☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
2019
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 27-1262675 | |||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | |||||
101 Montgomery Street, Suite 200 San Francisco, CA | 94104 | |||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol (s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, $0.01 par value per share | TRNO | New York Stock Exchange |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of thisForm 10-K or any amendment to thisForm 10-K. ☒
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
4, 2020.
Part I: | ||||||||||||||
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Part II: | ||||||||||||||
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Item 9 | ||||||||||||||
Item 9A | ||||||||||||||
Item 9B | ||||||||||||||
Part III: | ||||||||||||||
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Item 11 | ||||||||||||||
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Part IV: | ||||||||||||||
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Item 16 | ||||||||||||||
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We have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfieldground-up development. However,Nevertheless, we may pursue redevelopment, renovation and expansion opportunities of properties that we own, acquire properties and improved land parcels with the intent to redevelop in the near-term, orand acquire adjacent land to expand our existing facilities.
loan-to-value ratio.
subject to some federal, state and local taxes on our income or property and the income of our taxable REIT subsidiaries, if any, will be subject to taxation at regular corporate rates. We do not currently own any taxable REIT subsidiaries but may in the future.
2018.
stockholders’ ownership interests and may reduce or eliminate our profitability. These acquisitions may also expose us to risks such as:
portion of such cash for working capital. Our ability to make distributions to our stockholders also will depend on our levels of retained cash flows, which we intend to use as a source of investment capital. We cannot assure our stockholders that sufficient funds will be available to pay distributions. Our corporate strategy is to fund the payment of quarterly distributions to our stockholders entirely from distributable cash flows. However, we may fund our quarterly distributions to our stockholders from a combination of available cash flows, net of recurring capital expenditures, and proceeds from borrowings and property dispositions. In the event we are unable to consistently fund future quarterly distributions to our stockholders entirely from distributable cash flows, the value of our shares may be negatively impacted.
addition, we may be required to grant concessions or fund improvements. If the rental rates for our properties decrease, our tenants do not renew their leases or we do notre-lease a significant portion of our available space, including vacant space resulting from tenant defaults, and space for which leases are scheduled to expire, our financial condition, results of operations, cash flows, cash available for distribution to stockholders, per share trading price of our common stock and our ability to satisfy our debt service obligations could be materially adversely affected. In addition, if we are unable to renew leases orre-lease a property, the resale value of that property could be diminished because the market value of a particular property will depend in part upon the value of the leases of such property.
support or operating guarantees to industrial properties that compete with our industrial properties, which may result in conflicts of interest and decisions regarding the operation of our industrial properties that are not in our best interests.
If we do not have sufficient funds to repay existing or future debt, including debt under our credit facility and senior unsecured notes, it may be necessary to refinance the debt through additional debt or additional equity financings. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates on refinancings, increases in interest expense would adversely affect our cash flows, and, consequently, cash available for distribution to our stockholders. If we are unable to refinance our debt on acceptable terms, we may be forced to dispose of industrial properties on disadvantageous terms, potentially resulting in losses. We may place mortgages on our properties that we own to secure a revolving credit facility or other debt. To the extent we cannot meet any future debt service obligations, we will risk losing some or all of our industrial properties that may be pledged to secure our obligations to foreclosure. Also, covenants applicable to any existing or future debt could impair our planned investment strategy and, if violated, result in a default.
In addition, the note purchase agreementagreements with respect to our existing senior unsecured notes contains,contain, and any unsecured debt agreements we enter into in the future may contain, specific cross-default provisions with respect to specified other indebtedness, giving the unsecured lenders the right to declare a default if we are in default under other loans in some circumstances. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.
Volatility in the capital and credit markets could materially and adversely impact us.
•require significant management attention and resources to remedy any damages that result;
Investments in real estate properties are subject to varying degrees of risk. While we seek to minimize these risks through geographic diversification of our portfolio, market research and our asset management capabilities, these risks cannot be eliminated. Factors that may affect real estate values and cash flows include:
losses with respect to such properties on economically favorable terms, which could expose us to uninsured casualty losses. We intend to evaluate our earthquake insurance coverage annually in light of current industry practice.
clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages based on personal injury, natural resource or property damage or other costs, including investigation andclean-up costs, resulting from the environmental contamination. The presence of hazardous or toxic substances on one of our properties, or the failure to properly remediate a contaminated property, could give rise to a lien in favor of the government for costs it may incur to address the contamination, or otherwise adversely affect our ability to sell or lease the property or borrow using the property as collateral. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated. A property owner who violates environmental laws may be subject to sanctions which may be enforced by governmental agencies or, in certain circumstances, private parties. In connection with the acquisition and ownership of our properties, we may be exposed to such costs. The cost of defending against environmental claims, of compliance with environmental regulatory requirements or of remediating any contaminated property could materially adversely affect our business, assets or results of operations and, consequently, amounts available for distribution to our stockholders.
Costs of complying with governmental laws and regulations with respect to our properties may adversely affect our income and the cash available for any distributions.
risks, which may result in unanticipated losses that could affect our business and financial condition.
Compliance or failure to comply with the Americans with Disabilities Act and other similar regulations could result in substantial costs.
We could increase the number of authorized shares of stock and issue stock without stockholder approval.
Our rights and the rights of our stockholders to take action against our directors and officers are limited.
REIT distribution requirements could adversely affect our liquidity and may force us to borrow funds or sell assets during unfavorable market conditions.
our stockholders and the ownership of our capital stock. In order to meet these tests, we may be required to forego investments we might otherwise make. Thus, compliance with the REIT requirements may hinder our performance.
that affect the taxation of REITs and their stockholders. AmongThe effect of the certain changes made by the TCJA are permanently reducing the generally applicable corporate tax rate, generally reducing the tax rate applicable to individuals and othernon-corporate taxpayers for tax years beginning after December 31, 2017 and before January 1, 2026, eliminating or modifying certain previously allowed deductions (including substantially limiting interest deductibility and, for individuals, the deduction fornon-business state and local taxes), and, for taxable years beginning after December 31, 2017 and before January 1, 2026, providing for preferential rates of taxation through a deduction of up to 20% (subject to certain limitations) on most ordinary REIT dividends and certain trade or business income ofnon-corporate taxpayers. The TCJA also imposes new limitations on the deduction of net operating losses, which may result in us having to make additional taxable distributions to our stockholders in order to comply with REIT distribution requirements or avoid taxes on retained income and gains. The effect of the significant changes made by the TCJA is highlyremains uncertain, and administrative guidance will be required in order to fully evaluate the effect of many provisions. The effect of any technical corrections with respect to the TCJA could have an adverse effect on us or our stockholders. Stockholders and prospective investors should consult their tax advisors regarding the implications of the TCJA on their investment in our common stock.
The number of shares of our common stock available for future sale could adversely affect the market price of our common stock and have a dilutive effect to our existing stockholders.
Future offerings of debt securities and the incurrence of other future indebtedness, which would be senior to our common stock upon liquidation, and/or preferred stock which may be senior to our common stock for purposes of dividend distributions or upon liquidation, may adversely affect the market price of our common stock.
terms of such class or series provide otherwise, the amount that would be needed to satisfy the preferential rights upon dissolution of the holders of shares of any class or series of preferred stock then outstanding, if any, with preferences senior to those of our outstanding stock.
Type | Number of Buildings or Improved Land Parcels | Annualized Base Rent (000's) 1 | % of Total | |||||||||||||||||
Warehouse/distribution | 195 | $ | 110,734 | 81.5 | % | |||||||||||||||
Flex | 11 | 9,793 | 7.2 | % | ||||||||||||||||
Transshipment | 14 | 7,482 | 5.5 | % | ||||||||||||||||
Improved land | 19 | 7,835 | 5.8 | % | ||||||||||||||||
Total | 239 | $ | 135,844 | 100.0 | % |
Market | Number of Buildings | Rentable Square Feet | % of Total | Occupancy % as of December 31, 2017 | Annualized Base Rent (000’s) 1 | % of Total | Annualized Base Rent Per Occupied Square Foot | Weighted Average Remaining Lease Term (Years) 2 | Gross Book Value (000’s) 3 | |||||||||||||||||||||||||||
Los Angeles | 35 | 2,637,597 | 20.3 | % | 100.0 | % | $ | 19,726 | 18.6 | % | $ | 7.48 | 7.4 | $ | 371,716 | |||||||||||||||||||||
Northern New Jersey/New York City | 55 | 3,145,507 | 24.3 | % | 98.6 | % | 26,369 | 24.9 | % | 8.51 | 4.3 | 412,808 | ||||||||||||||||||||||||
San Francisco Bay Area | 27 | 1,368,607 | 10.6 | % | 96.9 | % | 14,688 | 13.8 | % | 11.08 | 4.9 | 205,210 | ||||||||||||||||||||||||
Seattle | 24 | 1,626,620 | 12.5 | % | 99.4 | % | 12,275 | 11.6 | % | 7.59 | 3.5 | 180,125 | ||||||||||||||||||||||||
Miami | 31 | 1,991,992 | 15.4 | % | 97.9 | % | 14,665 | 13.8 | % | 7.52 | 3.6 | 183,377 | ||||||||||||||||||||||||
Washington, D.C. | 24 | 2,197,961 | 16.9 | % | 90.7 | % | 18,337 | 17.3 | % | 9.19 | 4.3 | 283,694 | ||||||||||||||||||||||||
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Total/Weighted Average | 196 | 12,968,284 | 100.0 | % | 97.3 | % | $ | 106,060 | 100.0 | % | $ | 8.40 | 4.8 | $ | 1,636,930 | |||||||||||||||||||||
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2019: 25
1 | Annualized base rent is calculated as contractual monthly base rent per the leases, excluding any partial or full rent abatements, |
We also own ten improved land parcels totaling approximately 47.9 acres that are approximately 78.0% leased to ten tenants. Such land is used for truck, trailer and container storage and/or car parking. In the future, we may consider redeveloping such land.
The following table summarizes by market our investments in improved land as of December 31, 2017:
Market | Number of Parcels | Acres | % of Total | Occupancy % as of December 31, 2017 | Annualized Base Rent (000’s) 1 | % of Total | Annualized Base Rent Per Occupied Square Foot | Weighted Average Remaining Lease Term (Years) 2 | ||||||||||||||||||||||||
Los Angeles | 3 | 8.0 | 16.7 | % | 100.0 | % | $ | 466 | 15.5 | % | $ | 1.33 | 1.4 | |||||||||||||||||||
Northern New Jersey/New York City | 4 | 23.3 | 48.6 | % | 54.8 | % | 1,596 | 53.1 | % | 2.86 | 6.2 | |||||||||||||||||||||
San Francisco Bay Area | — | — | 0.0 | % | — | — | 0.0 | % | — | — | ||||||||||||||||||||||
Seattle | — | — | 0.0 | % | — | — | 0.0 | % | — | — | ||||||||||||||||||||||
Miami | 2 | 3.2 | 6.7 | % | 100.0 | % | 209 | 7.0 | % | 1.51 | 1.3 | |||||||||||||||||||||
Washington, D.C. | 1 | 13.4 | 28.0 | % | 100.0 | % | 734 | 24.4 | % | 1.26 | 2.3 | |||||||||||||||||||||
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Total/Weighted Average | 10 | 47.9 | 100.0 | % | 78.0 | % | $ | 3,005 | 100.0 | % | $ | 1.85 | 3.4 | |||||||||||||||||||
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2019, multiplied by 12.
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Building improvements | $ | 2,742 | $ | 2,862 | $ | 11,626 | $ | 11,621 | ||||||||
Tenant improvements | 2,147 | 3,121 | 7,083 | 8,398 | ||||||||||||
Leasing commissions | 2,790 | 2,638 | 7,537 | 9,613 | ||||||||||||
Redevelopment and expansion | — | — | — | 15,641 | ||||||||||||
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Total capital expenditures 1 | $ | 7,679 | $ | 8,621 | $ | 26,246 | $ | 45,273 | ||||||||
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1Includes approximately $10.8 million and $13.7 million for the three months ended December 31, 2019 and 2018, respectively, and approximately $42.5 million and $27.5 million for the years ended December 31, 2019 and 2018, respectively, related |
Customer | Leases | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent (000’s) 1 | % of Total Annualized Base Rent | ||||||||||||||||||||||||||||||
1 | United States Government | 9 | 381,431 | 2.9 | % | $ | 4,919 | 3.6 | % | ||||||||||||||||||||||||||
2 | FedEx Corporation 2 | 7 | 490,779 | 3.7 | % | 4,872 | 3.6 | % | |||||||||||||||||||||||||||
3 | Amazon.com | 3 | 260,462 | 2.0 | % | 4,805 | 3.5 | % | |||||||||||||||||||||||||||
4 | Danaher | 3 | 171,707 | 1.3 | % | 3,235 | 2.4 | % | |||||||||||||||||||||||||||
5 | AmerisourceBergen | 1 | 211,418 | 1.5 | % | 2,469 | 1.7 | % | |||||||||||||||||||||||||||
6 | DirectBuy Home Improvement | 1 | 230,891 | 1.7 | % | 1,860 | 1.4 | % | |||||||||||||||||||||||||||
7 | XPO Logistics | 2 | 180,717 | 1.4 | % | 1,672 | 1.2 | % | |||||||||||||||||||||||||||
8 | District of Columbia | 3 | 124,744 | 0.9 | % | 1,632 | 1.2 | % | |||||||||||||||||||||||||||
9 | Miami International Freight Systems | 1 | 192,454 | 1.4 | % | 1,463 | 1.1 | % | |||||||||||||||||||||||||||
10 | Port Kearny Security, Inc. 3 | 1 | — | — | % | 1,437 | 1.1 | % | |||||||||||||||||||||||||||
11 | O'Neill Logistics | 2 | 237,692 | 1.8 | % | 1,429 | 1.1 | % | |||||||||||||||||||||||||||
12 | YRC | 2 | 61,252 | 0.5 | % | 1,401 | 1.0 | % | |||||||||||||||||||||||||||
13 | Bar Logistics | 2 | 203,263 | 1.5 | % | 1,354 | 1.0 | % | |||||||||||||||||||||||||||
14 | L3 Harris Technologies, Inc. | 1 | 147,898 | 1.1 | % | 1,342 | 1.0 | % | |||||||||||||||||||||||||||
15 | Saia Motor Freight Line LLC | 1 | 52,086 | 0.4 | % | 1,245 | 0.9 | % | |||||||||||||||||||||||||||
16 | Space Systems/Loral LLC | 2 | 107,060 | 0.8 | % | 1,210 | 0.9 | % | |||||||||||||||||||||||||||
17 | JAM'N Logistics | 1 | 110,336 | 0.8 | % | 1,193 | 0.9 | % | |||||||||||||||||||||||||||
18 | Northrop Grumman Systems | 1 | 103,200 | 0.8 | % | 1,183 | 0.9 | % | |||||||||||||||||||||||||||
19 | Fredmore Inc. DBA Airpark Newark 4 | 1 | — | — | % | 1,171 | 0.9 | % | |||||||||||||||||||||||||||
20 | Exquisite Apparel Corporation | 1 | 114,061 | 0.9 | % | 1,077 | 0.8 | % | |||||||||||||||||||||||||||
Total | 45 | 3,381,451 | 25.4 | % | $ | 40,969 | 30.2 | % |
Year | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent (000’s) 2 | % of Total Annualized Base Rent | ||||||||||||
2018 1 | 1,216,419 | 9.4 | % | $ | 9,911 | 8.4 | % | |||||||||
2019 | 2,064,797 | 15.9 | % | 16,240 | 13.7 | % | ||||||||||
2020 | 1,696,971 | 13.1 | % | 15,695 | 13.2 | % | ||||||||||
2021 | 2,131,434 | 16.4 | % | 18,099 | 15.3 | % | ||||||||||
2022 | 1,580,411 | 12.2 | % | 15,575 | 13.1 | % | ||||||||||
Thereafter | 3,934,552 | 30.3 | % | 43,012 | 36.3 | % | ||||||||||
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Total | 12,624,584 | 97.3 | % | $ | 118,532 | 100.0 | % | |||||||||
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Year | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent (000’s) 2 | % of Total Annualized Base Rent | ||||||||||||||||||||||
2020 1 | 1,753,594 | 12.6 | % | $ | 15,976 | 9.9 | % | |||||||||||||||||||
2021 | 2,403,025 | 17.3 | % | 23,089 | 14.3 | % | ||||||||||||||||||||
2022 | 1,670,792 | 12.1 | % | 17,696 | 10.9 | % | ||||||||||||||||||||
2023 | 1,573,994 | 11.4 | % | 19,922 | 12.3 | % | ||||||||||||||||||||
2024 | 1,613,286 | 11.6 | % | 20,503 | 12.7 | % | ||||||||||||||||||||
Thereafter | 4,168,164 | 30.1 | % | 64,411 | 39.9 | % | ||||||||||||||||||||
Total | 13,182,855 | 95.1 | % | $ | 161,597 | 100.0 | % |
Our industrial properties are typically subject to leases on a “triple net basis,” in which tenants pay their proportionate share of real estate taxes, insurance and operating costs, or are subject to leases on a “modified gross basis,” in which tenants pay expenses over certain threshold levels. In addition, approximately 91.8% of our leased space includes fixed rental increases or Consumer Price Index-based rental increases. Lease terms typically range from three to ten years. We monitor the liquidity and creditworthiness of our tenants on anon-going basis by reviewing outstanding accounts receivable balances, and as provided under the respective lease agreements, review the tenant’s financial condition periodically as appropriate. As needed, we hold discussions with the tenant’s management about their business and we conduct site visits of the tenant’s operations.
Our top 20 customers based on annualized base rent as of December 31, 2017 are as follows:
Customer | Leases | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent (000’s) 1 | % of Total Annualized Base Rent | |||||||||||||||||
1 | FedEx Corporation | 8 | 542,865 | 4.2 | % | $ | 5,606 | 5.1 | % | |||||||||||||
2 | United States Government | 9 | 381,431 | 2.9 | % | 4,696 | 4.3 | % | ||||||||||||||
3 | Danaher | 3 | 171,707 | 1.3 | % | 2,961 | 2.7 | % | ||||||||||||||
4 | H.D. Smith Wholesale Drug Company | 1 | 211,418 | 1.6 | % | 2,260 | 2.1 | % | ||||||||||||||
5 | Northrop Grumman Systems | 2 | 199,866 | 1.5 | % | 2,197 | 2.0 | % | ||||||||||||||
6 | District of Columbia | 3 | 149,203 | 1.2 | % | 1,600 | 1.5 | % | ||||||||||||||
7 | XPO Logistics | 2 | 180,717 | 1.4 | % | 1,497 | 1.4 | % | ||||||||||||||
8 | Synergy Custom Fixtures | 1 | 301,983 | 2.3 | % | 1,478 | 1.4 | % | ||||||||||||||
9 | West Coast Warehouse | 1 | 265,500 | 2.0 | % | 1,468 | 1.3 | % | ||||||||||||||
10 | YRC | 2 | 61,252 | 0.5 | % | 1,337 | 1.2 | % | ||||||||||||||
11 | O’Neill Logistics | 2 | 237,692 | 1.8 | % | 1,323 | 1.2 | % | ||||||||||||||
12 | Miami International Freight Systems | 1 | 192,454 | 1.5 | % | 1,245 | 1.1 | % | ||||||||||||||
13 | Bar Logistics | 2 | 203,263 | 1.6 | % | 1,220 | 1.1 | % | ||||||||||||||
14 | Avborne Accessory Group | 1 | 137,594 | 1.1 | % | 1,113 | 1.0 | % | ||||||||||||||
15 | Space Systems/Loral LLC | 2 | 107,060 | 0.8 | % | 1,107 | 1.0 | % | ||||||||||||||
16 | Amazon.com | 1 | 158,168 | 1.2 | % | 1,044 | 1.0 | % | ||||||||||||||
17 | Exquisite Apparel Corporation | 1 | 114,061 | 0.9 | % | 985 | 0.9 | % | ||||||||||||||
18 | JAM’N Logistics | 1 | 110,336 | 0.9 | % | 936 | 0.9 | % | ||||||||||||||
19 | Home Depot | 1 | 192,000 | 1.5 | % | 930 | 0.9 | % | ||||||||||||||
20 | Service West Inc. | 1 | 129,279 | 1.0 | % | 820 | 0.7 | % | ||||||||||||||
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Total | 45 | 4,047,849 | 31.2 | % | $ | 35,823 | 32.8 | % | ||||||||||||||
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As of December 31, 2017, nine of our2019, four properties with a gross investment book value of approximately $153.7$114.9 million were encumbered by mortgage loans payable, including premiums and net of deferred financing costs, totaling approximately $64.8$44.3 million, which bear interest at a weighted average fixed annual rate of 4.0%4.1%.
Year | High | Low | Dividend per common share | |||||||||
2017 | ||||||||||||
First Quarter | $ | 29.04 | $ | 26.52 | $ | 0.20 | ||||||
Second Quarter | 33.81 | 28.01 | 0.20 | |||||||||
Third Quarter | 36.99 | 32.74 | 0.22 | |||||||||
Fourth Quarter | 38.32 | 34.78 | 0.22 | |||||||||
2016 | ||||||||||||
First Quarter | $ | 23.81 | $ | 20.67 | $ | 0.18 | ||||||
Second Quarter | 25.59 | 21.98 | 0.18 | |||||||||
Third Quarter | 28.12 | 25.35 | 0.20 | |||||||||
Fourth Quarter | 28.83 | 24.91 | 0.20 |
As of January 25, 2018,30, 2020, there were approximately 18,42522,995 holders of record of shares of our common stock. This number does not include stockholders for which shares are held in “nominee” or “street” name.
In addition, our credit facility has a covenant limiting our maximum REIT distribution paid to a percentage of our funds from operations (see “Management’s Discussion and Analysis of Financial Condition and Results ofOperations – Non-GAAP Financial Measures”) before acquisition costs of 95% for each fiscal year (subject to distribution payments necessary to preserve our REIT status).
The following table sets forth the cash dividends paid or payable during the years ended December 31, 2017 and 2016:
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||
March 31, 2017 | Common stock | $ | 0.200000 | February 7, 2017 | March 28, 2017 | April 12, 2017 | ||||||
March 31, 2017 | Preferred stock | $ | 0.484375 | February 7, 2017 | March 10, 2017 | March 31, 2017 | ||||||
June 30, 2017 | Common stock | $ | 0.200000 | May 2, 2017 | July 7, 2017 | July 21, 2017 | ||||||
June 30, 2017 | Preferred stock | $ | 0.484375 | May 2, 2017 | June 9, 2017 | June 30, 2017 | ||||||
September 30, 2017 | Common stock | $ | 0.220000 | August 1, 2017 | October 6, 2017 | October 21, 2017 | ||||||
December 31, 2017 | Common stock | $ | 0.220000 | October 31, 2017 | December 29, 2017 | January 12, 2018 | ||||||
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||
March 31, 2016 | Common stock | $ | 0.180000 | February 9, 2016 | March 28, 2016 | April 12, 2016 | ||||||
March 31, 2016 | Preferred stock | $ | 0.484375 | February 9, 2016 | March 10, 2016 | March 31, 2016 | ||||||
June 30, 2016 | Common stock | $ | 0.180000 | May 3, 2016 | July 7, 2016 | July 21, 2016 | ||||||
June 30, 2016 | Preferred stock | $ | 0.484375 | May 3, 2016 | June 10, 2016 | June 30, 2016 | ||||||
September 30, 2016 | Common stock | $ | 0.200000 | July 26, 2016 | October 7, 2016 | October 21, 2016 | ||||||
September 30, 2016 | Preferred stock | $ | 0.484375 | July 26, 2016 | September 9, 2016 | September 30, 2016 | ||||||
December 31, 2016 | Common stock | $ | 0.200000 | November 1, 2016 | December 30, 2016 | January 13, 2017 | ||||||
December 31, 2016 | Preferred stock | $ | 0.484375 | November 1, 2016 | December 9, 2016 | December 30, 2016 |
For the Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Operating Data | ||||||||||||||||||||
Total revenues | $ | 132,484 | $ | 108,418 | $ | 95,895 | $ | 68,875 | $ | 45,529 | ||||||||||
Total costs and expenses | 93,435 | 87,172 | 82,240 | 51,567 | 36,973 | |||||||||||||||
Gain on sales of real estate investments | 30,654 | 7,140 | 10,567 | — | — | |||||||||||||||
Income from continuing operations | 53,095 | 15,118 | 14,601 | 10,718 | 2,451 | |||||||||||||||
Income from discontinued operations | — | — | — | — | 1,412 | |||||||||||||||
Gain on sales of real estate investments | — | — | — | — | 2,778 | |||||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | 49,015 | 11,458 | 10,958 | 7,126 | 3,056 | |||||||||||||||
Earnings per Common Share - Basic and Diluted: | ||||||||||||||||||||
Income (loss) from continuing operations available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 0.95 | $ | 0.26 | $ | 0.26 | $ | 0.23 | $ | (0.05) | ||||||||||
Income from discontinued operations | — | — | — | — | 0.20 | |||||||||||||||
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Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 0.95 | $ | 0.26 | $ | 0.26 | $ | 0.23 | $ | 0.15 | ||||||||||
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Dividends declared per common share | $ | 0.84 | $ | 0.76 | $ | 0.66 | $ | 0.57 | $ | 0.51 | ||||||||||
Dividends declared per preferred share | 0.97 | 1.94 | 1.94 | 1.94 | 1.94 | |||||||||||||||
Basic and Diluted Weighted Average Common Shares Outstanding | 51,357,719 | 44,725,936 | 42,861,276 | 30,433,017 | 21,011,276 | |||||||||||||||
Other Data | ||||||||||||||||||||
Funds from operations 1 | $ | 56,070 | $ | 38,391 | $ | 36,172 | $ | 26,097 | $ | 12,689 | ||||||||||
Basic and diluted FFO per common share 1 | 1.09 | 0.86 | 0.84 | 0.86 | 0.60 | |||||||||||||||
Cash flows provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 69,498 | $ | 49,241 | $ | 42,068 | $ | 29,321 | $ | 13,495 | ||||||||||
Investing activities | (249,118 | ) | (149,629 | ) | (259,664 | ) | (245,526 | ) | (201,400 | ) | ||||||||||
Financing activities | 203,942 | 93,758 | 45,140 | 404,207 | 189,429 | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Investments in real estate at cost 2 | $ | 1,636,930 | $ | 1,343,038 | $ | 1,179,920 | $ | 901,273 | $ | 651,839 | ||||||||||
Total assets | 1,567,871 | 1,278,981 | 1,152,138 | 1,074,735 | 644,165 | |||||||||||||||
Total debt | 461,683 | 415,327 | 381,475 | 302,470 | 190,472 | |||||||||||||||
Total stockholders’ equity | 1,027,494 | 811,805 | 733,082 | 747,036 | 438,835 |
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 171,022 | $ | 151,657 | $ | 132,484 | $ | 108,418 | $ | 95,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 112,185 | 102,431 | 93,435 | 87,172 | 82,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate investments | 9,391 | 28,610 | 30,654 | 7,140 | 10,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from operations | 55,516 | 63,289 | 53,095 | 15,118 | 14,601 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | 55,165 | 62,888 | 49,015 | 11,458 | 10,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share - Basic and Diluted: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, basic, net of redemption of preferred stock and preferred stock dividends | $ | 0.86 | $ | 1.09 | $ | 0.95 | $ | 0.26 | $ | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, diluted, net of redemption of preferred stock and preferred stock dividends | $ | 0.85 | $ | 1.09 | $ | 0.95 | $ | 0.26 | $ | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 1.02 | $ | 0.92 | $ | 0.84 | $ | 0.76 | $ | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared per preferred share | $ | — | $ | — | $ | 0.97 | $ | 1.94 | $ | 1.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic Weighted Average Common Shares Outstanding | 64,428,406 | 57,486,399 | 51,357,719 | 44,725,936 | 42,861,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Weighted Average Common Shares Outstanding | 64,722,976 | 57,486,399 | 51,357,719 | 44,725,936 | 42,861,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funds from operations 1 | $ | 89,467 | $ | 74,904 | $ | 56,070 | $ | 38,391 | $ | 36,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic FFO per common share 1 | 1.39 | 1.30 | 1.09 | 0.86 | 0.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted FFO per common share 1 | 1.38 | 1.30 | 1.09 | 0.86 | 0.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows provided by (used in): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities | $ | 94,688 | $ | 77,599 | $ | 69,498 | $ | 49,241 | $ | 42,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities | (251,482) | (234,957) | (249,118) | (149,629) | (259,664) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities | 235,054 | 149,037 | 203,942 | 93,758 | 45,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in real estate at cost 2 | $ | 2,154,194 | $ | 1,845,776 | $ | 1,636,930 | $ | 1,343,038 | $ | 1,179,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 2,108,464 | 1,796,504 | 1,567,871 | 1,278,981 | 1,152,138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | 491,575 | 462,097 | 461,683 | 415,327 | 381,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 1,517,123 | 1,247,797 | 1,027,494 | 811,805 | 733,082 |
2017
Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) 1 | Stabilized Cap Rate 2 | ||||||||||||||
Acacia | Compton, CA | January 25, 2017 | 1 | 45,776 | $ | 7,103 | 4.9 | % | ||||||||||||
637 S. Lucile | Seattle, WA | February 3, 2017 | 1 | 45,320 | 7,750 | 6.0 | % | |||||||||||||
Lynwood 3 | Lynwood, CA | April 20, 2017 | 3 | 477,153 | 31,378 | 3.9 | % | |||||||||||||
West Side Ave | North Bergen, NJ | April 20, 2017 | 1 | 126,491 | 14,000 | 5.3 | % | |||||||||||||
Hanford | Seattle, WA | April 21, 2017 | 1 | 34,983 | 5,940 | 5.0 | % | |||||||||||||
2920 V Street | Washington, D.C. | May 10, 2017 | 1 | 21,666 | 3,727 | 5.0 | % | |||||||||||||
Avenue A | Carlstadt, NJ | May 10, 2017 | 4 | 32,676 | 12,000 | 5.7 | % | |||||||||||||
South Main III | Gardena, CA | June 2, 2017 | 1 | 114,061 | 24,700 | 3.7 | % | |||||||||||||
Frelinghuysen 4 | Newark, NJ | June 29, 2017 | — | — | 16,250 | 5.3 | % | |||||||||||||
Stockton 5 | Newark, NJ | June 30, 2017 | — | — | 13,200 | 5.4 | % | |||||||||||||
Telegraph | Santa Fe Springs, CA | July 6, 2017 | 2 | 86,814 | 14,930 | 4.7 | % | |||||||||||||
Dawson | Seattle, WA | July 7, 2017 | 1 | 13,176 | 4,000 | 2.8 | % | |||||||||||||
Walnut | Compton, CA | July 21, 2017 | 1 | 57,520 | 9,352 | 5.2 | % | |||||||||||||
NW 70th IV | Miami, FL | August 4, 2017 | 1 | 15,965 | 2,515 | 6.1 | % | |||||||||||||
Kero Road 6 | Carlstadt, NJ | September 1, 2017 | 2 | 43,407 | 13,500 | 5.2 | % | |||||||||||||
Hotchkiss | Fremont, CA | September 28, 2017 | 1 | 40,830 | 7,275 | 5.2 | % | |||||||||||||
104th St | Los Angeles, CA | October 19, 2017 | 1 | 20,055 | 4,750 | 4.5 | % | |||||||||||||
NW 94th Ave | Doral, FL | October 23, 2017 | 1 | 38,430 | 6,759 | 5.4 | % | |||||||||||||
NW 70th V 7 | Miami, FL | October 30, 2017 | 1 | 59,400 | 8,400 | 5.4 | % | |||||||||||||
2315 E Dominguez 8 | Los Angeles, CA | November 30, 2017 | — | — | 12,860 | 5.4 | % | |||||||||||||
1855 W 139th St | Carson, CA | December 15, 2017 | 2 | 230,891 | 37,550 | 4.2 | % | |||||||||||||
Hawthorne | Hawthorne, CA | December 19, 2017 | 8 | 152,025 | 27,600 | 4.4 | % | |||||||||||||
New Dutch | Fairfield, NJ | December 20, 2017 | 1 | 50,400 | 7,200 | 5.4 | % | |||||||||||||
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Total/Weighted Average | 35 | 1,707,039 | $ | 292,739 | 4.7 | % | ||||||||||||||
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Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) 1 | Stabilized Cap Rate 2 | ||||||||||||||||||||||||||||||||
49th Street | Queens, NY | February 12, 2019 | 1 | 19,000 | $ | 24,017 | 5.3 | % | ||||||||||||||||||||||||||||||
81 N Hackensack 3 | Kearny, NJ | March 8, 2019 | — | — | 25,000 | 5.3 | % | |||||||||||||||||||||||||||||||
48 3rd and 286 Central 4 | Kearny, NJ | March 29, 2019 | 1 | 28,124 | 14,085 | 5.4 | % | |||||||||||||||||||||||||||||||
Minnesota and Tennessee | San Francisco, CA | May 28, 2019 | 2 | 119,089 | 47,775 | 4.0 | % | |||||||||||||||||||||||||||||||
51 Kero 5 | Carlstadt, NJ | August 7, 2019 | — | — | 4,025 | 5.0 | % | |||||||||||||||||||||||||||||||
Anderson 6 | Los Angeles, CA | August 19, 2019 | 5 | 53,016 | 18,100 | 5.2 | % | |||||||||||||||||||||||||||||||
Auburn 400 | Auburn, WA | August 21, 2019 | 1 | 70,345 | 9,450 | 5.1 | % | |||||||||||||||||||||||||||||||
Morgan 7 | Brooklyn, NY | August 29, 2019 | 2 | 195,598 | 80,500 | 4.0 | % | |||||||||||||||||||||||||||||||
20th Street | Oakland, CA | August 30, 2019 | 1 | 92,884 | 23,752 | 4.8 | % | |||||||||||||||||||||||||||||||
Slauson | Santa Fe Springs, CA | August 30, 2019 | 2 | 29,927 | 5,331 | 5.2 | % | |||||||||||||||||||||||||||||||
East Marginal 8 | Seattle, WA | November 15, 2019 | — | — | 2,850 | 5.6 | % | |||||||||||||||||||||||||||||||
Whelan 9 | East Rutherford, NJ | December 13, 2019 | 1 | 50,305 | 12,000 | 5.0 | % | |||||||||||||||||||||||||||||||
917 Valley | Puyallup, WA | December 19, 2019 | 1 | 40,816 | 6,725 | 5.4 | % | |||||||||||||||||||||||||||||||
Total/Weighted Average | 17 | 699,104 | $ | 273,610 | 4.6 | % |
3Represents an improved land parcel containing approximately 16.8 acres.
Property Name | Total Expected Investment (in thousands) 1 | Amount Spent to Date (in thousands) | Estimated Amount Remaining to Spend (in thousands) | Estimated Stabilized Cap Rate 2 | Estimated Completion Quarter | % Pre-leased December 31, 2019 | |||||||||||||||||||||||||||||
Sodo Row - North | $ | 17,000 | $ | 10,067 | $ | 6,933 | 5.4 | % | Q2 2021 | — | % | ||||||||||||||||||||||||
Sodo Row - South | 53,446 | 44,726 | 8,720 | 5.7 | % | Q2 2021 | 28.1 | % | |||||||||||||||||||||||||||
6th Avenue South | 15,511 | 14,976 | 535 | 5.1 | % | Q2 2020 | — | % | |||||||||||||||||||||||||||
Kent 192 | 34,410 | 31,484 | 2,926 | 5.5 | % | Q4 2020 | — | % | |||||||||||||||||||||||||||
Total/Weighted Average | $ | 120,367 | $ | 101,253 | $ | 19,114 | 5.5 | % | 10.2 | % |
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Rental revenues | $ | 2,091 | $ | 3,732 | $ | 3,500 | ||||||
Tenant expense reimbursements | 653 | 1,103 | 1,112 | |||||||||
Property operating expenses | (778 | ) | (1,216 | ) | (1,309 | ) | ||||||
Depreciation and amortization | (472 | ) | (1,119 | ) | (1,248 | ) | ||||||
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Income from operations | $ | 1,494 | $ | 2,500 | $ | 2,055 | ||||||
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For the Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Rental revenues | $ | 1,604 | $ | 2,332 | $ | 2,964 | |||||||||||||||||||||||
Tenant expense reimbursements | 449 | 566 | 645 | ||||||||||||||||||||||||||
Property operating expenses | (527) | (631) | (701) | ||||||||||||||||||||||||||
Depreciation and amortization | (499) | (733) | (1,203) | ||||||||||||||||||||||||||
Income from operations | $ | 1,027 | $ | 1,534 | $ | 1,705 |
2019 Plan and (ii) 388,882 shares underlying outstanding awards under the 2010 Plan, which if forfeited, canceled or otherwise terminated under the 2010 Plan shall be added to the shares available for issuance under the 2019 Plan. No further awards will be made under the 2010 Plan. As of December 31, 2019, there were 1,898,961 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or performance share awards under the 2019 Plan, of which 1,460,991 were remaining available for issuance.
On July 14, 2017,Secured Loan
extinguishment of debt.
On November 1, 2016, our Board of Directors approved an extension of the
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||
March 31, 2017 | Common stock | $ | 0.200000 | February 7, 2017 | March 28, 2017 | April 12, 2017 | ||||||
March 31, 2017 | Preferred stock | $ | 0.484375 | February 7, 2017 | March 10, 2017 | March 31, 2017 | ||||||
June 30, 2017 | Common stock | $ | 0.200000 | May 2, 2017 | July 7, 2017 | July 21, 2017 | ||||||
June 30, 2017 | Preferred stock | $ | 0.484375 | May 2, 2017 | June 9, 2017 | June 30, 2017 | ||||||
September 30, 2017 | Common stock | $ | 0.220000 | August 1, 2017 | October 6, 2017 | October 21, 2017 | ||||||
December 31, 2017 | Common stock | $ | 0.220000 | October 31, 2017 | December 29, 2017 | January 12, 2018 |
Preferred Stock Redemption
On July 19, 2017, we redeemed all 1,840,000 outstanding shares of our Series A Preferred Stock for cash at a redemption price of $25.00 per share, plus an amount per share of $0.096875 representing all accrued and unpaid dividends per share from July 1, 2017 to, but excluding, July 19, 2017. We recognized a charge of approximately $1.8 million during the year ended December 31, 2017 representing thewrite-off of original issuance costs related to the redemption of the Series A Preferred Stock.
2019:
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||||||||||||||||||||
March 31, 2019 | Common stock | $ | 0.24 | February 5, 2019 | March 29, 2019 | April 12, 2019 | ||||||||||||||||||||||||||
June 30, 2019 | Common stock | $ | 0.24 | April 30, 2019 | July 5, 2019 | July 19, 2019 | ||||||||||||||||||||||||||
September 30, 2019 | Common stock | $ | 0.27 | July 26, 2019 | October 4, 2019 | October 18, 2019 | ||||||||||||||||||||||||||
December 31, 2019 | Common stock | $ | 0.27 | October 29, 2019 | December 31, 2019 | January 14, 2020 |
Acquisition Activity
Subsequent to December 31, 2017, we acquired one industrial building containing approximately 100,000 square feet for a total purchase price of approximately $17.5 million. The property was acquired from unrelated third parties using cash on hand. The following table sets forth the wholly-owned industrial property we acquired subsequent to December 31, 2017:
Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) | Stabilized Cap Rate | ||||||||||||||
19801 S Vermont Avenue | Torrance, CA | January 31, 2018 | 1 | 99,629 | $ | 17,500 | 3.3 | % | ||||||||||||
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Total/Weighted Average | 1 | 99,629 | $ | 17,500 | 3.3 | % | ||||||||||||||
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As of February 7, 2018, we have two outstanding contractsconditions, and with third-party purchasersrespect to sell two properties consisting of three buildings for an aggregate sales price of approximately $39.3 million (aggregate net book value of approximately $29.4 million). There is no assurance we will sell the properties under contract because the proposed dispositions are subject to the purchaser’s completionnon-binding letter of satisfactory due diligenceintent, our entry into a purchase and various closing conditions.
Over
Our primary cash expenses consist of our property operating expenses, which include: real estate taxes, repairs and maintenance, management expenses, insurance, utilities, general and administrative expenses, which include compensation costs, office expenses, professional fees and other administrative expenses, acquisition costs, which include third-party costs paid to brokers and consultants, and interest expense, primarily on our mortgage loans, revolving credit facility, term loans and senior unsecured notes.
For the Year Ended December 31, | ||||||||||||||||
2017 | 2016 | $ Change | % Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Rental revenues | ||||||||||||||||
Same store | $ | 83,464 | $ | 76,305 | $ | 7,159 | 9.4 | % | ||||||||
Non-same store operating properties 1 | 19,865 | 8,713 | 11,152 | 128.0 | % | |||||||||||
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Total rental revenues | 103,329 | 85,018 | 18,311 | 21.5 | % | |||||||||||
Tenant expense reimbursements | ||||||||||||||||
Same store | 24,951 | 21,441 | 3,510 | 16.4 | % | |||||||||||
Non-same store operating properties 1 | 4,204 | 1,959 | 2,245 | 114.6 | % | |||||||||||
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Total tenant expense reimbursements | 29,155 | 23,400 | 5,755 | 24.6 | % | |||||||||||
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Total revenues | 132,484 | 108,418 | 24,066 | 22.2 | % | |||||||||||
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Property operating expenses | ||||||||||||||||
Same store | 29,456 | 27,755 | 1,701 | 6.1 | % | |||||||||||
Non-same store operating properties 1 | 6,418 | 2,570 | 3,848 | 149.7 | % | |||||||||||
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Total property operating expenses | 35,874 | 30,325 | 5,549 | 18.3 | % | |||||||||||
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Net operating income 2 | ||||||||||||||||
Same store | 78,959 | 69,991 | 8,968 | 12.8 | % | |||||||||||
Non-same store operating properties 1 | 17,651 | 8,102 | 9,549 | 117.9 | % | |||||||||||
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Total net operating income | $ | 96,610 | $ | 78,093 | $ | 18,517 | 23.7 | % | ||||||||
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Other costs and expenses | ||||||||||||||||
Depreciation and amortization | 37,870 | 34,399 | 3,471 | 10.1 | % | |||||||||||
General and administrative | 19,681 | 19,319 | 362 | 1.9 | % | |||||||||||
Acquisition costs | 10 | 3,129 | (3,119 | ) | (99.7 | )% | ||||||||||
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Total other costs and expenses | 57,561 | 56,847 | 714 | 1.3 | % | |||||||||||
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Other income (expense) | ||||||||||||||||
Interest and other income | 169 | 24 | 145 | 604.2 | % | |||||||||||
Interest expense, including amortization | (16,777 | ) | (13,053 | ) | (3,724 | ) | 28.5 | % | ||||||||
Loss on extinguishment of debt | — | (239 | ) | 239 | (100.0 | )% | ||||||||||
Gain on sales of real estate investments | 30,654 | 7,140 | 23,514 | 329.3 | % | |||||||||||
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Total other income and (expenses) | 14,046 | (6,128 | ) | 20,174 | n/a | |||||||||||
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Net income | $ | 53,095 | $ | 15,118 | $ | 37,977 | 251.2 | % | ||||||||
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2018:
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Rental revenues 1 | |||||||||||||||||||||||||||||||||||
Same store | $ | 115,505 | $ | 109,096 | $ | 6,409 | 5.9 | % | |||||||||||||||||||||||||||
Non-same store operating properties 2 | 19,141 | 9,087 | 10,054 | 110.6 | % | ||||||||||||||||||||||||||||||
Total rental revenues | 134,646 | 118,183 | 16,463 | 13.9 | % | ||||||||||||||||||||||||||||||
Tenant expense reimbursements 1 | |||||||||||||||||||||||||||||||||||
Same store | 33,287 | 31,948 | 1,339 | 4.2 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 3,089 | 1,526 | 1,563 | 102.4 | % | ||||||||||||||||||||||||||||||
Total tenant expense reimbursements | 36,376 | 33,474 | 2,902 | 8.7 | % | ||||||||||||||||||||||||||||||
Total revenues | 171,022 | 151,657 | 19,365 | 12.8 | % | ||||||||||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||||||||||
Same store | 38,302 | 37,539 | 763 | 2.0 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 5,899 | 2,449 | 3,450 | 140.9 | % | ||||||||||||||||||||||||||||||
Total property operating expenses | 44,201 | 39,988 | 4,213 | 10.5 | % | ||||||||||||||||||||||||||||||
Net operating income 3 | |||||||||||||||||||||||||||||||||||
Same store | 110,490 | 103,505 | 6,985 | 6.7 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 16,331 | 8,164 | 8,167 | 100.0 | % | ||||||||||||||||||||||||||||||
Total net operating income | $ | 126,821 | $ | 111,669 | $ | 15,152 | 13.6 | % | |||||||||||||||||||||||||||
Other costs and expenses | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 44,015 | 40,816 | 3,199 | 7.8 | % | ||||||||||||||||||||||||||||||
General and administrative | 23,924 | 21,503 | 2,421 | 11.3 | % | ||||||||||||||||||||||||||||||
Acquisition costs | 45 | 124 | (79) | (63.7) | % | ||||||||||||||||||||||||||||||
Total other costs and expenses | 67,984 | 62,443 | 5,541 | 8.9 | % | ||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||
Interest and other income | 3,815 | 3,664 | 151 | 4.1 | % | ||||||||||||||||||||||||||||||
Interest expense, including amortization | (16,338) | (18,211) | 1,873 | (10.3) | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (189) | — | (189) | n/a | |||||||||||||||||||||||||||||||
Gain on sales of real estate investments | 9,391 | 28,610 | (19,219) | (67.2) | % | ||||||||||||||||||||||||||||||
Total other income and (expenses) | (3,321) | 14,063 | (17,384) | n/a | |||||||||||||||||||||||||||||||
Net income | $ | 55,516 | $ | 63,289 | $ | (7,773) | (12.3) | % |
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Rental revenues 1 | |||||||||||||||||||||||||||||||||||
Same store | $ | 94,937 | $ | 90,273 | $ | 4,664 | 5.2 | % | |||||||||||||||||||||||||||
Non-same store operating properties 2 | 23,246 | 13,056 | 10,190 | 78.0 | % | ||||||||||||||||||||||||||||||
Total rental revenues | 118,183 | 103,329 | 14,854 | 14.4 | % | ||||||||||||||||||||||||||||||
Tenant expense reimbursements 1 | |||||||||||||||||||||||||||||||||||
Same store | 27,866 | 26,556 | 1,310 | 4.9 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 5,608 | 2,599 | 3,009 | 115.8 | % | ||||||||||||||||||||||||||||||
Total tenant expense reimbursements | 33,474 | 29,155 | 4,319 | 14.8 | % | ||||||||||||||||||||||||||||||
Total revenues | 151,657 | 132,484 | 19,173 | 14.5 | % | ||||||||||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||||||||||||||
Same store | 31,871 | 31,795 | 76 | 0.2 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 8,117 | 4,079 | 4,038 | 99.0 | % | ||||||||||||||||||||||||||||||
Total property operating expenses | 39,988 | 35,874 | 4,114 | 11.5 | % | ||||||||||||||||||||||||||||||
Net operating income 3 | |||||||||||||||||||||||||||||||||||
Same store | 90,932 | 85,034 | 5,898 | 6.9 | % | ||||||||||||||||||||||||||||||
Non-same store operating properties 2 | 20,737 | 11,576 | 9,161 | 79.1 | % | ||||||||||||||||||||||||||||||
Total net operating income | $ | 111,669 | $ | 96,610 | $ | 15,059 | 15.6 | % | |||||||||||||||||||||||||||
Other costs and expenses | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 40,816 | 37,870 | 2,946 | 7.8 | % | ||||||||||||||||||||||||||||||
General and administrative | 21,503 | 19,681 | 1,822 | 9.3 | % | ||||||||||||||||||||||||||||||
Acquisition costs | 124 | 10 | 114 | 1,140.0 | % | ||||||||||||||||||||||||||||||
Total other costs and expenses | 62,443 | 57,561 | 4,882 | 8.5 | % | ||||||||||||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||||
Interest and other income | 3,664 | 169 | 3,495 | 2,068.0 | % | ||||||||||||||||||||||||||||||
Interest expense, including amortization | (18,211) | (16,777) | (1,434) | 8.5 | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | n/a | |||||||||||||||||||||||||||||||
Gain on sales of real estate investments | 28,610 | 30,654 | (2,044) | (6.7) | % | ||||||||||||||||||||||||||||||
Total other income and expenses | 14,063 | 14,046 | 17 | 0.1 | % | ||||||||||||||||||||||||||||||
Net income | $ | 63,289 | $ | 53,095 | $ | 10,194 | 19.2 | % |
Property operating expenses.Total property operating expenses increased approximately $5.5$4.1 million during the year ended December 31, 20172018 compared to the same period from the prior year. The increase in total property operating expenses was due primarily to an increase of approximately $3.8$4.0 million attributable to property acquisitions during 20162017 and 2017, an increase of approximately $1.4 million in same store real estate tax expense primarily due to increased taxes on our V Street, Hamilton, and Pennsy properties, and an increase of approximately $0.2 million in expenses related to Hurricane Irma, of which approximately $0.2 million was incurred at our same store operating properties.
2018.
2018.
Interest and other income. Interest and other income increased approximately $0.1 million for the year ended December 31, 20172018 compared to the same period from the prior year.
year ended December 31, 2017.
borrowings on our revolving credit facility and senior unsecured debt and higher interest rates, partially offset by an increase of $2.5 million in capitalized interest compared to the prior year.
The following analysis of our results below for the years ended December 31, 2016 and 2015 includes the changes attributable to same store properties. The same store pool for the comparison of the 2016 and 2015 fiscal years includes all properties that were owned and in operation as of December 31, 2016 and since January 1, 2015 and excludes properties that were either disposed of prior to, held for sale to a third-party or in redevelopment as of December 31, 2016. As of December 31, 2016, the same store pool consisted of 116 buildings aggregating approximately 8.6 million square feet representing approximately 71.9% of our total square feet owned and three improved land parcels consisting of 4.9 acres. As of December 31, 2016, thenon-same store properties, which we acquired or sold during 2015 and 2016, were held for sale or in redevelopment as of December 31, 2016, consisted of 50 buildings aggregating approximately 3.4 million square feet and two improved land parcels consisting of 17.9 acres. As of December 31, 2016 and 2015, our consolidated same store pool occupancy was approximately 99.0% and 92.6%, respectively.
Comparison of the Year Ended December 31, 2016 to the Year Ended December 31, 2015:
For the Year Ended December 31, | ||||||||||||||||
2016 | 2015 | $ Change | % Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Rental revenues | ||||||||||||||||
Same store | $ | 64,820 | $ | 62,930 | $ | 1,890 | 3.0 | % | ||||||||
Non-same store operating properties 1 | 20,198 | 12,969 | 7,229 | 55.7 | % | |||||||||||
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Total rental revenues | 85,018 | 75,899 | 9,119 | 12.0 | % | |||||||||||
Tenant expense reimbursements | ||||||||||||||||
Same store | 18,008 | 16,990 | 1,018 | 6.0 | % | |||||||||||
Non-same store operating properties 1 | 5,392 | 3,006 | 2,386 | 79.4 | % | |||||||||||
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Total tenant expense reimbursements | 23,400 | 19,996 | 3,404 | 17.0 | % | |||||||||||
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Total revenues | 108,418 | 95,895 | 12,523 | 13.1 | % | |||||||||||
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Property operating expenses | ||||||||||||||||
Same store | 23,195 | 23,066 | 129 | 0.6 | % | |||||||||||
Non-same store operating properties 1 | 7,130 | 3,589 | 3,541 | 98.7 | % | |||||||||||
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Total property operating expenses | 30,325 | 26,655 | 3,670 | 13.8 | % | |||||||||||
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Net operating income 2 | ||||||||||||||||
Same store | 59,633 | 56,854 | 2,779 | 4.9 | % | |||||||||||
Non-same store operating properties 1 | 18,460 | 12,386 | 6,074 | 49.0 | % | |||||||||||
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Total net operating income | $ | 78,093 | $ | 69,240 | $ | 8,853 | 12.8 | % | ||||||||
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Other costs and expenses | ||||||||||||||||
Depreciation and amortization | 34,399 | 36,026 | (1,627 | ) | (4.5 | )% | ||||||||||
General and administrative | 19,319 | 14,846 | 4,473 | 30.1 | % | |||||||||||
Acquisition costs | 3,129 | 4,713 | (1,584 | ) | (33.6 | )% | ||||||||||
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Total other costs and expenses | 56,847 | 55,585 | 1,262 | 2.3 | % | |||||||||||
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Other income (expense) | ||||||||||||||||
Interest and other income | 24 | 18 | 6 | 33.3 | % | |||||||||||
Interest expense, including amortization | (13,053 | ) | (9,639 | ) | (3,414 | ) | 35.4 | % | ||||||||
Loss on extinguishment of debt | (239 | ) | — | (239 | ) | n/a | ||||||||||
Gain on sales of real estate investments | 7,140 | 10,567 | (3,427 | ) | (32.4 | )% | ||||||||||
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Total other income and expenses | (6,128 | ) | 946 | (7,074 | ) | n/a | ||||||||||
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Net income | $ | 15,118 | $ | 14,601 | $ | 517 | 3.5 | % | ||||||||
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Revenues.Total revenues increased approximately $12.5 million for the year ended December 31, 2016 compared to the prior year due primarily to property acquisitions during 2015 and 2016 and increased average occupancy in the same store pool portfolio. The increase in same store revenues is primarily related to same store consolidated occupancy at year end increasing to 99.0% as of December 31, 2016 as compared to 92.6% as of December 31, 2015. For the quarter and year ended December 31, 2016, approximately $1.4 million and $3.9 million, respectively, was recorded in straight-line rental revenues related to contractual rent abatements given to certain tenants.
Property operating expenses.Total property operating expenses increased approximately $3.7 million during the year ended December 31, 2016 compared to the same period from the prior year. The increase in total property operating expenses was due primarily to an increase of approximately $3.5 million attributable to property acquisitions during 2015 and 2016.
Depreciation and amortization. Depreciation and amortization decreased approximately $1.6 million during the year ended December 31, 2016 compared to the same period from the prior year due to additional depreciation expense of approximately $4.0 million incurred during the year ended December 31, 2015 related to the redevelopment of our South Main Street property as a result of the reduction of the useful lives of the original buildings, offset by property acquisitions during 2015 and 2016.
General and administrative expenses.General and administrative expenses increased approximately $4.5 million for the year ended December 31, 2016 compared to the same period from the prior year due primarily to an increase of approximately $2.8 million in performance share award expense, which varies quarter to quarter based on our relative share price performance. Performance share award expense for the year ended December 31, 2016 was approximately $7.3 million as compared to approximately $4.5 million for the prior year period as a result of our total shareholder return outperforming the MSCI U.S. REIT Index (RMS) and the FTSE NAREIT Equity Industrial Index over the prior three year period.
Acquisition costs.Acquisition costs decreased by approximately $1.6 million for the year ended December 31, 2016 from the prior year due to a lower volume of property acquisitions during the year ended December 31, 2016 as compared to the prior year.
Interest and other income. Interest and other income increased approximately $6,000 for the year ended December 31, 2016 compared to the same period from the prior year.
Interest expense, including amortization.Interest expense increased approximately $3.4 million for the year ended December 31, 2016 compared to the prior year due primarily to an increase in our average outstanding borrowings.
Gain on sales of real estate investments. Gain on sale of real estate investments decreased approximately $3.4 million for the year ended December 31, 2016 compared to the prior year period due to property sales. The aggregate sales price for property sales for the year ended December 31, 2016 was approximately $22.5 million as compared to approximately $24.6 million for the prior year period.
Liquidity and Capital Resources
We intend to preserve a flexible capital structure with a long-term goal to maintain our investment grade rating and be in a position to issue additional unsecured debt and additional perpetual preferred stock. Fitch Ratings assigned us an issuer rating ofBBB- BBB with a stable outlook. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. There can be no assurance that we will be able to maintain our current credit rating. Our credit rating can affect the amount and type of capital we can access, as well as the terms of any financings we may obtain. In the event our current credit rating is downgraded, it may become difficult or expensive to obtain additional financing or refinance existing obligations and commitments. We intend to primarily utilize senior unsecured notes,
loan-to-value ratio.
ATM Stock Offering Program | Date Implemented | Maximum Aggregate Offering Price (in thousands) | Aggregate Common Stock Available as of December 31, 2017 (in thousands) | |||||||||
$200 Million ATM Program | August 4, 2017 | $ | 200,000 | $ | 90,093 |
2019:
ATM Stock Offering Program | Date Implemented | Maximum Aggregate Offering Price (in thousands) | Aggregate Common Stock Available as of December 31, 2019 (in thousands) | |||||||||||||||||
$300 Million ATM Program | May 17, 2019 | $ | 300,000 | $ | 148,857 |
For the Year Ended | Shares Sold | Weighted Average Price Per Share | Net Proceeds (in thousands) | Sales Commissions (in thousands) | ||||||||||||
December 31, 2017 | 7,859,929 | $ | 32.48 | $ | 251,585 | $ | 3,709 | |||||||||
December 31, 2016 | 3,991,830 | $ | 25.39 | $ | 99,866 | $ | 1,504 |
On July 14, 2017,
For the Year Ended | Shares Sold | Weighted Average Price Per Share | Net Proceeds | Sales Commissions | ||||||||||||||||||||||
December 31, 2019 | 6,064,576 | $ | 45.85 | $ | 274,026 | $ | 4,032 | |||||||||||||||||||
December 31, 2018 | 5,492,707 | $ | 38.04 | $ | 205,919 | $ | 3,030 |
The aggregate amount of the Facility may be increased to a total of up to $600.0 million, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Facility are limited to the lesser of (i) the sum of the $150.0 million term loans and the $200.0$250.0 million revolving credit facility and the $100.0 million term loan maturing in January 2022 or (ii) 60.0% of the value of the unencumbered properties. Interest on the Facility, including the term loans,loan, is generally to be paid based upon, at our option, either (i) LIBOR plus the applicable LIBOR margin or (ii) the applicable base rate which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, orthirty-day LIBOR plus the applicable LIBOR margin for LIBOR rate loans under the Facility plus 1.25%. The applicable LIBOR margin will range from 1.35%1.05% to 1.90% (1.35%1.50% (1.05% as of December 31, 2017)2019) for the revolving credit facility and 1.30%1.20% to 1.85% (1.30%1.70% (1.20% as of December 31, 2017)2019) for the $50.0 million term loan that matures in August 2021 and the $100.0 million term loan that matures in January 2022, depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value. The Facility requires quarterly payments of an annual unused facility fee in an amount equalranging from 0.15% to 0.20% or 0.25%0.30% depending on the unused portionratio of our outstanding consolidated indebtedness to the Facility.
value of our consolidated gross asset value.
2018.
Subsequent to December 31, 2019, we used a portion of the proceeds from our $100.0 million ten-year 3.14% senior unsecured note to repay a mortgage loan payable of $32.7 million.
Credit Facility | Term Loans | Senior Unsecured Notes | Mortgage Loans Payable | Total Debt | ||||||||||||||||
2018 | $ | — | $ | — | $ | — | $ | 1,910 | $ | 1,910 | ||||||||||
2019 | — | — | — | 18,805 | 18,805 | |||||||||||||||
2020 | — | — | — | 33,077 | 33,077 | |||||||||||||||
2021 | — | 50,000 | — | 11,271 | 61,271 | |||||||||||||||
2022 | — | 100,000 | 50,000 | — | 150,000 | |||||||||||||||
Thereafter | — | — | 200,000 | — | 200,000 | |||||||||||||||
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Subtotal | — | 150,000 | 250,000 | 65,063 | 465,063 | |||||||||||||||
Unamortized net premiums | — | — | — | — | — | |||||||||||||||
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Total Debt | — | 150,000 | 250,000 | 65,063 | 465,063 | |||||||||||||||
Deferred financing costs, net | — | (1,103 | ) | (2,045 | ) | (232 | ) | (3,380 | ) | |||||||||||
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Total Debt, net | $ | — | $ | 148,897 | $ | 247,955 | $ | 64,831 | $ | 461,683 | ||||||||||
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Weighted Average Interest Rate | n/a | 2.5 | % | 4.1 | % | 4.0 | % | 3.6 | % |
Credit Facility | Term Loans | Senior Unsecured Notes | Mortgage Loans Payable | Total Debt | |||||||||||||||||||||||||
2020 | $ | — | $ | — | $ | — | $ | 33,077 | $ | 33,077 | |||||||||||||||||||
2021 | — | — | — | 11,271 | 11,271 | ||||||||||||||||||||||||
2022 | — | 100,000 | 50,000 | — | 150,000 | ||||||||||||||||||||||||
2023 | — | — | — | ||||||||||||||||||||||||||
2024 | — | — | 100,000 | — | 100,000 | ||||||||||||||||||||||||
Thereafter | — | — | 200,000 | — | 200,000 | ||||||||||||||||||||||||
Total Debt | — | 100,000 | 350,000 | 44,348 | 494,348 | ||||||||||||||||||||||||
Deferred financing costs, net | — | (417) | (2,326) | (30) | (2,773) | ||||||||||||||||||||||||
Total Debt, net | $ | — | $ | 99,583 | $ | 347,674 | $ | 44,318 | $ | 491,575 | |||||||||||||||||||
Weighted average interest rate | n/a | 3.0 | % | 3.8 | % | 4.1 | % | 3.7 | % |
As of December 31, 2019 | As of December 31, 2018 | ||||||||||
Total Debt, net | $ | 491,575 | $ | 462,097 | |||||||
Equity | |||||||||||
Common Stock | |||||||||||
Shares Outstanding 1 | 67,252,787 | 61,013,711 | |||||||||
Market Price 2 | $ | 54.14 | $ | 35.17 | |||||||
Market Value | 3,641,066 | 2,145,852 | |||||||||
Total Market Capitalization | $ | 4,132,641 | $ | 2,607,949 | |||||||
Total Debt-to-Total Investments in Properties 3 | 22.8 | % | 25.2 | % | |||||||
Total Debt-to-Total Investments in Properties and Senior Secured Loan 4 | 22.7 | % | 24.5 | % | |||||||
Total Debt-to-Total Market Capitalization 5 | 11.9 | % | 17.8 | % | |||||||
Floating Rate Debt as a % of Total Debt 6 | 20.3 | % | 36.4 | % | |||||||
Unhedged Floating Rate Debt as a % of Total Debt 7 | — | % | 4.1 | % | |||||||
Mortgage Loans Payable as a % of Total Debt 8 | 9.0 | % | 9.9 | % | |||||||
Mortgage Loans Payable as a % of Total Investments in Properties 9 | 2.1 | % | 2.5 | % | |||||||
Adjusted EBITDA 10 | $ | 117,356 | $ | 103,100 | |||||||
Interest Coverage 11 | 7.2x | 5.7x | |||||||||
Fixed Charge Coverage 12 | 6.0x | 5.0x | |||||||||
Total Debt-to-Adjusted EBITDA 13 | 4.1x | 4.2x | |||||||||
Weighted Average Maturity of Total Debt (years) | 5.1 | 4.6 |
As of December 31, 2017 | As of December 31, 2016 | |||||||
Total Debt, net | $ | 461,683 | $ | 415,327 | ||||
Equity | ||||||||
Common Stock | ||||||||
Shares Outstanding 1 | 55,368,737 | 47,414,365 | ||||||
Market Price 2 | $ | 35.06 | $ | 28.49 | ||||
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Market Value | 1,941,228 | 1,350,835 | ||||||
Preferred Stock ($25.00 per share liquidation preference) | — | 46,000 | ||||||
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Total Equity | 1,941,228 | 1,396,835 | ||||||
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Total Market Capitalization | $ | 2,402,911 | $ | 1,812,162 | ||||
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TotalDebt-to-Total Investments in Properties 3 | 28.2 | % | 30.9 | % | ||||
TotalDebt-to-Total Market Capitalization 4 | 19.2 | % | 22.9 | % | ||||
Total Debt and PreferredStock-to-Total Market Capitalization 5 | 19.2 | % | 25.5 | % | ||||
Floating Rate Debt as a % of Total Debt 6 | 32.3 | % | 48.2 | % | ||||
Unhedged Floating Rate Debt as a % of Total Debt 7 | 0.0 | % | 12.4 | % | ||||
Mortgage Loans Payable as a % of Total Debt 8 | 14.0 | % | 16.0 | % | ||||
Mortgage Loans Payable as a % of Total Investments in Properties 9 | 4.0 | % | 5.0 | % | ||||
Adjusted EBITDA 10 | $ | 85,830 | $ | 68,242 | ||||
Interest Coverage 11 | 5.1x | 5.2x | ||||||
Fixed Charge Coverage 12 | 4.6x | 4.0x | ||||||
TotalDebt-to-Adjusted EBITDA13 | 5.3x | 5.4x | ||||||
Total Debt and PreferredStock-to-Adjusted EBITDA 14 | 5.3x | 6.0x | ||||||
Weighted Average Maturity of Total Debt (years) | 5.4 | 5.8 |
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||
March 31, 2017 | Common stock | $ | 0.200000 | February 7, 2017 | March 28, 2017 | April 12, 2017 | ||||||
March 31, 2017 | Preferred stock | $ | 0.484375 | February 7, 2017 | March 10, 2017 | March 31, 2017 | ||||||
June 30, 2017 | Common stock | $ | 0.200000 | May 2, 2017 | July 7, 2017 | July 21, 2017 | ||||||
June 30, 2017 | Preferred stock | $ | 0.484375 | May 2, 2017 | June 9, 2017 | June 30, 2017 | ||||||
September 30, 2017 | Common stock | $ | 0.220000 | August 1, 2017 | October 6, 2017 | October 21, 2017 | ||||||
December 31, 2017 | Common stock | $ | 0.220000 | October 31, 2017 | December 29, 2017 | January 12, 2018 | ||||||
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||
March 31, 2016 | Common stock | $ | 0.180000 | February 9, 2016 | March 28, 2016 | April 12, 2016 | ||||||
March 31, 2016 | Preferred stock | $ | 0.484375 | February 9, 2016 | March 10, 2016 | March 31, 2016 | ||||||
June 30, 2016 | Common stock | $ | 0.180000 | May 3, 2016 | July 7, 2016 | July 21, 2016 | ||||||
June 30, 2016 | Preferred stock | $ | 0.484375 | May 3, 2016 | June 10, 2016 | June 30, 2016 | ||||||
September 30, 2016 | Common stock | $ | 0.200000 | July 26, 2016 | October 7, 2016 | October 21, 2016 | ||||||
September 30, 2016 | Preferred stock | $ | 0.484375 | July 26, 2016 | September 9, 2016 | September 30, 2016 | ||||||
December 31, 2016 | Common stock | $ | 0.200000 | November 1, 2016 | December 30, 2016 | January 13, 2017 | ||||||
December 31, 2016 | Preferred stock | $ | 0.484375 | November 1, 2016 | December 9, 2016 | December 30, 2016 |
On July 19, 2017, we redeemed all 1,840,000 outstanding shares of our Series A Preferred Stock for cash at a redemption price of $25.00 per share, plus an amount per share of $0.096875 representing all accrued and unpaid dividends per share from July 1, 2017 to, but excluding, July 19, 2017.
2018:
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||||||||||||||||||||
March 31, 2019 | Common stock | $ | 0.24 | February 5, 2019 | March 29, 2019 | April 12, 2019 | ||||||||||||||||||||||||||
June 30, 2019 | Common stock | $ | 0.24 | April 30, 2019 | July 5, 2019 | July 19, 2019 | ||||||||||||||||||||||||||
September 30, 2019 | Common stock | $ | 0.27 | July 26, 2019 | October 4, 2019 | October 18, 2019 | ||||||||||||||||||||||||||
December 31, 2019 | Common stock | $ | 0.27 | October 29, 2019 | December 31, 2019 | January 14, 2020 |
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||||||||||||||||||||
March 31, 2018 | Common stock | $ | 0.22 | February 6, 2018 | March 28, 2018 | April 12, 2018 | ||||||||||||||||||||||||||
June 30, 2018 | Common stock | $ | 0.22 | May 1, 2018 | July 6, 2018 | July 20, 2018 | ||||||||||||||||||||||||||
September 30, 2018 | Common stock | $ | 0.24 | August 1, 2018 | October 5, 2018 | October 19, 2018 | ||||||||||||||||||||||||||
December 31, 2018 | Common stock | $ | 0.24 | October 31, 2018 | December 18, 2018 | January 11, 2019 | ||||||||||||||||||||||||||
2018 and increased rents on new and renewed leases at our same store properties.
2018.
consists primarily of approximately $99.9$205.9 million in net common stock issuance proceeds and net$19.0 million in borrowings on theour revolving credit facility, of approximately $51.5 million, offset by approximately $36.7$51.4 million in equity dividend payments and payments onapproximately $19.2 million in mortgage loans payable of approximately $16.9 million.
loan payments.
on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and our estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases. The origination value ofin-place leases is based on costs to execute similar leases, including commissions and other related costs. The origination value ofin-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition.
Discontinued Operations. We consider a property to be classified as discontinued operations when it meets the criteria established under Accounting Standards Update (“ASU”)2014-08. Disposals that represent a strategic shift that should have or will have a major effect on our operations and financial results qualify as discontinued operations.
Effective January 1, 2018, we adopted the guidance of ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, which applies to sales or transfers to noncustomers of nonfinancial assets or in substance nonfinancial assets that do not meet the definition of a business. Generally, our sales of real estate would be considered a sale of a nonfinancial asset as defined by ASC 610-20. ASC 610-20 refers to the revenue recognition principles under ASU 2014-09, Revenue from Contracts with Customers (see above). Under ASC 610-20, if we determine that we do not have a controlling financial interest in the entity that holds the asset and the arrangement meets the criteria to be accounted for as a contract, we will derecognize the asset and recognize a gain or loss on the sale of the real estate when control of the underlying asset transfers to the buyer.
date, which varies quarter to quarter based on our relative share price performance, and are included as a component of Performance Share awards payable in the accompanying consolidated balance sheets.
Contractual Obligations
Market | Number of Buildings | Square Feet | Purchase Price (in thousands) | Assumed Debt (in thousands) | ||||||||||||
Los Angeles | — | — | — | $ | — | |||||||||||
Northern New Jersey/New York City | 1 | 83,294 | 25,170 | — | ||||||||||||
San Francisco Bay Area | — | — | — | — | ||||||||||||
Seattle | 2 | 442,720 | 67,410 | — | ||||||||||||
Miami | — | — | — | — | ||||||||||||
Washington, D.C. | — | — | — | — | ||||||||||||
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Total | 3 | 526,014 | $ | 92,580 | $ | — | ||||||||||
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Market | Number of Buildings | Square Feet | Purchase Price (in thousands) | Assumed Debt (in thousands) | ||||||||||||||||||||||
Los Angeles | 1 | 65,670 | $ | 18,000 | $ | — | ||||||||||||||||||||
Northern New Jersey/New York City | — | — | — | — | ||||||||||||||||||||||
San Francisco Bay Area 1 | — | — | 12,000 | — | ||||||||||||||||||||||
Seattle | — | — | — | — | ||||||||||||||||||||||
Miami | — | — | — | — | ||||||||||||||||||||||
Washington, D.C. | — | — | — | — | ||||||||||||||||||||||
Total | 1 | 65,670 | $ | 30,000 | $ | — |
Contractual Obligations | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | Total | |||||||||||||||
Debt | $ | 1,910 | $ | 51,882 | $ | 211,271 | $ | 200,000 | $ | 465,063 | ||||||||||
Debt interest payments | 12,780 | 23,277 | 20,575 | 27,105 | 83,737 | |||||||||||||||
Operating lease commitments | 258 | 534 | 416 | — | 1,208 | |||||||||||||||
Purchase obligations | 92,580 | — | — | — | 92,580 | |||||||||||||||
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Total | $ | 107,528 | $ | 75,693 | $ | 232,262 | $ | 227,105 | $ | 642,588 | ||||||||||
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Contractual Obligations | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | Total | ||||||||||||||||||||||||
Debt | $ | 33,077 | $ | 161,271 | $ | 100,000 | $ | 200,000 | $ | 494,348 | |||||||||||||||||||
Debt interest payments | 14,254 | 26,855 | 22,420 | 26,665 | 90,194 | ||||||||||||||||||||||||
Operating lease commitments | 270 | 416 | — | — | 686 | ||||||||||||||||||||||||
Redevelopment obligations | 1,100 | — | — | — | 1,100 | ||||||||||||||||||||||||
Purchase obligations | 30,000 | — | — | — | 30,000 | ||||||||||||||||||||||||
Total | $ | 78,701 | $ | 188,542 | $ | 122,420 | $ | 226,665 | $ | 616,328 |
We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”Nareit”), which defines FFO as net income (loss) (determined in accordance with GAAP), excluding gains (losses) from sales of property and impairment write-downs of depreciable real estate, plus depreciation and amortization on real estate assets and after adjustments for unconsolidated partnerships and joint ventures (which are calculated to reflect FFO on the same basis). We believe that presenting FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specifiednon-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets.
For the Three Months Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income, net of redemption of preferred stock and preferred stock dividends | $ | 10,836 | $ | 941 | $ | 9,895 | 1051.5 | % | $ | 941 | $ | (331 | ) | $ | 1,272 | n/a | ||||||||||||||||
Gain on sales of real estate investments | (5,105 | ) | — | (5,105 | ) | n/a | — | (4,248 | ) | 4,248 | n/a | |||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 10,015 | 9,185 | 830 | 9.0 | % | 9,185 | 12,065 | (2,880 | ) | (23.9 | )% | |||||||||||||||||||||
Non-real estate depreciation | (31 | ) | (21 | ) | (10 | ) | 47.6 | % | (21 | ) | (23 | ) | 2 | (8.7 | )% | |||||||||||||||||
Allocation to participating securities1 | (107 | ) | (84 | ) | (23 | ) | 27.4 | % | (84 | ) | (70 | ) | (14 | ) | 20.0 | % | ||||||||||||||||
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Funds from operations attributable to common stockholders2, 3 | $ | 15,608 | $ | 10,021 | $ | 5,587 | 55.8 | % | $ | 10,021 | $ | 7,393 | $ | 2,628 | 35.5 | % | ||||||||||||||||
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Basic and diluted FFO per common share | $ | 0.29 | $ | 0.22 | $ | 0.07 | 31.8 | % | $ | 0.22 | $ | 0.17 | $ | 0.05 | 29.4 | % | ||||||||||||||||
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Weighted average basic and diluted common shares | 54,563,353 | 46,277,521 | 46,277,521 | 42,906,538 | ||||||||||||||||||||||||||||
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For the Three Months Ended December 31, | For the Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, net of redemption of preferred stock and preferred stock dividends | $ | 14,821 | $ | 22,972 | $ | (8,151) | (35.5) | % | $ | 22,972 | $ | 10,836 | $ | 12,136 | 112.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate investments | (3,144) | (13,624) | 10,480 | (76.9) | % | (13,624) | (5,105) | (8,519) | 166.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,847 | 10,250 | 1,597 | 15.6 | % | 10,250 | 10,015 | 235 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-real estate depreciation | (26) | (27) | 1 | (3.7) | % | (27) | (31) | 4 | (12.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocation to participating securities 1 | (150) | (123) | (27) | 22.0 | % | (123) | (107) | (16) | 15.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Funds from operations attributable to common stockholders 2, 3 | $ | 23,348 | $ | 19,448 | $ | 3,900 | 20.1 | % | $ | 19,448 | $ | 15,608 | $ | 3,840 | 24.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Basic FFO per common share | $ | 0.35 | $ | 0.33 | $ | 0.02 | 6.1 | % | $ | 0.33 | $ | 0.29 | $ | 0.04 | 13.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Diluted FFO per common share | $ | 0.35 | $ | 0.33 | $ | 0.02 | 6.1 | % | $ | 0.33 | $ | 0.29 | $ | 0.04 | 13.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted average basic common shares | 66,706,245 | 59,689,965 | 59,689,965 | 54,563,353 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares | 67,000,815 | 59,689,965 | 59,689,965 | 54,563,353 |
For the Year Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income, net of redemption of preferred stock and preferred stock dividends | $ | 55,516 | $ | 63,289 | $ | (7,773) | (12.3) | % | $ | 63,289 | $ | 49,367 | $ | 13,922 | 28.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate investments | (9,391) | (28,610) | 19,219 | (67.2) | % | (28,610) | (30,654) | 2,044 | (6.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 44,015 | 40,816 | 3,199 | 7.8 | % | 40,816 | 37,870 | 2,946 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-real estate depreciation | (108) | (113) | 5 | (4.4) | % | (113) | (109) | (4) | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocation to participating securities 1 | (565) | (478) | (87) | 18.2 | % | (478) | (404) | (74) | 18.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Funds from operations attributable to common stockholders 2, 3 | $ | 89,467 | $ | 74,904 | $ | 14,563 | 19.4 | % | $ | 74,904 | $ | 56,070 | $ | 18,834 | 33.6 | % | |||||||||||||||||||||||||||||||||||||||||||
Basic FFO per common share | $ | 1.39 | $ | 1.30 | $ | 0.09 | 6.9 | % | $ | 1.30 | $ | 1.09 | $ | 0.21 | 19.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Diluted FFO per common share | $ | 1.38 | $ | 1.30 | $ | 0.08 | 6.2 | % | $ | 1.30 | $ | 1.09 | $ | 0.21 | 19.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Weighted average basic common shares | 64,428,406 | 57,486,399 | 57,486,399 | 51,357,719 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average diluted common shares | 64,722,976 | 57,486,399 | 57,486,399 | 51,357,719 |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income, net of redemption of preferred stock and preferred stock dividends | $ | 49,367 | $ | 11,553 | $ | 37,814 | 327.3 | % | $ | 11,553 | $ | 11,036 | $ | 517 | 4.7 | % | ||||||||||||||||
Gain on sales of real estate investments | (30,654 | ) | (7,140 | ) | (23,514 | ) | 329.3 | % | (7,140 | ) | (10,567 | ) | 3,427 | (32.4 | )% | |||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 37,870 | 34,399 | 3,471 | 10.1 | % | 34,399 | 36,026 | (1,627 | ) | (4.5 | )% | |||||||||||||||||||||
Non-real estate depreciation | (109 | ) | (86 | ) | (23 | ) | 26.7 | % | (86 | ) | (102 | ) | 16 | (15.7 | )% | |||||||||||||||||
Allocation to participating securities1 | (404 | ) | (335 | ) | (69 | ) | 20.6 | % | (335 | ) | (221 | ) | (114 | ) | 51.6 | % | ||||||||||||||||
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Funds from operations attributable to common stockholders2, 3, 4 | $ | 56,070 | $ | 38,391 | $ | 17,679 | 46.0 | % | $ | 38,391 | $ | 36,172 | $ | 2,219 | 6.1 | % | ||||||||||||||||
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Basic and diluted FFO per common share | $ | 1.09 | $ | 0.86 | $ | 0.23 | 26.7 | % | $ | 0.86 | $ | 0.84 | $ | 0.02 | 2.4 | % | ||||||||||||||||
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Weighted average basic and diluted common shares | 51,357,719 | 44,725,936 | 44,725,936 | 42,861,276 | ||||||||||||||||||||||||||||
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3Includes redemption charges of approximately $0, $0, and $1.8 million during the years ended December 31, 2019, 2018, and 2017, respectively, representing the write-off of original issuance costs related to the redemption of our Series A Preferred Stock. See “Note 11 – Stockholders’ Equity” in our notes to consolidated financial statements for more information regarding our Series A Preferred Stock redemption.
our operating performance between quarters and other interim periods as well as annual periods and for the comparison of our operating performance to that of other companies, both in the real estate industry and in other industries. As we are currently in a growth phase, acquisition costs are excluded from Adjusted EBITDA to allow for the comparison of our operating performance to that of stabilized companies.
For the Three Months Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income | $ | 10,836 | $ | 1,832 | $ | 9,004 | 491.5 | % | $ | 1,832 | $ | 560 | $ | 1,272 | 227.1 | % | ||||||||||||||||
Gain on sales of real estate investments | (5,105 | ) | — | (5,105 | ) | n/a | — | (4,248 | ) | 4,248 | n/a | |||||||||||||||||||||
Depreciation and amortization from continuing operations | 10,015 | 9,185 | 830 | 9.0 | % | 9,185 | 12,065 | (2,880 | ) | (23.9 | )% | |||||||||||||||||||||
Interest expense, including amortization | 4,691 | 3,642 | 1,049 | 28.8 | % | 3,642 | 3,095 | 547 | 17.7 | % | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | n/a | — | — | — | n/a | ||||||||||||||||||||||||
Stock-based compensation | 1,471 | 3,474 | (2,003 | ) | (57.7 | )% | 3,474 | 2,510 | 964 | 38.4 | % | |||||||||||||||||||||
Acquisition costs | (1 | ) | 990 | (991 | ) | n/a | 990 | 1,062 | (72 | ) | (6.8 | )% | ||||||||||||||||||||
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Adjusted EBITDA | $ | 21,907 | $ | 19,123 | $ | 2,784 | 14.6 | % | $ | 19,123 | $ | 15,044 | $ | 4,079 | 27.1 | % | ||||||||||||||||
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For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income | $ | 53,095 | $ | 15,118 | $ | 37,977 | 251.2 | % | $ | 15,118 | $ | 14,601 | $ | 517 | 3.5 | % | ||||||||||||||||
Gain on sales of real estate investments | (30,654 | ) | (7,140 | ) | (23,514 | ) | 329.3 | % | (7,140 | ) | (10,567 | ) | 3,427 | (32.4 | )% | |||||||||||||||||
Depreciation and amortization from continuing operations | 37,870 | 34,399 | 3,471 | 10.1 | % | 34,399 | 36,026 | (1,627 | ) | (4.5 | )% | |||||||||||||||||||||
Interest expense, including amortization | 16,777 | 13,053 | 3,724 | 28.5 | % | 13,053 | 9,639 | 3,414 | 35.4 | % | ||||||||||||||||||||||
Loss on extinguishment of debt | — | 239 | (239 | ) | n/a | 239 | — | 239 | n/a | |||||||||||||||||||||||
Stock-based compensation | 8,732 | 9,444 | (712 | ) | (7.5 | )% | 9,444 | 6,081 | 3,363 | 55.3 | % | |||||||||||||||||||||
Acquisition costs | 10 | 3,129 | (3,119 | ) | (99.7 | )% | 3,129 | 4,713 | (1,584 | ) | (33.6 | )% | ||||||||||||||||||||
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Adjusted EBITDA | $ | 85,830 | $ | 68,242 | $ | 17,588 | 25.8 | % | $ | 68,242 | $ | 60,493 | $ | 7,749 | 12.8 | % | ||||||||||||||||
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For the Three Months Ended December 31, | For the Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 14,821 | $ | 22,972 | $ | (8,151) | (35.5) | % | $ | 22,972 | $ | 10,836 | $ | 12,136 | 112.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate investments | (3,144) | (13,624) | 10,480 | (76.9) | % | (13,624) | (5,105) | (8,519) | 166.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 11,847 | 10,250 | 1,597 | 15.6 | % | 10,250 | 10,015 | 235 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, including amortization | 4,069 | 4,494 | (425) | (9.5) | % | 4,494 | 4,691 | (197) | (4.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 189 | — | 189 | n/a | — | — | — | n/a | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,492 | 3,248 | (756) | (23.3) | % | 3,248 | 1,471 | 1,777 | 120.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | (3) | (5) | 2 | (40.0) | % | (5) | (1) | (4) | 400.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 30,271 | $ | 27,335 | $ | 2,936 | 10.7 | % | $ | 27,335 | $ | 21,907 | $ | 5,428 | 24.8 | % |
For the Year Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 55,516 | $ | 63,289 | $ | (7,773) | (12.3) | % | $ | 63,289 | $ | 53,095 | $ | 10,194 | 19.2 | % | |||||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate investments | (9,391) | (28,610) | 19,219 | (67.2) | % | (28,610) | (30,654) | 2,044 | (6.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization from continuing operations | 44,015 | 40,816 | 3,199 | 7.8 | % | 40,816 | 37,870 | 2,946 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, including amortization | 16,338 | 18,211 | (1,873) | (10.3) | % | 18,211 | 16,777 | 1,434 | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 189 | — | 189 | n/a | — | — | — | n/a | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 10,644 | 9,270 | 1,374 | 14.8 | % | 9,270 | 8,732 | 538 | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | 45 | 124 | (79) | (63.7) | % | 124 | 10 | 114 | 1,140.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 117,356 | $ | 103,100 | $ | 14,256 | 13.8 | % | $ | 103,100 | $ | 85,830 | $ | 17,270 | 20.1 | % |
December 31, 2016,2018, the same store pool consisted of 116156 buildings aggregating approximately 8.610.4 million square feet representing approximately 71.9%81.3% of our total square feet owned and threesix improved land parcels consisting of 4.9containing approximately 23.0 acres. We believe that presenting NOI, same store NOI and cash-basis same store NOI provides useful information to investors regarding the operating performance of our properties because NOI excludes certain items that are not considered to be controllable in connection with the management of the properties, such as depreciation, amortization, general and administrative expenses, acquisition costs and interest expense. By presenting same store NOI and cash-basis same store NOI, the operating results on a same store basis are directly comparable from period to period.
For the Three Months Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income1 | $ | 10,836 | $ | 1,832 | $ | 9,004 | 491.5 | % | $ | 1,832 | $ | 560 | $ | 1,272 | 227.1 | % | ||||||||||||||||
Depreciation and amortization from continuing operations | 10,015 | 9,185 | 830 | 9.0 | % | 9,185 | 12,065 | (2,880 | ) | (23.9 | )% | |||||||||||||||||||||
General and administrative | 4,431 | 6,015 | (1,584 | ) | (26.3 | )% | 6,015 | 4,747 | 1,268 | 26.7 | % | |||||||||||||||||||||
Acquisition costs | (1 | ) | 990 | (991 | ) | n/a | 990 | 1,062 | (72 | ) | (6.8 | )% | ||||||||||||||||||||
Total other income and expenses | (508 | ) | 3,637 | (4,145 | ) | n/a | 3,637 | (1,157 | ) | 4,794 | n/a | |||||||||||||||||||||
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Net operating income | 24,773 | 21,659 | 3,114 | 14.4 | % | 21,659 | 17,277 | 4,382 | 25.4 | % | ||||||||||||||||||||||
Less non same store NOI | (5,003 | )4 | (3,004 | )4 | (1,999 | ) | 66.5 | % | (6,218 | )5 | (2,892 | )5 | (3,326 | ) | 115.0 | % | ||||||||||||||||
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Same store NOI2 | $ | 19,770 | $ | 18,655 | $ | 1,115 | 6.0 | % | $ | 15,441 | $ | 14,385 | $ | 1,056 | 7.3 | % | ||||||||||||||||
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Less straight-line rents and amortization of lease intangibles3 | (507 | ) | (1,033 | ) | 526 | (50.9 | )% | (261 | ) | (723 | ) | 462 | (63.9 | )% | ||||||||||||||||||
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Cash-basis same store NOI 2 | $ | 19,263 | $ | 17,622 | $ | 1,641 | 9.3 | % | $ | 15,180 | $ | 13,662 | $ | 1,518 | 11.1 | % | ||||||||||||||||
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For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||
2017 | 2016 | $ Change | % Change | 2016 | 2015 | $ Change | % Change | |||||||||||||||||||||||||
Net income1 | $ | 53,095 | $ | 15,118 | $ | 37,977 | 251.2 | % | $ | 15,118 | $ | 14,601 | $ | 517 | 3.5 | % | ||||||||||||||||
Depreciation and amortization from continuing operations | 37,870 | 34,399 | 3,471 | 10.1 | % | 34,399 | 36,026 | (1,627 | ) | (4.5 | )% | |||||||||||||||||||||
General and administrative | 19,681 | 19,319 | 362 | 1.9 | % | 19,319 | 14,846 | 4,473 | 30.1 | % | ||||||||||||||||||||||
Acquisition costs | 10 | 3,129 | (3,119 | ) | (99.7 | )% | 3,129 | 4,713 | (1,584 | ) | (33.6 | )% | ||||||||||||||||||||
Total other income and expenses | (14,046 | ) | 6,128 | (20,174 | ) | n/a | 6,128 | (946 | ) | 7,074 | n/a | |||||||||||||||||||||
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Net operating income | 96,610 | 78,093 | 18,517 | 23.7 | % | 78,093 | 69,240 | 8,853 | 12.8 | % | ||||||||||||||||||||||
Less non same store NOI | (17,651 | )4 | (8,102 | )4 | (9,549 | ) | 117.9 | % | (18,460 | )5 | (12,386 | )5 | (6,074 | ) | 49.0 | % | ||||||||||||||||
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Same store NOI2 | $ | 78,959 | $ | 69,991 | $ | 8,968 | 12.8 | % | $ | 59,633 | $ | 56,854 | $ | 2,779 | 4.9 | % | ||||||||||||||||
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Less straight-line rents and amortization of lease intangibles 3 | (2,739 | ) | (4,564 | ) | 1,825 | (40.0 | )% | (2,200 | ) | (3,982 | ) | 1,782 | (44.8 | )% | ||||||||||||||||||
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Cash-basis same store NOI2 | $ | 76,220 | $ | 65,427 | $ | 10,793 | 16.5 | % | $ | 57,433 | $ | 52,872 | $ | 4,561 | 8.6 | % | ||||||||||||||||
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For the Three Months Ended December 31, | For the Three Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income 1 | $ | 14,821 | $ | 22,972 | $ | (8,151) | (35.5) | % | $ | 22,972 | $ | 10,836 | $ | 12,136 | 112.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 11,847 | 10,250 | 1,597 | 15.6 | % | 10,250 | 10,015 | 235 | 2.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 6,072 | 6,371 | (299) | (4.7) | % | 6,371 | 4,431 | 1,940 | 43.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | (3) | (5) | 2 | (40.0) | % | (5) | (1) | (4) | 400.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income and expenses | 470 | (10,471) | 10,941 | n/a | (10,471) | (508) | (9,963) | 1961.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | 33,207 | 29,117 | 4,090 | 14.0 | % | 29,117 | 24,773 | 4,344 | 17.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less non same store NOI | (5,506) | 2 | (2,563) | 2 | (2,943) | 114.8 | % | (5,983) | 3 | (3,261) | 3 | (2,722) | 83.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI 4 | $ | 27,701 | $ | 26,554 | $ | 1,147 | 4.3 | % | $ | 23,134 | $ | 21,512 | $ | 1,622 | 7.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less straight-line rents and amortization of lease intangibles 5 | (664) | (928) | 264 | (28.4) | % | (233) | (847) | 614 | (72.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash-basis same store NOI | $ | 27,037 | $ | 25,626 | $ | 1,411 | 5.5 | % | $ | 22,901 | $ | 20,665 | $ | 2,236 | 10.8 | % |
For the Year Ended December 31, | For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income 1 | $ | 55,516 | $ | 63,289 | $ | (7,773) | (12.3) | % | $ | 63,289 | $ | 53,095 | $ | 10,194 | 19.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 44,015 | 40,816 | 3,199 | 7.8 | % | 40,816 | 37,870 | 2,946 | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 23,924 | 21,503 | 2,421 | 11.3 | % | 21,503 | 19,681 | 1,822 | 9.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | 45 | 124 | (79) | (63.7) | % | 124 | 10 | 114 | 1,140.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other income and expenses | 3,321 | (14,063) | 17,384 | n/a | (14,063) | (14,046) | (17) | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | 126,821 | 111,669 | 15,152 | 13.6 | % | 111,669 | 96,610 | 15,059 | 15.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less non same store NOI | (16,331) | 2 | (8,164) | 2 | (8,167) | 100.0 | % | (20,737) | 3 | (11,576) | 3 | (9,161) | 79.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same store NOI 4 | $ | 110,490 | $ | 103,505 | $ | 6,985 | 6.7 | % | $ | 90,932 | $ | 85,034 | $ | 5,898 | 6.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less straight-line rents and amortization of lease intangibles 5 | (3,851) | (5,823) | 1,972 | (33.9) | % | (2,737) | (4,161) | 1,424 | (34.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash-basis same store NOI | $ | 106,639 | $ | 97,682 | $ | 8,957 | 9.2 | % | $ | 88,195 | $ | 80,873 | $ | 7,322 | 9.1 | % |
As of December 31, 2017,2019, we had $150.0$100.0 million of borrowings outstanding under our Facility. Of the $150.0$100.0 million outstanding on the Facility, $150.0$100.0 million is subject to interest rate caps. See “Note 89 – Derivative Financial Instruments” in our notes to consolidated financial statements for more information regarding our interest rate caps. Amounts borrowed under our Facility bear interest at a variable rate based on LIBOR plus an applicable LIBOR margin. The weighted average interest rate on borrowings outstanding under our Facility was 2.54%3.03% as of December 31, 2017.2019. If the LIBOR rate fluctuateswere to fluctuate by 0.25%, interest expense would increase or decrease, depending on rate movement, future earnings and cash flows by approximately $0.4$0.3 million annually on the total of the outstanding balances on our Facility as of December 31, 2017.
criteria
.As discussed in Note 2 to the consolidated financial statements, the Company adopted and applied the revised definition of a business which changed the treatment of acquisition costs as a result of the adoption of the amendments to the FASB Accounting Standards Codification resulting from Accounting Standards Update No. 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of Business,” effective January 1, 2017.
Valuation of acquired properties | |||||
Description of matter | In the year ended December 31, 2019, the Company completed 13 real estate acquisitions for a total purchase price of $289.6 million. The properties were acquired from unrelated third parties. As further discussed in Notes 2 and 4 of the consolidated financial statements, the transactions were accounted for as asset acquisitions. The purchase price for each acquisition was allocated to the individual acquired assets and liabilities based on their relative fair values. Auditing the Company’s real estate acquisitions is complex and required the involvement of a valuation specialist due to the judgments and estimates in determining the fair value of the components of each acquisition. The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. All of these assumptions are sensitive to and affected by expected future market or economic conditions, particularly those in the markets in which the Company’s acquisitions occur. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s accounting for real estate acquisitions relative to purchase accounting, including controls over the review of the valuation models and related significant assumptions underlying the valuation of the acquired assets and liabilities. To test the purchase price allocations to the assets and liabilities acquired, our audit procedures included, among others, review of the purchase agreements, assessing the methodologies and testing the significant assumptions discussed above used to value the components of the acquired properties, assessing the sensitivity of changes in significant assumptions on the purchase price allocation and testing the completeness and accuracy of the underlying data supporting the significant assumptions and estimates. We compared land comparative sales values, building replacement cost and depreciation estimates, market rental rates, discount rate and market rental growth rates with external market data, and the incorporation of these assumptions in the cash flow projections and overall valuation conclusions. We also tested the completeness and accuracy of the underlying data. We involved our valuation specialists to assist in the assessment of the methodology utilized by the Company and to test certain of the assumptions used in the valuation of land, building and above and below market intangibles. |
December 31, 2017 | December 31, 2016 | |||||||
ASSETS | ||||||||
Investments in real estate | ||||||||
Land | $ | 759,659 | $ | 570,181 | ||||
Buildings and improvements | 801,242 | 710,277 | ||||||
Intangible assets | 76,029 | 62,580 | ||||||
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Total investments in properties | 1,636,930 | 1,343,038 | ||||||
Accumulated depreciation and amortization | (139,814 | ) | (109,357 | ) | ||||
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Net investments in real estate | 1,497,116 | 1,233,681 | ||||||
Cash and cash equivalents | 35,710 | 14,208 | ||||||
Restricted cash | 7,090 | 4,270 | ||||||
Other assets, net | 27,955 | 26,822 | ||||||
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Total assets | $ | 1,567,871 | $ | 1,278,981 | ||||
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LIABILITIES AND EQUITY | ||||||||
Liabilities | ||||||||
Credit facility | $ | — | $ | 51,500 | ||||
Term loans payable, net | 148,897 | 148,616 | ||||||
Senior unsecured notes, net | 247,955 | 148,594 | ||||||
Mortgage loans payable, net | 64,831 | 66,617 | ||||||
Security deposits | 11,058 | 9,922 | ||||||
Intangible liabilities, net | 22,361 | 3,485 | ||||||
Dividends payable | 12,181 | 9,483 | ||||||
Performance share awards payable | 11,824 | 10,739 | ||||||
Accounts payable and other liabilities | 21,270 | 18,220 | ||||||
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Total liabilities | 540,377 | 467,176 | ||||||
Commitments and contingencies (Note 13) | ||||||||
Equity | ||||||||
Stockholders’ equity | ||||||||
Preferred stock: $0.01 par value, 100,000,000 shares authorized, and 0 and 1,840,000 shares (liquidation preference of $25.00 per share) issued and outstanding, respectively | — | 46,000 | ||||||
Common stock: $0.01 par value, 400,000,000 shares authorized, and 55,368,737 and 47,414,365 shares issued and outstanding, respectively | 553 | 474 | ||||||
Additionalpaid-in capital | 1,023,184 | 766,229 | ||||||
Retained earnings | 4,803 | — | ||||||
Accumulated other comprehensive loss | (1,046 | ) | (898 | ) | ||||
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Total stockholders’ equity | 1,027,494 | 811,805 | ||||||
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Total liabilities and equity | $ | 1,567,871 | $ | 1,278,981 | ||||
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December 31, 2019 | December 31, 2018 | ||||||||||
ASSETS | |||||||||||
Investments in real estate | |||||||||||
Land | $ | 1,055,146 | $ | 833,995 | |||||||
Buildings and improvements | 909,201 | 837,816 | |||||||||
Construction in progress | 101,253 | 94,695 | |||||||||
Intangible assets | 88,594 | 79,270 | |||||||||
Total investments in properties | 2,154,194 | 1,845,776 | |||||||||
Accumulated depreciation and amortization | (208,279) | (169,772) | |||||||||
Net investments in real estate | 1,945,915 | 1,676,004 | |||||||||
Cash and cash equivalents | 110,082 | 31,004 | |||||||||
Restricted cash | 2,657 | 3,475 | |||||||||
Senior secured loan, net | 15,858 | 54,492 | |||||||||
Other assets, net | 33,952 | 31,529 | |||||||||
Total assets | $ | 2,108,464 | $ | 1,796,504 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities | |||||||||||
Credit facility | $ | — | $ | 19,000 | |||||||
Term loans payable, net | 99,583 | 149,067 | |||||||||
Senior unsecured notes, net | 347,674 | 248,263 | |||||||||
Mortgage loans payable, net | 44,318 | 45,767 | |||||||||
Security deposits | 14,149 | 11,933 | |||||||||
Intangible liabilities, net | 28,127 | 23,093 | |||||||||
Dividends payable | 18,158 | 14,643 | |||||||||
Performance share awards payable | 11,633 | 12,048 | |||||||||
Accounts payable and other liabilities | 27,699 | 24,893 | |||||||||
Total liabilities | 591,341 | 548,707 | |||||||||
Commitments and contingencies (Note 14) | |||||||||||
Equity | |||||||||||
Stockholders’ equity | |||||||||||
Common stock: $0.01 par value, 400,000,000 shares authorized, and 67,252,787 and 61,013,711 shares issued and outstanding, respectively | 673 | 610 | |||||||||
Additional paid-in capital | 1,514,266 | 1,233,763 | |||||||||
Retained earnings | 2,621 | 14,185 | |||||||||
Accumulated other comprehensive loss | (437) | (761) | |||||||||
Total stockholders’ equity | 1,517,123 | 1,247,797 | |||||||||
Total liabilities and equity | $ | 2,108,464 | $ | 1,796,504 |
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
REVENUES | ||||||||||||
Rental revenues | $ | 103,329 | $ | 85,018 | $ | 75,899 | ||||||
Tenant expense reimbursements | 29,155 | 23,400 | 19,996 | |||||||||
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Total revenues | 132,484 | 108,418 | 95,895 | |||||||||
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COSTS AND EXPENSES | ||||||||||||
Property operating expenses | 35,874 | 30,325 | 26,655 | |||||||||
Depreciation and amortization | 37,870 | 34,399 | 36,026 | |||||||||
General and administrative | 19,681 | 19,319 | 14,846 | |||||||||
Acquisition costs | 10 | 3,129 | 4,713 | |||||||||
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Total costs and expenses | 93,435 | 87,172 | 82,240 | |||||||||
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OTHER INCOME (EXPENSE) | ||||||||||||
Interest and other income | 169 | 24 | 18 | |||||||||
Interest expense, including amortization | (16,777 | ) | (13,053 | ) | (9,639 | ) | ||||||
Loss on extinguishment of debt | — | (239 | ) | — | ||||||||
Gain on sales of real estate investments | 30,654 | 7,140 | 10,567 | |||||||||
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Total other income and expenses | 14,046 | (6,128 | ) | 946 | ||||||||
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Net income | 53,095 | 15,118 | 14,601 | |||||||||
Redemption of preferred stock | (1,767 | ) | — | — | ||||||||
Preferred stock dividends | (1,961 | ) | (3,565 | ) | (3,565 | ) | ||||||
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Net income, net of redemption of preferred stock and preferred stock dividends | 49,367 | 11,553 | 11,036 | |||||||||
Allocation to participating securities | (352 | ) | (95 | ) | (78 | ) | ||||||
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Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 49,015 | $ | 11,458 | $ | 10,958 | ||||||
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EARNINGS PER COMMON SHARE – BASIC AND DILUTED: | ||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 0.95 | $ | 0.26 | $ | 0.26 | ||||||
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BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 51,357,719 | 44,725,936 | 42,861,276 | |||||||||
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For the Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||||||||
Rental revenues and tenant expense reimbursements | $ | 171,022 | $ | 151,657 | $ | 132,484 | |||||||||||||||||||||||
Total revenues | 171,022 | 151,657 | 132,484 | ||||||||||||||||||||||||||
COSTS AND EXPENSES | |||||||||||||||||||||||||||||
Property operating expenses | 44,201 | 39,988 | 35,874 | ||||||||||||||||||||||||||
Depreciation and amortization | 44,015 | 40,816 | 37,870 | ||||||||||||||||||||||||||
General and administrative | 23,924 | 21,503 | 19,681 | ||||||||||||||||||||||||||
Acquisition costs | 45 | 124 | 10 | ||||||||||||||||||||||||||
Total costs and expenses | 112,185 | 102,431 | 93,435 | ||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||
Interest and other income | 3,815 | 3,664 | 169 | ||||||||||||||||||||||||||
Interest expense, including amortization | (16,338) | (18,211) | (16,777) | ||||||||||||||||||||||||||
Loss on extinguishment of debt | (189) | — | — | ||||||||||||||||||||||||||
Gain on sales of real estate investments | 9,391 | 28,610 | 30,654 | ||||||||||||||||||||||||||
Total other income (expense) | (3,321) | 14,063 | 14,046 | ||||||||||||||||||||||||||
Net income | 55,516 | 63,289 | 53,095 | ||||||||||||||||||||||||||
Redemption of preferred stock | — | — | (1,767) | ||||||||||||||||||||||||||
Preferred stock dividends | — | — | (1,961) | ||||||||||||||||||||||||||
Net income, net of redemption of preferred stock and preferred stock dividends | 55,516 | 63,289 | 49,367 | ||||||||||||||||||||||||||
Allocation to participating securities | (351) | (401) | (352) | ||||||||||||||||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 55,165 | $ | 62,888 | $ | 49,015 | |||||||||||||||||||||||
EARNINGS PER COMMON SHARE – BASIC AND DILUTED: | |||||||||||||||||||||||||||||
Net income available to common stockholders - basic, net of redemption of preferred stock and preferred stock dividends | $ | 0.86 | $ | 1.09 | $ | 0.95 | |||||||||||||||||||||||
Net income available to common stockholders - diluted, net of redemption of preferred stock and preferred stock dividends | $ | 0.85 | $ | 1.09 | $ | 0.95 | |||||||||||||||||||||||
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 64,428,406 | 57,486,399 | 51,357,719 | ||||||||||||||||||||||||||
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 64,722,976 | 57,486,399 | 51,357,719 |
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net income | $ | 53,095 | $ | 15,118 | $ | 14,601 | ||||||
Other comprehensive income (loss): cash flow hedge adjustment | (148 | ) | (102 | ) | (649 | ) | ||||||
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|
|
| |||||||
Comprehensive income | $ | 52,947 | $ | 15,016 | $ | 13,952 | ||||||
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|
|
For the Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Net income | $ | 55,516 | $ | 63,289 | $ | 53,095 | |||||||||||||||||||||||
Other comprehensive income (loss): cash flow hedge adjustment | 324 | 285 | (148) | ||||||||||||||||||||||||||
Comprehensive income | $ | 55,840 | $ | 63,574 | $ | 52,947 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||
Number of Shares | Amount | |||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 46,000 | 42,869,463 | $ | 428 | $ | 700,755 | $ | — | $ | (147 | ) | $ | 747,036 | ||||||||||||||
Net income | — | — | — | — | 14,601 | — | 14,601 | |||||||||||||||||||||
Issuance of common stock, net of issuance costs of $69 | — | 153,044 | 2 | 3,051 | — | — | 3,053 | |||||||||||||||||||||
Repurchase of common stock | — | (20,322 | ) | — | (512 | ) | — | — | (512 | ) | ||||||||||||||||||
Issuance of restricted stock | — | 308,087 | — | — | — | — | — | |||||||||||||||||||||
Stock-based compensation | — | — | — | 1,600 | — | — | 1,600 | |||||||||||||||||||||
Common stock dividends | — | — | — | (17,446 | ) | (11,036 | ) | — | (28,482 | ) | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,565 | ) | — | (3,565 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (649 | ) | (649 | ) | |||||||||||||||||||
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Balance as of December 31, 2015 | 46,000 | 43,310,272 | 430 | 687,448 | — | (796 | ) | 733,082 | ||||||||||||||||||||
Net income | — | — | — | — | 15,118 | — | 15,118 | |||||||||||||||||||||
Issuance of common stock, net of issuance costs of $2,813 | — | 4,139,224 | 44 | 101,417 | — | — | 101,461 | |||||||||||||||||||||
Repurchase of common stock | — | (67,928 | ) | — | (1,551 | ) | — | — | (1,551 | ) | ||||||||||||||||||
Issuance of restricted stock | — | 32,797 | — | — | — | — | — | |||||||||||||||||||||
Stock-based compensation | — | — | — | 2,231 | — | — | 2,231 | |||||||||||||||||||||
Common stock dividends | — | — | — | (23,316 | ) | (11,553 | ) | — | (34,869 | ) | ||||||||||||||||||
Preferred stock dividends | — | — | — | — | (3,565 | ) | — | (3,565 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (102 | ) | (102 | ) | |||||||||||||||||||
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Balance as of December 31, 2016 | 46,000 | 47,414,365 | 474 | 766,229 | $ | — | $ | (898 | ) | 811,805 | ||||||||||||||||||
Net income | — | — | — | — | 53,095 | — | 53,095 | |||||||||||||||||||||
Issuance of common stock, net of issuance costs of $4,202 | — | 8,066,150 | 79 | 256,645 | — | — | 256,724 | |||||||||||||||||||||
Repurchase of common stock | — | (144,025 | ) | — | (3,436 | ) | — | — | (3,436 | ) | ||||||||||||||||||
Redemption of preferred stock | (46,000 | ) | — | — | 1,729 | (1,767 | ) | — | (46,038 | ) | ||||||||||||||||||
Issuance of restricted stock | — | 32,247 | — | — | — | — | — | |||||||||||||||||||||
Stock-based compensation | — | — | — | 2,017 | — | — | 2,017 | |||||||||||||||||||||
Common stock dividends | — | — | — | — | (44,564 | ) | — | (44,564 | ) | |||||||||||||||||||
Preferred stock dividends | — | — | — | — | (1,961 | ) | — | (1,961 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (148 | ) | (148 | ) | |||||||||||||||||||
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| |||||||||||||||
Balance as of December 31, 2017 | $ | — | 55,368,737 | $ | 553 | $ | 1,023,184 | $ | 4,803 | $ | (1,046 | ) | $ | 1,027,494 | ||||||||||||||
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|
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Total | ||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 46,000 | 47,414,365 | $ | 474 | $ | 766,229 | $ | — | $ | (898) | $ | 811,805 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 53,095 | — | 53,095 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs of $4,202 | — | 8,066,150 | 79 | 256,645 | — | — | 256,724 | ||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (144,025) | — | (3,436) | — | — | (3,436) | ||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | (46,000) | — | — | 1,729 | (1,767) | — | (46,038) | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 32,247 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 2,017 | — | — | 2,017 | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | (44,564) | — | (44,564) | ||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | (1,961) | — | (1,961) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (148) | (148) | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | — | 55,368,737 | 553 | 1,023,184 | 4,803 | (1,046) | 1,027,494 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 63,289 | — | 63,289 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs of $3,489 | — | 5,698,326 | 57 | 212,164 | — | — | 212,221 | ||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (107,267) | — | (3,870) | — | — | (3,870) | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 53,915 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 2,285 | — | — | 2,285 | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | (53,907) | — | (53,907) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 285 | 285 | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | — | 61,013,711 | 610 | 1,233,763 | 14,185 | (761) | 1,247,797 | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 55,516 | — | 55,516 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs of $4,593 | — | 6,271,863 | 63 | 280,436 | — | — | 280,499 | ||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (143,886) | — | (3,959) | — | — | (3,959) | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 111,099 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | 4,026 | — | — | 4,026 | ||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | (67,080) | — | (67,080) | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 324 | 324 | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | — | 67,252,787 | $ | 673 | $ | 1,514,266 | $ | 2,621 | $ | (437) | $ | 1,517,123 |
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 53,095 | $ | 15,118 | $ | 14,601 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Straight-line rents | (3,657 | ) | (4,740 | ) | (3,889 | ) | ||||||
Amortization of lease intangibles | (2,161 | ) | (1,338 | ) | (1,925 | ) | ||||||
Depreciation and amortization | 37,870 | 34,399 | 36,026 | |||||||||
Loss on extinguishment of debt | — | 239 | — | |||||||||
Gain on sales of real estate investments | (30,654 | ) | (7,140 | ) | (10,567 | ) | ||||||
Deferred financing cost and mortgage premium amortization | 1,193 | 766 | 393 | |||||||||
Stock-based compensation | 8,732 | 9,444 | 6,081 | |||||||||
Changes in assets and liabilities | ||||||||||||
Other assets | 584 | (3,174 | ) | (1,252 | ) | |||||||
Accounts payable and other liabilities | 4,496 | 5,667 | 2,600 | |||||||||
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| |||||||
Net cash provided by operating activities | 69,498 | 49,241 | 42,068 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Cash paid for property acquisitions | (297,109 | ) | (128,495 | ) | (262,979 | ) | ||||||
Proceeds from sales of real estate investments, net | 75,396 | 21,379 | 23,671 | |||||||||
Additions to construction in progress | — | (15,577 | ) | (1,510 | ) | |||||||
Additions to buildings, improvements and leasing costs | (27,405 | ) | (26,936 | ) | (18,846 | ) | ||||||
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| |||||||
Net cash used in investing activities | (249,118 | ) | (149,629 | ) | (259,664 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance of common stock | 255,295 | 101,432 | 3,122 | |||||||||
Issuance costs on issuance of common stock | (3,764 | ) | (1,506 | ) | (46 | ) | ||||||
Repurchase of common stock | (3,436 | ) | (1,551 | ) | (512 | ) | ||||||
Repurchase of preferred stock | (46,000 | ) | — | — | ||||||||
Purchase of derivative instrument | — | — | (343 | ) | ||||||||
Borrowings on credit facility | 93,000 | 95,500 | — | |||||||||
Payments on credit facility | (144,500 | ) | (44,000 | ) | — | |||||||
Payments on term loans payable | — | (50,000 | ) | — | ||||||||
Borrowings on senior unsecured notes | 100,000 | 50,000 | 100,000 | |||||||||
Payments on mortgage loans payable | (1,916 | ) | (16,871 | ) | (24,844 | ) | ||||||
Payment of deferred financing costs | (872 | ) | (2,499 | ) | (1,127 | ) | ||||||
Dividends paid to common stockholders | (41,866 | ) | (33,182 | ) | (27,545 | ) | ||||||
Dividends paid to preferred stockholders | (1,999 | ) | (3,565 | ) | (3,565 | ) | ||||||
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| |||||||
Net cash provided by financing activities | 203,942 | 93,758 | 45,140 | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 24,322 | (6,630 | ) | (172,456 | ) | |||||||
Cash and cash equivalents and restricted cash at beginning of year | 18,478 | 25,108 | 197,564 | |||||||||
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| |||||||
Cash and cash equivalents and restricted cash at end of year | $ | 42,800 | $ | 18,478 | $ | 25,108 | ||||||
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| |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||
Cash paid for interest, net of capitalized interest | $ | 13,839 | $ | 11,888 | $ | 8,382 | ||||||
Supplemental disclosures ofnon-cash transactions | ||||||||||||
Accounts payable related to capital improvements | $ | 6,996 | $ | 7,955 | $ | 5,195 | ||||||
Redemption of preferred stock | 1,729 | — | — | |||||||||
Reconciliation of cash paid for property acquisitions | ||||||||||||
Acquisition of properties | $ | 319,666 | $ | 130,944 | $ | 271,293 | ||||||
Assumption of mortgage loans payable | — | — | (4,796 | ) | ||||||||
Mortgage premiums | — | — | (60 | ) | ||||||||
Assumption of other assets and liabilities | (22,557 | ) | (2,449 | ) | (3,458 | ) | ||||||
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| |||||||
Net cash paid for property acquisitions | $ | 297,109 | $ | 128,495 | $ | 262,979 | ||||||
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|
|
For the Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||
Net income | $ | 55,516 | $ | 63,289 | $ | 53,095 | |||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||||
Straight-line rents | (2,597) | (3,459) | (3,657) | ||||||||||||||||||||||||||
Amortization of lease intangibles | (4,682) | (3,694) | (2,161) | ||||||||||||||||||||||||||
Depreciation and amortization | 44,015 | 40,816 | 37,870 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 189 | — | — | ||||||||||||||||||||||||||
Gain on sales of real estate investments | (9,391) | (28,610) | (30,654) | ||||||||||||||||||||||||||
Deferred financing cost amortization | 1,562 | 1,442 | 1,193 | ||||||||||||||||||||||||||
Deferred senior secured loan fee amortization | (531) | (392) | — | ||||||||||||||||||||||||||
Stock-based compensation | 10,644 | 9,270 | 8,732 | ||||||||||||||||||||||||||
Changes in assets and liabilities | |||||||||||||||||||||||||||||
Other assets | (1,579) | (1,531) | 584 | ||||||||||||||||||||||||||
Accounts payable and other liabilities | 1,542 | 468 | 4,496 | ||||||||||||||||||||||||||
Net cash provided by operating activities | 94,688 | 77,599 | 69,498 | ||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||
Cash paid for property acquisitions | (238,661) | (221,806) | (297,109) | ||||||||||||||||||||||||||
Proceeds from sales of real estate investments, net | 47,133 | 79,594 | 75,396 | ||||||||||||||||||||||||||
Additions to construction in progress | (27,884) | (9,668) | — | ||||||||||||||||||||||||||
Additions to buildings, improvements and leasing costs | (32,070) | (28,977) | (27,405) | ||||||||||||||||||||||||||
Cash paid for senior secured loan | — | (55,000) | — | ||||||||||||||||||||||||||
Origination and other fees received on senior secured loan | — | 900 | — | ||||||||||||||||||||||||||
Net cash used in investing activities | (251,482) | (234,957) | (249,118) | ||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||
Issuance of common stock | 278,058 | 208,949 | 255,295 | ||||||||||||||||||||||||||
Issuance costs on issuance of common stock | (4,023) | (3,030) | (3,764) | ||||||||||||||||||||||||||
Repurchase of common stock | (3,959) | (3,870) | (3,436) | ||||||||||||||||||||||||||
Repurchase of preferred stock | — | — | (46,000) | ||||||||||||||||||||||||||
Borrowings on credit facility | 17,000 | 204,000 | 93,000 | ||||||||||||||||||||||||||
Payments on credit facility | (36,000) | (185,000) | (144,500) | ||||||||||||||||||||||||||
Payments on term loans payable | (50,000) | — | — | ||||||||||||||||||||||||||
Borrowings on senior unsecured notes | 100,000 | �� | 100,000 | ||||||||||||||||||||||||||
Payments on mortgage loans payable | (1,514) | (19,201) | (1,916) | ||||||||||||||||||||||||||
Payment of deferred financing costs | (943) | (1,366) | (872) | ||||||||||||||||||||||||||
Dividends paid to common stockholders | (63,565) | (51,445) | (41,866) | ||||||||||||||||||||||||||
Dividends paid to preferred stockholders | — | — | (1,999) | ||||||||||||||||||||||||||
Net cash provided by financing activities | 235,054 | 149,037 | 203,942 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 78,260 | (8,321) | 24,322 | ||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 34,479 | 42,800 | 18,478 | ||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 112,739 | $ | 34,479 | $ | 42,800 | |||||||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
Cash paid for interest, net of capitalized interest | $ | 18,351 | $ | 19,787 | $ | 13,839 | |||||||||||
Supplemental disclosures of non-cash transactions | |||||||||||||||||
Accounts payable related to capital improvements | $ | 12,498 | $ | 10,712 | $ | 6,996 | |||||||||||
Redemption of preferred stock | — | — | 1,729 | ||||||||||||||
Non-cash repayment of senior secured loan | (39,085) | — | — | ||||||||||||||
Lease liability arising from recognition of right-of-use asset | 647 | — | — | ||||||||||||||
Reconciliation of cash paid for property acquisitions | |||||||||||||||||
Acquisition of properties | $ | 250,506 | $ | 227,058 | $ | 319,666 | |||||||||||
Assumption of other assets and liabilities | (11,845) | (5,252) | (22,557) | ||||||||||||||
Net cash paid for property acquisitions | $ | 238,661 | $ | 221,806 | $ | 297,109 |
77.6 acres and 4 properties under redevelopment expected to contain approximately 0.5 million square feet upon completion.
significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding rental rates,lease-up and holding periods, as well as sales prices. When available, current market information is used to
2017.
related costs. The origination value ofin-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The remaining weighted average lease term related to these intangible assets and liabilities as of December 31, 20172019 is 9.38.0 years. As of December 31, 20172019 and 2016,2018, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands):
December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||||||||
In-place leases | $ | 71,502 | $ | (45,885 | ) | $ | 25,617 | $ | 58,112 | $ | (37,664 | ) | $ | 20,448 | ||||||||||
Above-market leases | 4,527 | (3,695 | ) | 832 | 4,468 | (3,319 | ) | 1,149 | ||||||||||||||||
Below-market leases | (30,386 | ) | 8,025 | (22,361 | ) | (9,133 | ) | 5,648 | (3,485 | ) | ||||||||||||||
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|
| |||||||||||||
Total | $ | 45,643 | $ | (41,555 | ) | $ | 4,088 | $ | 53,447 | $ | (35,335 | ) | $ | 18,112 | ||||||||||
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|
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
In-place leases | $ | 84,425 | $ | (59,504) | $ | 24,921 | $ | 75,101 | $ | (51,239) | $ | 23,862 | |||||||||||||||||||||||||||||||||||||||||||||||
Above-market leases | 4,169 | (3,853) | 316 | 4,169 | (3,610) | 559 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Below-market leases | (44,099) | 15,972 | (28,127) | (34,485) | 11,392 | (23,093) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 44,495 | $ | (47,385) | $ | (2,890) | $ | 44,785 | $ | (43,457) | $ | 1,328 |
2018 | $ | 5,218 | ||
2019 | 3,399 | |||
2020 | 2,129 | |||
2021 | 1,446 | |||
2022 | 733 | |||
Thereafter | (8,837 | ) | ||
|
| |||
Total | $ | 4,088 | ||
|
|
2020 | $ | 2,887 | |||
2021 | 1,742 | ||||
2022 | 949 | ||||
2023 | 277 | ||||
2024 | (131) | ||||
Thereafter | (8,614) | ||||
Total | $ | (2,890) |
| ||||||
Description | Standard Depreciable Life | |||||
Land | Not depreciated | |||||
Building | 40 years | |||||
Building Improvements | ||||||
Tenant Improvements | Shorter of lease term or useful life | |||||
Leasing Costs | Lease term | |||||
In-place leases | Lease term | |||||
Above/Below-Market Leases | Lease term |
Discontinued Operations.The Company considers a property to be classified as discontinued operations when it meets the criteria established under ASU2014-08,Presentation of Financial Statements(Topic 205) andProperty, Plant and Equipment(Topic 360),Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Disposals that represent a strategic shift that should have or will have a major effect on the Company’s operations and financial results qualify as discontinued operations.
Cash and Cash Equivalents.Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts.
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Beginning | ||||||||||||
Cash and cash equivalents at beginning of year | $ | 14,208 | $ | 22,450 | 190,601 | |||||||
Restricted cash | 4,270 | 2,658 | 6,963 | |||||||||
|
|
|
|
|
| |||||||
Cash and cash equivalents and restricted cash | 18,478 | 25,108 | 197,564 | |||||||||
Ending | ||||||||||||
Cash and cash equivalents at end of year | 35,710 | 14,208 | 22,450 | |||||||||
Restricted cash | 7,090 | 4,270 | 2,658 | |||||||||
|
|
|
|
|
| |||||||
Cash and cash equivalents and restricted cash | 42,800 | 18,478 | 25,108 | |||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | $ | 24,322 | $ | (6,630 | ) | (172,456 | ) | |||||
|
|
|
|
|
|
flows (dollars in thousands):
For the Year Ended December 31, | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
Beginning | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | $ | 31,004 | $ | 35,710 | $ | 14,208 | |||||||||||||||||||||||
Restricted cash | 3,475 | 7,090 | 4,270 | ||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | 34,479 | 42,800 | 18,478 | ||||||||||||||||||||||||||
Ending | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | 110,082 | 31,004 | 35,710 | ||||||||||||||||||||||||||
Restricted cash | 2,657 | 3,475 | 7,090 | ||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | 112,739 | 34,479 | 42,800 | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | $ | 78,260 | $ | (8,321) | $ | 24,322 |
Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred.
accompanying consolidated balance sheets. Deferred
Mortgage Premiums.Mortgage premiums represent the excess of the fair value of debt assumed over the principal value of debt assumed in connection with property acquisitions. The mortgage premiums are being amortized to interest expense over the term of the related debt instrument using the effective interest method. As of December 31, 2017 and 2016, the mortgage premiums were fully amortized.
On December 22, 2017, President Trump signed into law H.R. 1, informally titled the Tax Cuts and Jobs Act (the “TCJA”). The TCJA makes major changes to the Code, including a number of provisions of the Code that affect the taxation of REITs and their stockholders. Among the changes made by the TCJA are permanently reducing the generally applicable corporate tax rate, generally reducing the tax rate applicable to individuals and othernon-corporate taxpayers for tax years beginning after December 31, 2017 and before January 1, 2026, eliminating or modifying certain previously allowed deductions (including substantially limiting interest deductibility and, for individuals, the deduction fornon-business state and local taxes), and, for taxable years beginning after December 31, 2017 and before January 1, 2026, providing for preferential rates of taxation through a deduction of up to 20% (subject to certain limitations) on most ordinary REIT dividends and certain trade or business income ofnon-corporate taxpayers. The TCJA also imposes new limitations on the deduction of net operating losses, which may result in the Company having to make additional taxable distributions to our stockholders in order to comply with REIT distribution requirements or avoid taxes on retained income and gains. The effect of the significant changes made by the TCJA is highly uncertain, and administrative guidance will be required in order to fully evaluate the effect of many provisions. As of December 31, 2017, the Company has not completed its accounting for the tax effects of enactment of the TCJA and continues to account for those items based on its existing accounting under ASC 740. The Company is currently assessing the impact of these changes on its consolidated financial statements and notes to its consolidated financial statements.
financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company has adopted the Amended and Restated 2010Company's 2019 Equity Incentive Plan which(the "2019 Plan") provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award.
performance, and are included as a component of Performance Share awards payable in the accompanying consolidated balance sheets.
Fair Value of Financial Instruments.ASC 820,Fair Value Measurements and Disclosures (See “Note 10 – Fair Value Measurements”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
In February 2016, the FASB issued ASU2016-02,Leases (Topic 842). The ASU increases transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard requires thatnon-lease components, such as tenant expense reimbursement revenues, be accounted for in accordance with ASU2014-09,Revenue from Contracts with Customers (see above), which could change the classification and timing of itsnon-lease components. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years,fiscal years. Early adoption of ASU No. 2016-02 was permitted. ASU No. 2016-02 requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Upon adoption of ASU No. 2016-02 on January 1, 2019, the Company adopted the package of practical expedients for all leases that commenced before the effective date of January 1, 2019. Accordingly, the Company did not 1) reassess whether any expired or existing contracts are or contain leases, 2) reassess the lease classification for any expired or existing lease, and 3) reassess initial direct costs for any existing leases. The Company did not elect the practical expedient related to using hindsight to reevaluate the lease term.
In August 2016, the FASB issued ASU2016-15,Statement of Cash Flows (Topic 230):Classification of Certain Cash Receipts and Cash Payments, which provides clarified guidancebalance sheets, based on the presentation and classificationpresent value of certain cash receipts and cashlease payments for the remaining term of the Company’s corporate office lease, which was approximately 3.5 years as of the adoption date. As the rate implicit in the statementlease was not readily determinable, the discount rate applied to measure the lease liability and ROU asset was based on the Company’s incremental borrowing rate of cash flows. ASU2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and early adoption is permitted. The Company is currently assessing the impact2.70% as of adopting ASU2016-15 on its consolidated financial statements and notes to its consolidated financial statements, but does not expect the adoption date. The lease liability is included as a component of ASU2016-15 to haveaccounts payable and other liabilities and the ROU asset is included as a material impact.
In November 2016, the FASB issued ASU2016-18,Statementcomponent of Cash Flows (Topic 230):Restricted Cash, which requires that a statement of cash flows explain the change during the periodother assets in the totalaccompanying consolidated balance sheets. All operating lease expense is recognized on a straight-line basis over the lease term. As of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling thebeginning-of-period andend-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The Company elected to early adopt the provisions of ASU2016-18 as of March 31, 2017, and has revised its consolidated statements of cash flows for the years ended December 31, 20162019, the lease liability was approximately $0.6 million and 2015 to reflect amounts described as restricted cash and restricted cash equivalents included with cash and cash equivalents in the reconciliation of beginning of year and end of year total amounts shown on the consolidated statements of cash flows. Consequently, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing sections of the cash flow statement. A reconciliation of cash and cash equivalents and restricted cash as presented on the consolidated balance sheets to the consolidated statements of cash flows is included in the significant accounting policies above.
ROU asset was approximately $0.6 million.
approximately 8.0 acres located in Los Angeles, which accounted for a combined percentage of approximately 18.5%30.9% of its annualized base rent. Such annualized base rent percentages are based on contractual base rent from leases in effect as of December 31, 2017,2019, excluding any partial or full rent abatements.
Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) 1 | |||||||||||
Acacia | Compton, CA | January 25, 2017 | 1 | 45,776 | $ | 7,103 | ||||||||||
637 S. Lucile | Seattle, WA | February 3, 2017 | 1 | 45,320 | 7,750 | |||||||||||
Lynwood2 | Lynwood, CA | April 20, 2017 | 3 | 477,153 | 31,378 | |||||||||||
West Side Ave | North Bergen, NJ | April 20, 2017 | 1 | 126,491 | 14,000 | |||||||||||
Hanford | Seattle, WA | April 21, 2017 | 1 | 34,983 | 5,940 | |||||||||||
2920 V Street | Washington, D.C. | May 10, 2017 | 1 | 21,666 | 3,727 | |||||||||||
Avenue A | Carlstadt, NJ | May 10, 2017 | 4 | 32,676 | 12,000 | |||||||||||
South Main III | Gardena, CA | June 2, 2017 | 1 | 114,061 | 24,700 | |||||||||||
Frelinghuysen3 | Newark, NJ | June 29, 2017 | — | — | 16,250 | |||||||||||
Stockton4 | Newark, NJ | June 30, 2017 | — | — | 13,200 | |||||||||||
Telegraph | Santa Fe Springs, CA | July 6, 2017 | 2 | 86,814 | 14,930 | |||||||||||
Dawson | Seattle, WA | July 7, 2017 | 1 | 13,176 | 4,000 | |||||||||||
Walnut | Compton, CA | July 21, 2017 | 1 | 57,520 | 9,352 | |||||||||||
NW 70th IV | Miami, FL | August 4, 2017 | 1 | 15,965 | 2,515 | |||||||||||
Kero Road 5 | Carlstadt, NJ | September 1, 2017 | 2 | 43,407 | 13,500 | |||||||||||
Hotchkiss | Fremont, CA | September 28, 2017 | 1 | 40,830 | 7,275 | |||||||||||
104th St | Los Angeles, CA | October 19, 2017 | 1 | 20,055 | 4,750 | |||||||||||
NW 94th Ave | Doral, FL | October 23, 2017 | 1 | 38,430 | 6,759 | |||||||||||
NW 70th V6 | Miami, FL | October 30, 2017 | 1 | 59,400 | 8,400 | |||||||||||
2315 E Dominguez7 | Los Angeles, CA | November 30, 2017 | — | — | 12,860 | |||||||||||
1855 W 139th St | Carson, CA | December 15, 2017 | 2 | 230,891 | 37,550 | |||||||||||
Hawthorne | Hawthorne, CA | December 19, 2017 | 8 | 152,025 | 27,600 | |||||||||||
New Dutch | Fairfield, NJ | December 20, 2017 | 1 | 50,400 | 7,200 | |||||||||||
|
|
|
|
|
| |||||||||||
Total | 35 | 1,707,039 | $ | 292,739 | ||||||||||||
|
|
|
|
|
|
Property Name Location Acquisition Date Square Feet 49th Street Queens, NY Februrary 12, 2019 1 19,000 $ 24,017 Kearny, NJ March 8, 2019 — — 25,000 Kearny, NJ March 29, 2019 1 28,124 14,085 Minnesota and Tennessee San Francisco, CA May 28, 2019 2 119,089 47,775 Carlstadt, NJ August 7, 2019 — — 4,025 Anderson Los Angeles, CA August 19, 2019 5 53,016 18,100 Auburn 400 Auburn, WA August 21, 2019 1 70,345 9,450 Morgan Brooklyn, NY August 29, 2019 2 195,598 80,500 20th Street Oakland, CA August 30, 2019 1 92,884 23,752 Slauson Santa Fe Springs, CA August 30, 2019 2 29,927 5,331 Seattle, WA November 15, 2019 — — 2,850 Whelan East Rutherford, NJ December 13, 2019 1 50,305 12,000 917 Valley Puyallup, WA December 19, 2019 1 40,816 6,725 Total 17 699,104 $ 273,610
Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) 1 | |||||||||||
4930 3rd Avenue South | Seattle, WA | January 25, 2016 | 1 | 35,480 | $ | 6,500 | ||||||||||
221 Michele | South San Francisco, CA | March 4, 2016 | 1 | 30,000 | 5,250 | |||||||||||
12950 SW South River | Medley, FL | March 11, 2016 | 1 | 60,000 | 6,000 | |||||||||||
901 North2 | Elizabeth, NJ | March 24, 2016 | — | — | 9,283 | |||||||||||
Lund | Auburn, WA | April 21, 2016 | 1 | 66,942 | 7,350 | |||||||||||
NW 70th II | Miami, FL | May 4, 2016 | 1 | 53,558 | 6,355 | |||||||||||
Denver | Seattle, WA | May 6, 2016 | �� | 1 | 24,917 | 4,741 | ||||||||||
Wilson | Newark, NJ | June 10, 2016 | 1 | 16,600 | 2,500 | |||||||||||
New Ridge 3 | Hanover, MD | July 12, 2016 | — | — | 8,200 | |||||||||||
Hampton Overlook | Capitol Heights, MD | August 4, 2016 | 3 | 134,919 | 14,104 | |||||||||||
Schoolhouse | Somerset, NJ | September 1, 2016 | 1 | 86,400 | 9,072 | |||||||||||
709 Hindry | Inglewood, CA | September 19, 2016 | 1 | 22,190 | 5,150 | |||||||||||
West 140th | San Leandro, CA | October 20, 2016 | 2 | 100,494 | 15,875 | |||||||||||
74th North Bergen | North Bergen, NJ | November 1, 2016 | 1 | 25,041 | 4,750 | |||||||||||
NW 70th III | Miami, FL | November 2, 2016 | 1 | 55,000 | 6,100 | |||||||||||
Paterson Plank | Carlstadt, NJ | November 16, 2016 | 1 | 31,415 | 5,000 | |||||||||||
NW 74th | Miami, FL | December 16, 2016 | 1 | 64,575 | 6,288 | |||||||||||
Business Parkway | Lanham, MD | December 21, 2016 | 1 | 45,000 | 6,700 | |||||||||||
|
|
|
|
|
| |||||||||||
Total | 19 | 852,531 | $ | 129,218 | ||||||||||||
|
|
|
|
|
|
2018:
Property Name | Location | Acquisition Date | Number of Buildings | Square Feet | Purchase Price (in thousands) 1 | |||||||||||||||||||||||||||
Vermont | Torrance, CA | January 31, 2018 | 1 | 99,629 | $ | 17,500 | ||||||||||||||||||||||||||
Woodside | Queens, NY | March 6, 2018 | 1 | 83,294 | 25,170 | |||||||||||||||||||||||||||
1st Avenue South | Seattle, WA | March 6, 2018 | 1 | 234,720 | 42,000 | |||||||||||||||||||||||||||
Wicks Blvd | San Leandro, CA | April 27, 2018 | 1 | 11,300 | 2,600 | |||||||||||||||||||||||||||
85 Doremus 2 | Newark, NJ | May 7, 2018 | — | — | 6,300 | |||||||||||||||||||||||||||
East Valley | Renton, WA | May 7, 2018 | 1 | 39,005 | 5,950 | |||||||||||||||||||||||||||
Merced 3 | San Leandro, CA | August 2, 2018 | 4 | 225,344 | 36,000 | |||||||||||||||||||||||||||
San Clemente | Hayward, CA | September 7, 2018 | 1 | 54,000 | 9,000 | |||||||||||||||||||||||||||
Whitney 4 | San Leandro, CA | September 17, 2018 | 3 | 128,073 | 22,790 | |||||||||||||||||||||||||||
Commerce | Carlstadt, NJ | October 17, 2018 | 1 | 24,000 | 3,480 | |||||||||||||||||||||||||||
Kent 192 5 | Seattle, WA | October 24, 2018 | — | — | 12,434 | |||||||||||||||||||||||||||
6th Ave | Seattle, WA | October 31, 2018 | 1 | 50,270 | 12,558 | |||||||||||||||||||||||||||
Walnut II | Compton, CA | November 7, 2018 | 1 | 60,040 | 11,108 | |||||||||||||||||||||||||||
Shoemaker 6 | Santa Fe Springs, CA | November 14, 2018 | — | — | 6,400 | |||||||||||||||||||||||||||
Hotchkiss II | Fremont, CA | December 20, 2018 | 1 | 29,214 | 6,200 | |||||||||||||||||||||||||||
Total | 17 | 1,038,889 | $ | 219,490 | ||||||||||||||||||||||||||||
approximately $52.4 million. During 2016,2019, the Company completed redevelopment of its South Main1775 NW 70th Avenue property in Carson, California.Miami, Florida. The Company demolished three buildings totalingexecuted a full-building five-year lease stabilizing the approximately 186,000 square feet and constructed a new front-
load industrial distribution building containing approximately 210,000 square feet and renovated an existing approximately 34,00065,000 square foot office building.redevelopment property. The total investment was approximately $10.0 million. During 2019, the Company also completed redevelopment and sold its 10100 NW 25th Street property in Miami, Florida for a sales price of approximately $14.0 million, resulting in a gain of approximately $1.8 million (See "Note 5 - Held for Sale/Disposed Assets"). The property was vacant. The Company capitalized interest associated with redevelopment and expansion activities of approximately $0, $0.6$3.2 million, $2.5 million and $0.3 million,$0, respectively, during the years ended December 31, 2017, 20162019, 2018 and 2015. The redevelopment cost was approximately $17.8 million for a total investment of approximately $39.3 million, excluding approximately $2.3 million of intangible liabilities.
Pro Forma Financial Information:
The following supplementary pro forma financial information presents the results of operations of the Company for the years ended December 31, 2017 and 2016 as if all of the Company’s acquisitions during the year ended December 31, 2017 occurred on January 1, 2016. The following pro forma results for the years ended December 31, 2017 and 2016 have been presented for comparative purposes only and are not necessarily indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2016, or of future results of operations (dollars in thousands, except per share data).
For the Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) | ||||||||
Total revenues | $ | 142,495 | $ | 125,705 | ||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | 52,962 | 18,416 | ||||||
Basic and diluted net income available to common stockholders per share, net of redemption of preferred stock and preferred stock dividends | $ | 1.03 | $ | 0.41 |
2017.
On July 14, 2017,Senior Secured Loan
facility that matures to August 2020, a $50.0 million term loan that matures in August 2021October 2022 and a $100.0 million term loan that matures in January 2022. As of December 31, 20172019 and 2016,2018, there was $0 and $51.5$19.0 million, respectively, of borrowings outstanding on the revolving credit facility and $150.0$100.0 million and $150.0 million, respectively, of borrowings outstanding on the term loans. As of both December 31, 2017 and 2016,2019, the Company had three2 interest rate caps to hedge the variable cash flows associated with its existing $100.0 million variable-rate term loan. As of December 31, 2018, the Company had 3 interest rate caps to hedge the variable cash flows associated with its existing $150.0 million of variable-rate term loans.loan. See “Note8-Derivative 9-Derivative Financial Instruments” for more information regarding the Company’s interest rate caps.
Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value.
2018.
The scheduled principal payments of the Company’s debt as of December 31, 20172019 were as follows (dollars in thousands):
Credit Facility | Term Loans | Senior Unsecured Notes | Mortgage Loans Payable | Total Debt | ||||||||||||||||
2018 | $ | — | $ | — | $ | — | $ | 1,910 | $ | 1,910 | ||||||||||
2019 | — | — | — | 18,805 | 18,805 | |||||||||||||||
2020 | — | — | — | 33,077 | 33,077 | |||||||||||||||
2021 | — | 50,000 | — | 11,271 | 61,271 | |||||||||||||||
2022 | — | 100,000 | 50,000 | — | 150,000 | |||||||||||||||
Thereafter | — | — | 200,000 | — | 200,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Subtotal | — | 150,000 | 250,000 | 65,063 | 465,063 | |||||||||||||||
Unamortized net premiums | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Debt | — | 150,000 | 250,000 | 65,063 | 465,063 | |||||||||||||||
Deferred financing costs, net | — | (1,103 | ) | (2,045 | ) | (232 | ) | (3,380 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Debt, net | $ | — | $ | 148,897 | $ | 247,955 | $ | 64,831 | $ | 461,683 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Weighted Average Interest Rate | n/a | 2.5 | % | 4.1 | % | 4.0 | % | 3.6 | % |
Credit Facility | Term Loans | Senior Unsecured Notes | Mortgage Loans Payable | Total Debt | |||||||||||||||||||||||||
2020 | $ | — | $ | — | $ | — | $ | 33,077 | $ | 33,077 | |||||||||||||||||||
2021 | — | — | — | 11,271 | 11,271 | ||||||||||||||||||||||||
2022 | — | 100,000 | 50,000 | — | 150,000 | ||||||||||||||||||||||||
2023 | — | — | — | ||||||||||||||||||||||||||
2024 | — | — | 100,000 | — | 100,000 | ||||||||||||||||||||||||
Thereafter | — | — | 200,000 | — | 200,000 | ||||||||||||||||||||||||
Total Debt | — | 100,000 | 350,000 | 44,348 | 494,348 | ||||||||||||||||||||||||
Deferred financing costs, net | — | (417) | (2,326) | (30) | (2,773) | ||||||||||||||||||||||||
Total Debt, net | $ | — | $ | 99,583 | $ | 347,674 | $ | 44,318 | $ | 491,575 | |||||||||||||||||||
Weighted Average Interest Rate | n/a | 3.0 | % | 3.8 | % | 4.1 | % | 3.7 | % |
2018 | $ | 103,924 | ||
2019 | 91,512 | |||
2020 | 79,283 | |||
2021 | 65,128 | |||
2022 | 49,378 | |||
Thereafter | 130,454 | |||
|
| |||
Total | $ | 519,679 | ||
|
|
2020 | $ | 130,321 | |||
2021 | 115,704 | ||||
2022 | 98,104 | ||||
2023 | 78,567 | ||||
2024 | 60,999 | ||||
Thereafter | 149,665 | ||||
Total | $ | 633,360 |
rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. The Company does not use derivatives for trading or speculative purposes. The Company requires that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. As a result, there is no significant ineffectiveness from any of its derivative activities.
Effective Date | Maturity Date | Interest Rate Strike | Fair Value | Notional Amount | ||||||||||||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||
Derivative Instrument | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Interest Rate Cap | 12/1/2014 | 5/1/2021 | 4.0 | % | $ | 26 | $ | 204 | $ | 50,000 | $ | 50,000 | ||||||||||||||||
Interest Rate Cap | 9/1/2015 | 4/1/2019 | 4.0 | % | 1 | 14 | 50,000 | 50,000 | ||||||||||||||||||||
Interest Rate Cap | 9/1/2015 | 2/3/2020 | 4.0 | % | 3 | 63 | 50,000 | 50,000 | ||||||||||||||||||||
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|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 30 | $ | 281 | $ | 150,000 | $ | 150,000 | ||||||||||||||||||||
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|
|
|
|
|
|
Effective Date | Maturity Date | Interest Rate Strike | Fair Value | Notional Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Cap | 12/1/2014 | 5/4/2021 | 4.0 | % | $ | — | $ | 25 | $ | 50,000 | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Cap | 9/1/2015 | 4/1/2019 | 4.0 | % | — | — | — | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Cap | 9/1/2015 | 2/3/2020 | 4.0 | % | — | 1 | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 26 | $ | 100,000 | $ | 150,000 |
The following table presents the effect of the Company’s derivative financial instruments on its accompanying consolidated statements of operations for years ended December 31, 20172019 and 2016 (in2018 (dollars in thousands):
For the Year Ended December 31, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Interest rate caps in cash flow hedging relationships: | ||||||||||||
Amount of gain recognized in AOCI on derivatives (effective portion) | $ | 103 | $ | — | $ | — | ||||||
Amount of gain reclassified from AOCI into interest expense (effective portion) | $ | 103 | $ | — | $ | — |
For the Year Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Interest rate caps in cash flow hedging relationships: | |||||||||||||||||
Amount of gain recognized in AOCI on derivatives (effective portion) | $ | (26) | $ | 289 | |||||||||||||
Amount of gain reclassified from AOCI into interest expense (effective portion) | $ | 350 | $ | 289 |
Fair Value Measurement Using | ||||||||||||||||
Total Fair Value | Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Assets | ||||||||||||||||
Interest rate caps at: | ||||||||||||||||
December 31, 2017 | $ | 30 | $ | — | $ | 30 | $ | — | ||||||||
December 31, 2016 | $ | 281 | $ | — | $ | 281 | $ | — |
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||||||||
Total Fair Value | Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Interest rate caps at: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||
December 31, 2018 | $ | 26 | $ | — | $ | 26 | $ | — |
The following table sets forth the carrying value and the estimated fair value of the Company’s Senior Secured Loan and debt as of December 31, 20172019 and 20162018 (dollars in thousands):
Fair Value Measurement Using | ||||||||||||||||||||
Total Fair Value | Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Debt at: | ||||||||||||||||||||
December 31, 2017 | $ | 459,048 | $ | — | $ | 459,048 | $ | — | $ | 461,683 | ||||||||||
December 31, 2016 | $ | 417,219 | $ | — | $ | 417,219 | $ | — | $ | 415,327 |
Fair Value Measurement Using | |||||||||||||||||||||||||||||||||||||||||||||||
Total Fair Value | Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Value | |||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loan at: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 15,915 | $ | — | $ | 15,915 | $ | — | $ | 15,858 | |||||||||||||||||||||||||||||||||||||
December 31, 2018 | $ | 55,000 | $ | — | $ | 55,000 | $ | — | $ | 54,492 | |||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Debt at: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 503,028 | $ | — | $ | 503,028 | $ | — | $ | 491,575 | |||||||||||||||||||||||||||||||||||||
December 31, 2018 | $ | 455,159 | $ | — | $ | 455,159 | $ | — | $ | 462,097 |
unrestricted common stock was determined using the closing price of the Company’s common stock on the date of the grant. The Company recognized approximately $0.3$0.5 million in compensation costs for the year ended December 31, 20172019 related to this issuance.
As of December 31, 2017 and 2016, respectively, 0 and 1,840,000 shares of Series A Preferred Stock were issued and outstanding.
2017.
Shares | Weighted Average Grant Date Fair Value | |||||||
Non-vested shares outstanding as of December 31, 2014 | 156,488 | $ | 17.45 | |||||
Granted | 308,087 | 20.97 | ||||||
Forfeited | (20,322 | ) | 17.33 | |||||
Vested | (40,785 | ) | 18.13 | |||||
|
|
|
| |||||
Non-vested shares outstanding as of December 31, 2015 | 403,468 | 20.08 | ||||||
Granted | 32,797 | 21.50 | ||||||
Forfeited | (16,489 | ) | 17.53 | |||||
Vested | (24,495 | ) | 17.26 | |||||
|
|
|
| |||||
Non-vested shares outstanding as of December 31, 2016 | 395,281 | 20.48 | ||||||
Granted | 32,247 | 26.52 | ||||||
Forfeited | (50,008 | ) | 21.60 | |||||
Vested | (20,337 | ) | 18.06 | |||||
|
|
|
| |||||
Non-vested shares outstanding as of December 31, 2017 | 357,183 | $ | 21.01 | |||||
|
|
|
|
Shares Non-vested shares outstanding as of December 31, 2016 395,281 $ 20.48 Granted 32,247 26.52 Forfeited (50,008) 21.60 Vested (20,337) 18.06 Non-vested shares outstanding as of December 31, 2017 357,183 21.01 Granted 53,915 34.63 Forfeited (11,830) 20.30 Vested (15,338) 20.21 Non-vested shares outstanding as of December 31, 2018 383,930 22.98 Granted 111,099 46.99 Forfeited (52,892) 31.02 Vested (15,367) 23.90 Non-vested shares outstanding as of December 31, 2019 426,770 $ 28.20
Non-vested Shares Vesting Schedule | Number of Shares | |||
2018 | 27,168 | |||
2019 | 18,966 | |||
2020 | 298,028 | |||
2021 | 8,350 | |||
2022 | 4,671 | |||
Thereafter | — | |||
|
| |||
TotalNon-vested Shares | 357,183 | |||
|
|
2019:
Non-vested Shares Vesting Schedule | Number of Shares | ||||
2020 | 295,936 | ||||
2021 | 8,135 | ||||
2022 | 7,101 | ||||
2023 | 32,016 | ||||
2024 | 83,582 | ||||
Thereafter | — | ||||
Total Non-vested Shares | 426,770 |
granted prior to January 1, 2019 varies quarter to quarter based on the Company's relative share price performance.
Fair Value | Accrual | Expense | ||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
Performance Share Period | December 31, 2017 | December 31, 2017 | 2017 | 2016 | 2015 | |||||||||||||||
January 1, 2017 — December 31, 2019 | $ | 4,596 | $ | 1,532 | $ | 1,532 | $ | — | $ | — | ||||||||||
January 1, 2016 — December 31, 2018 | 5,175 | 3,452 | 2,189 | 1,262 | — | |||||||||||||||
January 1, 2015 — December 31, 20171 | 6,840 | 6,840 | 2,994 | 2,589 | 1,257 | |||||||||||||||
January 1, 2014 — December 31, 2016 | — | — | — | 3,471 | 1,463 | |||||||||||||||
January 1, 2013 — December 31, 2015 | — | — | — | — | 1,761 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 16,611 | $ | 11,824 | $ | 6,715 | $ | 7,322 | $ | 4,481 | ||||||||||
|
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|
|
|
1 | Subsequent |
Expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Share Period | Fair Value on Date of Grant | 2019 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1, 2019 - December 31, 2021 | $ | 4,829 | $ | 1,610 | $ | — | $ | — |
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||
March 31, 2017 | Common stock | $ | 0.200000 | February 7, 2017 | March 28, 2017 | April 12, 2017 | ||||||||
March 31, 2017 | Preferred stock | $ | 0.484375 | February 7, 2017 | March 10, 2017 | March 31, 2017 | ||||||||
June 30, 2017 | Common stock | $ | 0.200000 | May 2, 2017 | July 7, 2017 | July 21, 2017 | ||||||||
June 30, 2017 | Preferred stock | $ | 0.484375 | May 2, 2017 | June 9, 2017 | June 30, 2017 | ||||||||
September 30, 2017 | Common stock | $ | 0.220000 | August 1, 2017 | October 6, 2017 | October 21, 2017 | ||||||||
December 31, 2017 | Common stock | $ | 0.220000 | October 31, 2017 | December 29, 2017 | January 12, 2018 | ||||||||
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||
March 31, 2016 | Common stock | $ | 0.180000 | February 9, 2016 | March 28, 2016 | April 12, 2016 | ||||||||
March 31, 2016 | Preferred stock | $ | 0.484375 | February 9, 2016 | March 10, 2016 | March 31, 2016 | ||||||||
June 30, 2016 | Common stock | $ | 0.180000 | May 3, 2016 | July 7, 2016 | July 21, 2016 | ||||||||
June 30, 2016 | Preferred stock | $ | 0.484375 | May 3, 2016 | June 10, 2016 | June 30, 2016 | ||||||||
September 30, 2016 | Common stock | $ | 0.200000 | July 26, 2016 | October 7, 2016 | October 21, 2016 | ||||||||
September 30, 2016 | Preferred stock | $ | 0.484375 | July 26, 2016 | September 9, 2016 | September 30, 2016 | ||||||||
December 31, 2016 | Common stock | $ | 0.200000 | November 1, 2016 | December 30, 2016 | January 13, 2017 | ||||||||
December 31, 2016 | Preferred stock | $ | 0.484375 | November 1, 2016 | December 9, 2016 | December 30, 2016 |
2018:
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||||||||||||||||||||
March 31, 2019 | Common stock | $ | 0.24 | February 5, 2019 | March 29, 2019 | April 12, 2019 | ||||||||||||||||||||||||||
June 30, 2019 | Common stock | $ | 0.24 | April 30, 2019 | July 5, 2019 | July 19, 2019 | ||||||||||||||||||||||||||
September 30, 2019 | Common stock | $ | 0.27 | July 26, 2019 | October 4, 2019 | October 18, 2019 | ||||||||||||||||||||||||||
December 31, 2019 | Common stock | $ | 0.27 | October 29, 2019 | December 31, 2019 | January 14, 2020 | ||||||||||||||||||||||||||
For the Three Months Ended | Security | Dividend per Share | Declaration Date | Record Date | Date Paid | |||||||||||||||||||||||||||
March 31, 2018 | Common stock | $ | 0.22 | February 6, 2018 | March 28, 2018 | April 12, 2018 | ||||||||||||||||||||||||||
June 30, 2018 | Common stock | $ | 0.22 | May 1, 2018 | July 6, 2018 | July 20, 2018 | ||||||||||||||||||||||||||
September 30, 2018 | Common stock | $ | 0.24 | August 1, 2018 | October 5, 2018 | October 19, 2018 | ||||||||||||||||||||||||||
December 31, 2018 | Common stock | $ | 0.24 | October 31, 2018 | December 18, 2018 | January 11, 2019 | ||||||||||||||||||||||||||
2017.
2017 Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenues | $ | 31,441 | $ | 32,778 | $ | 33,640 | $ | 34,625 | ||||||||
Total costs and expenses | (21,911 | ) | (23,568 | ) | (23,659 | ) | (24,297 | ) | ||||||||
Total other income and (expenses) | (3,731 | ) | 6,317 | 10,952 | 508 | |||||||||||
Net income | 5,799 | 15,527 | 20,933 | 10,836 | ||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 4,874 | $ | 14,529 | $ | 18,852 | $ | 10,761 | ||||||||
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| |||||||||
Earnings per Common Share – Basic and Diluted: | ||||||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends 1 | $ | 0.10 | $ | 0.29 | $ | 0.36 | $ | 0.20 | ||||||||
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| |||||||||
Basic and Diluted Weighted Average Common Shares Outstanding | 47,645,321 | 50,325,668 | 52,804,611 | 54,563,353 | ||||||||||||
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2016 Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenues | $ | 25,657 | $ | 25,817 | $ | 27,104 | $ | 29,840 | ||||||||
Total costs and expenses | (20,415 | ) | (19,964 | ) | (22,422 | ) | (24,371 | ) | ||||||||
Total other income and (expenses) | 2,191 | (3,070 | ) | (1,612 | ) | (3,637 | ) | |||||||||
Net income | 7,433 | 2,783 | 3,070 | 1,832 | ||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends | $ | 6,484 | $ | 1,877 | $ | 2,161 | $ | 936 | ||||||||
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Earnings per Common Share – Basic and Diluted: | ||||||||||||||||
Net income available to common stockholders, net of redemption of preferred stock and preferred stock dividends1 | $ | 0.15 | $ | 0.04 | $ | 0.05 | $ | 0.02 | ||||||||
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| |||||||||
Basic and Diluted Weighted Average Common Shares Outstanding | 42,995,106 | 43,839,910 | 45,762,761 | 46,277,521 | ||||||||||||
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2019 Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 40,880 | $ | 41,730 | $ | 43,397 | $ | 45,015 | |||||||||||||||||||||||||||||||||
Total costs and expenses | (27,071) | (28,115) | (27,275) | (29,724) | |||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | 1,723 | (3,236) | (1,338) | (470) | |||||||||||||||||||||||||||||||||||||
Net income | 15,532 | 10,379 | 14,784 | 14,821 | |||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 15,434 | $ | 10,315 | $ | 14,689 | $ | 14,727 | |||||||||||||||||||||||||||||||||
Earnings per Common Share – Basic and Diluted: | |||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, basic 1 | $ | 0.25 | $ | 0.16 | $ | 0.22 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Net income available to common stockholders, diluted 1 | $ | 0.25 | $ | 0.16 | $ | 0.22 | $ | 0.22 | |||||||||||||||||||||||||||||||||
Basic Weighted Average Common Shares Outstanding | 61,456,965 | 63,780,645 | 65,724,426 | 66,706,245 | |||||||||||||||||||||||||||||||||||||
Diluted Weighted Average Common Shares Outstanding | 61,604,250 | 64,075,215 | 66,018,996 | 67,000,815 |
2018 Quarter Ended | |||||||||||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 37,107 | $ | 37,238 | $ | 37,899 | $ | 39,413 | |||||||||||||||||||||||||||||||||
Total costs and expenses | (25,708) | (25,099) | (24,712) | (26,912) | |||||||||||||||||||||||||||||||||||||
Total other income and (expenses) | (1,342) | 7,998 | (3,065) | 10,471 | |||||||||||||||||||||||||||||||||||||
Net income | 10,057 | 20,137 | 10,122 | 22,972 | |||||||||||||||||||||||||||||||||||||
Net income available to common stockholders | $ | 9,992 | $ | 20,012 | $ | 10,056 | $ | 22,827 | |||||||||||||||||||||||||||||||||
Earnings per Common Share – Basic and Diluted: | |||||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders, basic 1 | $ | 0.18 | $ | 0.35 | $ | 0.17 | $ | 0.38 | |||||||||||||||||||||||||||||||||
Net income available to common stockholders, diluted 1 | $ | 0.18 | $ | 0.35 | $ | 0.17 | $ | 0.38 | |||||||||||||||||||||||||||||||||
Basic Weighted Average Common Shares Outstanding | 55,127,580 | 56,698,959 | 58,369,252 | 59,689,965 | |||||||||||||||||||||||||||||||||||||
Diluted Weighted Average Common Shares Outstanding | 55,127,580 | 56,698,959 | 58,369,252 | 59,689,965 |
2018.
2019 or 2018.
subject to the completion of satisfactory due diligence and various closing conditions. The following table summarizes certain information with respect to the propertiesproperty and improved land parcel the Company has under contract:
Market | Number of Buildings | Square Feet | Purchase Price (in thousands) | Assumed Debt (in thousands) | ||||||||||||
Los Angeles | — | — | — | $ | — | |||||||||||
Northern New Jersey/New York City | 1 | 83,294 | 25,170 | — | ||||||||||||
San Francisco Bay Area | — | — | — | — | ||||||||||||
Seattle | 2 | 442,720 | 67,410 | — | ||||||||||||
Miami | — | — | — | — | ||||||||||||
Washington, D.C. | — | — | — | — | ||||||||||||
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| |||||||||
Total | 3 | 526,014 | $ | 92,580 | $ | — | ||||||||||
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|
Market | Number of Buildings | Square Feet | Purchase Price (in thousands) | Assumed Debt (in thousands) | ||||||||||||||||||||||
Los Angeles | 1 | 65,670 | $ | 18,000 | $ | — | ||||||||||||||||||||
Northern New Jersey/New York City | — | — | — | — | ||||||||||||||||||||||
San Francisco Bay Area 1 | — | — | 12,000 | — | ||||||||||||||||||||||
Seattle | — | — | — | — | ||||||||||||||||||||||
Miami | — | — | — | — | ||||||||||||||||||||||
Washington, D.C. | — | — | — | — | ||||||||||||||||||||||
Total | 1 | 65,670 | $ | 30,000 | $ | — |
March 2020 and bore interest at 3.65%.
2019
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||||||||||||||||||||||
104th Street | 1 | Los Angeles, CA | $ | — | $ | 3,701 | $ | 976 | $ | — | $ | 3,701 | $ | 976 | $ | 4,677 | $ | 5 | 2017 | 1951 | ||||||||||||||||||||||||||
139th Street | 2 | Carson, CA | — | 21,236 | 15,783 | — | 21,236 | 15,783 | 37,019 | 17 | 2017 | 1965/2003 | ||||||||||||||||||||||||||||||||||
630 Glasgow | 1 | Inglewood, CA | 2,165 | 2,245 | 1,855 | 385 | 2,245 | 2,240 | 4,485 | 501 | 2011 | 1988 | ||||||||||||||||||||||||||||||||||
747 Glasgow | 1 | Inglewood, CA | — | 1,759 | 1,555 | 205 | 1,759 | 1,760 | 3,519 | 216 | 2014 | 1981 | ||||||||||||||||||||||||||||||||||
1215 Walnut | 1 | Compton, CA | — | 6,130 | 2,522 | 10 | 6,130 | 2,532 | 8,662 | 32 | 2017 | 1969/1990 | ||||||||||||||||||||||||||||||||||
14605 Miller Ave | 1 | Fontana, CA | — | 8,695 | 12,945 | 8 | 8,695 | 12,953 | 21,648 | 1,042 | 2014 | 1990 | ||||||||||||||||||||||||||||||||||
14611 Broadway | 1 | Gardena, CA | — | 4,757 | 1,243 | 974 | 4,757 | 2,217 | 6,974 | 597 | 2013 | 1962 | ||||||||||||||||||||||||||||||||||
19601 Hamilton | 1 | Torrance, CA | — | 7,409 | 4,072 | 671 | 7,409 | 4,743 | 12,152 | 734 | 2011 | 1985 | ||||||||||||||||||||||||||||||||||
709 Hindry | 1 | Inglewood, CA | — | 2,105 | 2,972 | 32 | 2,105 | 3,004 | 5,109 | 104 | 2016 | 1984 | ||||||||||||||||||||||||||||||||||
Acacia | 1 | Compton, CA | — | 5,143 | 1,985 | 625 | 5,143 | 2,610 | 7,753 | 120 | 2017 | 1972 | ||||||||||||||||||||||||||||||||||
California | 1 | Corona, CA | — | 3,225 | 4,416 | 464 | 3,225 | 4,880 | 8,105 | 474 | 2014 | 1994 | ||||||||||||||||||||||||||||||||||
Dominguez | — | Los Angeles, CA | — | 11,370 | 1,535 | — | 11,370 | 1,535 | 12,905 | 8 | 2017 | — | ||||||||||||||||||||||||||||||||||
Garfield | 5 | Commerce, CA | 22,723 | 27,539 | 22,694 | 3,347 | 27,539 | 26,041 | 53,580 | 5,127 | 2012 | 2002 | ||||||||||||||||||||||||||||||||||
Hawthorne | 8 | Hawthorne, CA | — | 17,226 | 10,069 | — | 17,226 | 10,069 | 27,295 | 11 | 2017 | 1952/1986 | ||||||||||||||||||||||||||||||||||
Las Hermanas | 1 | Compton, CA | — | 3,330 | 751 | 208 | 3,330 | 959 | 4,289 | 148 | 2014 | 1970 | ||||||||||||||||||||||||||||||||||
Lynwood | 3 | Lynwood, CA | — | 43,885 | — | — | 43,885 | — | 43,885 | — | 2017 | 1988 | ||||||||||||||||||||||||||||||||||
Manhattan Beach | 1 | Redondo Beach, CA | — | 7,874 | 5,641 | 340 | 7,874 | 5,981 | 13,855 | 906 | 2012 | 1963/1970 | ||||||||||||||||||||||||||||||||||
South Main | 2 | Carson, CA | — | 16,371 | 7,045 | 17,028 | 16,371 | 24,073 | 40,444 | 4,932 | 2012/2014 | 2016 | ||||||||||||||||||||||||||||||||||
South Main III | 1 | Gardena, CA | — | 11,521 | 12,467 | — | 11,521 | 12,467 | 23,988 | 181 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||
Telegraph Springs | 2 | Santa Fe Springs, CA | — | 7,063 | 7,236 | 62 | 7,063 | 7,298 | 14,361 | 87 | 2017 | 2007 | ||||||||||||||||||||||||||||||||||
Northern New Jersey/ | ||||||||||||||||||||||||||||||||||||||||||||||
1 Dodge Drive | 1 | West Caldwell, NJ | — | 3,819 | 2,982 | 1,439 | 3,819 | 4,421 | 8,240 | 901 | 2013 | 1985 | ||||||||||||||||||||||||||||||||||
17 Madison | 1 | Fairfield, NJ | — | 974 | 1,647 | 468 | 974 | 2,115 | 3,089 | 370 | 2013 | 1979 | ||||||||||||||||||||||||||||||||||
20 Pulaski | 1 | Bayonne, NJ | — | 4,003 | 4,946 | 1,134 | 4,003 | 6,080 | 10,083 | 742 | 2014 | 1965 | ||||||||||||||||||||||||||||||||||
22 Madison | 1 | Fairfield, NJ | — | 1,365 | 1,607 | 104 | 1,365 | 1,711 | 3,076 | 112 | 2015 | 1979 | ||||||||||||||||||||||||||||||||||
50 Kero | 2 | Carlstadt, NJ | — | 10,343 | 3,876 | 141 | 10,343 | 4,017 | 14,360 | 43 | 2017 | 1970 | ||||||||||||||||||||||||||||||||||
74th North Bergen | 1 | North Bergen, NJ | — | 2,933 | 1,817 | 353 | 2,933 | 2,170 | 5,103 | 71 | 2016 | 1973 | ||||||||||||||||||||||||||||||||||
341 Michele | 1 | Carlstadt, NJ | — | 2,372 | 4,798 | 485 | 2,372 | 5,283 | 7,655 | 628 | 2013 | 1973 | ||||||||||||||||||||||||||||||||||
422 Frelinghuysen | — | Newark, NJ | — | 16,728 | — | 629 | 16,728 | 629 | 17,357 | — | 2017 | — | ||||||||||||||||||||||||||||||||||
465 Meadow | 1 | Carlstadt, NJ | — | 713 | 1,618 | 229 | 713 | 1,847 | 2,560 | 223 | 2013 | 1972 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||
550 Delancy | 1 | Newark, NJ | — | 9,230 | 4,855 | 1,053 | 9,230 | 5,908 | 15,138 | 656 | 2013 | 1987 | ||||||||||||||||||||||||||||||||||
620 Division | 1 | Elizabeth, NJ | 5,910 | 6,491 | 3,568 | 2,995 | 6,491 | 6,563 | 13,054 | 1,983 | 2011 | 1980 | ||||||||||||||||||||||||||||||||||
7777 West Side | 1 | North Bergen, NJ | — | 4,525 | 8,856 | — | 4,525 | 8,856 | 13,381 | 161 | 2017 | 1967 | ||||||||||||||||||||||||||||||||||
900 Hart | 1 | Piscataway, NJ | — | 3,202 | 3,866 | 887 | 3,202 | 4,753 | 7,955 | 620 | 2014 | 1983 | ||||||||||||||||||||||||||||||||||
901 North | — | Elizabeth, NJ | — | 8,035 | 913 | 822 | 8,035 | 1,735 | 9,770 | 145 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||
Avenue A | 4 | Carlstadt, NJ | — | 7,516 | 4,660 | 262 | 7,516 | 4,922 | 12,438 | 102 | 2017 | 1951/1957 | ||||||||||||||||||||||||||||||||||
Belleville | 1 | Kearny, NJ | 12,570 | 12,845 | 18,041 | 1,323 | 12,845 | 19,364 | 32,209 | 3,174 | 2011 | 2006 | ||||||||||||||||||||||||||||||||||
Dell | 1 | Carlstadt, NJ | — | 6,641 | 771 | 170 | 6,641 | 941 | 7,582 | 150 | 2011 | 1972 | ||||||||||||||||||||||||||||||||||
Ethel | 2 | Piscataway, NJ | — | 2,748 | 3,801 | 1,217 | 2,748 | 5,018 | 7,766 | 743 | 2013 | 1981/1984 | ||||||||||||||||||||||||||||||||||
Interstate | 2 | South Brunswick, NJ | — | 13,686 | 12,135 | 10,286 | 13,686 | 22,421 | 36,107 | 3,796 | 2010/2013 | 1999/2014 | ||||||||||||||||||||||||||||||||||
JFK Airgate | 4 | Queens, NY | — | 18,282 | 32,933 | 3,893 | 18,282 | 36,826 | 55,108 | 4,383 | 2013 | 1986/1991 | ||||||||||||||||||||||||||||||||||
Manor | 1 | East Rutherford, NJ | — | 4,076 | 5,262 | 1,685 | 4,076 | 6,947 | 11,023 | 411 | 2015 | 1968 | ||||||||||||||||||||||||||||||||||
Melanie Lane | 3 | East Hanover, NJ | — | 5,931 | 13,178 | 1,894 | 5,931 | 15,072 | 21,003 | 2,059 | 2013 | 1980/1998 | ||||||||||||||||||||||||||||||||||
Middlebrook | 18 | Bound Brook, NJ | — | 16,442 | 10,241 | 10,254 | 16,442 | 20,495 | 36,937 | 5,696 | 2010 | 1958/1976 | ||||||||||||||||||||||||||||||||||
New Dutch | 1 | Fairfield, NJ | — | 4,773 | 2,004 | — | 4,773 | 2,004 | 6,777 | 3 | 2017 | 1976 | ||||||||||||||||||||||||||||||||||
Paterson Plank | 1 | Carlstadt, NJ | — | 4,127 | 455 | 118 | 4,127 | 573 | 4,700 | 21 | 2016 | 1998 | ||||||||||||||||||||||||||||||||||
Schoolhouse | 1 | Somerset, NJ | — | 2,375 | 5,705 | — | 2,375 | 5,705 | 8,080 | 195 | 2016 | 2009 | ||||||||||||||||||||||||||||||||||
Stockton | — | Newark, NJ | — | 12,327 | 1,282 | 222 | 12,327 | 1,504 | 13,831 | 45 | 2017 | — | ||||||||||||||||||||||||||||||||||
Terminal Way | 2 | Avenel, NJ | — | 3,537 | 3,598 | 38 | 3,537 | 3,636 | 7,173 | 294 | 2014 | 1950/1968 | ||||||||||||||||||||||||||||||||||
Wilson | 1 | Newark, NJ | — | 2,016 | 484 | 776 | 2,016 | 1,260 | 3,276 | 84 | 2016 | 1970 | ||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||
238/242 Lawrence | 2 | South San Francisco, CA | — | 6,674 | 2,655 | 1,111 | 6,674 | 3,766 | 10,440 | 1,014 | 2010 | 1986 | ||||||||||||||||||||||||||||||||||
240 Littlefield | 1 | South San Francisco, CA | — | 5,107 | 3,293 | 2,852 | 5,107 | 6,145 | 11,252 | 661 | 2013 | 2013 | ||||||||||||||||||||||||||||||||||
299 Lawrence | 1 | South San Francisco, CA | — | 1,352 | 1,198 | 416 | 1,352 | 1,614 | 2,966 | 477 | 2010 | 1968 | ||||||||||||||||||||||||||||||||||
631 Brennan | 1 | San Jose, CA | — | 1,932 | 2,245 | 503 | 1,932 | 2,748 | 4,680 | 535 | 2012 | 1975 | ||||||||||||||||||||||||||||||||||
Ahern | 2 | Union City, CA | 3,124 | 3,246 | 2,749 | 665 | 3,246 | 3,414 | 6,660 | 854 | 2010 | 1986 | ||||||||||||||||||||||||||||||||||
Ahern II | 1 | Union City, CA | — | 2,467 | 4,527 | 201 | 2,467 | 4,728 | 7,195 | 388 | 2015 | 1997 | ||||||||||||||||||||||||||||||||||
Burroughs | 3 | San Leandro, CA | — | 5,400 | 7,092 | 659 | 5,400 | 7,751 | 13,151 | 770 | 2014 | 1966 | ||||||||||||||||||||||||||||||||||
Caribbean | 3 | Sunnyvale, CA | — | 17,483 | 14,493 | 1,721 | 17,483 | 16,214 | 33,697 | 2,634 | 2012 | 1980/1981 | ||||||||||||||||||||||||||||||||||
Carlton Court | 1 | South San Francisco, CA | — | 2,036 | 1,475 | 162 | 2,036 | 1,637 | 3,673 | 296 | 2012 | 1981 | ||||||||||||||||||||||||||||||||||
Clawiter | 1 | Hayward, CA | 4,308 | 5,964 | 1,159 | 23 | 5,964 | 1,182 | 7,146 | 178 | 2011 | 1967 | ||||||||||||||||||||||||||||||||||
Hotchkiss | 1 | Fremont, CA | — | 4,163 | 3,152 | 419 | 4,163 | 3,571 | 7,734 | 25 | 2017 | 1997 | ||||||||||||||||||||||||||||||||||
221 Michele | 1 | South San Francisco, CA | — | 2,710 | 2,540 | 132 | 2,710 | 2,672 | 5,382 | 148 | 2016 | 1979 | ||||||||||||||||||||||||||||||||||
West 140th | 2 | San Leandro, CA | — | 9,578 | 6,297 | 3,617 | 9,578 | 9,914 | 19,492 | 269 | 2016 | 1959 | ||||||||||||||||||||||||||||||||||
Central Pacific Business Park I | 3 | Union City, CA | — | 8,468 | 14,165 | 678 | 8,468 | 14,843 | 23,311 | 1,297 | 2014 | 1989 | ||||||||||||||||||||||||||||||||||
Central Pacific Business Park II | 4 | Union City, CA | — | 13,642 | 23,658 | 5,132 | 13,642 | 28,790 | 42,432 | 2,001 | 2015 | 2015 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||||||||||||||||||
79 Ave South | 1 | Kent, WA | — | 1,267 | 1,503 | 380 | 1,267 | 1,883 | 3,150 | 277 | 2014 | 2000 | ||||||||||||||||||||||||||||||||||
3401 Lind | 1 | Renton, WA | — | 2,999 | 6,707 | 383 | 2,999 | 7,090 | 10,089 | 568 | 2014 | 1984/2012 | ||||||||||||||||||||||||||||||||||
4225 2nd Avenue | 1 | Seattle, WA | — | 4,236 | 4,049 | 2,009 | 4,236 | 6,058 | 10,294 | 359 | 2015 | 1957 | ||||||||||||||||||||||||||||||||||
4930 3rd Avenue South | 1 | Seattle, WA | — | 3,984 | 2,424 | 12 | 3,984 | 2,436 | 6,420 | 121 | 2016 | 1964 | ||||||||||||||||||||||||||||||||||
17600 West Valley Highway | 1 | Tukwila, WA | — | 3,361 | 5,260 | 960 | 3,361 | 6,220 | 9,581 | 1,121 | 2012 | 1986 | ||||||||||||||||||||||||||||||||||
Auburn 1307 | 1 | Auburn, WA | — | 4,253 | 5,034 | 181 | 4,253 | 5,215 | 9,468 | 507 | 2014 | 2002 | ||||||||||||||||||||||||||||||||||
Dawson | 1 | Seattle, WA | — | 3,902 | 278 | — | 3,902 | 278 | 4,180 | 4 | 2017 | 1964 | ||||||||||||||||||||||||||||||||||
Denver | 1 | Seattle, WA | — | 3,203 | 1,345 | 480 | 3,203 | 1,825 | 5,028 | 71 | 2016 | 1953 | ||||||||||||||||||||||||||||||||||
Hanford | 1 | Seattle, WA | — | 3,821 | 2,250 | 215 | 3,821 | 2,465 | 6,286 | 43 | 2017 | 1952 | ||||||||||||||||||||||||||||||||||
Kent 188 | 1 | Kent, WA | 4,757 | 3,251 | 4,719 | 1,248 | 3,251 | 5,967 | 9,218 | 1,337 | 2010 | 1979 | ||||||||||||||||||||||||||||||||||
Kent 190 | 1 | Kent, WA | — | 4,560 | 5,561 | 271 | 4,560 | 5,832 | 10,392 | 426 | 2015 | 1992/1999 | ||||||||||||||||||||||||||||||||||
Kent 202 | 1 | Kent, WA | — | 5,761 | 9,114 | 2,806 | 5,761 | 11,920 | 17,681 | 644 | 2015 | 1981 | ||||||||||||||||||||||||||||||||||
Kent 216 | 1 | Kent, WA | — | 3,672 | 5,408 | 299 | 3,672 | 5,707 | 9,379 | 693 | 2014 | 1996 | ||||||||||||||||||||||||||||||||||
Kent Corporate Park | 4 | Kent, WA | — | 5,032 | 6,916 | 1,164 | 5,032 | 8,080 | 13,112 | 644 | 2015 | 1980/1981 | ||||||||||||||||||||||||||||||||||
Lucile | 1 | Seattle, WA | — | 4,498 | 3,504 | 1,334 | 4,498 | 4,838 | 9,336 | 126 | 2017 | 1976 | ||||||||||||||||||||||||||||||||||
Lund | 1 | Auburn, WA | — | 2,573 | 4,399 | 56 | 2,573 | 4,455 | 7,028 | 214 | 2016 | 1999 | ||||||||||||||||||||||||||||||||||
Olympic | 1 | Tukwila, WA | — | 1,499 | 1,431 | 491 | 1,499 | 1,922 | 3,421 | 189 | 2015 | 1978 | ||||||||||||||||||||||||||||||||||
SeaTac 8th Avenue | 1 | Burien, WA | — | 2,501 | 4,020 | 491 | 2,501 | 4,511 | 7,012 | 751 | 2013 | 1988 | ||||||||||||||||||||||||||||||||||
SW 34th | 1 | Renton, WA | — | 2,912 | 3,289 | 478 | 2,912 | 3,767 | 6,679 | 360 | 2014 | 1996/2010 | ||||||||||||||||||||||||||||||||||
Valley Corporate | 2 | Kent, WA | 7,713 | 5,264 | 9,096 | 1,279 | 5,264 | 10,375 | 15,639 | 1,745 | 2011 | 1987 | ||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||||
10th Avenue | 1 | Hialeah, FL | — | 6,376 | 2,624 | 2,884 | 6,376 | 5,508 | 11,884 | 1,648 | 2010 | 1957/2005 | ||||||||||||||||||||||||||||||||||
25th Street | 1 | Doral, FL | — | 4,454 | 4,889 | 68 | 4,454 | 4,957 | 9,411 | 395 | 2015 | 1974 | ||||||||||||||||||||||||||||||||||
26th Street | 2 | Miami, FL | — | 4,569 | 6,183 | 46 | 4,569 | 6,229 | 10,798 | 876 | 2012 | 1973 | ||||||||||||||||||||||||||||||||||
48th Avenue | 2 | Miami Gardens, FL | — | 4,322 | 2,187 | 372 | 4,322 | 2,559 | 6,881 | 395 | 2011 | 1987 | ||||||||||||||||||||||||||||||||||
60th Avenue | 1 | Miami Lakes, FL | — | 6,203 | 1,567 | 6,582 | 6,203 | 8,149 | 14,352 | 2,292 | 2010 | 1971/2011 | ||||||||||||||||||||||||||||||||||
70th Avenue | 1 | Miami, FL | — | 1,434 | 2,333 | 198 | 1,434 | 2,531 | 3,965 | 440 | 2011 | 1999 | ||||||||||||||||||||||||||||||||||
70th Avenue II | 1 | Miami, FL | — | 2,152 | 3,418 | 33 | 2,152 | 3,451 | 5,603 | 142 | 2016 | 1969 | ||||||||||||||||||||||||||||||||||
70th Avenue III | 1 | Miami, FL | — | 2,543 | 3,167 | — | 2,543 | 3,167 | 5,710 | 91 | 2016 | 1974 | ||||||||||||||||||||||||||||||||||
70th Avenue IV | 1 | Miami, FL | — | 1,119 | 1,456 | — | 1,119 | 1,456 | 2,575 | 14 | 2017 | 1969 | ||||||||||||||||||||||||||||||||||
70th Avenue V | 1 | Miami, FL | — | 5,036 | 3,419 | 10 | 5,036 | 3,429 | 8,465 | 19 | 2017 | 1974 | ||||||||||||||||||||||||||||||||||
74th Avenue | 1 | Miami, FL | — | 2,327 | 3,538 | 293 | 2,327 | 3,831 | 6,158 | 99 | 2016 | 1986 | ||||||||||||||||||||||||||||||||||
78th Avenue | 1 | Doral, FL | — | 2,445 | 1,755 | 1,913 | 2,445 | 3,668 | 6,113 | 755 | 2012 | 1977 | ||||||||||||||||||||||||||||||||||
81st Street | 2 | Medley, FL | — | 2,938 | 5,242 | 776 | 2,938 | 6,018 | 8,956 | 569 | 2015 | 1996/2003 | ||||||||||||||||||||||||||||||||||
94th Avenue | 1 | Doral, FL | — | 3,000 | 3,580 | 40 | 3,000 | 3,620 | 6,620 | 19 | 2017 | 1989 | ||||||||||||||||||||||||||||||||||
107th Avenue | 1 | Medley, FL | 1,793 | 2,787 | 2,036 | 491 | 2,787 | 2,527 | 5,314 | 392 | 2013 | 2001 | ||||||||||||||||||||||||||||||||||
101st Road | 1 | Medley, FL | — | 2,647 | 3,258 | 161 | 2,647 | 3,419 | 6,066 | 467 | 2013 | 2012 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
104th Street | 1 | Los Angeles, CA | $ | — | $ | 3,701 | $ | 976 | $ | — | $ | 3,701 | $ | 976 | $ | 4,677 | $ | 58 | 2017 | 1951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
139th Street | 2 | Carson, CA | — | 21,236 | 15,783 | 2 | 21,236 | 15,785 | 37,021 | 847 | 2017 | 1965/2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
630 Glasgow | 1 | Inglewood, CA | — | 2,245 | 1,855 | 400 | 2,245 | 2,255 | 4,500 | 658 | 2011 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
747 Glasgow | 1 | Inglewood, CA | — | 1,759 | 1,555 | 297 | 1,759 | 1,852 | 3,611 | 366 | 2014 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14611 Broadway | 1 | Gardena, CA | — | 4,757 | 1,243 | 1,020 | 4,757 | 2,263 | 7,020 | 880 | 2013 | 1962 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19601 Hamilton | 1 | Torrance, CA | — | 7,409 | 4,072 | 744 | 7,409 | 4,816 | 12,225 | 1,141 | 2011 | 1985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
709 Hindry | 1 | Inglewood, CA | — | 2,105 | 2,972 | 168 | 2,105 | 3,140 | 5,245 | 296 | 2016 | 1984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acacia | 1 | Compton, CA | — | 5,143 | 1,985 | 625 | 5,143 | 2,610 | 7,753 | 470 | 2017 | 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anderson | 5 | Los Angeles, CA | — | 17,095 | 1,271 | 323 | 17,095 | 1,594 | 18,689 | 14 | 2019 | 1912-1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominguez | — | Los Angeles, CA | — | 11,370 | 1,535 | 1,504 | 11,370 | 3,039 | 14,409 | 152 | 2017 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Garfield | 5 | Commerce, CA | 21,333 | 27,539 | 22,694 | 3,738 | 27,539 | 26,432 | 53,971 | 7,343 | 2012 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawthorne | 8 | Hawthorne, CA | — | 17,226 | 10,069 | 1,509 | 17,226 | 11,578 | 28,804 | 782 | 2017 | 1952/1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Las Hermanas | 1 | Compton, CA | — | 3,330 | 751 | 673 | 3,330 | 1,424 | 4,754 | 254 | 2014 | 1970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lynwood | 3 | Lynwood, CA | — | 43,885 | — | — | 43,885 | — | 43,885 | — | 2017 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manhattan Beach | 1 | Redondo Beach, CA | — | 7,874 | 5,641 | 443 | 7,874 | 6,084 | 13,958 | 1,347 | 2012 | 1963/1970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoemaker | — | Santa Fe Springs, CA | — | 4,759 | 1,099 | 25 | 4,759 | 1,124 | 5,883 | 43 | 2018 | 1986/1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Slauson | 2 | Santa Fe Springs, CA | — | 4,679 | 697 | 45 | 4,679 | 742 | 5,421 | 8 | 2019 | 1967/1973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Main | 2 | Carson, CA | — | 16,371 | 7,045 | 17,043 | 16,371 | 24,088 | 40,459 | 6,122 | 2012/2014 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Main III | 1 | Gardena, CA | — | 11,521 | 12,467 | — | 11,521 | 12,467 | 23,988 | 849 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Telegraph Springs | 2 | Santa Fe Springs, CA | — | 7,063 | 7,236 | 241 | 7,063 | 7,477 | 14,540 | 529 | 2017 | 2007 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vermont | 1 | Torrance, CA | — | 10,173 | 7,105 | 221 | 10,173 | 7,326 | 17,499 | 365 | 2018 | 1978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1215 Walnut | 1 | Compton, CA | — | 6,130 | 2,522 | 10 | 6,130 | 2,532 | 8,662 | 174 | 2017 | 1969/1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Walnut II | 1 | Compton, CA | — | 6,097 | 5,069 | 595 | 6,097 | 5,664 | 11,761 | 169 | 2018 | 1969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northern New Jersey/ New York City | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Dodge Drive | 1 | West Caldwell, NJ | — | 3,819 | 2,982 | 1,628 | 3,819 | 4,610 | 8,429 | 1,459 | 2013 | 1985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 Madison | 1 | Fairfield, NJ | — | 974 | 1,647 | 543 | 974 | 2,190 | 3,164 | 590 | 2013 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 Pulaski | 1 | Bayonne, NJ | — | 4,003 | 4,946 | 1,201 | 4,003 | 6,147 | 10,150 | 1,235 | 2014 | 1965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22 Madison | 1 | Fairfield, NJ | — | 1,365 | 1,607 | 885 | 1,365 | 2,492 | 3,857 | 203 | 2015 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48th 3rd and 286 Central | 1 | Kearny, NJ | — | 12,061 | 1,664 | — | 12,061 | 1,664 | 13,725 | 41 | 2019 | 1978/1983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
49th Street | 1 | Queens, NY | — | 21,674 | 2,999 | 1,125 | 21,674 | 4,124 | 25,798 | 104 | 2019 | 1966 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||
131st Street | 1 | Medley, FL | — | 2,903 | 5,729 | 430 | 2,903 | 6,159 | 9,062 | 568 | 2014 | 1999 | ||||||||||||||||||||||||||||||||||
12950 SW South River | 1 | Medley, FL | — | 1,971 | 4,029 | 400 | 1,971 | 4,429 | 6,400 | 219 | 2016 | 2000 | ||||||||||||||||||||||||||||||||||
Americas Gateway | 6 | Doral, FL | — | 11,152 | 11,721 | 2,174 | 11,152 | 13,895 | 25,047 | 2,044 | 2013 | 1978/1982 | ||||||||||||||||||||||||||||||||||
Miami International Trade Center | 4 | Medley, FL | — | 5,063 | 10,958 | 654 | 5,063 | 11,612 | 16,675 | 799 | 2015 | 1996 | ||||||||||||||||||||||||||||||||||
Washington, D.C. | ||||||||||||||||||||||||||||||||||||||||||||||
75th Ave | 5 | Landover, MD | — | 10,658 | 18,615 | 2,931 | 10,658 | 21,546 | 32,204 | 1,944 | 2014 | 1987/1990 | ||||||||||||||||||||||||||||||||||
2920 V Street | 1 | Washington, D.C. | — | 2,248 | 1,670 | 987 | 2,248 | 2,657 | 4,905 | 28 | 2017 | 1958 | ||||||||||||||||||||||||||||||||||
3601 Pennsy | 1 | Landover, MD | — | 2,331 | 4,375 | 499 | 2,331 | 4,874 | 7,205 | 582 | 2013 | 1996 | ||||||||||||||||||||||||||||||||||
4230 Forbes | 1 | Lanham, MD | — | 1,736 | 2,395 | 372 | 1,736 | 2,767 | 4,503 | 287 | 2013 | 2003 | ||||||||||||||||||||||||||||||||||
8215 Dorsey | 1 | Jessup, MD | — | 2,263 | 3,200 | 765 | 2,263 | 3,965 | 6,228 | 407 | 2013 | 1965/1981 | ||||||||||||||||||||||||||||||||||
9070 Junction | 1 | Annapolis Junction, MD | — | 3,538 | 6,670 | 2,638 | 3,538 | 9,308 | 12,846 | 1,004 | 2015 | 1997 | ||||||||||||||||||||||||||||||||||
Business Parkway | 1 | Lanham, MD | — | 3,038 | 3,007 | — | 3,038 | 3,007 | 6,045 | 90 | 2016 | 2002 | ||||||||||||||||||||||||||||||||||
Hampton | 1 | Capitol Heights, MD | — | 5,095 | 11,672 | 830 | 5,095 | 12,502 | 17,597 | 1,198 | 2014 | 2006 | ||||||||||||||||||||||||||||||||||
Hampton Overlook | 3 | Capitol Heights, MD | — | 4,602 | 7,521 | 328 | 4,602 | 7,849 | 12,451 | 334 | 2016 | 1989/1990 | ||||||||||||||||||||||||||||||||||
Junction | 1 | Annapolis Junction, MD | — | 2,526 | 10,419 | 236 | 2,526 | 10,655 | 13,181 | 873 | 2014 | 1989/2012 | ||||||||||||||||||||||||||||||||||
New Ridge | — | Hanover, MD | — | 5,689 | 1,567 | — | 5,689 | 1,567 | 7,256 | 74 | 2016 | — | ||||||||||||||||||||||||||||||||||
Parkway | 1 | Hanover, MD | — | 4,543 | 12,094 | 193 | 4,543 | 12,287 | 16,830 | 1,299 | 2014 | 1968/2012 | ||||||||||||||||||||||||||||||||||
Troy Hill | 1 | Elkridge, MD | — | 1,409 | 5,033 | 60 | 1,409 | 5,093 | 6,502 | 812 | 2012 | 2003 | ||||||||||||||||||||||||||||||||||
V Street | 6 | Washington, D.C. | — | 67,132 | 41,299 | 6,522 | 67,132 | 47,821 | 114,953 | 4,259 | 2015 | 1955/1963 | ||||||||||||||||||||||||||||||||||
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Subtotal | 196 | 65,063 | 759,659 | 667,292 | 133,950 | 759,659 | 801,242 | 1,560,901 | 90,234 | |||||||||||||||||||||||||||||||||||||
Unamortized net premiums | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Unamortized net deferred financing costs | — | (232 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | — | — | — | — | — | 76,029 | 49,580 | |||||||||||||||||||||||||||||||||||||
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Total | 196 | $ | 64,831 | $ | 759,659 | $ | 667,292 | $ | 133,950 | $ | 759,659 | $ | 801,242 | $ | 1,636,930 | $ | 139,814 | |||||||||||||||||||||||||||||
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Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50 Kero | 2 | Carlstadt, NJ | — | 10,343 | 3,876 | 3,100 | 10,343 | 6,976 | 17,319 | 455 | 2017 | 1970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51 Kero | — | Carlstadt, NJ | — | 3,236 | 589 | 1 | 3,236 | 590 | 3,826 | 7 | 2019 | 1956-1966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
74th North Bergen | 1 | North Bergen, NJ | — | 2,933 | 1,817 | 353 | 2,933 | 2,170 | 5,103 | 255 | 2016 | 1973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
81 N. Hackensack | — | Kearny, NJ | — | 25,901 | — | — | 25,901 | — | 25,901 | — | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
85 Doremus | — | Newark, NJ | — | 5,918 | 513 | — | 5,918 | 513 | 6,431 | 28 | 2018 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
341 Michele | 1 | Carlstadt, NJ | — | 2,372 | 4,798 | 891 | 2,372 | 5,689 | 8,061 | 993 | 2013 | 1973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
422 Frelinghuysen | — | Newark, NJ | — | 16,728 | — | 6,781 | 16,728 | 6,781 | 23,509 | 317 | 2017 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
465 Meadow | 1 | Carlstadt, NJ | — | 713 | 1,618 | 229 | 713 | 1,847 | 2,560 | 378 | 2013 | 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
550 Delancy | 1 | Newark, NJ | — | 9,230 | 4,855 | 1,970 | 9,230 | 6,825 | 16,055 | 1,237 | 2013 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
620 Division | 1 | Elizabeth, NJ | — | 6,491 | 3,568 | 3,405 | 6,491 | 6,973 | 13,464 | 2,708 | 2011 | 1980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7777 West Side | 1 | North Bergen, NJ | — | 4,525 | 8,856 | — | 4,525 | 8,856 | 13,381 | 616 | 2017 | 1967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
900 Hart | 1 | Piscataway, NJ | — | 3,202 | 3,866 | 1,301 | 3,202 | 5,167 | 8,369 | 898 | 2014 | 1983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
901 North | — | Elizabeth, NJ | — | 8,035 | 913 | 829 | 8,035 | 1,742 | 9,777 | 352 | 2016 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue A | 4 | Carlstadt, NJ | — | 7,516 | 4,660 | 684 | 7,516 | 5,344 | 12,860 | 476 | 2017 | 1951/1957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belleville | 1 | Kearny, NJ | 11,728 | 12,845 | 18,041 | 1,332 | 12,845 | 19,373 | 32,218 | 4,250 | 2011 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commerce | 1 | Carlstadt, NJ | — | 1,656 | 1,544 | 128 | 1,656 | 1,672 | 3,328 | 54 | 2018 | 1969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dell | 1 | Carlstadt, NJ | — | 6,641 | 771 | 548 | 6,641 | 1,319 | 7,960 | 243 | 2011 | 1972 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ethel | 2 | Piscataway, NJ | — | 2,748 | 3,801 | 1,441 | 2,748 | 5,242 | 7,990 | 1,197 | 2013 | 1981/1984 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interstate | 2 | South Brunswick, NJ | — | 13,686 | 12,135 | 11,104 | 13,686 | 23,239 | 36,925 | 5,582 | 2010/2013 | 1999/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JFK Airgate | 4 | Queens, NY | — | 18,282 | 32,933 | 4,928 | 18,282 | 37,861 | 56,143 | 7,596 | 2013 | 1986/1991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manor | 1 | East Rutherford, NJ | — | 4,076 | 5,262 | 1,674 | 4,076 | 6,936 | 11,012 | 878 | 2015 | 1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Melanie Lane | 3 | East Hanover, NJ | — | 5,931 | 13,178 | 2,932 | 5,931 | 16,110 | 22,041 | 3,344 | 2013 | 1980/1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middlebrook | 18 | Bound Brook, NJ | — | 16,442 | 10,241 | 12,016 | 16,442 | 22,257 | 38,699 | 7,842 | 2010 | 1958/1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Morgan | 2 | Brooklyn, NY | — | 71,051 | 10,888 | 203 | 71,051 | 11,091 | 82,142 | 106 | 2019 | 1960/1980 & 1967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Dutch | 1 | Fairfield, NJ | — | 4,773 | 2,004 | — | 4,773 | 2,004 | 6,777 | 160 | 2017 | 1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paterson Plank | 1 | Carlstadt, NJ | — | 4,127 | 455 | 88 | 4,127 | 543 | 4,670 | 79 | 2016 | 1998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schoolhouse | 1 | Somerset, NJ | — | 2,375 | 5,705 | 295 | 2,375 | 6,000 | 8,375 | 589 | 2016 | 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockton | — | Newark, NJ | — | 12,327 | 1,282 | 222 | 12,327 | 1,504 | 13,831 | 255 | 2017 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Terminal Way | 2 | Avenel, NJ | — | 3,537 | 3,598 | 124 | 3,537 | 3,722 | 7,259 | 507 | 2014 | 1950/1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whelan | 1 | East Rutherford, NJ | — | 6,366 | 5,704 | — | 6,366 | 5,704 | 12,070 | 6 | 2019 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilson | 1 | Newark, NJ | — | 2,016 | 484 | 813 | 2,016 | 1,297 | 3,313 | 235 | 2016 | 1970 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Woodside | 1 | Queens, NY | — | 23,987 | 3,796 | 3,944 | 23,987 | 7,740 | 31,727 | 305 | 2018 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco Bay Area | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20th Street | 1 | Oakland, CA | — | 18,092 | 6,730 | 1,017 | 18,092 | 7,747 | 25,839 | 70 | 2019 | 1970 & 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
238/242 Lawrence | 2 | South San Francisco, CA | — | 6,674 | 2,655 | 1,546 | 6,674 | 4,201 | 10,875 | 1,412 | 2010 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
240 Littlefield | 1 | South San Francisco, CA | — | 5,107 | 3,293 | 2,852 | 5,107 | 6,145 | 11,252 | 1,038 | 2013 | 2013 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
299 Lawrence | 1 | South San Francisco, CA | — | 1,352 | 1,198 | 423 | 1,352 | 1,621 | 2,973 | 620 | 2010 | 1968 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
631 Brennan | 1 | San Jose, CA | — | 1,932 | 2,245 | 561 | 1,932 | 2,806 | 4,738 | 691 | 2012 | 1975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ahern | 2 | Union City, CA | — | 3,246 | 2,749 | 871 | 3,246 | 3,620 | 6,866 | 1,184 | 2010 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ahern II | 1 | Union City, CA | — | 2,467 | 4,527 | 201 | 2,467 | 4,728 | 7,195 | 710 | 2015 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Burroughs | 3 | San Leandro, CA | — | 5,400 | 7,092 | 1,379 | 5,400 | 8,471 | 13,871 | 1,288 | 2014 | 1966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Caribbean | 3 | Sunnyvale, CA | — | 17,483 | 14,493 | 2,658 | 17,483 | 17,151 | 34,634 | 3,709 | 2012 | 1980/1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carlton Court | 1 | South San Francisco, CA | — | 2,036 | 1,475 | 162 | 2,036 | 1,637 | 3,673 | 421 | 2012 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clawiter | 1 | Hayward, CA | 4,045 | 5,964 | 1,159 | 167 | 5,964 | 1,326 | 7,290 | 247 | 2011 | 1967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotchkiss | 1 | Fremont, CA | — | 4,163 | 3,152 | 865 | 4,163 | 4,017 | 8,180 | 291 | 2017 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotchkiss II | 1 | Fremont, CA | — | 3,042 | 3,081 | 347 | 3,042 | 3,428 | 6,470 | 87 | 2018 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merced | 4 | San Leandro, CA | — | 25,621 | 9,318 | 576 | 25,621 | 9,894 | 35,515 | 484 | 2018 | 1958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
221 Michele | 1 | South San Francisco, CA | — | 2,710 | 2,540 | 659 | 2,710 | 3,199 | 5,909 | 309 | 2016 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minnesota and Tennessee | 2 | San Francisco, CA | — | 34,738 | 13,141 | 190 | 34,738 | 13,331 | 48,069 | 112 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Clemente | 1 | Hayward, CA | — | 5,126 | 3,938 | 138 | 5,126 | 4,076 | 9,202 | 146 | 2018 | 1982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West 140th | 2 | San Leandro, CA | — | 9,578 | 6,297 | 3,745 | 9,578 | 10,042 | 19,620 | 996 | 2016 | 1959 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Whitney | 3 | San Leandro, CA | — | 13,821 | 9,016 | 2,123 | 13,821 | 11,139 | 24,960 | 533 | 2018 | 1974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wicks | 1 | San Leandro, CA | — | 2,224 | 298 | — | 2,224 | 298 | 2,522 | 15 | 2018 | 1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Pacific Business Park I | 3 | Union City, CA | — | 8,468 | 14,165 | 1,061 | 8,468 | 15,226 | 23,694 | 2,381 | 2014 | 1989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central Pacific Business Park II | 4 | Union City, CA | — | 13,642 | 23,658 | 5,219 | 13,642 | 28,877 | 42,519 | 4,732 | 2015 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
79 Ave South | 1 | Kent, WA | — | 1,267 | 1,503 | 594 | 1,267 | 2,097 | 3,364 | 428 | 2014 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
917 Valley | 1 | Puyallup, WA | — | 2,203 | 4,551 | — | 2,203 | 4,551 | 6,754 | 5 | 2019 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3401 Lind | 1 | Renton, WA | — | 2,999 | 6,707 | 465 | 2,999 | 7,172 | 10,171 | 1,045 | 2014 | 1984/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4225 2nd Avenue | 1 | Seattle, WA | — | 4,236 | 4,049 | 2,012 | 4,236 | 6,061 | 10,297 | 790 | 2015 | 1957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4930 3rd Avenue South | 1 | Seattle, WA | — | 3,984 | 2,424 | 783 | 3,984 | 3,207 | 7,191 | 364 | 2016 | 1964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17600 West Valley Highway | 1 | Tukwila, WA | — | 3,361 | 5,260 | 1,193 | 3,361 | 6,453 | 9,814 | 1,630 | 2012 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auburn 400 | 1 | Auburn, WA | — | 4,415 | 5,234 | — | 4,415 | 5,234 | 9,649 | 52 | 2019 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Auburn 1307 | 1 | Auburn, WA | — | 4,253 | 5,034 | 249 | 4,253 | 5,283 | 9,536 | 867 | 2014 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dawson | 1 | Seattle, WA | — | 3,902 | 278 | 396 | 3,902 | 674 | 4,576 | 41 | 2017 | 1964 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Denver | 1 | Seattle, WA | — | 3,203 | 1,345 | 489 | 3,203 | 1,834 | 5,037 | 278 | 2016 | 1953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Valley | 1 | Renton, WA | — | 2,693 | 2,959 | 40 | 2,693 | 2,999 | 5,692 | 126 | 2018 | 1991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Marginal | — | Renton, WA | — | 2,618 | 380 | — | 2,618 | 380 | 2,998 | 1 | 2019 | 1991 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hanford | 1 | Seattle, WA | — | 3,821 | 2,250 | 471 | 3,821 | 2,721 | 6,542 | 176 | 2017 | 1952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kent 188 | 1 | Kent, WA | — | 3,251 | 4,719 | 1,248 | 3,251 | 5,967 | 9,218 | 1,737 | 2010 | 1979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kent 190 | 1 | Kent, WA | — | 4,560 | 5,561 | 355 | 4,560 | 5,916 | 10,476 | 840 | 2015 | 1992/1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kent 202 | 1 | Kent, WA | — | 5,761 | 9,114 | 2,810 | 5,761 | 11,924 | 17,685 | 1,709 | 2015 | 1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kent 216 | 1 | Kent, WA | — | 3,672 | 5,408 | 912 | 3,672 | 6,320 | 9,992 | 1,104 | 2014 | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kent Corporate Park | 4 | Kent, WA | — | 5,032 | 6,916 | 1,907 | 5,032 | 8,823 | 13,855 | 1,269 | 2015 | 1980/1981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lucile | 1 | Seattle, WA | — | 4,498 | 3,504 | 1,342 | 4,498 | 4,846 | 9,344 | 586 | 2017 | 1976 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lund | 1 | Auburn, WA | — | 2,573 | 4,399 | 82 | 2,573 | 4,481 | 7,054 | 467 | 2016 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Olympic | 1 | Tukwila, WA | — | 1,499 | 1,431 | 536 | 1,499 | 1,967 | 3,466 | 432 | 2015 | 1978 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SeaTac 8th Avenue | 1 | Burien, WA | — | 2,501 | 4,020 | 1,150 | 2,501 | 5,170 | 7,671 | 1,142 | 2013 | 1988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SW 34th | 1 | Renton, WA | — | 2,912 | 3,289 | 498 | 2,912 | 3,787 | 6,699 | 632 | 2014 | 1996/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valley Corporate | 2 | Kent, WA | 7,242 | 5,264 | 9,096 | 1,991 | 5,264 | 11,087 | 16,351 | 2,567 | 2011 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26th Street | 1 | Miami, FL | — | 3,444 | 4,558 | 1,178 | 3,444 | 5,736 | 9,180 | 956 | 2012 | 1973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
48th Avenue | 2 | Miami Gardens, FL | — | 4,322 | 2,187 | 574 | 4,322 | 2,761 | 7,083 | 547 | 2011 | 1987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60th Avenue | 1 | Miami Lakes, FL | — | 6,203 | 1,567 | 7,346 | 6,203 | 8,913 | 15,116 | 3,091 | 2010 | 1971/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70th Avenue | 1 | Miami, FL | — | 1,434 | 2,333 | 198 | 1,434 | 2,531 | 3,965 | 596 | 2011 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70th Avenue II | 1 | Miami, FL | — | 2,152 | 3,418 | 524 | 2,152 | 3,942 | 6,094 | 400 | 2016 | 1969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70th Avenue III | 1 | Miami, FL | — | 2,543 | 3,167 | 690 | 2,543 | 3,857 | 6,400 | 319 | 2016 | 1974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70th Avenue IV | 1 | Miami, FL | — | 1,119 | 1,456 | 151 | 1,119 | 1,607 | 2,726 | 125 | 2017 | 1969 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70th Avenue V | 1 | Miami, FL | — | 5,036 | 3,419 | 1,526 | 5,036 | 4,945 | 9,981 | 149 | 2017 | 1974 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
74th Avenue | 1 | Miami, FL | — | 2,327 | 3,538 | 614 | 2,327 | 4,152 | 6,479 | 363 | 2016 | 1986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
78th Avenue | 1 | Doral, FL | — | 2,445 | 1,755 | 2,604 | 2,445 | 4,359 | 6,804 | 1,121 | 2012 | 1977 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
81st Street | 2 | Medley, FL | — | 2,938 | 5,242 | 1,311 | 2,938 | 6,553 | 9,491 | 1,040 | 2015 | 1996/2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
94th Avenue | 1 | Doral, FL | — | 3,000 | 3,580 | 336 | 3,000 | 3,916 | 6,916 | 247 | 2017 | 1989 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
107th Avenue | 1 | Medley, FL | — | 2,787 | 2,036 | 506 | 2,787 | 2,542 | 5,329 | 608 | 2013 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101st Road | 1 | Medley, FL | — | 2,647 | 3,258 | 468 | 2,647 | 3,726 | 6,373 | 781 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
131st Street | 1 | Medley, FL | — | 2,903 | 5,729 | 500 | 2,903 | 6,229 | 9,132 | 1,026 | 2014 | 1999 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12950 SW South River | 1 | Medley, FL | — | 1,971 | 4,029 | 368 | 1,971 | 4,397 | 6,368 | 429 | 2016 | 2000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas Gateway | 6 | Doral, FL | — | 11,152 | 11,721 | 3,276 | 11,152 | 14,997 | 26,149 | 3,402 | 2013 | 1978/1982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Miami International Trade Center | 4 | Medley, FL | — | 5,063 | 10,958 | 1,260 | 5,063 | 12,218 | 17,281 | 1,623 | 2015 | 1996 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington, D.C. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
75th Ave | 5 | Landover, MD | — | 10,658 | 18,615 | 4,226 | 10,658 | 22,829 | 33,487 | 3,457 | 2014 | 1987/1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2920 V Street | 1 | Washington, D.C. | — | 2,248 | 1,670 | 1,499 | 2,248 | 3,169 | 5,417 | 223 | 2017 | 1958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3601 Pennsy | 1 | Landover, MD | — | 2,331 | 4,375 | 1,425 | 2,331 | 5,800 | 8,131 | 966 | 2013 | 1996 |
Initial Cost to Company | Costs Capitalized Subsequent to Acquisition | Gross Amount Carried at December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Name | No. of Bldgs. | Location | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Accumulated Depreciation | Year Acquired | Year Constructed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4230 Forbes | 1 | Lanham, MD | — | 1,736 | 2,395 | 853 | 1,736 | 3,248 | 4,984 | 511 | 2013 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9070 Junction | 1 | Annapolis Junction, MD | — | 3,538 | 6,670 | 2,838 | 3,538 | 9,508 | 13,046 | 2,099 | 2015 | 1997 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Parkway | 1 | Lanham, MD | — | 3,038 | 3,007 | 4 | 3,038 | 3,011 | 6,049 | 261 | 2016 | 2002 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampton Overlook | 3 | Capitol Heights, MD | — | 4,602 | 7,521 | 826 | 4,602 | 8,347 | 12,949 | 804 | 2016 | 1989/1990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Ridge | — | Hanover, MD | — | 5,689 | 1,567 | 190 | 5,689 | 1,757 | 7,446 | 178 | 2016 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway | 1 | Hanover, MD | — | 4,543 | 12,094 | 372 | 4,543 | 12,466 | 17,009 | 2,062 | 2014 | 1968/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troy Hill | 1 | Elkridge, MD | — | 1,409 | 5,033 | 495 | 1,409 | 5,528 | 6,937 | 1,140 | 2012 | 2003 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
V Street | 6 | Washington, D.C. | — | 67,132 | 41,299 | 13,342 | 67,132 | 54,641 | 121,773 | 8,187 | 2015 | 1955/1963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 220 | 44,348 | 1,055,146 | 717,086 | 192,127 | 1,055,146 | 909,201 | 1,964,347 | 144,922 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized net premiums | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized net deferred financing costs | — | (30) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | — | — | — | — | — | 88,594 | 63,357 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 220 | $ | 44,318 | $ | 1,055,146 | $ | 717,086 | $ | 192,127 | $ | 1,055,146 | $ | 909,201 | $ | 2,052,941 | $ | 208,279 |
2019
2017 | 2016 | |||||||
Investment in Properties | ||||||||
Balance at beginning of year | $ | 1,343,038 | $ | 1,179,920 | ||||
Acquisition of properties | 319,666 | 130,944 | ||||||
Disposition of properties | (49,471 | ) | (10,520 | ) | ||||
Construction in progress | — | 22,475 | ||||||
Properties held for sale | — | — | ||||||
Improvements, net of write-offs | 23,697 | 20,219 | ||||||
|
|
|
| |||||
Balance at end of year | $ | 1,636,930 | $ | 1,343,038 | ||||
|
|
|
| |||||
2017 | 2016 | |||||||
Accumulated Depreciation | ||||||||
Balance at beginning of year | $ | 109,357 | $ | 77,641 | ||||
Amortization of lease intangible assets | 8,597 | 9,388 | ||||||
Depreciation expense | 27,241 | 23,053 | ||||||
Accumulated depreciation on properties held for sale | — | — | ||||||
Disposition of properties and write-offs | (5,381 | ) | (725 | ) | ||||
|
|
|
| |||||
Balance at end of year | $ | 139,814 | $ | 109,357 | ||||
|
|
|
|
2019 | 2018 | ||||||||||
Investment in Properties | |||||||||||
Balance at beginning of year | $ | 1,845,776 | $ | 1,636,930 | |||||||
Acquisition of properties | 289,591 | 227,058 | |||||||||
Disposition of properties | (41,560) | (56,985) | |||||||||
Construction in progress | 28,154 | 7,434 | |||||||||
Improvements, net of write-offs | 32,233 | 31,339 | |||||||||
Balance at end of year | $ | 2,154,194 | $ | 1,845,776 |
2019 | 2018 | ||||||||||
Accumulated Depreciation | |||||||||||
Balance at beginning of year | $ | 169,772 | $ | 139,814 | |||||||
Amortization of lease intangible assets | 10,123 | 5,269 | |||||||||
Depreciation expense | 33,630 | 30,442 | |||||||||
Disposition of properties and write-offs | (5,246) | (5,753) | |||||||||
Balance at end of year | $ | 208,279 | $ | 169,772 |
Exhibit Number | Exhibit Description | ||||||||||
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3.2 | |||||||||||
3.3 | |||||||||||
3.4 | |||||||||||
3.5 | |||||||||||
4.1 | |||||||||||
10.1+ | |||||||||||
10.2+ | |||||||||||
10.3+ | |||||||||||
10.4+ | |||||||||||
10.5+ | |||||||||||
10.6+ | |||||||||||
10.7+ | |||||||||||
10.8+ | |||||||||||
10.9+ | |||||||||||
10.11+ | |||||||||||
10.12+ | |||||||||||
10.19+ | |||||||||||
21* | |||||||||||
23* | |||||||||||
24.1* | |||||||||||
31.1* | |||||||||||
31.2* | |||||||||||
31.3* | |||||||||||
32.1** | |||||||||||
32.2** | |||||||||||
32.3** | |||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
101.DEF* | Inline XBRL Taxonomy Definition Linkbase Document | ||||||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and with applicable taxonomy extension information contained in |
* | Filed herewith. |
** | Furnished herewith. |
+ | Exhibit is a management contract or compensatory plan or arrangement. |
| |||||||||||||||||
| Terreno Realty Corporation | ||||||||||||||||
By: | /s/ W. Blake Baird | ||||||||||||||||
W. Blake Baird | |||||||||||||||||
Chairman and Chief Executive Officer |
Signature | Title | Date | ||||||||||||||||||
/s/ W. Blake Baird W. Blake Baird | Chairman, Chief Executive Officer and Director (principal executive officer) | February | ||||||||||||||||||
/s/ Michael A. Coke Michael A. Coke | President and Director | February | ||||||||||||||||||
/s/ Jaime J. Cannon Jaime J. Cannon | Executive Vice President and Chief Financial Officer (principal financial and accounting officer) | February | ||||||||||||||||||
/s/ LeRoy E. Carlson LeRoy E. Carlson | Director | February | ||||||||||||||||||
/s/
David M. Lee | Director | February | ||||||||||||||||||
/s/
Gabriela F. Parcella | Director | February | ||||||||||||||||||
/s/ Douglas M. Pasquale Douglas M. Pasquale | Director | February 6, 2020 | ||||||||||||||||||
/s/ Dennis Polk Dennis Polk | Director | February |