Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'FIRST INDUSTRIAL LP |
Entity Central Index Key | '0001033128 |
Trading Symbol | 'FRFI |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Current Reporting Status | 'Yes |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate: | ' | ' |
Land | $617,037 | $598,404 |
Buildings and Improvements | 2,136,653 | 2,146,375 |
Construction in Progress | 32,248 | 19,228 |
Less: Accumulated Depreciation | -665,688 | -639,481 |
Net Investment in Real Estate | 2,120,250 | 2,124,526 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $658 and $3,050 | 2,291 | 6,765 |
Investments in and Advances to Other Real Estate Partnerships | 196,276 | 178,104 |
Cash and Cash Equivalents | 6,133 | 4,357 |
Tenant Accounts Receivable, Net | 3,910 | 3,867 |
Investments in Joint Ventures | 1,163 | 1,012 |
Deferred Rent Receivable, Net | 49,595 | 47,930 |
Deferred Financing Costs, Net | 11,355 | 10,948 |
Deferred Leasing Intangibles, Net | 23,566 | 29,374 |
Prepaid Expenses and Other Assets, Net | 97,891 | 96,999 |
Total Assets | 2,512,430 | 2,503,882 |
Indebtedness: | ' | ' |
Mortgage Loans Payable, Net | 614,900 | 656,329 |
Senior Unsecured Notes, Net | 445,515 | 474,150 |
Unsecured Credit Facility | 171,000 | 98,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 64,487 | 78,876 |
Deferred Leasing Intangibles, Net | 12,016 | 13,597 |
Rents Received in Advance and Security Deposits | 27,767 | 27,327 |
Distributions Payable | 9,788 | 452 |
Total Liabilities | 1,345,473 | 1,348,731 |
Commitments and Contingencies | 0 | 0 |
Partners’ Capital: | ' | ' |
General Partner Preferred Units | 73,587 | 217,971 |
General Partner Units (109,975,850 and 98,767,913 units outstanding) | 1,014,905 | 859,727 |
Limited Partners Units (4,602,833 and 4,702,341 units outstanding) | 82,400 | 84,282 |
Accumulated Other Comprehensive Loss | -3,935 | -6,829 |
Total Partners’ Capital | 1,166,957 | 1,155,151 |
Total Liabilities and Partners’ Capital | $2,512,430 | $2,503,882 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $658 | $3,050 |
General Partner Units Outstanding | 109,975,850 | 98,767,913 |
Limited Partners Units Outstanding | 4,602,833 | 4,702,341 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rental Income | $57,423 | $54,549 | $170,302 | $163,013 |
Tenant Recoveries and Other Income | 16,080 | 14,661 | 50,824 | 46,583 |
Total Revenues | 73,503 | 69,210 | 221,126 | 209,596 |
Expenses: | ' | ' | ' | ' |
Property Expenses | 23,863 | 21,819 | 72,914 | 67,320 |
General and Administrative | 5,131 | 4,841 | 16,975 | 16,316 |
Impairment of Real Estate | 1,047 | 0 | 2,476 | -85 |
Depreciation and Other Amortization | 25,533 | 25,201 | 75,671 | 78,250 |
Total Expenses | 55,574 | 51,861 | 168,036 | 161,801 |
Other Income (Expense): | ' | ' | ' | ' |
Interest Income | 611 | 676 | 1,818 | 2,319 |
Interest Expense | -16,918 | -18,644 | -51,850 | -59,548 |
Amortization of Deferred Financing Costs | -736 | -815 | -2,326 | -2,437 |
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements | 0 | -29 | 52 | -334 |
Loss from Retirement of Debt | -662 | -424 | -6,034 | -6,646 |
Total Other Income (Expense) | -17,705 | -19,236 | -58,340 | -66,646 |
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax (Provision) Benefit | 224 | -1,887 | -5,250 | -18,851 |
Equity in Income of Other Real Estate Partnerships | 4,546 | 1,946 | 9,117 | 5,512 |
Equity in Income of Joint Ventures | 72 | 28 | 119 | 156 |
Gain on Change in Control of Interests | 0 | 0 | 0 | 776 |
Income Tax (Provision) Benefit | -63 | 5 | -4 | -5,258 |
Income (Loss) from Continuing Operations | 4,779 | 92 | 3,982 | -17,665 |
Discontinued Operations: | ' | ' | ' | ' |
Income Attributable to Discontinued Operations | 125 | 854 | 518 | 1,757 |
Gain on Sale of Real Estate | 3,613 | 4,470 | 14,020 | 12,084 |
Income from Discontinued Operations | 3,738 | 5,324 | 14,538 | 13,841 |
Income (Loss) Before Gain on Sale of Real Estate | 8,517 | 5,416 | 18,520 | -3,824 |
Gain on Sale of Real Estate | 221 | 3,777 | 483 | 3,777 |
Net Income (Loss) | 8,738 | 9,193 | 19,003 | -47 |
Less: Preferred Unit Distributions | -1,392 | -4,725 | -7,506 | -14,285 |
Less: Redemption of Preferred Units | -2,121 | 0 | -5,667 | 0 |
Net Income (Loss) Available to Unitholders and Participating Securities | 5,225 | 4,468 | 5,830 | -14,332 |
Basic and Diluted Earnings Per Unit: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Available to Unitholders | $0.01 | ($0.01) | ($0.08) | ($0.30) |
Income from Discontinued Operations Attributable to Unitholders | $0.03 | $0.05 | $0.13 | $0.15 |
Net Income (Loss) Available to Unitholders | $0.04 | $0.04 | $0.05 | ($0.15) |
Distributions Per Unit | $0.09 | $0 | $0.26 | $0 |
Weighted Average Units — Basic | 114,089 | 98,432 | 110,823 | 94,464 |
Weighted Average Number of Shares Outstanding, Diluted | 114,404 | 98,432 | 110,823 | 94,464 |
Net Income (Loss) Available to Unitholders Attributable to: | ' | ' | ' | ' |
General Partner | 5,006 | 4,191 | 5,586 | -13,564 |
Limited Partners | 219 | 277 | 244 | -768 |
Net Income (Loss) Available to Unitholders and Participating Securities | $5,225 | $4,468 | $5,830 | ($14,332) |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income (Loss) | $8,738 | $9,193 | $19,003 | ($47) |
Amortization of Interest Rate Protection Agreements | 609 | 579 | 1,792 | 1,690 |
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | 17 | 0 | 1,116 | 2,619 |
Foreign Currency Translation Adjustment | 30 | 54 | -14 | 51 |
Comprehensive Income | $9,394 | $9,826 | $21,897 | $4,313 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS CAPITAL (USD $) | Total | General Partner Preferred Units | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Balance at Dec. 31, 2012 | $1,155,151 | $217,971 | $859,727 | $84,282 | ($6,829) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of General Partner Units, Net of Issuance Costs | 173,785 | ' | 173,785 | ' | ' |
Redemption of Preferred Units | -144,384 | -144,384 | ' | ' | ' |
Stock Based Compensation Activity | 2,755 | ' | 2,755 | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 0 | ' | 943 | -943 | ' |
Common Unit Distributions | -29,074 | ' | -27,891 | -1,183 | ' |
Preferred Unit Distributions | -13,173 | -13,173 | ' | ' | ' |
Net Income | 19,003 | 13,173 | 5,586 | 244 | ' |
Other Comprehensive Income | 2,894 | ' | ' | ' | 2,894 |
Balance at Sep. 30, 2013 | $1,166,957 | $73,587 | $1,014,905 | $82,400 | ($3,935) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net Income (Loss) | $19,003 | ($47) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities: | ' | ' |
Depreciation | 62,643 | 66,633 |
Amortization of Deferred Financing Costs | 2,326 | 2,437 |
Other Amortization | 21,241 | 22,074 |
Impairment of Real Estate | 2,652 | 1,101 |
Provision for Bad Debt | 656 | 592 |
Equity in Income of Joint Ventures | -119 | -156 |
Distributions from Joint Ventures | 0 | 27 |
Gain on Sale of Real Estate | -14,503 | -15,861 |
Gain on Change in Control of Interests | 0 | -776 |
Loss from Retirement of Debt | 6,034 | 6,646 |
Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements | -52 | 334 |
Equity in Income of Other Real Estate Partnerships | -9,117 | -5,512 |
Distributions from Investment in Other Real Estate Partnerships | 9,117 | 5,512 |
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | -3,764 | 2,128 |
Increase in Deferred Rent Receivable | -2,963 | -2,376 |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | -9,391 | -2,193 |
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt | -4,513 | -4,059 |
Net Cash Provided by Operating Activities | 79,250 | 76,504 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisitions of Real Estate | -47,293 | -48,519 |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | -65,591 | -51,378 |
Net Proceeds from Sales of Investments in Real Estate | 62,084 | 75,789 |
Investments in and Advances to Other Real Estate Partnerships | -40,355 | -22,921 |
Distributions from Other Real Estate Partnerships in Excess of Equity in Income | 22,183 | 30,204 |
Contributions to and Investments in Joint Ventures | -26 | -184 |
Repayments of Notes Receivable | 454 | 14,226 |
Increase in Escrows | -189 | 0 |
Net Cash Used in Investing Activities | -68,733 | -2,783 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Debt and Equity Issuance Costs | -3,567 | -1,433 |
Unit Contributions | 174,081 | 134,905 |
Repurchase and Retirement of Restricted Units | -2,968 | -855 |
Common Unit Distributions | -19,286 | 0 |
Preferred Unit Distributions Paid | -7,958 | -13,871 |
Redemption of Preferred Units | -150,000 | 0 |
Payments on Interest Rate Swap Agreement | -865 | -819 |
Proceeds from Origination of Mortgage Loans Payable | 0 | 97,561 |
Repayments on Mortgage and Other Loans Payable | -41,389 | -20,197 |
Repayments of Senior Unsecured Notes | -29,769 | -152,170 |
Proceeds from Unsecured Credit Facility | 289,000 | 261,000 |
Repayments on Unsecured Credit Facility | -216,000 | -383,000 |
Net Cash Used in Financing Activities | -8,721 | -78,879 |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | -20 | 14 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,796 | -5,158 |
Cash and Cash Equivalents, Beginning of Year | 4,357 | 7,624 |
Cash and Cash Equivalents, End of Year | $6,133 | $2,480 |
Organization_and_Formation_of_
Organization and Formation of Partnership | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Formation of Partnership | ' |
1. Organization and Formation of Partnership | |
First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.0% common ownership interest at September 30, 2013. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred Units ("Preferred Units") with an aggregate liquidation priority of $75,000 at September 30, 2013. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 4.0% interest in the Operating Partnership at September 30, 2013. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us," and "our" refer to First Industrial, L.P. and its controlled subsidiaries. | |
We also hold at least a 99% limited partnership interest in each of eight limited partnerships (together, the "Other Real Estate Partnerships"). | |
We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture" collectively, the "Joint Ventures"). See Note 5 for more information on the Joint Ventures. | |
The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. | |
As of September 30, 2013, we owned 632 industrial properties located in 24 states, containing an aggregate of approximately 55.1 million square feet of gross leasable area ("GLA"). On a combined basis, as of September 30, 2013, the Other Real Estate Partnerships owned 65 industrial properties containing an aggregate of approximately 7.4 million square feet of GLA. | |
Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable. | |
The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 ("2012 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2012 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2012 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2012 audited consolidated financial statements included in our 2012 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2013 and December 31, 2012, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2013 and 2012. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2013 and December 31, 2012, and the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2013 and 2012, and our cash flows for each of the nine months ended September 30, 2013 and 2012, and all adjustments are of a normal recurring nature. | |
Reclassifications | |
Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Additionally, the results of operations for the nine months ended September 30, 2013 include an adjustment of $1,561 to decrease depreciation and amortization expense which should have been recorded during previous periods. Management evaluated the impact of the adjustment and does not believe it is material to the results of the anticipated full year, current period or any previous period. | |
IRS Tax Refund | |
On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13,700, which equates to $4,806 of taxes owed. We were also required to pay accrued interest of approximately $500. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest. | |
As a result of the Joint Committee on Taxation's approval, during 2013, we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8,238 of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain. | |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires that public companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for annual periods beginning after December 15, 2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements. |
Investment_in_Real_Estate
Investment in Real Estate | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment in Real Estate [Abstract] | ' | |||||||||||||||||
Investment in Real Estate | ' | |||||||||||||||||
3. Investment in Real Estate | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
During the nine months ended September 30, 2013, we acquired one industrial property comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $46,463, excluding costs incurred in conjunction with the acquisition of the industrial property and land parcels. | ||||||||||||||||||
Sales and Discontinued Operations | ||||||||||||||||||
During the nine months ended September 30, 2013, we sold 18 industrial properties comprising approximately 1.5 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $64,920. The net gain on the sale of the industrial properties and land parcels was approximately $14,503. The 18 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and net gain on sale of real estate for the 18 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations. | ||||||||||||||||||
At September 30, 2013, we had one industrial property comprising approximately 0.05 million square feet of GLA held for sale. The results of operations of this industrial property held for sale at September 30, 2013 are included in discontinued operations. There can be no assurance that such industrial property held for sale will be sold. | ||||||||||||||||||
Income from discontinued operations for the nine months ended September 30, 2012 reflects the results of operations of the 18 industrial properties that were sold during the nine months ended September 30, 2013, the results of operations of 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of the one industrial property identified as held for sale at September 30, 2013 and the gain on sale of real estate relating to 23 industrial properties that were sold during the nine months ended September 30, 2012. | ||||||||||||||||||
The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total Revenues | $ | 116 | $ | 3,081 | $ | 2,311 | $ | 11,449 | ||||||||||
Property Expenses | 58 | (1,241 | ) | (871 | ) | (4,749 | ) | |||||||||||
Impairment of Real Estate | — | — | (176 | ) | (1,186 | ) | ||||||||||||
Depreciation and Amortization | (49 | ) | (986 | ) | (746 | ) | (3,757 | ) | ||||||||||
Gain on Sale of Real Estate | 3,613 | 4,470 | 14,020 | 12,084 | ||||||||||||||
Income from Discontinued Operations | $ | 3,738 | $ | 5,324 | $ | 14,538 | $ | 13,841 | ||||||||||
At September 30, 2013 and December 31, 2012, we had notes receivable outstanding of approximately $40,795 and $41,201, net of a discount of $207 and $255, respectively, which are included as a component of Prepaid Expenses and Other Assets, Net. At September 30, 2013 and December 31, 2012, the fair value of the notes receivable was $41,906 and $44,783, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using current rates at which similar notes with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as discussed below. | ||||||||||||||||||
Impairment Charges | ||||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, we recorded the following net non-cash impairment charges: | ||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||
Ended | Ended | Ended September 30, | Ended | |||||||||||||||
September 30, | September 30, | 2013 | September 30, | |||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||
Sold or Held for Sale Operating Properties — Discontinued Operations | $ | — | $ | — | $ | 176 | $ | 1,186 | ||||||||||
Operating Properties Not Held For Sale — Continuing Operations | 1,047 | — | 2,476 | (85 | ) | |||||||||||||
Total Net Impairment | $ | 1,047 | $ | — | $ | 2,652 | $ | 1,101 | ||||||||||
The impairment charges for assets that qualify to be classified as held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value, less costs to sell. The impairment charges for assets not held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value. The impairment charges recorded during the three months ended September 30, 2013 and nine months ended September 30, 2013 and 2012 were triggered primarily due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction. | ||||||||||||||||||
The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair market values were primarily determined using third party purchase contracts and offers. | ||||||||||||||||||
The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. | ||||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis Using: | ||||||||||||||||||
Description | At September 30, 2013 | Quoted Prices in | Significant Other | Unobservable | Total | |||||||||||||
Active Markets for | Observable Inputs | Inputs | Impairment for the Nine Months Ended | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Long-lived Assets Not Held For Sale* | $ | 6,875 | — | — | $ | 6,875 | $ | (1,047 | ) | |||||||||
_____________________ | ||||||||||||||||||
* Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. | ||||||||||||||||||
The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | ||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
One industrial property comprising approximately 0.5 million square feet of GLA | $ | 6,875 | Contracted Price | (A) | N/A | |||||||||||||
(A) The fair value for the property is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness. |
Investments_in_and_Advances_to
Investments in and Advances to Other Real Estate Partnerships | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments in and Advances to Other Real Estate Partnerships | ' | |||||||||||||||
4. Investments in and Advances to Other Real Estate Partnerships | ||||||||||||||||
The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements. | ||||||||||||||||
Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below: | ||||||||||||||||
Condensed Combined Balance Sheets | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
ASSETS | ||||||||||||||||
Assets: | ||||||||||||||||
Net Investment in Real Estate | $ | 276,525 | $ | 264,284 | ||||||||||||
Note Receivable | 123,444 | 142,982 | ||||||||||||||
Other Assets, Net | 33,902 | 34,476 | ||||||||||||||
Total Assets | $ | 433,871 | $ | 441,742 | ||||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Liabilities: | ||||||||||||||||
Mortgage Loans Payable | $ | 98,111 | $ | 107,287 | ||||||||||||
Other Liabilities, Net | 14,276 | 11,570 | ||||||||||||||
Partners’ Capital | 321,484 | 322,885 | ||||||||||||||
Total Liabilities and Partners’ Capital | $ | 433,871 | $ | 441,742 | ||||||||||||
Operating Partnership's Share of Equity | $ | 320,228 | $ | 321,663 | ||||||||||||
Basis Differentials (1) | (123,952 | ) | (143,559 | ) | ||||||||||||
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships | $ | 196,276 | $ | 178,104 | ||||||||||||
_________________ | ||||||||||||||||
(1) This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. | ||||||||||||||||
Condensed Combined Statements of Operations | ||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total Revenues | $ | 9,907 | $ | 9,400 | $ | 29,340 | $ | 29,419 | ||||||||
Property Expenses | (2,906 | ) | (2,604 | ) | (9,027 | ) | (8,404 | ) | ||||||||
Impairment of Real Estate | — | — | — | 172 | ||||||||||||
Depreciation and Other Amortization | (3,071 | ) | (3,351 | ) | (9,120 | ) | (10,888 | ) | ||||||||
Interest Income | 1,237 | 2,019 | 3,809 | 6,405 | ||||||||||||
Interest Expense | (1,079 | ) | (1,483 | ) | (3,541 | ) | (4,444 | ) | ||||||||
Amortization of Deferred Financing Costs | (45 | ) | (53 | ) | (142 | ) | (156 | ) | ||||||||
Loss from Retirement of Debt | — | — | (214 | ) | — | |||||||||||
Income from Continuing Operations | 4,043 | 3,928 | 11,105 | 12,104 | ||||||||||||
Discontinued Operations: | ||||||||||||||||
Income (Loss) Attributable to Discontinued Operations | 91 | 112 | 210 | (20 | ) | |||||||||||
Gain (Loss) on Sale of Real Estate | 1,630 | (50 | ) | 1,630 | (79 | ) | ||||||||||
Income (Loss) from Discontinued Operations | 1,721 | 62 | 1,840 | (99 | ) | |||||||||||
Income Before Gain on Sale of Real Estate | $ | 5,764 | $ | 3,990 | $ | 12,945 | $ | 12,005 | ||||||||
Gain on Sale of Real Estate | $ | 70 | $ | — | $ | 70 | $ | — | ||||||||
Net Income | $ | 5,834 | $ | 3,990 | $ | 13,015 | $ | 12,005 | ||||||||
Investments_in_Joint_Ventures
Investments in Joint Ventures | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Investments in Joint Ventures | ' |
5. Investments in Joint Ventures | |
At September 30, 2013, the 2003 Net Lease Joint Venture owned four industrial properties comprising approximately 2.5 million square feet of GLA. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. As of September 30, 2013, our investment in the 2003 Net Lease Joint Venture is $1,163. Our maximum exposure to loss is equal to our investment. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of September 30, 2013, the 2007 Europe Joint Venture did not own any properties. | |
During the three and nine months ended September 30, 2013, we recognized fees from our Joint Ventures of $59 and $180, respectively, and $295 and $439 during the three and nine months ended September 30, 2012, respectively. |
Indebtedness
Indebtedness | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Indebtedness | ' | ||||||||||||||||
6. Indebtedness | |||||||||||||||||
The following table discloses certain information regarding our indebtedness: | |||||||||||||||||
Outstanding Balance at | Interest | Effective | Maturity Date | ||||||||||||||
Rate at | Interest | ||||||||||||||||
30-Sep-13 | December 31, 2012 | September 30, 2013 | Rate at Issuance | ||||||||||||||
Mortgage Loans Payable, Net | $ | 614,900 | $ | 656,329 | 4.03% – 8.26% | 4.03% – 8.26% | January 2014- September 2022 | ||||||||||
Unamortized Premiums | (121 | ) | (161 | ) | |||||||||||||
Mortgage Loans Payable, Gross | $ | 614,779 | $ | 656,168 | |||||||||||||
Senior Unsecured Notes, Net | |||||||||||||||||
2016 Notes | $ | 159,552 | $ | 159,510 | 5.75 | % | 5.91 | % | 1/15/16 | ||||||||
2017 Notes | 54,959 | 55,385 | 7.5 | % | 7.52 | % | 12/1/17 | ||||||||||
2027 Notes | 6,066 | 6,066 | 7.15 | % | 7.11 | % | 5/15/27 | ||||||||||
2028 Notes | 31,883 | 55,261 | 7.6 | % | 8.13 | % | 7/15/28 | ||||||||||
2032 Notes | 10,512 | 11,500 | 7.75 | % | 7.87 | % | 4/15/32 | ||||||||||
2014 Notes | 80,772 | 79,683 | 6.42 | % | 6.54 | % | 6/1/14 | ||||||||||
2017 II Notes | 101,771 | 106,745 | 5.95 | % | 6.37 | % | 5/15/17 | ||||||||||
Subtotal | $ | 445,515 | $ | 474,150 | |||||||||||||
Unamortized Discounts | 1,381 | 2,570 | |||||||||||||||
Senior Unsecured Notes, Gross | $ | 446,896 | $ | 476,720 | |||||||||||||
Unsecured Credit Facility | $ | 171,000 | $ | 98,000 | 1.631 | % | 1.631 | % | 9/29/17 | * | |||||||
* The maturity date may be extended an additional year at our election, subject to certain restrictions. | |||||||||||||||||
Mortgage Loans Payable, Net | |||||||||||||||||
During the three and nine months ended September 30, 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $14,046 and $32,429, respectively. In connection with these prepayments, we recognized $486 and $975 as loss from retirement of debt for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||
As of September 30, 2013, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $771,120. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2013. | |||||||||||||||||
Senior Unsecured Notes, Net | |||||||||||||||||
During the nine months ended September 30, 2013, we repurchased and retired the following senior unsecured notes prior to maturity: | |||||||||||||||||
Principal | Purchase | ||||||||||||||||
Amount | Price | ||||||||||||||||
Repurchased | |||||||||||||||||
2017 Notes | $ | 430 | $ | 482 | |||||||||||||
2017 II Notes | 5,000 | 5,300 | |||||||||||||||
2028 Notes | 23,394 | 26,547 | |||||||||||||||
2032 Notes | 1,000 | 1,163 | |||||||||||||||
Total | $ | 29,824 | $ | 33,492 | |||||||||||||
In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the nine months ended September 30, 2013, which is the difference between the repurchase price of $33,492 and the principal amount retired of $29,824, net of the pro rata write off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements related to the repurchase of $28, $191 and $1,116, respectively. | |||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||
On July 19, 2013, we amended and restated our existing $450,000 revolving credit facility (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At September 30, 2013, the Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 145 basis points, that varies based on our leverage ratio. In the event we achieve an investment grade rating from one of certain rating agencies, the rate may be decreased at our election, based on the investment grade rating. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in Loss from Retirement of Debt for the three and nine months ended September 30, 2013. | |||||||||||||||||
Indebtedness | |||||||||||||||||
The following is a schedule of the stated maturities and scheduled principal payments as of September 30, 2013 of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter: | |||||||||||||||||
Amount | |||||||||||||||||
Remainder of 2013 | $ | 2,959 | |||||||||||||||
2014 | 133,327 | ||||||||||||||||
2015 | 34,951 | ||||||||||||||||
2016 | 275,948 | ||||||||||||||||
2017 | 337,783 | ||||||||||||||||
Thereafter | 447,707 | ||||||||||||||||
Total | $ | 1,232,675 | |||||||||||||||
The Unsecured Credit Facility and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement. We believe that we were in compliance with all covenants as of September 30, 2013. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders or lenders in a manner that could impose and cause us to incur material costs. | |||||||||||||||||
Fair Value | |||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair values of our indebtedness were as follows: | |||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Mortgage Loans Payable, Net | $ | 614,900 | $ | 629,823 | $ | 656,329 | $ | 699,903 | |||||||||
Senior Unsecured Notes, Net | 445,515 | 483,604 | 474,150 | 516,943 | |||||||||||||
Unsecured Credit Facility | 171,000 | 171,000 | 98,000 | 98,192 | |||||||||||||
Total | $ | 1,231,415 | $ | 1,284,427 | $ | 1,228,479 | $ | 1,315,038 | |||||||||
The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loans payable, senior unsecured notes and Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Partners_Capital
Partners' Capital | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Partners' Capital | ' | |||||||
7. Partners’ Capital | ||||||||
Preferred Contributions | ||||||||
On July 18, 2013, the Company redeemed the 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of Series K Cumulative Redeemable Preferred Units ("the Series K Preferred Units") were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Units, as well as costs associated with the redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per unit for the three and nine months ended September 30, 2013. | ||||||||
On April 11, 2013, the Company redeemed the remaining 4,000,000 Depositary Shares, each representing 1/10,000th of a share, of the Company's 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Cumulative Redeemable Preferred Units (the "Series J Preferred Units") were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per unit for the nine months ended September 30, 2013. | ||||||||
Unit Contributions | ||||||||
During the nine months ended September 30, 2013, the Company issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds were $132,050. The proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution. | ||||||||
On March 1, 2012, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company's common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "ATM"). During the nine months ended September 30, 2013, the Company issued 2,315,704 shares of the Company's common stock under the ATM resulting in net proceeds to the Company of $41,735. These proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be "at the market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions. | ||||||||
During the nine months ended September 30, 2013, 99,508 limited partnership units were converted into an equivalent number of general partnership units, resulting in a reclassification of $943 between Limited Partners Units and General Partner Units. | ||||||||
Restricted Units and Long-Term Incentive Program | ||||||||
During the nine months ended September 30, 2013, the Company awarded 284,461 shares of restricted stock awards to certain employees, which had a fair value of $4,719 on the date of approval by the Compensation Committee of the Board of Directors. We issued Units to the Company in the same amounts. These restricted stock awards vest over a period of three years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of the shares. If vesting of a recipient's restricted stock is not contingent upon future service, the expense is recognized immediately at the date of grant. During the nine months ended September 30, 2013, we recognized $1,008 of compensation expense related to restricted shares granted during the first quarter to our Chief Executive Officer for which future service was not required. | ||||||||
The Board of Directors adopted the 2013 Long-Term Incentive Program ("LTIP") and effective July 1, 2013, certain officers and employees of the Company were granted 718,960 performance units ("LTIP Unit Awards"). The LTIP Unit Awards had a fair value of $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for half of the granted units is calculated based upon the performance from July 1, 2013 through June 30, 2014 and the other half is calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense will be charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods, each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on our TSR as compared to the TSR of the MSCI US REIT Index and the NAREIT Industrial Index. The participants will also be entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement. | ||||||||
We recognized $1,769 and $4,436 for the three and nine months ended September 30, 2013, respectively, and $1,309 and $3,707 for the three and nine months ended September 30, 2012, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $11 and $24, respectively, was capitalized in connection with development activities for the three and nine months ended September 30, 2013, respectively, and $19 and $19 for the three and nine months ended September 30, 2012, respectively. At September 30, 2013, we had $9,094 in unrecognized compensation related to unvested restricted stock and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.90 years. | ||||||||
Distributions | ||||||||
The coupon rate of our Series F Preferred Units resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. See Note 11 for additional derivative information related to the Series F Preferred Units coupon rate reset. | ||||||||
The following table summarizes distributions accrued during the nine months ended September 30, 2013: | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
Distribution | Total | |||||||
per Unit | Distribution | |||||||
General Partner/Limited Partner Units | $ | 0.255 | $ | 29,074 | ||||
Series F Preferred Units | $ | 4,242.04 | $ | 2,121 | ||||
Series G Preferred Units | $ | 5,427.00 | $ | 1,357 | ||||
Series J Preferred Units * | $ | 5,085.12 | $ | 2,034 | ||||
Series K Preferred Units ** | $ | 9,968.85 | $ | 1,994 | ||||
* The second quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section. | ||||||||
**The third quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
8. Accumulated Other Comprehensive Loss | ||||||||||||
The following tables summarize the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2013 and the reclassifications out of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2013: | ||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Total | ||||||||||
Balance as of December 31, 2012 | $ | (7,008 | ) | $ | 179 | $ | (6,829 | ) | ||||
Other Comprehensive Loss Before Reclassifications | — | (14 | ) | (14 | ) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2,908 | — | 2,908 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 2,908 | (14 | ) | 2,894 | ||||||||
Balance as of September 30, 2013 | $ | (4,100 | ) | $ | 165 | $ | (3,935 | ) | ||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Interest Rate Protection Agreements | ||||||||||||
Amortization of Interest Rate Protection Agreements | $ | 609 | $ | 1,792 | Interest Expense | |||||||
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | 17 | 1,116 | Loss from Retirement of Debt | |||||||||
$ | 626 | 2,908 | Total | |||||||||
Supplemental_Information_to_St
Supplemental Information to Statements of Cash Flows | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Information to Statements of Cash Flows | ' | |||||||
9. Supplemental Information to Statements of Cash Flows | ||||||||
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 2,447 | $ | 1,078 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on General and Limited Partner Units | $ | 9,788 | $ | — | ||||
Distribution Payable on Preferred Units | $ | — | $ | 5,177 | ||||
Exchange of Limited Partnership Units for General Partnership Units: | ||||||||
Limited Partnership Units | $ | (943 | ) | $ | (2,710 | ) | ||
General Partnership Units | 943 | 2,710 | ||||||
Total | $ | — | $ | — | ||||
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition | $ | — | $ | 12,026 | ||||
Write-off of Fully Depreciated Assets | $ | (36,992 | ) | $ | (30,782 | ) |
Earnings_Per_Unit_EPU
Earnings Per Unit ("EPU") | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||||||
Earnings Per Unit ("EPU") | ' | |||||||||||||||
10. Earnings Per Unit ("EPU") | ||||||||||||||||
The computation of basic and diluted EPU is presented below: | ||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Numerator: | ||||||||||||||||
Income (Loss) from Continuing Operations | $ | 4,779 | $ | 92 | $ | 3,982 | $ | (17,665 | ) | |||||||
Gain on Sale of Real Estate | 221 | 3,777 | 483 | 3,777 | ||||||||||||
Income from Continuing Operations Allocable to Participating Securities | (12 | ) | — | — | — | |||||||||||
Preferred Unit Distributions | (1,392 | ) | (4,725 | ) | (7,506 | ) | (14,285 | ) | ||||||||
Redemption of Preferred Units | (2,121 | ) | — | (5,667 | ) | — | ||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1,475 | $ | (856 | ) | $ | (8,708 | ) | $ | (28,173 | ) | |||||
Income from Discontinued Operations | $ | 3,738 | $ | 5,324 | $ | 14,538 | $ | 13,841 | ||||||||
Income from Discontinued Operations Allocable to Participating Securities | (30 | ) | (34 | ) | (120 | ) | — | |||||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 3,708 | $ | 5,290 | $ | 14,418 | $ | 13,841 | ||||||||
Net Income (Loss) Available | $ | 5,225 | $ | 4,468 | $ | 5,830 | $ | (14,332 | ) | |||||||
Net Income Allocable to Participating Securities | (42 | ) | (34 | ) | (120 | ) | — | |||||||||
Net Income (Loss) Available to Unitholders | $ | 5,183 | $ | 4,434 | $ | 5,710 | $ | (14,332 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted Average Units — Basic | 114,089 | 98,432 | 110,823 | 94,464 | ||||||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | ||||||||||||||||
LTIP Unit Awards | 315 | — | — | — | ||||||||||||
Weighted Average Units - Diluted | 114,404 | 98,432 | 110,823 | 94,464 | ||||||||||||
Basic and Diluted EPU: | ||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 0.01 | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.30 | ) | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | 0.03 | $ | 0.05 | $ | 0.13 | $ | 0.15 | ||||||||
Net Income (Loss) Available to Unitholders | $ | 0.04 | $ | 0.04 | $ | 0.05 | $ | (0.15 | ) | |||||||
Participating securities include Units that correspond to the Company's 489,381 and 745,712 of unvested restricted stock awards outstanding at September 30, 2013 and 2012, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the nine months ended September 30, 2012, there was no allocation of income to participating security holders for the nine months ended September 30, 2012. | ||||||||||||||||
The number of weighted average units—diluted is the same as the number of weighted average units — basic for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, as the effect of Units corresponding to the Company's LTIP Unit Awards (which do not participate in non-forfeitable distributions of the Operating Partnership) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. Units corresponding to the following awards of the Company could be dilutive in future periods: | ||||||||||||||||
Number of | Number of | |||||||||||||||
Awards | Awards | |||||||||||||||
Outstanding At | Outstanding At | |||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Non-Participating Securities: | ||||||||||||||||
Restricted Stock Unit Awards | 273,400 | 713,550 | ||||||||||||||
LTIP Unit Awards | 718,960 | — | ||||||||||||||
Derivatives
Derivatives | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivatives | ' | ||||||||||||||||||
11. Derivatives | |||||||||||||||||||
Our objectives in using interest rate derivatives are to add stability to interest expense or preferred stock dividends and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||||||||
Our Series F Preferred Units are subject to a coupon rate reset. The coupon rate resets every quarter at 2.375% plus the greater of i) the 30 year Treasury CMT Rate, ii) the 10 year Treasury CMT Rate or iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Units (the "Series F Agreement"). This Series F Agreement fixes the 30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded in the statement of operations. For the three and nine months ended September 30, 2013, net gains of $0 and $52, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. For the three and nine months ended September 30, 2012, net losses of $29 and $334, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. Quarterly payments are treated as a component of the mark-to-market gains or losses and totaled $214 and $774, for the three and nine months ended September 30, 2013, respectively, and $326 and $865 for the three and nine months ended September 30, 2012, respectively. The Series F Agreement matured on October 1, 2013. | |||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Other Comprehensive Income ("OCI") and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $1,846 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. | |||||||||||||||||||
The following is a summary of the terms of our derivative and its fair value, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets: | |||||||||||||||||||
Hedge Product | Notional | Strike | Trade | Maturity | Fair Value As of | Fair Value As of | |||||||||||||
Amount | Date | Date | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||
Series F Agreement* | $ | 50,000 | 5.2175 | % | October 1, 2008 | October 1, 2013 | $ | — | $ | (826 | ) | ||||||||
_____________________ | |||||||||||||||||||
* | Fair value excludes quarterly settlement payment due on Series F Agreement. As of September 30, 2013 and December 31, 2012, the outstanding payable was $214 and $305, respectively. | ||||||||||||||||||
The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statements of operations and the statements of OCI for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Interest Rate Products | Location on Statement | September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Amortization Reclassified from OCI into Income (Loss) | Interest Expense | $ | (609 | ) | $ | (579 | ) | $ | (1,792 | ) | $ | (1,690 | ) | ||||||
The guidance for fair value measurement of financial instruments includes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||||
The following table sets forth our financial liability that is accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value | Fair Value Measurements at | ||||||||||||||||||
Reporting Date Using: | |||||||||||||||||||
Description | Quoted Prices in | Significant Other | Unobservable | ||||||||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Series F Agreement at September 30, 2013 | $ | — | — | — | $ | — | |||||||||||||
Series F Agreement at December 31, 2012 | $ | (826 | ) | — | — | $ | (826 | ) | |||||||||||
The following table presents the quantitative information about the Level 3 fair value measurements at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | |||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||
Series F Agreement at September 30, 2013 | $ | — | N/A | N/A | (A) | ||||||||||||||
Series F Agreement at December 31, 2012 | $ | (826 | ) | Discounted Cash Flow | Long Dated Treasuries (B) | 2.82% - 2.91% | |||||||||||||
Own Credit Risk (C) | 0.98% - 1.59% | ||||||||||||||||||
(A) | The Series F Agreement matured on October 1, 2013. | ||||||||||||||||||
(B) | Represents the forward 30 year Treasury CMT Rate. | ||||||||||||||||||
(C) | Represents credit default swap spread curve used in the valuation analysis at December 31, 2012. | ||||||||||||||||||
The valuation of the Series F Agreement was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflected the contractual terms of the agreement including the period to maturity. In adjusting the fair value of the Series F Agreement for the effect of nonperformance risk, we had considered the impact of netting and any applicable credit enhancement. To comply with the provisions of fair value measurement, we calculated a credit valuation adjustment ("CVA") to appropriately reflect both our own nonperformance risk and our counterparty's nonperformance risk in the fair value measurements. We considered the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swapped a fixed rate of 5.2175% for floating rate payments based on 30 year Treasury CMT Rate. No market observable prices exist for long dated Treasuries. Therefore, we had classified the Series F Agreement in its entirety as Level 3. | |||||||||||||||||||
The following table presents a reconciliation of our liability classified as Level 3 at September 30, 2013: | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Using Significant | |||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Derivatives | |||||||||||||||||||
Ending Liability Balance at December 31, 2012 | $ | (826 | ) | ||||||||||||||||
Mark-to-Market of the Series F Agreement | 826 | ||||||||||||||||||
Ending Liability Balance at September 30, 2013 | $ | — | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
12. Commitments and Contingencies | |
In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. | |
In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At September 30, 2013, we have committed to the development of three industrial buildings totaling approximately 1.1 million square feet of GLA. The estimated total construction costs as of September 30, 2013, are approximately $94,400. Of this amount, approximately $27,700 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. Subsequent Events | |
From October 1, 2013 to November 1, 2013, we paid off prior to maturity mortgage loans payable in the aggregate amount of $31,966. | |
From October 1, 2013 to November 1, 2013, we acquired 100% of an LLC interest that owned one industrial property for a purchase price of approximately $26,349, excluding costs incurred in conjunction with the acquisition of the industrial property and sold three industrial properties and one land parcel for approximately $4,644. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Reclassifications | ' |
Reclassifications | |
Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Additionally, the results of operations for the nine months ended September 30, 2013 include an adjustment of $1,561 to decrease depreciation and amortization expense which should have been recorded during previous periods. Management evaluated the impact of the adjustment and does not believe it is material to the results of the anticipated full year, current period or any previous period. | |
IRS Tax Refund | ' |
IRS Tax Refund | |
On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13,700, which equates to $4,806 of taxes owed. We were also required to pay accrued interest of approximately $500. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest. | |
As a result of the Joint Committee on Taxation's approval, during 2013, we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8,238 of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires that public companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for annual periods beginning after December 15, 2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment in Real Estate [Abstract] | ' | |||||||||||||||||
Summary Regarding Industrial Properties Included in Discontinued Operations | ' | |||||||||||||||||
The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total Revenues | $ | 116 | $ | 3,081 | $ | 2,311 | $ | 11,449 | ||||||||||
Property Expenses | 58 | (1,241 | ) | (871 | ) | (4,749 | ) | |||||||||||
Impairment of Real Estate | — | — | (176 | ) | (1,186 | ) | ||||||||||||
Depreciation and Amortization | (49 | ) | (986 | ) | (746 | ) | (3,757 | ) | ||||||||||
Gain on Sale of Real Estate | 3,613 | 4,470 | 14,020 | 12,084 | ||||||||||||||
Income from Discontinued Operations | $ | 3,738 | $ | 5,324 | $ | 14,538 | $ | 13,841 | ||||||||||
Net Non-Cash Impairment Charges | ' | |||||||||||||||||
During the three and nine months ended September 30, 2013 and 2012, we recorded the following net non-cash impairment charges: | ||||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||
Ended | Ended | Ended September 30, | Ended | |||||||||||||||
September 30, | September 30, | 2013 | September 30, | |||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||
Sold or Held for Sale Operating Properties — Discontinued Operations | $ | — | $ | — | $ | 176 | $ | 1,186 | ||||||||||
Operating Properties Not Held For Sale — Continuing Operations | 1,047 | — | 2,476 | (85 | ) | |||||||||||||
Total Net Impairment | $ | 1,047 | $ | — | $ | 2,652 | $ | 1,101 | ||||||||||
Fair Value Measurements on a Nonrecurring Basis | ' | |||||||||||||||||
The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. | ||||||||||||||||||
Fair Value Measurements on a Non-Recurring Basis Using: | ||||||||||||||||||
Description | At September 30, 2013 | Quoted Prices in | Significant Other | Unobservable | Total | |||||||||||||
Active Markets for | Observable Inputs | Inputs | Impairment for the Nine Months Ended | |||||||||||||||
Identical Assets | (Level 2) | (Level 3) | ||||||||||||||||
(Level 1) | ||||||||||||||||||
Long-lived Assets Not Held For Sale* | $ | 6,875 | — | — | $ | 6,875 | $ | (1,047 | ) | |||||||||
_____________________ | ||||||||||||||||||
* Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ' | |||||||||||||||||
The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013. | ||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | ||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||
One industrial property comprising approximately 0.5 million square feet of GLA | $ | 6,875 | Contracted Price | (A) | N/A | |||||||||||||
(A) The fair value for the property is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness. |
Investments_in_and_Advances_to1
Investments in and Advances to Other Real Estate Partnerships (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments in and Advances to Other Real Estate Partnerships [Abstract] | ' | |||||||||||||||
Condensed Combined Balance Sheets | ' | |||||||||||||||
Condensed Combined Balance Sheets | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
ASSETS | ||||||||||||||||
Assets: | ||||||||||||||||
Net Investment in Real Estate | $ | 276,525 | $ | 264,284 | ||||||||||||
Note Receivable | 123,444 | 142,982 | ||||||||||||||
Other Assets, Net | 33,902 | 34,476 | ||||||||||||||
Total Assets | $ | 433,871 | $ | 441,742 | ||||||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Liabilities: | ||||||||||||||||
Mortgage Loans Payable | $ | 98,111 | $ | 107,287 | ||||||||||||
Other Liabilities, Net | 14,276 | 11,570 | ||||||||||||||
Partners’ Capital | 321,484 | 322,885 | ||||||||||||||
Total Liabilities and Partners’ Capital | $ | 433,871 | $ | 441,742 | ||||||||||||
Operating Partnership's Share of Equity | $ | 320,228 | $ | 321,663 | ||||||||||||
Basis Differentials (1) | (123,952 | ) | (143,559 | ) | ||||||||||||
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships | $ | 196,276 | $ | 178,104 | ||||||||||||
_________________ | ||||||||||||||||
(1) This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. | ||||||||||||||||
Condensed Combined Statements of Operations | ' | |||||||||||||||
Condensed Combined Statements of Operations | ||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total Revenues | $ | 9,907 | $ | 9,400 | $ | 29,340 | $ | 29,419 | ||||||||
Property Expenses | (2,906 | ) | (2,604 | ) | (9,027 | ) | (8,404 | ) | ||||||||
Impairment of Real Estate | — | — | — | 172 | ||||||||||||
Depreciation and Other Amortization | (3,071 | ) | (3,351 | ) | (9,120 | ) | (10,888 | ) | ||||||||
Interest Income | 1,237 | 2,019 | 3,809 | 6,405 | ||||||||||||
Interest Expense | (1,079 | ) | (1,483 | ) | (3,541 | ) | (4,444 | ) | ||||||||
Amortization of Deferred Financing Costs | (45 | ) | (53 | ) | (142 | ) | (156 | ) | ||||||||
Loss from Retirement of Debt | — | — | (214 | ) | — | |||||||||||
Income from Continuing Operations | 4,043 | 3,928 | 11,105 | 12,104 | ||||||||||||
Discontinued Operations: | ||||||||||||||||
Income (Loss) Attributable to Discontinued Operations | 91 | 112 | 210 | (20 | ) | |||||||||||
Gain (Loss) on Sale of Real Estate | 1,630 | (50 | ) | 1,630 | (79 | ) | ||||||||||
Income (Loss) from Discontinued Operations | 1,721 | 62 | 1,840 | (99 | ) | |||||||||||
Income Before Gain on Sale of Real Estate | $ | 5,764 | $ | 3,990 | $ | 12,945 | $ | 12,005 | ||||||||
Gain on Sale of Real Estate | $ | 70 | $ | — | $ | 70 | $ | — | ||||||||
Net Income | $ | 5,834 | $ | 3,990 | $ | 13,015 | $ | 12,005 | ||||||||
Indebtedness_Tables
Indebtedness (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Information Regarding Indebtedness | ' | ||||||||||||||||
The following table discloses certain information regarding our indebtedness: | |||||||||||||||||
Outstanding Balance at | Interest | Effective | Maturity Date | ||||||||||||||
Rate at | Interest | ||||||||||||||||
30-Sep-13 | December 31, 2012 | September 30, 2013 | Rate at Issuance | ||||||||||||||
Mortgage Loans Payable, Net | $ | 614,900 | $ | 656,329 | 4.03% – 8.26% | 4.03% – 8.26% | January 2014- September 2022 | ||||||||||
Unamortized Premiums | (121 | ) | (161 | ) | |||||||||||||
Mortgage Loans Payable, Gross | $ | 614,779 | $ | 656,168 | |||||||||||||
Senior Unsecured Notes, Net | |||||||||||||||||
2016 Notes | $ | 159,552 | $ | 159,510 | 5.75 | % | 5.91 | % | 1/15/16 | ||||||||
2017 Notes | 54,959 | 55,385 | 7.5 | % | 7.52 | % | 12/1/17 | ||||||||||
2027 Notes | 6,066 | 6,066 | 7.15 | % | 7.11 | % | 5/15/27 | ||||||||||
2028 Notes | 31,883 | 55,261 | 7.6 | % | 8.13 | % | 7/15/28 | ||||||||||
2032 Notes | 10,512 | 11,500 | 7.75 | % | 7.87 | % | 4/15/32 | ||||||||||
2014 Notes | 80,772 | 79,683 | 6.42 | % | 6.54 | % | 6/1/14 | ||||||||||
2017 II Notes | 101,771 | 106,745 | 5.95 | % | 6.37 | % | 5/15/17 | ||||||||||
Subtotal | $ | 445,515 | $ | 474,150 | |||||||||||||
Unamortized Discounts | 1,381 | 2,570 | |||||||||||||||
Senior Unsecured Notes, Gross | $ | 446,896 | $ | 476,720 | |||||||||||||
Unsecured Credit Facility | $ | 171,000 | $ | 98,000 | 1.631 | % | 1.631 | % | 9/29/17 | * | |||||||
* The maturity date may be extended an additional year at our election, subject to certain restrictions. | |||||||||||||||||
Senior Unsecured Notes Repurchases | ' | ||||||||||||||||
During the nine months ended September 30, 2013, we repurchased and retired the following senior unsecured notes prior to maturity: | |||||||||||||||||
Principal | Purchase | ||||||||||||||||
Amount | Price | ||||||||||||||||
Repurchased | |||||||||||||||||
2017 Notes | $ | 430 | $ | 482 | |||||||||||||
2017 II Notes | 5,000 | 5,300 | |||||||||||||||
2028 Notes | 23,394 | 26,547 | |||||||||||||||
2032 Notes | 1,000 | 1,163 | |||||||||||||||
Total | $ | 29,824 | $ | 33,492 | |||||||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||||||||||
The following is a schedule of the stated maturities and scheduled principal payments as of September 30, 2013 of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter: | |||||||||||||||||
Amount | |||||||||||||||||
Remainder of 2013 | $ | 2,959 | |||||||||||||||
2014 | 133,327 | ||||||||||||||||
2015 | 34,951 | ||||||||||||||||
2016 | 275,948 | ||||||||||||||||
2017 | 337,783 | ||||||||||||||||
Thereafter | 447,707 | ||||||||||||||||
Total | $ | 1,232,675 | |||||||||||||||
Summary of Indebtedness At Estimated Fair Value | ' | ||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair values of our indebtedness were as follows: | |||||||||||||||||
30-Sep-13 | December 31, 2012 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||
Mortgage Loans Payable, Net | $ | 614,900 | $ | 629,823 | $ | 656,329 | $ | 699,903 | |||||||||
Senior Unsecured Notes, Net | 445,515 | 483,604 | 474,150 | 516,943 | |||||||||||||
Unsecured Credit Facility | 171,000 | 171,000 | 98,000 | 98,192 | |||||||||||||
Total | $ | 1,231,415 | $ | 1,284,427 | $ | 1,228,479 | $ | 1,315,038 | |||||||||
Partners_Capital_Tables
Partners' Capital (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Dividend Distributions | ' | |||||||
The following table summarizes distributions accrued during the nine months ended September 30, 2013: | ||||||||
Nine Months Ended September 30, 2013 | ||||||||
Distribution | Total | |||||||
per Unit | Distribution | |||||||
General Partner/Limited Partner Units | $ | 0.255 | $ | 29,074 | ||||
Series F Preferred Units | $ | 4,242.04 | $ | 2,121 | ||||
Series G Preferred Units | $ | 5,427.00 | $ | 1,357 | ||||
Series J Preferred Units * | $ | 5,085.12 | $ | 2,034 | ||||
Series K Preferred Units ** | $ | 9,968.85 | $ | 1,994 | ||||
* The second quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section. | ||||||||
**The third quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||||||
The following tables summarize the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2013 and the reclassifications out of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2013: | ||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Total | ||||||||||
Balance as of December 31, 2012 | $ | (7,008 | ) | $ | 179 | $ | (6,829 | ) | ||||
Other Comprehensive Loss Before Reclassifications | — | (14 | ) | (14 | ) | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2,908 | — | 2,908 | |||||||||
Net Current Period Other Comprehensive Income (Loss) | 2,908 | (14 | ) | 2,894 | ||||||||
Balance as of September 30, 2013 | $ | (4,100 | ) | $ | 165 | $ | (3,935 | ) | ||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected Line Item in the Consolidated Statements of Operations | |||||||||
Interest Rate Protection Agreements | ||||||||||||
Amortization of Interest Rate Protection Agreements | $ | 609 | $ | 1,792 | Interest Expense | |||||||
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | 17 | 1,116 | Loss from Retirement of Debt | |||||||||
$ | 626 | 2,908 | Total | |||||||||
Supplemental_Information_to_St1
Supplemental Information to Statements of Cash Flows (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Information to Statements of Cash Flows | ' | |||||||
Supplemental Information to Statements of Cash Flows | ||||||||
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, 2013 | September 30, 2012 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 2,447 | $ | 1,078 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on General and Limited Partner Units | $ | 9,788 | $ | — | ||||
Distribution Payable on Preferred Units | $ | — | $ | 5,177 | ||||
Exchange of Limited Partnership Units for General Partnership Units: | ||||||||
Limited Partnership Units | $ | (943 | ) | $ | (2,710 | ) | ||
General Partnership Units | 943 | 2,710 | ||||||
Total | $ | — | $ | — | ||||
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition | $ | — | $ | 12,026 | ||||
Write-off of Fully Depreciated Assets | $ | (36,992 | ) | $ | (30,782 | ) |
Earnings_Per_Unit_EPU_Tables
Earnings Per Unit ("EPU") (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Unit [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted EPU | ' | |||||||||||||||
The computation of basic and diluted EPU is presented below: | ||||||||||||||||
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Numerator: | ||||||||||||||||
Income (Loss) from Continuing Operations | $ | 4,779 | $ | 92 | $ | 3,982 | $ | (17,665 | ) | |||||||
Gain on Sale of Real Estate | 221 | 3,777 | 483 | 3,777 | ||||||||||||
Income from Continuing Operations Allocable to Participating Securities | (12 | ) | — | — | — | |||||||||||
Preferred Unit Distributions | (1,392 | ) | (4,725 | ) | (7,506 | ) | (14,285 | ) | ||||||||
Redemption of Preferred Units | (2,121 | ) | — | (5,667 | ) | — | ||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1,475 | $ | (856 | ) | $ | (8,708 | ) | $ | (28,173 | ) | |||||
Income from Discontinued Operations | $ | 3,738 | $ | 5,324 | $ | 14,538 | $ | 13,841 | ||||||||
Income from Discontinued Operations Allocable to Participating Securities | (30 | ) | (34 | ) | (120 | ) | — | |||||||||
Income from Discontinued Operations Attributable to Unitholders | $ | 3,708 | $ | 5,290 | $ | 14,418 | $ | 13,841 | ||||||||
Net Income (Loss) Available | $ | 5,225 | $ | 4,468 | $ | 5,830 | $ | (14,332 | ) | |||||||
Net Income Allocable to Participating Securities | (42 | ) | (34 | ) | (120 | ) | — | |||||||||
Net Income (Loss) Available to Unitholders | $ | 5,183 | $ | 4,434 | $ | 5,710 | $ | (14,332 | ) | |||||||
Denominator: | ||||||||||||||||
Weighted Average Units — Basic | 114,089 | 98,432 | 110,823 | 94,464 | ||||||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | ||||||||||||||||
LTIP Unit Awards | 315 | — | — | — | ||||||||||||
Weighted Average Units - Diluted | 114,404 | 98,432 | 110,823 | 94,464 | ||||||||||||
Basic and Diluted EPU: | ||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 0.01 | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.30 | ) | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | 0.03 | $ | 0.05 | $ | 0.13 | $ | 0.15 | ||||||||
Net Income (Loss) Available to Unitholders | $ | 0.04 | $ | 0.04 | $ | 0.05 | $ | (0.15 | ) | |||||||
Non-Participating Securities | ' | |||||||||||||||
Units corresponding to the following awards of the Company could be dilutive in future periods: | ||||||||||||||||
Number of | Number of | |||||||||||||||
Awards | Awards | |||||||||||||||
Outstanding At | Outstanding At | |||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Non-Participating Securities: | ||||||||||||||||
Restricted Stock Unit Awards | 273,400 | 713,550 | ||||||||||||||
LTIP Unit Awards | 718,960 | — | ||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Summary of Derivatives and Fair Values | ' | ||||||||||||||||||
The following is a summary of the terms of our derivative and its fair value, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets: | |||||||||||||||||||
Hedge Product | Notional | Strike | Trade | Maturity | Fair Value As of | Fair Value As of | |||||||||||||
Amount | Date | Date | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||
Series F Agreement* | $ | 50,000 | 5.2175 | % | October 1, 2008 | October 1, 2013 | $ | — | $ | (826 | ) | ||||||||
_____________________ | |||||||||||||||||||
* | Fair value excludes quarterly settlement payment due on Series F Agreement. As of September 30, 2013 and December 31, 2012, the outstanding payable was $214 and $305, respectively. | ||||||||||||||||||
Summary of Impact of Derivatives in Cash Flow Hedging Relationships on Statement of Operations and Statement of OCI | ' | ||||||||||||||||||
The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statements of operations and the statements of OCI for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
Interest Rate Products | Location on Statement | September 30, 2013 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||||||
Amortization Reclassified from OCI into Income (Loss) | Interest Expense | $ | (609 | ) | $ | (579 | ) | $ | (1,792 | ) | $ | (1,690 | ) | ||||||
Fair Value Measurements on Recurring Basis | ' | ||||||||||||||||||
The following table sets forth our financial liability that is accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value | Fair Value Measurements at | ||||||||||||||||||
Reporting Date Using: | |||||||||||||||||||
Description | Quoted Prices in | Significant Other | Unobservable | ||||||||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||
(Level 1) | |||||||||||||||||||
Liabilities: | |||||||||||||||||||
Series F Agreement at September 30, 2013 | $ | — | — | — | $ | — | |||||||||||||
Series F Agreement at December 31, 2012 | $ | (826 | ) | — | — | $ | (826 | ) | |||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ' | ||||||||||||||||||
The following table presents the quantitative information about the Level 3 fair value measurements at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements: | |||||||||||||||||||
Description | Fair Value | Valuation Technique | Unobservable Inputs | Range | |||||||||||||||
Series F Agreement at September 30, 2013 | $ | — | N/A | N/A | (A) | ||||||||||||||
Series F Agreement at December 31, 2012 | $ | (826 | ) | Discounted Cash Flow | Long Dated Treasuries (B) | 2.82% - 2.91% | |||||||||||||
Own Credit Risk (C) | 0.98% - 1.59% | ||||||||||||||||||
(A) | The Series F Agreement matured on October 1, 2013. | ||||||||||||||||||
(B) | Represents the forward 30 year Treasury CMT Rate. | ||||||||||||||||||
(C) | Represents credit default swap spread curve used in the valuation analysis at December 31, 2012. | ||||||||||||||||||
Reconciliation of Liabilities Classified as Level 3 | ' | ||||||||||||||||||
The following table presents a reconciliation of our liability classified as Level 3 at September 30, 2013: | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Using Significant | |||||||||||||||||||
Unobservable Inputs | |||||||||||||||||||
(Level 3) | |||||||||||||||||||
Derivatives | |||||||||||||||||||
Ending Liability Balance at December 31, 2012 | $ | (826 | ) | ||||||||||||||||
Mark-to-Market of the Series F Agreement | 826 | ||||||||||||||||||
Ending Liability Balance at September 30, 2013 | $ | — | |||||||||||||||||
Organization_and_Formation_of_1
Organization and Formation of Partnership - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Property |
Jointventures | |
sqft | |
State | |
Organization and Formation of Partnership [Line Items] | ' |
Ownership interest of sole general partner | 96.00% |
Ownership interest of limited partners | 4.00% |
General partner preferred units liquidation preference | $75,000 |
Number of joint ventures | 2 |
Number of industrial properties owned | 632 |
Number of states in which industrial properties owned are located | 24 |
Gross leasable area (GLA) of industrial properties owned | 55,100,000 |
Other Real Estate Partnerships | ' |
Organization and Formation of Partnership [Line Items] | ' |
Minimum ownership interest in limited partnerships | 99.00% |
Minimum ownership interest of limited partnerships | 0.01% |
Number of limited partnerships | 8 |
Number of industrial properties owned | 65 |
Gross leasable area (GLA) of industrial properties owned | 7,400,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2009 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Internal Revenue Service (IRS) [Member] | Prior Period Adjustment [Member] | |||||
Settlement with Taxing Authority [Member] | Settlement with Taxing Authority [Member] | Settlement with Taxing Authority [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and other amortization | $25,533 | $25,201 | $75,671 | $78,250 | ' | ' | ' | $1,561 |
Period to carry back net operating losses | ' | ' | ' | ' | ' | 'up to 5 years | ' | ' |
IRS tax refund | ' | ' | ' | ' | 40,418 | ' | ' | ' |
Refunds in excess are required to be reviewed by Joint Committee on Taxation | ' | ' | ' | ' | ' | 2,000 | ' | ' |
Agreed refund adjustment to taxable income | ' | ' | ' | ' | ' | ' | 13,700 | ' |
Taxes owed | ' | ' | ' | ' | ' | ' | 4,806 | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | 500 | ' |
Preferred stock distributions taxable as capital gain | ' | ' | ' | ' | ' | ' | $8,238 | ' |
Investment_in_Real_Estate_Addi
Investment in Real Estate - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
sqft | Property | Property | |
Property | |||
Real Estate Investments [Line Items] | ' | ' | ' |
Number of industrial properties acquired | 1 | ' | ' |
Square footage of real estate property acquired | 500,000 | ' | ' |
Purchase price of acquisitions | $46,463 | ' | ' |
Number of industrial properties sold | 18 | 23 | 26 |
Gross leasable area (GLA) of industrial properties sold | 1,500,000 | ' | ' |
Gross proceeds from the sale of industrial properties and land parcels | 64,920 | ' | ' |
Net gain on sale of properties and land parcels | 14,503 | 15,861 | ' |
Number of industrial properties held for sale | 1 | ' | ' |
Gross leasable area (GLA) of industrial properties held for sale | 50,000 | ' | ' |
Impairment reversal of industrial properties | ' | 1,605 | ' |
Notes receivable outstanding | 40,795 | ' | 41,201 |
Net discount of notes receivable outstanding | 207 | ' | 255 |
Fair value of notes receivable | $41,906 | ' | $44,783 |
Discontinuing Operations [Member] | ' | ' | ' |
Real Estate Investments [Line Items] | ' | ' | ' |
Number of sold properties included in discontinued operations | 18 | ' | ' |
Investment_in_Real_Estate_Summ
Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment in Real Estate [Abstract] | ' | ' | ' | ' |
Total Revenues | $116 | $3,081 | $2,311 | $11,449 |
Property Expenses | 58 | -1,241 | -871 | -4,749 |
Impairment of Real Estate | 0 | 0 | -176 | -1,186 |
Depreciation and Amortization | -49 | -986 | -746 | -3,757 |
Gain on Sale of Real Estate | 3,613 | 4,470 | 14,020 | 12,084 |
Income from Discontinued Operations | $3,738 | $5,324 | $14,538 | $13,841 |
Investment_in_Real_Estate_Net_
Investment in Real Estate - Net Non-Cash Impairment Charges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Impairment Charges [Line Items] | ' | ' | ' | ' |
Total Net Impairment | $1,047 | $0 | $2,652 | $1,101 |
Held for Sale and Sold Operating Properties - Discontinued Operations | ' | ' | ' | ' |
Impairment Charges [Line Items] | ' | ' | ' | ' |
Total Net Impairment | 0 | 0 | 176 | 1,186 |
Operating Properties Marketed For Sale - Continuing Operations | ' | ' | ' | ' |
Impairment Charges [Line Items] | ' | ' | ' | ' |
Total Net Impairment | $1,047 | $0 | $2,476 | ($85) |
Investment_in_Real_Estate_Fair
Investment in Real Estate - Fair Value Measurements on Non-Recurring Basis (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | |
Long-lived Assets Sold Impairment | ($1,047) | [1] |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | |
Long-lived Assets Held for Sale | 0 | |
Significant Other Observable Inputs (Level 2) | ' | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | |
Long-lived Assets Held for Sale | 0 | |
Unobservable Inputs (Level 3) | ' | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | |
Long-lived Assets Held for Sale | 6,875 | [1] |
Fair Value, Measurements, Nonrecurring | ' | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | ' | |
Long-lived Assets Held for Sale | $6,875 | [1] |
[1] | Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013. |
Investment_in_Real_Estate_Quan
Investment in Real Estate - Quantitative Information About Level 3 Fair Value Measurements (Detail) (Unobservable Inputs (Level 3), USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
sqft | |
Property | |
Contracted Price [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Number of industrial properties | 1 |
Gross leaseable area | 500,000 |
Third Party Pricing [Member] | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' |
Fair value of property | 6,875 |
Investments_in_and_Advances_to2
Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Net Investment in Real Estate | $2,120,250 | $2,124,526 | ||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $658 and $3,050 | 2,291 | 6,765 | ||
Total Assets | 2,512,430 | 2,503,882 | ||
Liabilities: | ' | ' | ||
Mortgage Loans Payable | 614,900 | 656,329 | ||
Partners’ Capital | 1,166,957 | 1,155,151 | ||
Total Liabilities and Partners’ Capital | 2,512,430 | 2,503,882 | ||
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships | 196,276 | 178,104 | ||
Other Real Estate Partnerships | ' | ' | ||
Assets: | ' | ' | ||
Net Investment in Real Estate | 276,525 | 264,284 | ||
Note Receivable | 123,444 | 142,982 | ||
Other Assets, Net | 33,902 | 34,476 | ||
Total Assets | 433,871 | 441,742 | ||
Liabilities: | ' | ' | ||
Mortgage Loans Payable | 98,111 | 107,287 | ||
Other Liabilities, Net | 14,276 | 11,570 | ||
Partners’ Capital | 321,484 | 322,885 | ||
Total Liabilities and Partners’ Capital | 433,871 | 441,742 | ||
Operating Partnership's Share of Equity | 320,228 | 321,663 | ||
Basis Differentials (1) | -123,952 | [1] | -143,559 | [1] |
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships | $196,276 | $178,104 | ||
[1] | This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership. |
Investments_in_and_Advances_to3
Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Condensed Consolidating Balance Sheets [Line Items] | ' | ' |
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $658 | $3,050 |
Investments_in_and_Advances_to4
Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' | ' |
Total Revenues | $73,503 | $69,210 | $221,126 | $209,596 |
Property Expenses | -23,863 | -21,819 | -72,914 | -67,320 |
Impairment of Real Estate | ' | ' | -2,652 | -1,101 |
Depreciation and Other Amortization | -25,533 | -25,201 | -75,671 | -78,250 |
Interest Income | 611 | 676 | 1,818 | 2,319 |
Interest Expense | -16,918 | -18,644 | -51,850 | -59,548 |
Amortization of Deferred Financing Costs | -736 | -815 | -2,326 | -2,437 |
Loss from Retirement of Debt | -662 | -424 | -6,034 | -6,646 |
Income (Loss) from Continuing Operations | 4,779 | 92 | 3,982 | -17,665 |
Discontinued Operations: | ' | ' | ' | ' |
Income (Loss) Attributable to Discontinued Operations | 125 | 854 | 518 | 1,757 |
Gain (Loss) on Sale of Real Estate | 3,613 | 4,470 | 14,020 | 12,084 |
Income from Discontinued Operations | 3,738 | 5,324 | 14,538 | 13,841 |
Income (Loss) Before Gain on Sale of Real Estate | 8,517 | 5,416 | 18,520 | -3,824 |
Gain on Sale of Real Estate | 221 | 3,777 | 483 | 3,777 |
Net Income (Loss) | 8,738 | 9,193 | 19,003 | -47 |
Other Real Estate Partnerships | ' | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' | ' |
Total Revenues | 9,907 | 9,400 | 29,340 | 29,419 |
Property Expenses | -2,906 | -2,604 | -9,027 | -8,404 |
Impairment of Real Estate | 0 | 0 | 0 | 172 |
Depreciation and Other Amortization | -3,071 | -3,351 | -9,120 | -10,888 |
Interest Income | 1,237 | 2,019 | 3,809 | 6,405 |
Interest Expense | -1,079 | -1,483 | -3,541 | -4,444 |
Amortization of Deferred Financing Costs | -45 | -53 | -142 | -156 |
Loss from Retirement of Debt | 0 | 0 | -214 | 0 |
Income (Loss) from Continuing Operations | 4,043 | 3,928 | 11,105 | 12,104 |
Discontinued Operations: | ' | ' | ' | ' |
Income (Loss) Attributable to Discontinued Operations | 91 | 112 | 210 | -20 |
Gain (Loss) on Sale of Real Estate | 1,630 | -50 | 1,630 | -79 |
Income from Discontinued Operations | 1,721 | 62 | 1,840 | -99 |
Income (Loss) Before Gain on Sale of Real Estate | 5,764 | 3,990 | 12,945 | 12,005 |
Gain on Sale of Real Estate | 70 | 0 | 70 | 0 |
Net Income (Loss) | $5,834 | $3,990 | $13,015 | $12,005 |
Investments_in_Joint_Ventures_
Investments in Joint Ventures - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property | Property | ||||
sqft | sqft | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of industrial properties owned | 632 | ' | 632 | ' | ' |
Gross leasable area (GLA) of industrial properties owned | 55,100,000 | ' | 55,100,000 | ' | ' |
Investment in Joint Venture | $1,163 | ' | $1,163 | ' | $1,012 |
Fees received from joint ventures | 59 | 295 | 180 | 439 | ' |
2003 Net Lease Joint Venture | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of industrial properties owned | 4 | ' | 4 | ' | ' |
Gross leasable area (GLA) of industrial properties owned | 2,500,000 | ' | 2,500,000 | ' | ' |
Investment in Joint Venture | $1,163 | ' | $1,163 | ' | ' |
2007 Europe Joint Venture | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of industrial properties owned | 0 | ' | 0 | ' | ' |
Equity interest | 10.00% | ' | 10.00% | ' | ' |
Indebtedness_Information_Regar
Indebtedness - Information Regarding Indebtedness (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | |
Mortgage Loans Payable, Net | $614,900 | $656,329 | |
Unamortized Premiums | -121 | -161 | |
Mortgage Loans Payable, Gross | 614,779 | 656,168 | |
Senior Unsecured Notes, Net | 445,515 | 474,150 | |
Unamortized Discounts | 1,381 | 2,570 | |
Senior Unsecured Notes, Gross | 446,896 | 476,720 | |
Unsecured Credit Facility | 171,000 | 98,000 | |
Secured Debt | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Interest Rate, Minimum | 4.03% | ' | |
Interest Rate, Maximum | 8.26% | ' | |
Effective Interest Rate, Minimum | 4.03% | ' | |
Effective Interest Rate, Maximum | 8.26% | ' | |
Maturity Date Range, Start | 1-Jan-14 | ' | |
Maturity Date Range, End | 1-Sep-22 | ' | |
2016 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 159,552 | 159,510 | |
Interest Rate | 5.75% | ' | |
Effective Interest Rate | 5.91% | ' | |
Maturity Date | 15-Jan-16 | ' | |
2017 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 54,959 | 55,385 | |
Interest Rate | 7.50% | ' | |
Effective Interest Rate | 7.52% | ' | |
Maturity Date | 1-Dec-17 | ' | |
2027 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 6,066 | 6,066 | |
Interest Rate | 7.15% | ' | |
Effective Interest Rate | 7.11% | ' | |
Maturity Date | 15-May-27 | ' | |
2028 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 31,883 | 55,261 | |
Interest Rate | 7.60% | ' | |
Effective Interest Rate | 8.13% | ' | |
Maturity Date | 15-Jul-28 | ' | |
2032 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 10,512 | 11,500 | |
Interest Rate | 7.75% | ' | |
Effective Interest Rate | 7.87% | ' | |
Maturity Date | 15-Apr-32 | ' | |
2014 Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | 80,772 | 79,683 | |
Interest Rate | 6.42% | ' | |
Effective Interest Rate | 6.54% | ' | |
Maturity Date | 1-Jun-14 | ' | |
2017 II Notes | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Senior Unsecured Notes, Net | $101,771 | $106,745 | |
Interest Rate | 5.95% | ' | |
Effective Interest Rate | 6.37% | ' | |
Maturity Date | 15-May-17 | ' | |
Line of Credit | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Interest Rate | 1.63% | ' | |
Effective Interest Rate | 1.63% | ' | |
Maturity Date | 29-Sep-17 | [1] | ' |
[1] | * The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 19, 2013 | Dec. 14, 2011 |
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Loss from Retirement of Debt | ($662) | ($424) | ($6,034) | ($6,646) | ' | ' |
Principal amount of senior unsecured notes repurchased | ' | ' | 29,824 | ' | ' | ' |
Purchase price senior unsecured notes | ' | ' | 33,492 | ' | ' | ' |
Unamortized deferred financing cost, wrote off | ' | ' | 56 | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | 625,000 | 450,000 |
Line of credit facility, increase, additional borrowings | ' | ' | 825,000 | ' | ' | ' |
Number of years of extension of line of credit facility at election | ' | ' | '1 year | ' | ' | ' |
Line of credit facility, interest rate description | ' | ' | '145 | ' | ' | ' |
Mortgages | ' | ' | ' | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Mortgage loans paid off and retired prior to maturity | 14,046 | ' | 32,429 | ' | ' | ' |
Loss from Retirement of Debt | 486 | ' | 975 | ' | ' | ' |
Carrying value of industrial properties held under mortgage | 771,120 | ' | 771,120 | ' | ' | ' |
Unsecured Debt | ' | ' | ' | ' | ' | ' |
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Loss from Retirement of Debt | ' | ' | 5,003 | ' | ' | ' |
Principal amount of senior unsecured notes repurchased | ' | ' | 29,824 | ' | ' | ' |
Purchase price senior unsecured notes | ' | ' | 33,492 | ' | ' | ' |
Unamortized debt issue discount | ' | ' | 28 | ' | ' | ' |
Unamortized deferred financing cost, wrote off | ' | ' | 191 | ' | ' | ' |
Unamortized settlement amount of interest rate protection agreements | ' | ' | $1,116 | ' | ' | ' |
Indebtedness_Senior_Unsecured_
Indebtedness - Senior Unsecured Notes Repurchases (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Unsecured Senior Notes [Line Items] | ' |
Principal Amount Repurchased | $29,824 |
Purchase Price | 33,492 |
2017 Notes | ' |
Unsecured Senior Notes [Line Items] | ' |
Principal Amount Repurchased | 430 |
Purchase Price | 482 |
2017 II Notes | ' |
Unsecured Senior Notes [Line Items] | ' |
Principal Amount Repurchased | 5,000 |
Purchase Price | 5,300 |
2028 Notes | ' |
Unsecured Senior Notes [Line Items] | ' |
Principal Amount Repurchased | 23,394 |
Purchase Price | 26,547 |
2032 Notes | ' |
Unsecured Senior Notes [Line Items] | ' |
Principal Amount Repurchased | 1,000 |
Purchase Price | $1,163 |
Indebtedness_Schedule_of_Matur
Indebtedness - Schedule of Maturities of Long-term Debt (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Remainder of 2013 | $2,959 |
2014 | 133,327 |
2015 | 34,951 |
2016 | 275,948 |
2017 | 337,783 |
Thereafter | 447,707 |
Total | $1,232,675 |
Indebtedness_Summary_of_Indebt
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Mortgage Loans Payable, Net, Carrying Amount | $614,900 | $656,329 |
Senior Unsecured Notes, Net, Carrying Amount | 445,515 | 474,150 |
Unsecured Credit Facility, Carrying Amount | 171,000 | 98,000 |
Total, Carrying Amount | 1,231,415 | 1,228,479 |
Mortgage Loans Payable, Net, Fair Value | 629,823 | 699,903 |
Senior Unsecured Notes, Net, Fair Value | 483,604 | 516,943 |
Unsecured Credit Facility, Fair Value | 171,000 | 98,192 |
Total, Fair Value | $1,284,427 | $1,315,038 |
Partners_Capital_Additional_In
Partners' Capital - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Series K Cumulative Redeemable Preferred Stock [Member] | Series J Cumulative Redeemable Preferred Stock [Member] | ATM [Member] | ATM [Member] | Restricted Stock [Member] | LTIP Unit Awards | Series F Preferred Units [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depositary shares redeemed | ' | ' | ' | ' | 2,000,000 | 4,000,000 | ' | ' | ' | ' | ' |
Portion of preferred stock | ' | ' | ' | ' | 0.0001 | 0.0001 | ' | ' | ' | ' | ' |
Dividend rate per share | ' | ' | ' | ' | 7.25% | 7.25% | ' | ' | ' | ' | ' |
Par value of each depositary share | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Redemption price per share | ' | ' | ' | ' | $25 | $25 | ' | ' | ' | ' | ' |
Preferred dividend per depositary share | ' | ' | ' | ' | $0.09 | $0.06 | ' | ' | ' | ' | ' |
Total preferred dividend, depositary shares | ' | ' | ' | ' | $181 | $221 | ' | ' | ' | ' | ' |
Cost associated with share redemption | 2,121 | 0 | 5,667 | 0 | 2,121 | 3,546 | ' | ' | ' | ' | ' |
Underwritten public offering shares | ' | ' | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from underwriting | ' | ' | 132,050 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issuable under at-the-market offering | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' |
Common stock issued under at-the-market offering | ' | ' | ' | ' | ' | ' | 2,315,704 | ' | ' | ' | ' |
Aggregate gross sale proceeds | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | 41,735 | ' | ' | ' | ' |
Conversion of units to common stock | ' | ' | 99,508 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification between limited and general units due to conversion | ' | ' | 943 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock/unit awards to employees | ' | ' | ' | ' | ' | ' | ' | ' | 284,461 | 718,960 | ' |
Fair value of Long Term Incentive Program unit awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,411 | ' |
Minimum Percentage Of Shares Obtainable Under Long Term Incentive Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' |
Maximum Percentage Of Shares Obtainable Under Long Term Incentive Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Fair value of restricted stock/unit awards | ' | ' | ' | ' | ' | ' | ' | ' | 4,719 | ' | ' |
Vesting period of restricted stock/unit awards to employees | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Compensation expense related to restricted shares issued during the quarter | ' | ' | 1,008 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization related to restricted stock and unit awards | 1,769 | 1,309 | 4,436 | 3,707 | ' | ' | ' | ' | ' | ' | ' |
Amount of share based compensation expense capitalized | 11 | 19 | 24 | 19 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to restricted stock/unit awards | $9,094 | ' | $9,094 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '0 years 10 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed coupon rate of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.38% |
Number of years of U.S. treasury rate one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years |
Number of years of U.S. treasury rate two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 month LIBOR |
New coupon rate of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.94% |
Partners_Capital_Dividend_Dist
Partners' Capital - Dividend Distributions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distributions Per Unit | $0.09 | $0 | $0.26 | $0 |
Total Distribution | ' | ' | $13,173 | ' |
General Partner/Limited Partner Units [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distributions Per Unit | ' | ' | $0.26 | ' |
Total Distribution | ' | ' | 29,074 | ' |
Series F Preferred Units [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distribution Per Unit | ' | ' | $4,242.04 | ' |
Total Distribution | ' | ' | 2,121 | ' |
Series G Preferred Units [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distribution Per Unit | ' | ' | $5,427 | ' |
Total Distribution | ' | ' | 1,357 | ' |
Series J Preferred Units [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distribution Per Unit | ' | ' | $5,085.12 | ' |
Total Distribution | ' | ' | 2,034 | ' |
Series K Preferred Units [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Distribution Per Unit | ' | ' | $9,968.85 | ' |
Total Distribution | ' | ' | $1,994 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | ($6,829) |
Other Comprehensive Loss Before Reclassifications | -14 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2,908 |
Net Current Period Other Comprehensive Income (Loss) | 2,894 |
Balance as of September 30, 2013 | -3,935 |
Interest Rate Protection Agreements | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | -7,008 |
Other Comprehensive Loss Before Reclassifications | 0 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2,908 |
Net Current Period Other Comprehensive Income (Loss) | 2,908 |
Balance as of September 30, 2013 | -4,100 |
Foreign Currency Translation Adjustment | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | 179 |
Other Comprehensive Loss Before Reclassifications | -14 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive Income (Loss) | -14 |
Balance as of September 30, 2013 | $165 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of Interest Rate Protection Agreements | ($16,918) | ($18,644) | ($51,850) | ($59,548) |
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | -662 | -424 | -6,034 | -6,646 |
Total | -17,705 | -19,236 | -58,340 | -66,646 |
Interest Rate Protection Agreements | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of Interest Rate Protection Agreements | 609 | ' | 1,792 | ' |
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements | 17 | ' | 1,116 | ' |
Total | $626 | ' | $2,908 | ' |
Supplemental_Information_to_St2
Supplemental Information to Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense Capitalized in Connection with Development Activity | $2,447 | $1,078 |
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition | 0 | 12,026 |
Write-off of Fully Depreciated Assets | -36,992 | -30,782 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ' | ' |
Distribution payable | 9,788 | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 0 | 0 |
Limited Partnership Units | ' | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | -943 | -2,710 |
General Partnership Units | ' | ' |
Exchange of Limited Partnership Units for General Partnership Units: | ' | ' |
Conversion of Limited Partner Units to General Partner Units | 943 | 2,710 |
General and Limited Partner Units | ' | ' |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ' | ' |
Distribution payable | 9,788 | 0 |
Preferred Units | ' | ' |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ' | ' |
Distribution payable | $0 | $5,177 |
Earnings_per_Unit_EPU_Computat
Earnings per Unit ("EPU") - Computation of Basic and Diluted EPU (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations | $4,779 | $92 | $3,982 | ($17,665) |
Gain on Sale of Real Estate | 221 | 3,777 | 483 | 3,777 |
Income from Continuing Operations Allocable to Participating Securities | -12 | 0 | 0 | 0 |
Preferred Unit Distributions | -1,392 | -4,725 | -7,506 | -14,285 |
Redemption of Preferred Units | -2,121 | 0 | -5,667 | 0 |
Income (Loss) from Continuing Operations Available to Unitholders | 1,475 | -856 | -8,708 | -28,173 |
Income from Discontinued Operations | 3,738 | 5,324 | 14,538 | 13,841 |
Income from Discontinued Operations Allocable to Participating Securities | -30 | -34 | -120 | 0 |
Income from Discontinued Operations Attributable to Unitholders | 3,708 | 5,290 | 14,418 | 13,841 |
Net Income (Loss) Available | 5,225 | 4,468 | 5,830 | -14,332 |
Net Income Allocable to Participating Securities | -42 | -34 | -120 | 0 |
Net Income (Loss) Available to Unitholders | $5,183 | $4,434 | $5,710 | ($14,332) |
Denominator: | ' | ' | ' | ' |
Weighted Average Units — Basic | 114,089 | 98,432 | 110,823 | 94,464 |
LTIP Unit Awards | 315 | 0 | 0 | 0 |
Weighted Average Units - Diluted | 114,404 | 98,432 | 110,823 | 94,464 |
Basic and Diluted EPU: | ' | ' | ' | ' |
Income (Loss) from Continuing Operations Available to Unitholders | $0.01 | ($0.01) | ($0.08) | ($0.30) |
Income from Discontinued Operations Attributable to Unitholders | $0.03 | $0.05 | $0.13 | $0.15 |
Net Income (Loss) Available to Unitholders | $0.04 | $0.04 | $0.05 | ($0.15) |
Earnings_Per_Unit_EPU_Addition
Earnings Per Unit ("EPU") - Additional Information (Detail) | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Unit [Abstract] | ' | ' |
Unvested restricted stock awards outstanding | 489,381 | 745,712 |
Earnings_per_Unit_EPU_NonParti
Earnings per Unit ("EPU") - Non-Participating Securities (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock Unit Awards | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Unit | ' | ' |
Number of awards outstanding to non-participating securities | 273,400 | 713,550 |
LTIP Unit Awards | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Unit | ' | ' |
Number of awards outstanding to non-participating securities | 718,960 | 0 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2008 |
Series F Preferred Units [Member] | Series F Preferred Units [Member] | ||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Minimum fixed coupon rate of preferred stock | ' | ' | ' | ' | ' | 2.38% | ' |
Number of years of U.S. treasury rate one | ' | ' | ' | ' | ' | '30 years | ' |
Number of years of U.S. treasury rate two | ' | ' | ' | ' | ' | '10 years | ' |
LIBOR rate | ' | ' | ' | ' | ' | '3 month LIBOR | ' |
New coupon rate of preferred stock | ' | ' | ' | ' | ' | 5.94% | ' |
Notional value of interest rate swap agreement | ' | ' | ' | ' | ' | ' | $50,000 |
Treasury rate of agreement | ' | ' | ' | ' | ' | ' | 5.22% |
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements | 0 | -29 | 52 | -334 | ' | ' | ' |
Settlement payments of mark-to-market gains or losses | 214 | 326 | 774 | 865 | ' | ' | ' |
Amortization to be reclassified from OCI into income | ' | ' | 1,846 | ' | ' | ' | ' |
Number of years of long dated treasuries | ' | ' | '30 years | ' | ' | ' | ' |
Outstanding settlement payment due on the agreement | $214 | ' | $214 | ' | $305 | ' | ' |
Derivatives_Summary_of_Derivat
Derivatives - Summary of Derivatives and Fair Values (Detail) (Series F Agreement [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Series F Agreement [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional Amount | $50,000 | ' |
Strike | 5.22% | ' |
Trade Date | 1-Oct-08 | ' |
Maturity Date | 1-Oct-13 | ' |
Fair Value of Derivative Liabilities | $0 | ($826) |
Derivatives_Summary_of_Impact_
Derivatives - Summary of Impact of Derivatives in Cash Flow Hedging Relationships on Statement of Operations and Statement of OCI (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' | ' | ' |
Amortization Reclassified from OCI into Income (Loss) | $609 | $579 | $1,792 | $1,690 |
Interest Expense [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amortization Reclassified from OCI into Income (Loss) | ($609) | ($579) | ($1,792) | ($1,690) |
Derivatives_Fair_Value_Measure
Derivatives - Fair Value Measurements on Recurring Basis (Detail) (Series F Agreement [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value of Liabilities | $0 | ($826) |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value of Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value of Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Unobservable Inputs (Level 3) | ' | ' |
Fair Value On Recurring Basis [Line Items] | ' | ' |
Fair Value of Liabilities | $0 | ($826) |
Derivatives_Quantitative_Infor
Derivatives - Quantitative Information About Level 3 Fair Value Measurements (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | Series F Agreement [Member] | Series F Agreement [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | Discounted Cash Flow [Member] | |||
Unobservable Inputs (Level 3) | Unobservable Inputs (Level 3) | Unobservable Inputs (Level 3) | ||||||
Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||||||
Minimum | Maximum | |||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | |||
Fair value inputs, long dated treasuries | ' | ' | 0.00% | [1] | 2.82% | [1] | 2.91% | [1] |
Fair value inputs, own credit risk | ' | ' | ' | 0.98% | [2] | 1.59% | [2] | |
Fair Value | $0 | ($826) | ' | ' | ' | |||
[1] | (B)Represents the forward 30 year Treasury CMT Rate. | |||||||
[2] | (C)Represents credit default swap spread curve used in the valuation analysis at December 31, 2012. |
Derivatives_Reconciliation_of_
Derivatives - Reconciliation of Liabilities Classified as Level 3 (Detail) (Unobservable Inputs (Level 3), USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Mark-to-Market on Series F Agreement | ||
Derivative [Line Items] | ' | ' | ' |
Ending Liability Balance | $0 | ($826) | ' |
Mark-to-Market of the Series F Agreement | ' | ' | 826 |
Ending Liability Balance | $0 | ($826) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | sqft |
building | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Number of industrial properties committed to development | 3 |
Gross leasable area (GLA) of industrial properties committed to development | 1,100,000 |
Estimated total construction costs | $94,400 |
Estimated total construction costs remaining to be funded | $27,700 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 19, 2013 | Dec. 14, 2011 | Nov. 01, 2013 |
Property | Property | Property | Subsequent Events | |||
Parcels | ||||||
Property | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Paid off and retired a secured mortgage loan | $41,389 | $20,197 | ' | ' | ' | $31,966 |
Ownership interest acquired | ' | ' | ' | ' | ' | 100.00% |
Number of industrial properties acquired | 1 | ' | ' | ' | ' | 1 |
Purchase price of acquisitions | 46,463 | ' | ' | ' | ' | 26,349 |
Payments for repurchase of redeemable preferred stock | 150,000 | 0 | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 625,000 | 450,000 | ' |
Line of credit facility, increase, additional borrowings | 825,000 | ' | ' | ' | ' | ' |
Line of credit facility, interest rate description | '145 | ' | ' | ' | ' | ' |
Number of years of extension of line of credit facility at election | '1 year | ' | ' | ' | ' | ' |
Number of industrial properties sold | 18 | 23 | 26 | ' | ' | 3 |
Number of land parcels sold | ' | ' | ' | ' | ' | 1 |
Proceeds from sale of industrial properties | ' | ' | ' | ' | ' | $4,644 |