | 986 | 7,949 | 694 | 986 | 8,643 | 9,629 | 3,228 | 2008 | 1989 | |||||||||||||||||||
Interchange Park II | — | 746 | 1,456 | 65 | 746 | 1,521 | 2,267 | 324 | 2013 | 2000 | |||||||||||||||||||
Ridge Creek Distribution Center I | — | 1,284 | 13,163 | 1,091 | 1,284 | 14,254 | 15,538 | 4,898 | 2008 | 2006 | |||||||||||||||||||
Ridge Creek Distribution Center II (g) | 7,902 | 3,033 | 11,497 | 2,116 | 3,033 | 13,613 | 16,646 | 3,688 | 2011 | 2003 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Ridge Creek Distribution Center III | — | 2,459 | 11,147 | 696 | 2,459 | 11,843 | 14,302 | 2,207 | 2014 | 2013 | |||||||||||||||||||
Lakeview Business Center (g) | 3,504 | 1,392 | 5,068 | 922 | 1,392 | 5,990 | 7,382 | 1,921 | 2011 | 1996 | |||||||||||||||||||
Steele Creek Commerce Park I (f) | 2,554 | 993 | — | 4,372 | 1,010 | 4,355 | 5,365 | 1,175 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park II (f) | 2,594 | 941 | — | 4,510 | 957 | 4,494 | 5,451 | 1,190 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park III | — | 1,464 | — | 6,604 | 1,469 | 6,599 | 8,068 | 1,547 | 2013 | 2014 | |||||||||||||||||||
Steele Creek Commerce Park IV | — | 684 | — | 4,021 | 687 | 4,018 | 4,705 | 908 | 2013 | 2015 | |||||||||||||||||||
Steele Creek Commerce Park V | — | 610 | — | 5,222 | 631 | 5,201 | 5,832 | 94 | 2013/14/15 | 2019 | |||||||||||||||||||
Steele Creek Commerce Park VI | — | 867 | — | 7,032 | 919 | 6,980 | 7,899 | 845 | 2013/14 | 2016 | |||||||||||||||||||
Steele Creek Commerce Park VII | — | 1,207 | — | 7,988 | 1,253 | 7,942 | 9,195 | 557 | 2013/14/15 | 2017 | |||||||||||||||||||
Waterford Distribution Center | — | 654 | 3,392 | 918 | 654 | 4,310 | 4,964 | 1,571 | 2008 | 2000 | |||||||||||||||||||
SOUTH CAROLINA | |||||||||||||||||||||||||||||
Greenville | |||||||||||||||||||||||||||||
385 Business Park | — | 1,308 | 10,822 | 512 | 1,308 | 11,334 | 12,642 | 246 | 2019 | 2019 | |||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
Atlanta | |||||||||||||||||||||||||||||
Shiloh 400 Business Center I & II | — | 3,092 | 14,216 | 2,268 | 3,092 | 16,484 | 19,576 | 2,045 | 2017 | 2008 | |||||||||||||||||||
Broadmoor Commerce Park I | — | 1,307 | 3,560 | 907 | 1,307 | 4,467 | 5,774 | 759 | 2017 | 1999 | |||||||||||||||||||
Broadmoor Commerce Park II | — | 519 | — | 7,370 | 519 | 7,370 | 7,889 | 126 | 2017 | 2018 | |||||||||||||||||||
Gwinnett 316 | — | 531 | 3,617 | 21 | 531 | 3,638 | 4,169 | 179 | 2018 | 1990 | |||||||||||||||||||
Hurricane Shoals I & II | — | 4,284 | 12,449 | 3,457 | 4,284 | 15,906 | 20,190 | 1,208 | 2017 | 2017 | |||||||||||||||||||
Progress Center I & II | — | 1,297 | 9,015 | 258 | 1,297 | 9,273 | 10,570 | 867 | 2017 | 2017 | |||||||||||||||||||
LOUISIANA | |||||||||||||||||||||||||||||
New Orleans | |||||||||||||||||||||||||||||
Elmwood Business Park | — | 2,861 | 6,337 | 6,496 | 2,861 | 12,833 | 15,694 | 8,741 | 1997 | 1979 | |||||||||||||||||||
Riverbend Business Park | — | 2,557 | 17,623 | 9,692 | 2,557 | 27,315 | 29,872 | 16,814 | 1997 | 1984 | |||||||||||||||||||
COLORADO | |||||||||||||||||||||||||||||
Denver | |||||||||||||||||||||||||||||
Airways Business Center | — | 6,137 | 39,637 | 2 | 6,137 | 39,639 | 45,776 | 880 | 2019 | 2007/08 | |||||||||||||||||||
Rampart Distribution Center I | — | 1,023 | 3,861 | 2,530 | 1,023 | 6,391 | 7,414 | 4,874 | 1988 | 1987 | |||||||||||||||||||
Rampart Distribution Center II | — | 230 | 2,977 | 1,659 | 230 | 4,636 | 4,866 | 3,067 | 1996/97 | 1997 | |||||||||||||||||||
Rampart Distribution Center III | — | 1,098 | 3,884 | 2,606 | 1,098 | 6,490 | 7,588 | 3,637 | 1997/98 | 1999 | |||||||||||||||||||
Rampart Distribution Center IV | — | 590 | — | 8,340 | 590 | 8,340 | 8,930 | 1,318 | 2012 | 2014 | |||||||||||||||||||
Concord Distribution Center (g) | 3,113 | 1,051 | 4,773 | 735 | 1,051 | 5,508 | 6,559 | 2,248 | 2007 | 2000 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Centennial Park (e) | 2,998 | 750 | 3,319 | 2,087 | 750 | 5,406 | 6,156 | 2,093 | 2007 | 1990 | |||||||||||||||||||
NEVADA | |||||||||||||||||||||||||||||
Las Vegas | |||||||||||||||||||||||||||||
Arville Distribution Center | — | 4,933 | 5,094 | 446 | 4,933 | 5,540 | 10,473 | 2,111 | 2009 | 1997 | |||||||||||||||||||
Jones Corporate Park | — | 13,068 | 26,325 | 1,913 | 13,068 | 28,238 | 41,306 | 2,697 | 2016 | 2016 | |||||||||||||||||||
MISSISSIPPI | |||||||||||||||||||||||||||||
Jackson area | |||||||||||||||||||||||||||||
Interchange Business Park | — | 343 | 5,007 | 5,168 | 343 | 10,175 | 10,518 | 6,322 | 1997 | 1981 | |||||||||||||||||||
Tower Automotive | — | — | 9,958 | 1,937 | 17 | 11,878 | 11,895 | 5,583 | 2001 | 2002 | |||||||||||||||||||
Metro Airport Commerce Center I | — | 303 | 1,479 | 1,251 | 303 | 2,730 | 3,033 | 1,666 | 2001 | 2003 | |||||||||||||||||||
RIGHT OF USE ASSETS, NET - GROUND LEASES (OPERATING) | — | — | — | — | — | — | 11,997 | — | n/a | n/a | |||||||||||||||||||
133,422 | 448,401 | 1,142,571 | 1,241,598 | 452,698 | 2,379,872 | 2,844,567 | 869,988 |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Development and Value-Add Properties (d): | |||||||||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||
Rocky Point Distribution Center II | — | 7,623 | 11,614 | 38 | 7,623 | 11,652 | 19,275 | — | 2019 | 2019 | |||||||||||||||||||
FLORIDA | |||||||||||||||||||||||||||||
Suncoast Commerce Center 6 | — | 1,537 | — | 6,397 | 1,594 | 6,340 | 7,934 | 6 | 2006 | 2019 | |||||||||||||||||||
Suncoast Commerce Center 8 | — | 1,533 | — | 2,951 | 1,534 | 2,950 | 4,484 | — | 2006 | n/a | |||||||||||||||||||
Suncoast Commerce Center Land | — | 1,533 | — | 5,970 | 4,851 | 2,652 | 7,503 | — | 2006 | n/a | |||||||||||||||||||
Gateway Commerce Park 5 | — | 5,746 | — | 17,359 | 5,357 | 17,748 | 23,105 | 114 | 2016 | 2019 | |||||||||||||||||||
Gateway Commerce Park Land | — | 21,132 | — | 13,053 | 15,775 | 18,410 | 34,185 | — | 2016 | n/a | |||||||||||||||||||
Horizon Commerce Park VIII & IX | — | 1,590 | — | 15,011 | 1,590 | 15,011 | 16,601 | 42 | 2008 | 2019 | |||||||||||||||||||
Horizon Commerce Park Land | — | — | — | 1,075 | 650 | 425 | 1,075 | — | 2008/09 | n/a | |||||||||||||||||||
Grand Oaks 75 Business Center II | — | 2,589 | 10,226 | 300 | 2,589 | 10,526 | 13,115 | — | 2019 | 2019 | |||||||||||||||||||
Grand Oaks 75 Land | — | 4,101 | — | 140 | 4,109 | 132 | 4,241 | — | 2019 | n/a | |||||||||||||||||||
Oak Creek Distribution Center Land | — | 841 | — | 719 | 707 | 853 | 1,560 | — | 2005 | n/a | |||||||||||||||||||
TEXAS | |||||||||||||||||||||||||||||
Arlington Tech Centre 1 & 2 | — | 2,510 | 10,096 | 671 | 2,515 | 10,762 | 13,277 | — | 2019 | 2019 | |||||||||||||||||||
Basswood Land | — | 15,766 | — | 158 | 15,767 | 157 | 15,924 | — | 2019 | n/a | |||||||||||||||||||
CreekView 121 5 & 6 | — | 2,682 | — | 10,469 | 2,681 | 10,470 | 13,151 | 6 | 2016 | n/a | |||||||||||||||||||
CreekView 121 7 & 8 | — | 2,640 | — | 4,159 | 2,640 | 4,159 | 6,799 | — | 2016 | n/a | |||||||||||||||||||
LakePort 2499 | — | 2,984 | — | 5,078 | 2,983 | 5,079 | 8,062 | — | 2018 | n/a | |||||||||||||||||||
LakePort 2499 Land | — | 2,716 | — | 948 | 2,715 | 949 | 3,664 | — | 2018 | n/a | |||||||||||||||||||
Logistics Center 6 & 7 | — | — | 12,605 | 3,130 | — | 15,735 | 15,735 | 186 | 2019 | 2018 | |||||||||||||||||||
Parc North 5 | — | 1,286 | — | 7,403 | 1,286 | 7,403 | 8,689 | 103 | 2016 | 2019 | |||||||||||||||||||
Parc North 6 | — | 1,233 | — | 7,057 | 1,233 | 7,057 | 8,290 | — | 2016 | 2019 | |||||||||||||||||||
Grand West Crossing Land | — | 8,757 | — | 596 | 8,749 | 604 | 9,353 | — | 2019 | n/a | |||||||||||||||||||
Lee Road Land | — | 2,689 | — | — | 1,960 | 729 | 2,689 | — | 2007 | n/a | |||||||||||||||||||
Northwest Crossing 1-3 | — | 5,665 | — | 5,870 | 5,665 | 5,870 | 11,535 | — | 2019 | n/a | |||||||||||||||||||
Ten West Crossing 8 | — | 1,126 | — | 8,638 | 1,134 | 8,630 | 9,764 | 151 | 2012 | 2019 | |||||||||||||||||||
World Houston Int'l Business Ctr 44 | — | 653 | — | 4,137 | 653 | 4,137 | 4,790 | — | 2011 | n/a | |||||||||||||||||||
World Houston Int'l Business Ctr land - 2011 expansion | — | 1,636 | — | 1,831 | 1,824 | 1,643 | 3,467 | — | 2011 | n/a | |||||||||||||||||||
World Houston Int'l Business Ctr land - 2015 expansion | — | 2,798 | — | 1,141 | 2,798 | 1,141 | 3,939 | — | 2015 | n/a | |||||||||||||||||||
Ridgeview 1 & 2 | — | 2,004 | — | 4,527 | 2,004 | 4,527 | 6,531 | — | 2018 | n/a |
SCHEDULE III | |||||||||||||||||||||||||||||
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||
DECEMBER 31, 2019 (In thousands, except footnotes) | |||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost to the Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at Close of Period | Accumulated Depreciation | Year Acquired | Year Constructed | ||||||||||||||||||||||
Land | Buildings and Improvements | Land | Buildings and Improvements | Total | |||||||||||||||||||||||||
Ridgeview Land | — | 1,269 | — | 382 | 1,269 | 382 | 1,651 | — | 2018 | n/a | |||||||||||||||||||
Tri-County Crossing 1 and 2 | — | 1,623 | — | 13,763 | 1,623 | 13,763 | 15,386 | 182 | 2017 | 2019 | |||||||||||||||||||
Tri-County Crossing 3 and 4 | — | 1,733 | — | 6,965 | 1,733 | 6,965 | 8,698 | — | 2017 | n/a | |||||||||||||||||||
Tri-County Crossing Land | — | 1,904 | — | 644 | 1,904 | 644 | 2,548 | — | 2017 | n/a | |||||||||||||||||||
Settlers Crossing 1 | — | 1,211 | — | 8,048 | 1,212 | 8,047 | 9,259 | — | 2017 | 2019 | |||||||||||||||||||
Settlers Crossing 2 | — | 1,306 | — | 7,169 | 1,305 | 7,170 | 8,475 | 188 | 2017 | 2019 | |||||||||||||||||||
Settlers Crossing 3 & 4 | — | 2,774 | — | 5,315 | 2,774 | 5,315 | 8,089 | — | 2017 | n/a | |||||||||||||||||||
ARIZONA | |||||||||||||||||||||||||||||
Gilbert Crossroads A & B | — | 2,825 | — | 11,125 | 2,825 | 11,125 | 13,950 | — | 2018 | n/a | |||||||||||||||||||
Gilbert Crossroads Land | — | 3,709 | — | 664 | 3,602 | 771 | 4,373 | — | 2018 | n/a | |||||||||||||||||||
Interstate Commons Distribution Center II | — | 2,298 | 7,088 | 496 | 2,298 | 7,584 | 9,882 | 19 | 2019 | 1988/2001 | |||||||||||||||||||
NEVADA | |||||||||||||||||||||||||||||
Southwest Commerce Center | — | 9,008 | 16,576 | 1,029 | 9,008 | 17,605 | 26,613 | — | 2019 | 2019 | |||||||||||||||||||
NORTH CAROLINA | |||||||||||||||||||||||||||||
Airport Commerce Center III | — | 855 | — | 7,701 | 855 | 7,701 | 8,556 | 154 | 2008 | 2019 | |||||||||||||||||||
Steele Creek Commerce Park IX | — | 949 | — | 8,171 | 949 | 8,171 | 9,120 | — | 2016 | 2019 | |||||||||||||||||||
Steele Creek Commerce Park Land | — | 2,726 | — | 4,601 | 3,953 | 3,374 | 7,327 | — | 2016/17 | n/a | |||||||||||||||||||
GEORGIA | |||||||||||||||||||||||||||||
Hurricane Shoals 3 | — | 497 | — | 6,132 | 644 | 5,985 | 6,629 | — | 2017 | n/a | |||||||||||||||||||
MISSISSIPPI | |||||||||||||||||||||||||||||
Metro Airport Commerce Center II land | — | 307 | — | 399 | 307 | 399 | 706 | — | 2001 | n/a | |||||||||||||||||||
— | 140,364 | 68,205 | 211,430 | 139,247 | 280,752 | 419,999 | 1,151 | ||||||||||||||||||||||
Total real estate owned (a)(b) | $ | 133,422 | 588,765 | 1,210,776 | 1,453,028 | 591,945 | 2,660,624 | 3,264,566 | 871,139 | ||||||||||||||||||||
See accompanying Report of Independent Registered Public Accounting Firm. |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of year | $ | 3,519,085 | 3,264,566 | 2,817,145 | |||||||||||||
Purchases of real estate properties | 104,205 | 46,240 | 135,033 | ||||||||||||||
Development of real estate properties and value-add properties | 415,260 | 195,446 | 318,288 | ||||||||||||||
Improvements to real estate properties | 36,692 | 33,522 | 37,558 | ||||||||||||||
Right-of-use assets, net – ground leases | 11,562 | (924) | 11,997 | ||||||||||||||
Real estate assets held for sale | (18,233) | — | — | ||||||||||||||
Carrying amount of investments sold | (15,288) | (17,182) | (51,662) | ||||||||||||||
Write-off of improvements | (1,958) | (2,583) | (3,793) | ||||||||||||||
Balance at end of year (1) | $ | 4,051,325 | 3,519,085 | 3,264,566 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 2,817,145 | 2,578,748 | 2,407,029 | |||||
Purchases of real estate properties | 135,033 | 54,537 | 51,802 | ||||||
Development of real estate properties and value-add properties | 318,288 | 167,667 | 124,938 | ||||||
Improvements to real estate properties | 37,558 | 36,921 | 28,698 | ||||||
Right-of-use assets, net – ground leases | 11,997 | — | — | ||||||
Carrying amount of investments sold | (51,662 | ) | (18,372 | ) | (32,787 | ) | |||
Write-off of improvements | (3,793 | ) | (2,356 | ) | (932 | ) | |||
Balance at end of year (1) | $ | 3,264,566 | 2,817,145 | 2,578,748 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 814,915 | 749,601 | 694,250 | |||||
Depreciation expense | 86,590 | 76,007 | 69,010 | ||||||
Accumulated depreciation on assets sold | (27,030 | ) | (8,670 | ) | (12,735 | ) | |||
Other | (3,336 | ) | (2,023 | ) | (924 | ) | |||
Balance at end of year | $ | 871,139 | 814,915 | 749,601 |
Number of Loans | Interest Rate | Maturity Date | Periodic Payment Terms | ||||||
First mortgage loan: | |||||||||
JCB Limited - California | 1 | 5.15 | % | December 2022 | Principal and interest due monthly | ||||
Total mortgage loans (a) | 1 |
Face Amount of Mortgages Dec. 31, 2019 | Carrying Amount of Mortgages | Principal Amount of Loans Subject to Delinquent Principal or Interest (b) | |||||||
(In thousands) | |||||||||
First mortgage loans: | |||||||||
JCB Limited - California | $ | 1,679 | 1,679 | — | |||||
Total mortgage loans | $ | 1,679 | 1,679 | (c)(d) | — |
Years Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of year | $ | 955,328 | 871,139 | 814,915 | |||||||||||||
Depreciation expense | 104,910 | 96,290 | 86,590 | ||||||||||||||
Real estate assets held for sale | (12,538) | — | — | ||||||||||||||
Accumulated depreciation on assets sold | (10,178) | (9,599) | (27,030) | ||||||||||||||
Other | (1,905) | (2,502) | (3,336) | ||||||||||||||
Balance at end of year | $ | 1,035,617 | 955,328 | 871,139 |
Years Ended December 31, | |||||||||
2019 | 2018 | 2017 | |||||||
(In thousands) | |||||||||
Balance at beginning of year | $ | 2,594 | 4,581 | 4,752 | |||||
Payments on mortgage loans receivable | (915 | ) | (1,987 | ) | (171 | ) | |||
Balance at end of year | $ | 1,679 | 2,594 | 4,581 |
EASTGROUP PROPERTIES, INC. | ||||||||
By: /s/ MARSHALL A. LOEB | ||||||||
Marshall A. Loeb, Chief Executive Officer, President and Director | ||||||||
February |
/s/ D. Pike Aloian | ||||||||
/s/ H. Eric Bolton, Jr. | ||||||||
D. Pike Aloian, Director | H. Eric Bolton, Jr., Director | |||||||
February 16, 2022 | February 16, 2022 | |||||||
/s/ Donald F. Colleran | ||||||||
/s/ Hayden C. Eaves III | ||||||||
Donald F. Colleran, Director | Hayden C. Eaves III, Director | |||||||
February 16, 2022 | February 16, 2022 | |||||||
/s/ David M. Fields | /s/ Mary Elizabeth McCormick | |||||||
David M. Fields, Director | Mary Elizabeth McCormick, Director | |||||||
February | February | |||||||
/s/ | /s/ David H. Hoster II | |||||||
David H. Hoster II, Chairman of the Board | ||||||||
February | February | |||||||
/s/ MARSHALL A. LOEB | |||||
Marshall A. Loeb, Chief Executive Officer, | |||||
President and Director | |||||
(Principal Executive Officer) | |||||
February | |||||
/s/ | |||||
and Secretary | |||||
(Principal Accounting Officer) | |||||
February | |||||
/s/ BRENT W. WOOD | |||||
Brent W. Wood, Executive Vice-President, | |||||
Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer) | |||||
February |