Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | FRFI |
Entity Registrant Name | FIRST INDUSTRIAL LP |
Entity Central Index Key | 1,033,128 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Investment in Real Estate: | ||
Land | $ 721,710 | $ 718,188 |
Buildings and Improvements | 2,444,751 | 2,439,887 |
Construction in Progress | 34,576 | 25,294 |
Less: Accumulated Depreciation | (807,959) | (786,978) |
Net Investment in Real Estate | 2,393,078 | 2,396,391 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $228 and $0 | 398 | 0 |
Cash and Cash Equivalents | 5,109 | 9,485 |
Restricted Cash | 0 | 1,829 |
Tenant Accounts Receivable, Net | 5,938 | 7,356 |
Investment in Joint Venture | 0 | 71 |
Deferred Rent Receivable, Net | 61,577 | 58,130 |
Deferred Financing Costs, Net | 11,090 | 10,448 |
Deferred Leasing Intangibles, Net | 31,104 | 33,526 |
Prepaid Expenses and Other Assets, Net | 74,780 | 75,472 |
Total Assets | 2,583,074 | 2,592,708 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 593,976 | 599,985 |
Senior Unsecured Notes, Net | 364,908 | 364,861 |
Unsecured Term Loan | 200,000 | 200,000 |
Unsecured Credit Facility | 191,000 | 185,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 70,139 | 79,683 |
Deferred Leasing Intangibles, Net | 12,142 | 12,726 |
Rents Received in Advance and Security Deposits | 38,302 | 36,914 |
Distributions Payable | 14,970 | 11,949 |
Total Liabilities | 1,485,437 | 1,491,118 |
Commitments and Contingencies | 0 | 0 |
Partners’ Capital: | ||
General Partner Units (110,744,619 and 110,600,866 units outstanding) | 1,024,280 | 1,034,129 |
Limited Partners Units (4,364,242 and 4,374,637 units outstanding) | 80,193 | 80,757 |
Accumulated Other Comprehensive Loss | (7,938) | (14,376) |
Total First Industrial L.P.'s Partners’ Capital | 1,096,535 | 1,100,510 |
Noncontrolling Interest | 1,102 | 1,080 |
Total Partners’ Capital | 1,097,637 | 1,101,590 |
Total Liabilities and Partners’ Capital | $ 2,583,074 | $ 2,592,708 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real Estate and Other Assets Held for Sale Accumulated Depreciation and Amortization | $ 228 | $ 0 |
General Partner Units, Outstanding | 110,744,619 | 110,600,866 |
Limited Partners Units, Outstanding | 4,364,242 | 4,374,637 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Rental Income | $ 69,886 | $ 63,542 | $ 138,096 | $ 125,590 |
Tenant Recoveries and Other Income | 20,570 | 20,502 | 42,302 | 42,315 |
Total Revenues | 90,456 | 84,044 | 180,398 | 167,905 |
Expenses: | ||||
Property Expenses | 27,827 | 26,921 | 57,618 | 57,237 |
General and Administrative | 6,062 | 6,992 | 13,011 | 12,490 |
Acquisition Costs | 319 | 76 | 319 | 111 |
Depreciation and Other Amortization | 28,044 | 27,661 | 56,350 | 55,532 |
Total Expenses | 62,252 | 61,650 | 127,298 | 125,370 |
Other Income (Expense): | ||||
Gain on Sale of Real Estate | 2,197 | 0 | 10,127 | 0 |
Interest Income | 33 | 671 | 57 | 1,373 |
Interest Expense | (16,363) | (18,924) | (33,005) | (37,970) |
Amortization of Deferred Financing Costs | (764) | (803) | (1,510) | (1,607) |
Mark-to-Market and Settlement Gain (Loss) on Interest Rate Protection Agreements | 1,444 | 0 | (11,546) | 0 |
Loss from Retirement of Debt | 0 | (623) | 0 | (623) |
Total Other Income (Expense) | (13,453) | (19,679) | (35,877) | (38,827) |
Income from Continuing Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Provision | 14,751 | 2,715 | 17,223 | 3,708 |
Equity in (Loss) Income of Joint Ventures | (4) | 556 | 67 | 3,522 |
Income Tax Provision | (81) | (79) | (141) | (89) |
Income from Continuing Operations | 14,666 | 3,192 | 17,149 | 7,141 |
Discontinued Operations: | ||||
Income Attributable to Discontinued Operations | 0 | 732 | 0 | 1,138 |
Gain on Sale of Real Estate | 0 | 320 | 0 | 1,055 |
Income from Discontinued Operations | 0 | 1,052 | 0 | 2,193 |
Net Income | 14,666 | 4,244 | 17,149 | 9,334 |
Less: Net Income Attributable to the Noncontrolling Interest | (22) | (17) | (48) | (29) |
Net Income Attributable to Unitholders | 14,644 | 4,227 | 17,101 | 9,305 |
Less: Preferred Unit Distributions | 0 | 0 | 0 | (1,019) |
Less: Redemption of Preferred Units | 0 | 0 | 0 | (1,462) |
Net Income Available to Unitholders and Participating Securities | $ 14,644 | $ 4,227 | $ 17,101 | $ 6,824 |
Basic and Diluted Earnings Per Unit: | ||||
Income from Continuing Operations Available to Unitholders | $ 0.13 | $ 0.03 | $ 0.15 | $ 0.04 |
Income from Discontinued Operations Attributable to Unitholders | 0 | 0.01 | 0 | 0.02 |
Net Income Available to Unitholders | 0.13 | 0.04 | 0.15 | 0.06 |
Distributions Per Unit | $ 0.1275 | $ 0.1025 | $ 0.255 | $ 0.2050 |
Weighted Average Units Outstanding - Basic | 114,712 | 114,278 | 114,697 | 114,262 |
Weighted Average Units Outstanding - Diluted | 115,047 | 114,867 | 115,047 | 114,826 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Income Attributable to Unitholders | $ 14,644 | $ 4,227 | $ 17,101 | $ 9,305 |
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 2,658 | (2,893) | (6,788) | (4,497) |
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) | 0 | 0 | 12,990 | 0 |
Amortization of Interest Rate Protection Agreements | 131 | 468 | 262 | 1,096 |
Foreign Currency Translation Adjustment | 0 | 45 | (26) | (5) |
Comprehensive Income Attributable to Unitholders | $ 17,433 | $ 1,847 | $ 23,539 | $ 5,899 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS CAPITAL - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
Balance at Dec. 31, 2014 | $ 1,101,590 | $ 1,034,129 | $ 80,757 | $ (14,376) | $ 1,080 |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Stock Based Compensation Activity | 1,967 | 1,967 | |||
Conversion of Limited Partner Units to General Partner Units | 0 | 100 | (100) | ||
Common Unit Distributions | (29,481) | (28,368) | (1,113) | ||
Contributions from Noncontrolling Interest | 10 | 10 | |||
Distributions to Noncontrolling Interest | (36) | (36) | |||
Net Income | 17,149 | 16,452 | 649 | 48 | |
Other Comprehensive Income | 6,438 | 6,438 | |||
Balance at Jun. 30, 2015 | $ 1,097,637 | $ 1,024,280 | $ 80,193 | $ (7,938) | $ 1,102 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 17,149 | $ 9,334 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 46,315 | 46,710 |
Amortization of Deferred Financing Costs | 1,510 | 1,607 |
Other Amortization | 14,349 | 17,031 |
Provision for Bad Debt | 600 | 672 |
Equity in Income of Joint Ventures | (67) | (3,522) |
Distributions from Joint Ventures | 0 | 1,881 |
Gain on Sale of Real Estate | (10,127) | (1,055) |
Loss from Retirement of Debt | 0 | 623 |
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | 11,546 | 0 |
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | 489 | (673) |
Increase in Deferred Rent Receivable | (3,931) | (508) |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (3,633) | (9,475) |
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | 0 | (10,648) |
Net Cash Provided by Operating Activities | 74,200 | 51,977 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (26,474) | (31,125) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (55,157) | (50,042) |
Net Proceeds from Sales of Investments in Real Estate | 41,211 | 4,417 |
Contributions to and Investments in Joint Ventures | (13) | (13) |
Distributions from Joint Ventures | 126 | 2,469 |
Settlement of Interest Rate Protection Agreements | (11,546) | 0 |
Repayments of Notes Receivable | 2,720 | 26,946 |
Decrease (Increase) in Escrows | 1,306 | (514) |
Net Cash Used in Investing Activities | (47,827) | (47,862) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt and Equity Issuance and Redemption Costs | (2,152) | (2,060) |
Repurchase and Retirement of Restricted Units | (2,101) | (2,060) |
Common Unit Distributions Paid | (26,460) | (21,582) |
Preferred Unit Distributions Paid | 0 | (1,471) |
Redemption of Preferred Units | 0 | (75,000) |
Contributions from Noncontrolling Interests | 10 | 14 |
Distributions to Noncontrolling Interests | (36) | (358) |
Repayments on Mortgage Loans Payable | (5,996) | (46,740) |
Repayments of Senior Unsecured Notes | 0 | (71,578) |
Proceeds from Unsecured Term Loan | 0 | 200,000 |
Proceeds from Unsecured Credit Facility | 76,000 | 262,000 |
Repayments on Unsecured Credit Facility | (70,000) | (248,000) |
Net Cash Used in Financing Activities | (30,735) | (6,835) |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | (14) | (27) |
Net Decrease in Cash and Cash Equivalents | (4,362) | (2,720) |
Cash and Cash Equivalents, Beginning of Year | 9,485 | 7,562 |
Cash and Cash Equivalents, End of Year | $ 5,109 | $ 4,815 |
Organization and Formation of P
Organization and Formation of Partnership | 6 Months Ended |
Jun. 30, 2015 | |
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 96.2% ownership interest at June 30, 2015. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 3.8% interest in the Operating Partnership at June 30, 2015. 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 LLCs, 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"). 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 Partnerships 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. The Other Real Estate Partnerships' operating data is presented herein on a consolidated basis. See Note 2. 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. We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture," collectively the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and 2007 Europe Joint Venture are 15% and 10% , respectively. During the six months ended June 30, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA"). At June 30, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of our Joint Ventures is not consolidated with that of the Company as presented herein. As of June 30, 2015, we owned 630 industrial properties located in 25 states, containing an aggregate of approximately 63.4 million square feet of GLA. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 ("2014 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2014 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2014 Form 10-K and has been adjusted as a result of the adoption of the recent consolidation accounting pronouncement (discussed hereafter), 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, 2014 audited consolidated financial statements included in our 2014 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 June 30, 2015 and December 31, 2014, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2015 and 2014. 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 June 30, 2015 and December 31, 2014, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2015 and 2014, and our cash flows for each of the six months ended June 30, 2015 and 2014; all adjustments are of a normal recurring nature. Reclassifications Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. Discontinued Operations Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Since formation of each partnership within the Other Real Estate Partnerships, we have accounted for each partnership under the equity method of accounting based on their VOE classification and the presumption that the general partners controlled the partnerships. However, under ASU 2015-02, we determined that each respective limited partnership within the the Other Real Estate Partnerships meet the criteria of a VIE. We also determined that we are the primary beneficiary for each respective limited partnership within the Other Real Estate Partnerships. As a result, we concluded we should cease accounting for Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within our financial statements. During the three months ended June 30, 2015, we elected early adoption of ASU 2015-02. We elected a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on our previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: June 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 284,155 $ 278,720 Other Assets, Net 19,450 21,078 Total Assets $ 303,605 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,431 $ 81,231 Other Liabilities, Net 22,293 10,656 Partners’ Capital 200,881 207,911 Total Liabilities and Partners’ Capital $ 303,605 $ 299,798 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Investment in Real Estate | 3. Investment in Real Estate Acquisitions During the six months ended June 30, 2015, we acquired two industrial properties comprising approximately 0.2 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $26,532 , excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The purchase price of the industrial properties and land parcels acquired was allocated as follows: Six Months Ended June 30, 2015 Land $ 12,475 Building and Improvements 12,928 Other Assets 237 Deferred Leasing Intangibles, Net 892 Total Purchase Price $ 26,532 Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the six months June 30, 2015, which are recorded as deferred leasing intangibles, is as follows: Six Months Ended June 30, 2015 In-Place Leases $ 999 Below Market Leases $ (107 ) The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the six months ended June 30, 2015 is as follows: Six Months Ended June 30, 2015 In-Place Leases 54 Below Market Leases 63 Real Estate Held for Sale At June 30, 2015, we had one industrial property comprising approximately 0.01 million square feet of GLA held for sale. There can be no assurance that the industrial property held for sale will be sold. See Subsequent Events. Sales and Discontinued Operations During the six months ended June 30, 2015, we sold 12 industrial properties comprising approximately 0.9 million square feet of GLA and a land parcel. Gross proceeds from the sales of the industrial properties and land parcel were approximately $42,611 . The gain on sale of real estate was approximately $10,127 . The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations are presented as discontinued operations in the Consolidated Statements of Operations. Income from discontinued operations for the six months ended June 30, 2014 reflects the results of operations of the 29 industrial properties (as adjusted) tha t were sold during the year ended December 31, 2014 and the gain on sale of real estate relating to five indust rial properties (as adjusted) that were sold during the six months ended June 30, 2014. The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and six months ended June 30, 2014: (As Adjusted) (As Adjusted) Total Revenues $ 2,396 $ 4,756 Property Expenses (754 ) (1,792 ) Depreciation and Amortization (910 ) (1,826 ) Gain on Sale of Real Estate 320 1,055 Income from Discontinued Operations $ 1,052 $ 2,193 |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Indebtedness | 4. Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at June 30, 2015 Effective Interest Rate at Issuance Maturity Date June 30, 2015 (As Adjusted) December 31, 2014 Mortgage Loans Payable, Net $ 593,976 $ 599,985 4.03% – 8.26% 4.03% – 8.26% February 2016 – September 2022 Unamortized Premiums (77 ) (90 ) Mortgage Loans Payable, Gross $ 593,899 $ 599,895 Senior Unsecured Notes, Net 2016 Notes $ 159,649 $ 159,621 5.75% 5.91% 1/15/2016 2017 Notes 54,968 54,966 7.50% 7.52% 12/1/2017 2027 Notes 6,067 6,066 7.15% 7.11% 5/15/2027 2028 Notes 31,885 31,884 7.60% 8.13% 7/15/2028 2032 Notes 10,520 10,518 7.75% 7.87% 4/15/2032 2017 II Notes 101,819 101,806 5.95% 6.37% 5/15/2017 Subtotal $ 364,908 $ 364,861 Unamortized Discounts 194 241 Senior Unsecured Notes, Gross $ 365,102 $ 365,102 Unsecured Term Loan* $ 200,000 $ 200,000 1.88% 1.88% 1/29/2021 Unsecured Credit Facility** $ 191,000 $ 185,000 1.34% 1.34% 3/11/2019 * We entered into interest rate protection agreements, with an aggregate notional value of $200,000 , to effectively convert the variable rate to a fixed rate. See Note 10. ** The maturity date may be extended an additional year at our election, subject to certain restrictions. Mortgage Loans Payable, Net As of June 30, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $727,751 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of June 30, 2015. Unsecured Credit Facility On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $ 625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000 , subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At June 30, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of June 30, and thereafter: Amount Remainder of 2015 $ 6,162 2016 251,870 2017 168,723 2018 168,341 2019 267,423 Thereafter 487,482 Total $ 1,350,001 The Unsecured Credit Facility, our $200,000 unsecured loan (the "Unsecured Term Loan") 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 and Unsecured Term Loan, 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 agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of June 30, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At June 30, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: June 30, 2015 (As Adjusted) December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Loans Payable, Net $ 593,976 $ 630,655 $ 599,985 $ 640,818 Senior Unsecured Notes, Net 364,908 390,735 364,861 395,320 Unsecured Term Loan 200,000 200,530 200,000 200,575 Unsecured Credit Facility 191,000 191,000 185,000 185,747 Total $ 1,349,884 $ 1,412,920 $ 1,349,846 $ 1,422,460 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 remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, 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 notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan 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 each of our mortgage loans payable, senior unsecured notes, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jun. 30, 2015 | |
Partners' Capital [Abstract] | |
Partners' Capital | 5. Partners’ Capital Unit Contributions During the six months ended June 30, 2015 and 2014, 10,395 and 137,463 limited partnership Units, respectively, were converted into an equivalent number of general partnership Units, resulting in a reclassification of $100 and $1,333 , respectively, between Limited Partners Units and General Partner Units. Distributions During the six months ended June 30, 2015, we accrued $29,481 General and Limited Partner Unit distributions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 6. Accumulated Other Comprehensive Loss The following tables summarize the changes in accumulated other comprehensive loss by component for the six months ended June 30, 2015 and the reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2015 and 2014: Interest Rate Protection Agreements Foreign Currency Translation Adjustment Total Balance as of December 31, 2014 $ (14,402 ) $ 26 $ (14,376 ) Other Comprehensive Loss Before Reclassifications (8,909 ) (26 ) (8,935 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 15,373 — 15,373 Net Current Period Other Comprehensive Income (Loss) 6,464 (26 ) 6,438 Balance as of June 30, 2015 $ (7,938 ) $ — $ (7,938 ) Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Affected Line Item in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) $ — $ — $ 12,990 $ — Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 131 468 262 1,096 Interest Expense Settlement Payments to our Counterparties 1,064 1,079 2,121 1,812 Interest Expense $ 1,195 $ 1,547 $ 15,373 $ 2,908 Total 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 (loss) 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 $460 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps, as defined in Note 10, will also be reclassified to net income. See Note 10 for more information about our derivatives. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Information to Statements of Cash Flows | 7. Supplemental Information to Statements of Cash Flows Six Months Ended June 30, 2015 (As Adjusted) Six Months Ended June 30, 2014 Interest Expense Capitalized in Connection with Development Activity $ 1,025 $ 742 Supplemental Schedule of Non-Cash Investing and Financing Activities: Distribution Payable on General and Limited Partner Units $ 14,970 $ 11,891 Exchange of Limited Partnership Units for General Partnership Units: Limited Partnership Units $ (100 ) $ (1,333 ) General Partnership Units 100 1,333 Total $ — $ — Assumption of Liabilities in Connection with the Acquisition of Real Estate $ 295 $ 183 Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate $ 16,863 $ 17,829 Write-off of Fully Depreciated Assets $ (20,146 ) $ (19,462 ) |
Earnings Per Unit (EPU)
Earnings Per Unit (EPU) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit (EPU) | 8. Earnings Per Unit ("EPU") The computation of basic and diluted EPU is presented below: Three Months Ended June 30, 2015 (As Adjusted) Three Months Ended June 30, 2014 (As Adjusted) Six Months Ended June 30, 2015 (As Adjusted) Six Months Ended June 30, 2014 Numerator: Income from Continuing Operations $ 14,666 $ 3,192 $ 17,149 $ 7,141 Noncontrolling Interest Allocable to Continuing Operations (22 ) (16 ) (48 ) (27 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (32 ) (91 ) (50 ) Income from Continuing Operations Attributable to Unitholders 14,594 3,144 17,010 7,064 Preferred Unit Distributions — — — (1,019 ) Redemption of Preferred Units — — — (1,462 ) Income from Continuing Operations Available to Unitholders $ 14,594 $ 3,144 $ 17,010 $ 4,583 Income from Discontinued Operations $ — $ 1,052 $ — $ 2,193 Noncontrolling Interest Allocable to Discontinued Operations — (1 ) — (2 ) Income from Discontinued Operations Allocable to Participating Securities — (11 ) — (25 ) Income from Discontinued Operations Attributable to Unitholders $ — $ 1,040 $ — $ 2,166 Net Income Available to Unitholders and Participating Securities $ 14,644 $ 4,227 $ 17,101 $ 6,824 Net Income Allocable to Participating Securities (50 ) (43 ) (91 ) (75 ) Net Income Available to Unitholders $ 14,594 $ 4,184 $ 17,010 $ 6,749 Denominator (In Thousands): Weighted Average Units—Basic 114,712 114,278 114,697 114,262 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP performance units 335 589 350 564 Weighted Average Units - Diluted 115,047 114,867 115,047 114,826 Basic and Diluted EPU: Income from Continuing Operations Available to Unitholders $ 0.13 $ 0.03 $ 0.15 $ 0.04 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.01 $ — $ 0.02 Net Income Available to Unitholders $ 0.13 $ 0.04 $ 0.15 $ 0.06 Participating securities include Units that correspond to the Company's 388,866 and 465,737 of unvested restricted stock awards outstanding at June 30, 2015 and 2014, 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. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation | 9. Stock Based Compensation During the six months ended June 30, 2015, we awarded 216,975 shares of restricted stock awards to certain employees, which had a fair value of $4,708 on the date of approval by the Compensation Committee of the Board of Directors. These restricted stock awards were issued based upon the achievement of certain corporate performance goals for the calendar year 2014 and generally vest over a period of three years. Additionally, during the six months ended June 30, 2015, we awarded 17,385 shares of restricted stock to non-employee members of the Board of Directors, which had a fair value of $350 on the date of approval. These restricted stock awards vest over a one -year period. We issued Units to the Company in the same amounts for both award issuances. Compensation expense is charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the six months ended June 30, 2015 and 2014, we recognized $1,250 and $1,451 , respectively, of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required. Additionally, during the six months ended June 30, 2015, 264,432 Long-Term Incentive Program ("LTIP") performance units ("2015 LTIP Unit Awards") were granted to certain employees. We issued Units to the Company in the same amounts. The 2015 LTIP Unit Awards had a fair value of $2,531 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The 2015 LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of our common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for the granted units is calculated based upon the performance from January 1, 2015 through December 31, 2017. Compensation expense is charged to earnings on a straight-line basis over the performance period. At the end of the performance period 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 TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested 2015 LTIP Unit Awards. The dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the 2015 LTIP Unit Awards and prior to the date of settlement. We recognized $1,506 and $3,322 for the three months ended June 30, 2015 and 2014, and $4,067 and $4,897 for the six months ended June 30, 2015 and 2014, respectively, in amortization related to restricted stock awards and LTIP performance units. Restricted stock award and LTIP performance unit amortization capitalized in connection with development activities was not significant. At June 30, 2015, we had $8,558 in unrecognized compensation related to unvested restricted stock awards and LTIP performance units, which is expected to be recognized over a weighted average 1.01 year term. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 10. Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements 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. In connection with the origination of the Unsecured Term Loan (see Note 4), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000 , to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the Group I Swaps as cash flow hedges. In order to maintain our flexibility to pursue an offering of unsecured debt, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000 , to manage our exposure to changes in the three month LIBOR rate (the "Group II Swaps"). The Group II Swaps fixed the LIBOR rate at a rate of 2.5795% and were effective from December 1, 2014 through December 1, 2024. At origination, we designated the Group II Swaps as cash flow hedges but, during the first quarter of 2015, the Group II Swaps were de-designated and the fair market value loss of $12,990 was reclassified to earnings from other comprehensive income since the Company determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective designation memos. During the six months ended June 30, 2015, the Company settled the Group II Swaps for a payment of $11,546 made to our derivative counterparties. For the three and six months ended June 30, 2015, $1,444 and ($11,546) , respectively, is recognized as mark-to-market and settlement gain (loss) on interest rate protection agreements. Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of June 30, 2015, we had not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial liabilities related to the Group I Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of June 30, 2015: Fair Value Measurements at Reporting Date Using: Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Liabilities: Derivatives designated as a hedging instrument: Group I Swaps $ (6,077 ) — $ (6,077 ) — There was no ineffectiveness recorded on the Group I Swaps during the three and six months ended June 30, 2015. See Note 6 for more information. The estimated fair value of the Group I Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the Group I Swaps fell within Level 2 of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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 June 30, 2015, we had seven industrial buildings totaling approximately 1.4 million square feet of GLA under construction. The estimated total investment as of June 30, 2015 is approximately $102,300 . Of this amount, approximately $53,900 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment stated above. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events From July 1, 2015 to August 3, 2015, we sold one industrial property and one land parcel for approximately $1,307 . |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. |
Discontinued Operations | Discontinued Operations Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Since formation of each partnership within the Other Real Estate Partnerships, we have accounted for each partnership under the equity method of accounting based on their VOE classification and the presumption that the general partners controlled the partnerships. However, under ASU 2015-02, we determined that each respective limited partnership within the the Other Real Estate Partnerships meet the criteria of a VIE. We also determined that we are the primary beneficiary for each respective limited partnership within the Other Real Estate Partnerships. As a result, we concluded we should cease accounting for Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within our financial statements. During the three months ended June 30, 2015, we elected early adoption of ASU 2015-02. We elected a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on our previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: June 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 284,155 $ 278,720 Other Assets, Net 19,450 21,078 Total Assets $ 303,605 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,431 $ 81,231 Other Liabilities, Net 22,293 10,656 Partners’ Capital 200,881 207,911 Total Liabilities and Partners’ Capital $ 303,605 $ 299,798 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of New Accounting Pronouncement | During the three months ended June 30, 2015, we elected early adoption of ASU 2015-02. We elected a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on our previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 |
Condensed Balance Sheet | The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: June 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 284,155 $ 278,720 Other Assets, Net 19,450 21,078 Total Assets $ 303,605 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,431 $ 81,231 Other Liabilities, Net 22,293 10,656 Partners’ Capital 200,881 207,911 Total Liabilities and Partners’ Capital $ 303,605 $ 299,798 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
Summary of Acquisition Purchase Price Allocation | The purchase price of the industrial properties and land parcels acquired was allocated as follows: Six Months Ended June 30, 2015 Land $ 12,475 Building and Improvements 12,928 Other Assets 237 Deferred Leasing Intangibles, Net 892 Total Purchase Price $ 26,532 |
Summary of Intangible Assets (Liabilities) Subject to Amortization in Period of Acquisition | The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the six months June 30, 2015, which are recorded as deferred leasing intangibles, is as follows: Six Months Ended June 30, 2015 In-Place Leases $ 999 Below Market Leases $ (107 ) The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the six months ended June 30, 2015 is as follows: Six Months Ended June 30, 2015 In-Place Leases 54 Below Market Leases 63 |
Summary Regarding Industrial Properties Included in Discontinued Operations | The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and six months ended June 30, 2014: (As Adjusted) (As Adjusted) Total Revenues $ 2,396 $ 4,756 Property Expenses (754 ) (1,792 ) Depreciation and Amortization (910 ) (1,826 ) Gain on Sale of Real Estate 320 1,055 Income from Discontinued Operations $ 1,052 $ 2,193 |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Information Regarding Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at June 30, 2015 Effective Interest Rate at Issuance Maturity Date June 30, 2015 (As Adjusted) December 31, 2014 Mortgage Loans Payable, Net $ 593,976 $ 599,985 4.03% – 8.26% 4.03% – 8.26% February 2016 – September 2022 Unamortized Premiums (77 ) (90 ) Mortgage Loans Payable, Gross $ 593,899 $ 599,895 Senior Unsecured Notes, Net 2016 Notes $ 159,649 $ 159,621 5.75% 5.91% 1/15/2016 2017 Notes 54,968 54,966 7.50% 7.52% 12/1/2017 2027 Notes 6,067 6,066 7.15% 7.11% 5/15/2027 2028 Notes 31,885 31,884 7.60% 8.13% 7/15/2028 2032 Notes 10,520 10,518 7.75% 7.87% 4/15/2032 2017 II Notes 101,819 101,806 5.95% 6.37% 5/15/2017 Subtotal $ 364,908 $ 364,861 Unamortized Discounts 194 241 Senior Unsecured Notes, Gross $ 365,102 $ 365,102 Unsecured Term Loan* $ 200,000 $ 200,000 1.88% 1.88% 1/29/2021 Unsecured Credit Facility** $ 191,000 $ 185,000 1.34% 1.34% 3/11/2019 * We entered into interest rate protection agreements, with an aggregate notional value of $200,000 , to effectively convert the variable rate to a fixed rate. See Note 10. ** The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Schedule of Maturities of Long-Term Debt | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of June 30, and thereafter: Amount Remainder of 2015 $ 6,162 2016 251,870 2017 168,723 2018 168,341 2019 267,423 Thereafter 487,482 Total $ 1,350,001 |
Summary of Indebtedness at Estimated Fair Value | At June 30, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: June 30, 2015 (As Adjusted) December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Loans Payable, Net $ 593,976 $ 630,655 $ 599,985 $ 640,818 Senior Unsecured Notes, Net 364,908 390,735 364,861 395,320 Unsecured Term Loan 200,000 200,530 200,000 200,575 Unsecured Credit Facility 191,000 191,000 185,000 185,747 Total $ 1,349,884 $ 1,412,920 $ 1,349,846 $ 1,422,460 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 six months ended June 30, 2015 and the reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2015 and 2014: Interest Rate Protection Agreements Foreign Currency Translation Adjustment Total Balance as of December 31, 2014 $ (14,402 ) $ 26 $ (14,376 ) Other Comprehensive Loss Before Reclassifications (8,909 ) (26 ) (8,935 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 15,373 — 15,373 Net Current Period Other Comprehensive Income (Loss) 6,464 (26 ) 6,438 Balance as of June 30, 2015 $ (7,938 ) $ — $ (7,938 ) |
Reclassification Out of Accumulated Other Comprehensive Loss | Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Affected Line Item in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) $ — $ — $ 12,990 $ — Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 131 468 262 1,096 Interest Expense Settlement Payments to our Counterparties 1,064 1,079 2,121 1,812 Interest Expense $ 1,195 $ 1,547 $ 15,373 $ 2,908 Total |
Supplemental Information to S25
Supplemental Information to Statements of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | Six Months Ended June 30, 2015 (As Adjusted) Six Months Ended June 30, 2014 Interest Expense Capitalized in Connection with Development Activity $ 1,025 $ 742 Supplemental Schedule of Non-Cash Investing and Financing Activities: Distribution Payable on General and Limited Partner Units $ 14,970 $ 11,891 Exchange of Limited Partnership Units for General Partnership Units: Limited Partnership Units $ (100 ) $ (1,333 ) General Partnership Units 100 1,333 Total $ — $ — Assumption of Liabilities in Connection with the Acquisition of Real Estate $ 295 $ 183 Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate $ 16,863 $ 17,829 Write-off of Fully Depreciated Assets $ (20,146 ) $ (19,462 ) |
Earnings Per Unit (EPU) (Tables
Earnings Per Unit (EPU) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Unit | The computation of basic and diluted EPU is presented below: Three Months Ended June 30, 2015 (As Adjusted) Three Months Ended June 30, 2014 (As Adjusted) Six Months Ended June 30, 2015 (As Adjusted) Six Months Ended June 30, 2014 Numerator: Income from Continuing Operations $ 14,666 $ 3,192 $ 17,149 $ 7,141 Noncontrolling Interest Allocable to Continuing Operations (22 ) (16 ) (48 ) (27 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (32 ) (91 ) (50 ) Income from Continuing Operations Attributable to Unitholders 14,594 3,144 17,010 7,064 Preferred Unit Distributions — — — (1,019 ) Redemption of Preferred Units — — — (1,462 ) Income from Continuing Operations Available to Unitholders $ 14,594 $ 3,144 $ 17,010 $ 4,583 Income from Discontinued Operations $ — $ 1,052 $ — $ 2,193 Noncontrolling Interest Allocable to Discontinued Operations — (1 ) — (2 ) Income from Discontinued Operations Allocable to Participating Securities — (11 ) — (25 ) Income from Discontinued Operations Attributable to Unitholders $ — $ 1,040 $ — $ 2,166 Net Income Available to Unitholders and Participating Securities $ 14,644 $ 4,227 $ 17,101 $ 6,824 Net Income Allocable to Participating Securities (50 ) (43 ) (91 ) (75 ) Net Income Available to Unitholders $ 14,594 $ 4,184 $ 17,010 $ 6,749 Denominator (In Thousands): Weighted Average Units—Basic 114,712 114,278 114,697 114,262 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP performance units 335 589 350 564 Weighted Average Units - Diluted 115,047 114,867 115,047 114,826 Basic and Diluted EPU: Income from Continuing Operations Available to Unitholders $ 0.13 $ 0.03 $ 0.15 $ 0.04 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.01 $ — $ 0.02 Net Income Available to Unitholders $ 0.13 $ 0.04 $ 0.15 $ 0.06 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial liabilities related to the Group I Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of June 30, 2015: Fair Value Measurements at Reporting Date Using: Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Liabilities: Derivatives designated as a hedging instrument: Group I Swaps $ (6,077 ) — $ (6,077 ) — |
Organization and Formation of28
Organization and Formation of Partnership - Additional Information (Detail) - Jun. 30, 2015 ft² in Millions | ft²PropertyJoint_VenturesState |
Organization And Formation Of Partnership [Line Items] | |
Ownership interest of sole general partner | 96.20% |
Ownership interest of limited partners | 3.80% |
Number of joint ventures | Joint_Ventures | 2 |
Number of industrial properties sold | 12 |
Gross leasable area (GLA) of industrial properties sold | ft² | 0.9 |
Number of industrial properties owned | 630 |
Number of states in which industrial properties are located | State | 25 |
Gross leasable area (GLA) of industrial properties owned | ft² | 63.4 |
2003 Net Lease Joint Venture | |
Organization And Formation Of Partnership [Line Items] | |
Noncontrolling equity ownership interest | 15.00% |
Number of industrial properties sold | 1 |
Gross leasable area (GLA) of industrial properties sold | ft² | 0.8 |
2007 Europe Joint Venture | |
Organization And Formation Of Partnership [Line Items] | |
Noncontrolling equity ownership interest | 10.00% |
Number of industrial properties owned | 0 |
Other Real Estate Partnerships | |
Organization And Formation Of Partnership [Line Items] | |
Minimum ownership interest in limited partnerships | 99.00% |
Number of limited partners | 8 |
Minimum ownership interest of limited partnerships | 0.01% |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Summary of New Accounting Pronouncements (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | $ 2,583,074 | $ 2,592,708 |
Total Liabilities | 1,485,437 | 1,491,118 |
Total Noncontrolling Interest | $ 1,102 | 1,080 |
Previously Reported | ||
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | 2,514,246 | |
Total Liabilities | 1,413,736 | |
Total Noncontrolling Interest | 0 | |
Restatement Adjustment | ||
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | 78,462 | |
Total Liabilities | 77,382 | |
Total Noncontrolling Interest | $ 1,080 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Net Investment in Real Estate | $ 2,393,078 | $ 2,396,391 |
Total Assets | 2,583,074 | 2,592,708 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 593,976 | 599,985 |
Partners’ Capital | 1,096,535 | 1,100,510 |
Total Liabilities and Partners’ Capital | 2,583,074 | 2,592,708 |
Other Real Estate Partnerships | ||
Assets: | ||
Net Investment in Real Estate | 284,155 | 278,720 |
Other Assets, Net | 19,450 | 21,078 |
Total Assets | 303,605 | 299,798 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 80,431 | 81,231 |
Other Liabilities, Net | 22,293 | 10,656 |
Partners’ Capital | 200,881 | 207,911 |
Total Liabilities and Partners’ Capital | $ 303,605 | $ 299,798 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Detail) ft² in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)ft²Land_ParcelProperty | Jun. 30, 2014USD ($)Property | Dec. 31, 2014Property | |
Real Estate [Abstract] | |||
Number pf industrial properties acquired | 2 | ||
Gross leasable area (GLA) of industrial properties acquired | ft² | 200 | ||
Purchase price of acquisitions | $ | $ 26,532 | ||
Number of industrial properties held for sale | 1 | ||
Gross leasable area (GLA) of industrial properties held for sale | ft² | 10 | ||
Number of industrial properties sold | 12 | ||
Gross leasable area (GLA) of industrial properties sold | ft² | 900 | ||
Number of land parcels sold | Land_Parcel | 1 | ||
Proceeds from the sale of industrial properties | $ | $ 42,611 | ||
Gain on sale of real estate | $ | $ 10,127 | $ 1,055 | |
Number of sold industrial properties included in discontinued operations | 5 | 29 |
Investment in Real Estate - Sum
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Real Estate [Abstract] | |
Land | $ 12,475 |
Building and Improvements | 12,928 |
Other Assets | 237 |
Deferred Leasing Intangibles, Net | 892 |
Total Purchase Price | $ 26,532 |
Investment in Real Estate - S33
Investment in Real Estate - Summary of Intangible Assets (Liabilities) Subject to Amortization in the Period of Acquisition (Detail) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total |
In-Place Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired finite lived intangible assets, fair value | $ 999 |
Acquired finite lived intangible assets, weighted average life | 54 months |
Below Market Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired finite lived intangible assets, fair value | $ (107) |
Acquired finite lived intangible assets, weighted average life | 63 months |
Investment in Real Estate - S34
Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Real Estate [Abstract] | ||||
Total Revenues | $ 2,396 | $ 4,756 | ||
Property Expenses | (754) | (1,792) | ||
Depreciation and Amortization | (910) | (1,826) | ||
Gain on Sale of Real Estate | $ 0 | 320 | $ 0 | 1,055 |
Income from Discontinued Operations | $ 0 | $ 1,052 | $ 0 | $ 2,193 |
Indebtedness - Information Rega
Indebtedness - Information Regarding Indebtedness (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 593,976 | $ 599,985 | |
Senior Unsecured Notes, Net | 364,908 | 364,861 | |
Unsecured Term Loan | 200,000 | 200,000 | |
Unsecured Credit Facility | 191,000 | 185,000 | |
2016 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 159,649 | 159,621 | |
Interest Rate | 5.75% | ||
Effective Interest Rate | 5.91% | ||
Maturity Date | Jan. 15, 2016 | ||
2017 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 54,968 | 54,966 | |
Interest Rate | 7.50% | ||
Effective Interest Rate | 7.52% | ||
Maturity Date | Dec. 1, 2017 | ||
2027 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 6,067 | 6,066 | |
Interest Rate | 7.15% | ||
Effective Interest Rate | 7.11% | ||
Maturity Date | May 15, 2027 | ||
2028 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 31,885 | 31,884 | |
Interest Rate | 7.60% | ||
Effective Interest Rate | 8.13% | ||
Maturity Date | Jul. 15, 2028 | ||
2032 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 10,520 | 10,518 | |
Interest Rate | 7.75% | ||
Effective Interest Rate | 7.87% | ||
Maturity Date | Apr. 15, 2032 | ||
2017 II Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 101,819 | 101,806 | |
Interest Rate | 5.95% | ||
Effective Interest Rate | 6.37% | ||
Maturity Date | May 15, 2017 | ||
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 593,976 | 599,985 | |
Unamortized Premiums | (77) | (90) | |
Mortgage Loans Payable, Gross | $ 593,899 | 599,895 | |
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 | Feb. 1, 2016 | ||
Maturity Date Range, End | Sep. 1, 2022 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 364,908 | 364,861 | |
Unamortized Discounts | 194 | 241 | |
Senior Unsecured Notes, Gross | 365,102 | 365,102 | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Unsecured Term Loan | [1] | $ 200,000 | 200,000 |
Interest Rate | [1] | 1.88% | |
Effective Interest Rate | [1] | 1.88% | |
Maturity Date | [1] | Jan. 29, 2021 | |
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unsecured Credit Facility | [2] | $ 191,000 | $ 185,000 |
Interest Rate | [2] | 1.34% | |
Effective Interest Rate | [2] | 1.34% | |
Maturity Date | [2] | Mar. 11, 2019 | |
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | ||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 10, 2015 | Jul. 19, 2013 | |
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, current borrowing capacity | $ 625,000 | ||
Mortgage Loans Payable | |||
Debt Disclosure [Line Items] | |||
Carrying value of industrial properties held under mortgages | $ 727,751 | ||
Unsecured Credit Facility | |||
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, current borrowing capacity | $ 625,000 | ||
Unsecured Credit Facility, additional borrowing capacity | $ 900,000 | ||
Number of years Unsecured Credit Facility may be extended | 1 year | ||
Unsecured Credit Facility, interest rate description | 115 | ||
Unsecured Term Loan | |||
Debt Disclosure [Line Items] | |||
Unsecured Term Loan, face amount | $ 200,000 | ||
Interest Rate Protection Agreement | |||
Debt Disclosure [Line Items] | |||
Interest rate protection agreement, notional amount | $ 200,000 |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $ 6,162 |
2,016 | 251,870 |
2,017 | 168,723 |
2,018 | 168,341 |
2,019 | 267,423 |
Thereafter | 487,482 |
Total | $ 1,350,001 |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Line Items] | |||
Mortgage Loans Payable, Net, Carrying Amount | $ 593,976 | $ 599,985 | |
Senior Unsecured Notes, Net, Carrying Amount | 364,908 | 364,861 | |
Unsecured Term Loan, Carrying Amount | 200,000 | 200,000 | |
Unsecured Credit Facility, Carrying Amount | 191,000 | 185,000 | |
Total, Carrying Amount | 1,349,884 | 1,349,846 | |
Total, Fair Value | 1,412,920 | 1,422,460 | |
Mortgage Loans Payable, Net | |||
Debt Disclosure [Line Items] | |||
Mortgage Loans Payable, Net, Carrying Amount | 593,976 | 599,985 | |
Mortgage Loans Payable, Net, Fair Value | 630,655 | 640,818 | |
Senior Unsecured Notes, Net | |||
Debt Disclosure [Line Items] | |||
Senior Unsecured Notes, Net, Carrying Amount | 364,908 | 364,861 | |
Senior Unsecured Notes, Net, Fair Value | 390,735 | 395,320 | |
Unsecured Term Loan | |||
Debt Disclosure [Line Items] | |||
Unsecured Term Loan, Carrying Amount | [1] | 200,000 | 200,000 |
Unsecured Term Loan, Fair Value | 200,530 | 200,575 | |
Unsecured Credit Facility | |||
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, Carrying Amount | [2] | 191,000 | 185,000 |
Unsecured Credit Facility, Fair Value | $ 191,000 | $ 185,747 | |
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | ||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Partners' Capital - Additional
Partners' Capital - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Partners' Capital [Abstract] | ||
Limited Partnership Units converted to General Partnership Units | 10,395 | 137,463 |
Reclassification of Partner's Capital | $ 100 | $ 1,333 |
Total distributions of Limited Partnership and General Partnership Units | $ 29,481 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss - Changes in AOCI (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | $ (14,376) |
Other Comprehensive Loss Before Reclassifications | (8,935) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 15,373 |
Net Current Period Other Comprehensive Income (Loss) | 6,438 |
Balance | (7,938) |
Interest Rate Protection Agreements | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | (14,402) |
Other Comprehensive Loss Before Reclassifications | (8,909) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 15,373 |
Net Current Period Other Comprehensive Income (Loss) | 6,464 |
Balance | (7,938) |
Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | 26 |
Other Comprehensive Loss Before Reclassifications | (26) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive Income (Loss) | (26) |
Balance | $ 0 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss - Amounts Reclassified from AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $ 1,444 | $ 0 | $ (11,546) | $ 0 |
Interest Expense | 16,363 | 18,924 | 33,005 | 37,970 |
Total | (13,453) | (19,679) | (35,877) | (38,827) |
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total | 1,195 | 1,547 | 15,373 | 2,908 |
Interest Rate Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Expense | 131 | 468 | 262 | 1,096 |
Interest Rate Swap | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Mark-to-Market Loss on Interest Rate Protection Agreements | 0 | 0 | 12,990 | 0 |
Interest Expense | $ 1,064 | $ 1,079 | $ 2,121 | $ 1,812 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Amoritzation to be reclassified from OCI into income | $ 460 |
Supplemental Information to S43
Supplemental Information to Statements of Cash Flows - Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Line Items] | |||
Interest Expense Capitalized in Connection with Development Activity | $ 1,025 | $ 742 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||
Distribution Payable on General and Limited Partner Units | 14,970 | $ 11,949 | |
Exchange of Limited Partnership Units for General Partnership Units: | |||
Conversion of Limited Partner Units to General Partner Units | 0 | 0 | |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 295 | 183 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 16,863 | 17,829 | |
Write-off of Fully Depreciated Assets | (20,146) | (19,462) | |
General Partner Units | |||
Exchange of Limited Partnership Units for General Partnership Units: | |||
Conversion of Limited Partner Units to General Partner Units | 100 | 1,333 | |
Limited Partner Units | |||
Exchange of Limited Partnership Units for General Partnership Units: | |||
Conversion of Limited Partner Units to General Partner Units | (100) | (1,333) | |
General and Limited Partner Units | |||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||
Distribution Payable on General and Limited Partner Units | $ 14,970 | $ 11,891 |
Earnings Per Unit (EPU) - Compu
Earnings Per Unit (EPU) - Computation of Basic and Diluted EPU (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Income from Continuing Operations | $ 14,666 | $ 3,192 | $ 17,149 | $ 7,141 |
Noncontrolling Interest Allocable to Continuing Operations | (22) | (16) | (48) | (27) |
Income from Continuing Operations Allocable to Participating Securities | (50) | (32) | (91) | (50) |
Income from Continuing Operations Attributable to Unitholders | 14,594 | 3,144 | 17,010 | 7,064 |
Preferred Unit Distributions | 0 | 0 | 0 | (1,019) |
Redemption of Preferred Units | 0 | 0 | 0 | (1,462) |
Income from Continuing Operations Available to Unitholders | 14,594 | 3,144 | 17,010 | 4,583 |
Income from Discontinued Operations | 0 | 1,052 | 0 | 2,193 |
Noncontrolling Interest Allocable to Discontinued Operations | 0 | (1) | 0 | (2) |
Income from Discontinued Operations Allocable to Participating Securities | 0 | (11) | 0 | (25) |
Income from Discontinued Operations Attributable to Unitholders | 0 | 1,040 | 0 | 2,166 |
Net Income Available to Unitholders and Participating Securities | 14,644 | 4,227 | 17,101 | 6,824 |
Net Income Allocable to Participating Securities | (50) | (43) | (91) | (75) |
Net Income Available to Unitholders | $ 14,594 | $ 4,184 | $ 17,010 | $ 6,749 |
Denominator (In Thousands): | ||||
Weighted Average Units—Basic | 114,712 | 114,278 | 114,697 | 114,262 |
LTIP performance units | 335 | 589 | 350 | 564 |
Weighted Average Units - Diluted | 115,047 | 114,867 | 115,047 | 114,826 |
Basic and Diluted EPU: | ||||
Income from Continuing Operations Available to Unitholders | $ 0.13 | $ 0.03 | $ 0.15 | $ 0.04 |
Income from Discontinued Operations Attributable to Unitholders | 0 | 0.01 | 0 | 0.02 |
Net Income Available to Unitholders | $ 0.13 | $ 0.04 | $ 0.15 | $ 0.06 |
Earnings Per Unit (EPU) - Addit
Earnings Per Unit (EPU) - Additional Information (Detail) - shares | Jun. 30, 2015 | Jun. 30, 2014 |
Earnings Per Share [Abstract] | ||
Unvested restricted stock awards | 388,866 | 465,737 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization related to restricted stock awards and LTIP Unit Awards | $ 1,506 | $ 3,322 | $ 4,067 | $ 4,897 |
Unrecognized compensation related to unvested restricted stock and unit awards | $ 8,558 | $ 8,558 | ||
Weighted average period of unrecognized compensation expected to be recognized | 1 year 5 days | |||
Long-Term Incentive Program | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 0.00% | |||
Long-Term Incentive Program | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Management | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 216,975 | |||
Fair value of restricted stock and unit awards | $ 4,708 | |||
Vesting period of restricted stock | 3 years | |||
Compensation expense recognized at date of grant | $ 1,250 | $ 1,451 | ||
Management | Long-Term Incentive Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 264,432 | |||
Fair value of restricted stock and unit awards | $ 2,531 | |||
Director | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 17,385 | |||
Fair value of restricted stock and unit awards | $ 350 | |||
Vesting period of restricted stock | 1 year |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Thousands | Aug. 01, 2014 | Jan. 29, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Derivative [Line Items] | ||||||
Reclassification of fair value of interest rate protection agreements | $ 0 | $ 0 | $ (12,990) | $ 0 | ||
Mark-to-Market and Settlement Gain (Loss) on Interest Rate Protection Agreements | $ 1,444 | $ 0 | (11,546) | $ 0 | ||
Group I Swaps | ||||||
Derivative [Line Items] | ||||||
Swaps, number of instruments held | 4 | |||||
Swaps, notional amount | $ 200,000 | |||||
Swaps, variable rate | one month LIBOR | |||||
Swaps, weighted average fixed rate | 2.29% | |||||
Group II Swaps | ||||||
Derivative [Line Items] | ||||||
Swaps, number of instruments held | 3 | |||||
Swaps, notional amount | $ 220,000 | |||||
Swaps, variable rate | three month LIBOR | |||||
Swaps, weighted average fixed rate | 2.5795% | |||||
Reclassification of fair value of interest rate protection agreements | 12,990 | |||||
Settlement payment on Group II Swaps | $ 11,546 |
Derivatives - Fair Value Measur
Derivatives - Fair Value Measurements on Recurring Basis (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | $ (6,077) |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | (6,077) |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 $ in Thousands, ft² in Millions | USD ($)ft²Property |
Commitments and Contingencies Disclosure [Abstract] | |
Number of industrial properties under construction | Property | 7 |
Gross leasable area (GLA) of industrial properties under construction | ft² | 1.4 |
Estimated total investment | $ 102,300 |
Estimated total investment remaining to be funded | $ 53,900 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended |
Aug. 03, 2015USD ($)Land_ParcelProperty | Jun. 30, 2015USD ($)Land_ParcelProperty | |
Subsequent Event [Line Items] | ||
Number of industrial properties sold | Property | 12 | |
Number of land parcels sold | 1 | |
Proceeds from the sale of industrial properties and land parcels | $ | $ 42,611 | |
Subsequent Events | ||
Subsequent Event [Line Items] | ||
Number of industrial properties sold | Property | 1 | |
Number of land parcels sold | 1 | |
Proceeds from the sale of industrial properties and land parcels | $ | $ 1,307 |