Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 12, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-13102 | ||
Entity Registrant Name | FIRST INDUSTRIAL REALTY TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 36-3935116 | ||
Entity Address, Address Line One | 1 N. Wacker Drive, Suite 4200 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 312 | ||
Local Phone Number | 344-4300 | ||
Title of 12(b) Security | Common Stock (First Industrial Realty Trust, Inc.) | ||
Trading Symbol | FR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000921825 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,593.5 | ||
Entity Common Stock, Shares Outstanding | 127,036,879 | ||
First Industrial, L.P. | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 333-21873 | ||
Entity Registrant Name | FIRST INDUSTRIAL, L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-3924586 | ||
Trading Symbol | FRFI | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001033128 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment in Real Estate: | ||
Land | $ 957,478 | $ 909,318 |
Buildings and Improvements | 2,782,430 | 2,704,850 |
Construction in Progress | 90,301 | 59,476 |
Less: Accumulated Depreciation | (804,780) | (811,784) |
Net Investment in Real Estate | 3,025,429 | 2,861,860 |
Operating Lease Right-of-Use Assets | 24,877 | 0 |
Cash and Cash Equivalents | 21,120 | 43,102 |
Restricted Cash | 131,598 | 7,271 |
Tenant Accounts Receivable, Net | 8,529 | 5,185 |
Investment in Joint Venture | 18,208 | 23,326 |
Deferred Rent Receivable, Net | 77,703 | 71,079 |
Deferred Leasing Intangibles, Net | 28,533 | 29,678 |
Prepaid Expenses and Other Assets, Net | 182,831 | 101,190 |
Total Assets | 3,518,828 | 3,142,691 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 173,685 | 296,470 |
Senior Unsecured Notes, Net | 694,015 | 544,504 |
Unsecured Term Loans, Net | 457,865 | 456,809 |
Unsecured Credit Facility | 158,000 | 0 |
Accounts Payable, Accrued Expenses and Other Liabilities | 114,637 | 78,665 |
Operating Lease Liabilities | 22,369 | 0 |
Deferred Leasing Intangibles, Net | 11,893 | 9,560 |
Rents Received in Advance and Security Deposits | 57,534 | 47,927 |
Dividends and Distributions Payable | 30,567 | 28,845 |
Total Liabilities | 1,720,565 | 1,462,780 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,994,478 and 126,307,431 shares issued and outstanding) | 1,270 | 1,263 |
Additional Paid-in-Capital | 2,140,847 | 2,131,556 |
Distributions in Excess of Accumulated Earnings | (370,835) | (490,807) |
Accumulated Other Comprehensive (Loss) Income | (6,883) | 3,502 |
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,764,399 | 1,645,514 |
Noncontrolling Interest | 33,864 | 34,397 |
Total Equity | 1,798,263 | 1,679,911 |
Total Liabilities and Equity/Partners' Capital | 3,518,828 | 3,142,691 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 957,478 | 909,318 |
Buildings and Improvements | 2,782,430 | 2,704,850 |
Construction in Progress | 90,301 | 59,476 |
Less: Accumulated Depreciation | (804,780) | (811,784) |
Net Investment in Real Estate | 3,025,429 | 2,861,860 |
Operating Lease Right-of-Use Assets | 24,877 | 0 |
Cash and Cash Equivalents | 21,120 | 43,102 |
Restricted Cash | 131,598 | 7,271 |
Tenant Accounts Receivable, Net | 8,529 | 5,185 |
Investment in Joint Venture | 18,208 | 23,326 |
Deferred Rent Receivable, Net | 77,703 | 71,079 |
Deferred Leasing Intangibles, Net | 28,533 | 29,678 |
Prepaid Expenses and Other Assets, Net | 192,852 | 111,298 |
Total Assets | 3,528,849 | 3,152,799 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 173,685 | 296,470 |
Senior Unsecured Notes, Net | 694,015 | 544,504 |
Unsecured Term Loans, Net | 457,865 | 456,809 |
Unsecured Credit Facility | 158,000 | 0 |
Accounts Payable, Accrued Expenses and Other Liabilities | 114,637 | 78,665 |
Operating Lease Liabilities | 22,369 | 0 |
Deferred Leasing Intangibles, Net | 11,893 | 9,560 |
Rents Received in Advance and Security Deposits | 57,534 | 47,927 |
Dividends and Distributions Payable | 30,567 | 28,845 |
Total Liabilities | 1,720,565 | 1,462,780 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
General Partner Units (126,994,478 and 126,307,431 units outstanding) | 1,750,656 | 1,619,342 |
Limited Partners Units (2,422,744 and 2,624,167 units outstanding) | 63,618 | 66,246 |
Accumulated Other Comprehensive (Loss) Income | (7,013) | 3,574 |
Total First Industrial L.P.'s Partners' Capital | 1,807,261 | 1,689,162 |
Noncontrolling Interest | 1,023 | 857 |
Total Partners' Capital | 1,808,284 | 1,690,019 |
Total Liabilities and Equity/Partners' Capital | $ 3,528,849 | $ 3,152,799 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 225,000,000 |
Common Stock, shares issued | 126,994,478 | 126,307,431 |
Common Stock, shares outstanding | 126,994,478 | 126,307,431 |
Net Investment in Real Estate | $ 3,025,429 | $ 2,861,860 |
Mortgage Loans Payable, Net | $ 173,685 | $ 296,470 |
First Industrial, L.P. | ||
General Partner Units, units outstanding | 126,994,478 | 126,307,431 |
Limited Partner Units, units outstanding | 2,422,744 | 2,624,167 |
Net Investment in Real Estate | $ 3,025,429 | $ 2,861,860 |
Mortgage Loans Payable, Net | 173,685 | 296,470 |
Other Real Estate Partnerships | ||
Net Investment in Real Estate | 240,847 | 260,528 |
Mortgage Loans Payable, Net | $ 11,009 | $ 20,497 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Lease Revenue | $ 422,236 | $ 398,822 | $ 391,884 |
Other Revenue | 3,748 | 5,132 | 4,518 |
Total Revenues | 425,984 | 403,954 | 396,402 |
Expenses: | |||
Property Expenses | 116,585 | 116,854 | 113,494 |
General and Administrative | 28,569 | 27,749 | 28,079 |
Depreciation and Other Amortization | 121,229 | 116,459 | 116,364 |
Impairment of Real Estate | 0 | 2,756 | 0 |
Total Expenses | 266,383 | 263,818 | 257,937 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 124,942 | 81,600 | 131,269 |
Interest Expense | (50,273) | (50,775) | (57,199) |
Amortization of Debt Issuance Costs | (3,218) | (3,404) | (3,162) |
Settlement Gain on Derivative Instruments | 0 | 0 | 1,896 |
Loss from Retirement of Debt | 0 | (39) | (1,775) |
Total Other Income (Expense) | 71,451 | 27,382 | 71,029 |
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit | 231,052 | 167,518 | 209,494 |
Equity in Income (Loss) of Joint Venture | 16,235 | (276) | 0 |
Income Tax (Provision) Benefit | (3,406) | 92 | (1,193) |
Net Income | 243,881 | 167,334 | 208,301 |
Less: Net Income Attributable to the Noncontrolling Interest | (5,106) | (4,095) | (6,845) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 238,775 | $ 163,239 | $ 201,456 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.88 | $ 1.31 | $ 1.69 |
Weighted Average Shares/Units Outstanding - Basic | 126,392 | 123,804 | 118,272 |
Weighted Average Shares / Units Outstanding - Diluted | 126,691 | 124,191 | 118,787 |
First Industrial, L.P. | |||
Revenues [Abstract] | |||
Lease Revenue | $ 422,236 | $ 398,822 | $ 391,884 |
Other Revenue | 3,748 | 5,132 | 4,518 |
Total Revenues | 425,984 | 403,954 | 396,402 |
Expenses: | |||
Property Expenses | 116,585 | 116,854 | 113,494 |
General and Administrative | 28,569 | 27,749 | 28,079 |
Depreciation and Other Amortization | 121,229 | 116,459 | 116,364 |
Impairment of Real Estate | 0 | 2,756 | 0 |
Total Expenses | 266,383 | 263,818 | 257,937 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 124,942 | 81,600 | 131,269 |
Interest Expense | (50,273) | (50,775) | (57,199) |
Amortization of Debt Issuance Costs | (3,218) | (3,404) | (3,162) |
Settlement Gain on Derivative Instruments | 0 | 0 | 1,896 |
Loss from Retirement of Debt | 0 | (39) | (1,775) |
Total Other Income (Expense) | 71,451 | 27,382 | 71,029 |
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit | 231,052 | 167,518 | 209,494 |
Equity in Income (Loss) of Joint Venture | 16,235 | (276) | 0 |
Income Tax (Provision) Benefit | (3,406) | 92 | (1,193) |
Net Income | 243,881 | 167,334 | 208,301 |
Less: Net Income Attributable to the Noncontrolling Interest | (253) | (88) | (143) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 243,628 | $ 167,246 | $ 208,158 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.88 | $ 1.31 | $ 1.69 |
Weighted Average Shares/Units Outstanding - Basic | 128,831 | 126,921 | 122,306 |
Weighted Average Shares / Units Outstanding - Diluted | 129,241 | 127,308 | 122,821 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income | $ 243,881 | $ 167,334 | $ 208,301 |
Payments to Settle Derivative Instruments | (3,149) | 0 | 0 |
Mark-to-Market (Loss) Gain on Derivative Instruments | (7,671) | 2,096 | 5,981 |
Amortization of Derivative Instruments | 233 | 96 | 205 |
Comprehensive Income | 233,294 | 169,526 | 214,487 |
Comprehensive Income Attributable to Noncontrolling Interest | (4,884) | (4,149) | (6,642) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | 228,410 | 165,377 | 207,845 |
First Industrial, L.P. | |||
Net Income | 243,881 | 167,334 | 208,301 |
Payments to Settle Derivative Instruments | (3,149) | 0 | 0 |
Mark-to-Market (Loss) Gain on Derivative Instruments | (7,671) | 2,096 | 5,981 |
Amortization of Derivative Instruments | 233 | 96 | 205 |
Comprehensive Income | 233,294 | 169,526 | 214,487 |
Comprehensive Income Attributable to Noncontrolling Interest | (253) | (88) | (143) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | $ 233,041 | $ 169,438 | $ 214,344 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | First Industrial, L.P. | First Industrial, L.P.General Partner Units | First Industrial, L.P.Limited Partner Units | First Industrial, L.P.Accumulated Other Comprehensive (Loss) Income | First Industrial, L.P.Noncontrolling Interest |
Beginning Balance at Dec. 31, 2016 | $ 1,284,625 | $ 1,172 | $ 1,886,771 | $ (641,859) | $ (4,643) | $ 43,184 | |||||
Beginning Balance at Dec. 31, 2016 | $ 1,295,063 | $ 1,219,755 | $ 79,156 | $ (4,804) | $ 956 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 208,301 | 201,456 | 6,845 | 208,301 | 201,313 | 6,845 | 143 | ||||
Other Comprehensive Income | 6,186 | 6,389 | (203) | 6,186 | 6,186 | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 74,661 | 25 | 74,636 | 74,661 | 74,661 | ||||||
Stock Based Compensation Activity | 6,210 | 2 | 6,932 | (724) | |||||||
Stock Based Compensation Activity | 6,210 | 6,210 | |||||||||
Common Stock Dividends and Unit Distributions | (104,106) | (100,720) | (3,386) | ||||||||
Unit Distributions | (104,106) | (100,720) | (3,386) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 364 | (364) | 0 | 364 | (364) | ||||
Reallocation—Additional Paid-in-Capital | 0 | (1,593) | 1,593 | ||||||||
Contributions from Noncontrolling Interest | 40 | 40 | |||||||||
Distributions to Noncontrolling Interest | (360) | (360) | |||||||||
Reallocation—Other Comprehensive Income | 0 | (408) | 408 | ||||||||
Ending Balance at Dec. 31, 2017 | 1,475,877 | 1,199 | 1,967,110 | (541,847) | 1,338 | 48,077 | |||||
Ending Balance at Dec. 31, 2017 | 1,485,995 | 1,401,583 | 82,251 | 1,382 | 779 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 167,334 | 163,239 | 4,095 | 167,334 | 163,151 | 4,095 | 88 | ||||
Other Comprehensive Income | 2,192 | 2,138 | 54 | 2,192 | 2,192 | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 145,408 | 48 | 145,360 | 145,408 | 145,408 | ||||||
Stock Based Compensation Activity | 1,512 | 3 | 4,791 | (3,282) | |||||||
Stock Based Compensation Activity | 1,512 | 1,512 | |||||||||
Common Stock Dividends and Unit Distributions | (111,478) | (108,917) | (2,561) | ||||||||
Unit Distributions | (111,478) | (108,917) | (2,561) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 13 | 16,592 | (16,605) | 0 | 16,605 | (16,605) | ||||
Retirement of Limited Partner Units | (934) | (934) | (934) | (934) | |||||||
Reallocation—Additional Paid-in-Capital | 0 | (2,297) | 2,297 | ||||||||
Contributions from Noncontrolling Interest | 126 | 126 | |||||||||
Distributions to Noncontrolling Interest | (136) | (136) | |||||||||
Reallocation—Other Comprehensive Income | 0 | 26 | (26) | ||||||||
Ending Balance at Dec. 31, 2018 | 1,679,911 | 1,263 | 2,131,556 | (490,807) | 3,502 | 34,397 | |||||
Ending Balance at Dec. 31, 2018 | 1,690,019 | 1,619,342 | 66,246 | 3,574 | 857 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 243,881 | 238,775 | 5,106 | 243,881 | 238,522 | 5,106 | 253 | ||||
Other Comprehensive Income | (10,587) | (10,365) | (222) | (10,587) | (10,587) | ||||||
Stock Based Compensation Activity | 4,580 | 2 | 4,397 | (1,696) | 1,877 | ||||||
Stock Based Compensation Activity | 4,580 | 2,703 | 1,877 | ||||||||
Common Stock Dividends and Unit Distributions | (119,522) | (117,107) | (2,415) | ||||||||
Unit Distributions | (119,522) | (117,107) | (2,415) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 5 | 7,191 | (7,196) | 0 | 7,196 | (7,196) | ||||
Reallocation—Additional Paid-in-Capital | 0 | (2,297) | 2,297 | ||||||||
Contributions from Noncontrolling Interest | 32 | 32 | |||||||||
Distributions to Noncontrolling Interest | (119) | (119) | |||||||||
Reallocation—Other Comprehensive Income | 0 | (20) | 20 | ||||||||
Ending Balance at Dec. 31, 2019 | $ 1,798,263 | $ 1,270 | $ 2,140,847 | $ (370,835) | $ (6,883) | $ 33,864 | |||||
Ending Balance at Dec. 31, 2019 | $ 1,808,284 | $ 1,750,656 | $ 63,618 | $ (7,013) | $ 1,023 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY / PARTNERS' CAPITAL CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends/Distributions Per Share/Unit | $ 0.92 | $ 0.87 | $ 0.84 |
First Industrial, L.P. | |||
Dividends/Distributions Per Share/Unit | $ 0.92 | $ 0.87 | $ 0.84 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | $ 243,881 | $ 167,334 | $ 208,301 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 98,333 | 94,626 | 94,078 | |
Amortization of Debt Issuance Costs | 3,218 | 3,404 | 3,162 | |
Other Amortization, including Stock Based Compensation | 28,780 | 26,976 | 29,252 | |
Impairment of Real Estate | 0 | 2,756 | 0 | |
Provision for Bad Debt | 0 | 350 | 177 | |
Equity in (Income) Loss of Joint Venture | (16,235) | 276 | 0 | |
Distributions from Joint Venture | 15,959 | 0 | 0 | |
Gain on Sale of Real Estate | [1] | (124,942) | (81,600) | (131,269) |
Loss from Retirement of Debt | 0 | 39 | 1,775 | |
Gain on Casualty and Involuntary Conversion | 0 | (392) | (1,321) | |
Payments to Settle Derivative Instruments | (3,149) | 0 | 0 | |
Straight-line Rental Income and Expense, Net | (10,884) | (2,165) | (5,299) | |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | (11,523) | (4,199) | (5,829) | |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits and Operating Lease Liabilities | 22,095 | 3,090 | (465) | |
Net Cash Provided by Operating Activities | 245,533 | 210,495 | 192,562 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (152,744) | (157,787) | (175,303) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (294,633) | (224,466) | (146,003) | |
Net Proceeds from Sales of Investments in Real Estate | 254,416 | 184,783 | 228,102 | |
(Increase) Decrease in Escrows | (23,113) | (1,326) | 564 | |
Proceeds from Casualty and Involuntary Conversion | 0 | 906 | 10,094 | |
Contributions to and Investments in Joint Venture | (210) | (25,190) | 0 | |
Distributions from Joint Venture | 8,711 | 1,829 | 0 | |
Other Investing Activity | 2,187 | (2,147) | 51 | |
Net Cash Used in Investing Activities | (205,386) | (223,398) | (82,495) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (954) | (2,975) | (6,864) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 0 | 145,584 | 74,880 | |
Tax Paid on Shares Withheld | (4,384) | (6,020) | (2,401) | |
Common Stock Dividends and Unit Distributions Paid | (117,214) | (109,649) | (100,524) | |
Repayments on Mortgage Loans Payable | (123,250) | (165,646) | (46,832) | |
Prepayments of Penalties Associated with Retirement of Debt | 0 | 0 | (1,453) | |
Proceeds from Senior Unsecured Notes | 150,000 | 300,000 | 200,000 | |
Repayments of Senior Unsecured Notes | 0 | 0 | (156,852) | |
Proceeds from Unsecured Credit Facility | 415,000 | 237,000 | 429,000 | |
Repayments on Unsecured Credit Facility | (257,000) | (381,500) | (474,000) | |
Net Cash Provided by (Used in) Financing Activities | 62,198 | 16,794 | (85,046) | |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 102,345 | 3,891 | 25,021 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | 21,461 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 152,718 | 50,373 | 46,482 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | 47,801 | 47,408 | 56,844 | |
Interest Expense Capitalized in Connection with Development Activity | 5,757 | 5,869 | 4,353 | |
Income Taxes Paid | 3,583 | 457 | 769 | |
Cash Paid for Operating Lease Liabilities | 2,084 | 0 | 0 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 22,871 | 0 | 0 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 30,567 | 28,845 | 27,016 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | |
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Land | (957,478) | (909,318) | ||
Deferred Rent Receivables, Net | (77,703) | (71,079) | ||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | 1,466 | 11,878 | 1,269 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 51,107 | 31,545 | 38,597 | |
Write-off of Fully Depreciated Assets | (37,892) | (43,654) | (35,560) | |
Sales Type Lease | ||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Sales-type Lease, Lease Receivable | 54,521 | 0 | 0 | |
Land | (24,803) | 0 | 0 | |
Building Net Of Accumulated Depreciation | (17,845) | 0 | 0 | |
Deferred Rent Receivables, Net | (2,073) | 0 | 0 | |
Other Assets Net Of Accumulated Amortization | (1,194) | 0 | 0 | |
Sales-type Lease, Selling Profit (Loss) | 8,606 | 0 | 0 | |
Noncontrolling Interest | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 5,106 | 4,095 | 6,845 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (7,196) | (16,605) | (364) | |
Common Stock | ||||
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 5 | 13 | 0 | |
Additional Paid-in- Capital | ||||
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 7,191 | 16,592 | 364 | |
First Industrial, L.P. | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 243,881 | 167,334 | 208,301 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 98,333 | 94,626 | 94,078 | |
Amortization of Debt Issuance Costs | 3,218 | 3,404 | 3,162 | |
Other Amortization, including Stock Based Compensation | 28,780 | 26,976 | 29,252 | |
Impairment of Real Estate | 0 | 2,756 | 0 | |
Provision for Bad Debt | 0 | 350 | 177 | |
Equity in (Income) Loss of Joint Venture | (16,235) | 276 | 0 | |
Distributions from Joint Venture | 15,959 | 0 | 0 | |
Gain on Sale of Real Estate | (124,942) | (81,600) | (131,269) | |
Loss from Retirement of Debt | 0 | 39 | 1,775 | |
Gain on Casualty and Involuntary Conversion | 0 | (392) | (1,321) | |
Payments to Settle Derivative Instruments | (3,149) | 0 | 0 | |
Straight-line Rental Income and Expense, Net | (10,884) | (2,165) | (5,299) | |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | (11,436) | (4,189) | (5,510) | |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits and Operating Lease Liabilities | 22,095 | 3,090 | (465) | |
Net Cash Provided by Operating Activities | 245,620 | 210,505 | 192,881 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (152,744) | (157,787) | (175,303) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (294,633) | (224,466) | (146,003) | |
Net Proceeds from Sales of Investments in Real Estate | 254,416 | 184,783 | 228,102 | |
(Increase) Decrease in Escrows | (23,113) | (1,326) | 565 | |
Proceeds from Casualty and Involuntary Conversion | 0 | 906 | 10,094 | |
Contributions to and Investments in Joint Venture | (210) | (25,190) | 0 | |
Distributions from Joint Venture | 8,711 | 1,829 | 0 | |
Other Investing Activity | 2,187 | (2,147) | 51 | |
Net Cash Used in Investing Activities | (205,386) | (223,398) | (82,494) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (954) | (2,975) | (6,864) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 0 | 145,584 | 74,880 | |
Tax Paid on Shares Withheld | (4,384) | (6,020) | (2,401) | |
Common Stock Dividends and Unit Distributions Paid | (117,214) | (109,649) | (100,524) | |
Contributions from Noncontrolling Interests | 32 | 126 | 40 | |
Distributions to Noncontrolling Interests | (119) | (136) | (360) | |
Repayments on Mortgage Loans Payable | (123,250) | (165,646) | (46,832) | |
Prepayments of Penalties Associated with Retirement of Debt | 0 | 0 | (1,453) | |
Proceeds from Senior Unsecured Notes | 150,000 | 300,000 | 200,000 | |
Repayments of Senior Unsecured Notes | 0 | 0 | (156,852) | |
Proceeds from Unsecured Credit Facility | 415,000 | 237,000 | 429,000 | |
Repayments on Unsecured Credit Facility | (257,000) | (381,500) | (474,000) | |
Net Cash Provided by (Used in) Financing Activities | 62,111 | 16,784 | (85,366) | |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 102,345 | 3,891 | 25,021 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | 21,461 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 152,718 | 50,373 | 46,482 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | 47,801 | 47,408 | 56,844 | |
Interest Expense Capitalized in Connection with Development Activity | 5,757 | 5,869 | 4,353 | |
Income Taxes Paid | 3,583 | 457 | 769 | |
Cash Paid for Operating Lease Liabilities | 2,084 | 0 | 0 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 22,871 | 0 | 0 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 30,567 | 28,845 | 27,016 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | |
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Land | (957,478) | (909,318) | ||
Deferred Rent Receivables, Net | (77,703) | (71,079) | ||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | 1,466 | 11,878 | 1,269 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 51,107 | 31,545 | 38,597 | |
Write-off of Fully Depreciated Assets | (37,892) | (43,654) | (35,560) | |
First Industrial, L.P. | Sales Type Lease | ||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Sales-type Lease, Lease Receivable | 54,521 | 0 | 0 | |
Land | (24,803) | 0 | 0 | |
Building Net Of Accumulated Depreciation | (17,845) | 0 | 0 | |
Deferred Rent Receivables, Net | (2,073) | 0 | 0 | |
Other Assets Net Of Accumulated Amortization | (1,194) | 0 | 0 | |
Sales-type Lease, Selling Profit (Loss) | 8,606 | 0 | 0 | |
First Industrial, L.P. | Limited Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 5,106 | 4,095 | 6,845 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (7,196) | (16,605) | (364) | |
First Industrial, L.P. | General Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 238,522 | 163,151 | 201,313 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 7,196 | $ 16,605 | $ 364 | |
[1] | (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 98.1% and 98.0% ownership interest ("General Partner Units") at December 31, 2019 and 2018, respectively. The Operating Partnership also conducts operations through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 1.9% and 2.0% at December 31, 2019 and 2018, respectively, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). We also own a 49% equity interest in, and provide various services to, a joint venture (the "Joint Venture") through a wholly owned subsidiary of the Operating Partnership. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships and the TRSs are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of December 31, 2019, we owned 440 industrial properties located in 21 states, containing an aggregate of approximately 61.3 million square feet of gross leasable area ("GLA"). Of the 440 properties owned on a consolidated basis, none of them are directly owned by the Company. Any references to the number of industrial properties and square footage in the financial statement footnotes are unaudited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements at December 31, 2019 and 2018 and for each of the years ended December 31, 2019, 2018 and 2017 include the accounts and operating results of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. Use of Estimates In order to conform with generally accepted accounting principles ("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 December 31, 2019 and 2018, and the reported amounts of revenues and expenses for each of the years ended December 31, 2019, 2018 and 2017. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less . The carrying amount approximates fair value due to the short term maturity of these investments. Restricted Cash Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments. For purposes of our consolidated statements of cash flows, changes in restricted cash are aggregated with cash and cash equivalents. Investment in Real Estate and Depreciation Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset or asset group). The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition. Estimated future net cash flows are based on estimates of future operating performance and market conditions. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property or group of properties, we will recognize an impairment loss based upon the estimated fair value of the property or group of properties. The assessment of fair value requires the use of estimated and assumptions relating to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property or group of properties previously classified as held for sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying amounts (adjusted for any depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized using the weighted average borrowing rate during the period. Depreciation expense is computed using the straight-line method based on the following useful lives: Years Buildings and Improvements 7 to 50 Land Improvements 3 to 20 Furniture, Fixtures and Equipment 3 to 10 Tenant Improvements Lease Term Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of incentive compensation costs of personnel directly attributable to executed leases) are capitalized and amortized over the terms of each specific lease. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and below market ground lease obligations. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial term plus the term of any below market fixed rate renewal options of the respective leases. The purchase price is further allocated to in-place lease values based on an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition. The value of in-place lease intangibles, which are included in the line item Deferred Leasing Intangibles, Net are amortized over the remaining initial lease term (including expected renewal periods) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases and the in-place lease value is immediately accelerated and fully amortized on the date of the termination. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Our typical acquisitions consist of properties whereby substantially all the fair value or gross assets acquired is concentrated in a single asset (land, building, and in-place leases) and, therefore, will be accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property. Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following: December 31, December 31, In-Place Leases $ 20,188 $ 19,971 Above Market Leases 2,197 2,569 Below Market Ground Lease Obligation 1,597 1,643 Tenant Relationships 4,551 5,495 Total Included in Total Assets, Net of $29,541 and $26,337 of Accumulated Amortization $ 28,533 $ 29,678 Below Market Leases $ 11,893 $ 9,560 Total Included in Total Liabilities, Net of $13,045 and $11,356 of Accumulated Amortization $ 11,893 $ 9,560 Amortization expense related to in-place leases and tenant relationships was $6,303 , $6,267 and $6,648 for the years ended December 31, 2019, 2018 and 2017, respectively. Rental revenues increased by $1,281 , $1,095 and $1,116 related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2019 as follows: Estimated Amortization of In-Place Leases and Tenant Relationships Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases 2020 $ 6,166 $ 1,716 2021 $ 4,052 $ 1,262 2022 $ 3,631 $ 1,225 2023 $ 3,197 $ 973 2024 $ 2,425 $ 993 Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Unamortized debt issuance costs are written-off when debt is retired before the maturity date. Debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt liability, consistent with debt discounts, except for the debt issuance costs related to the unsecured credit facility which are included in the line item Prepaid Expenses and Other Assets, Net on the consolidated balance sheets. Investment in Joint Venture Investment in joint venture represents a noncontrolling equity interest in one joint venture. We have determined to account for our investment in this joint venture under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities ("VIEs"). Under the equity method of accounting, our share of earnings or losses of a joint venture is reflected in income as earned and contributions or distributions increase or decrease our investment in joint venture as paid or received, respectively. Differences between our carrying value of our investment in this joint venture and our underlying equity in such joint venture are amortized and included as an adjustment to our equity in income (loss). On a periodic basis, management assesses whether there are any indicators that the value of our investment in this joint venture may be impaired. An investment is impaired only if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. Limited Partner Units Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 2019 and 2018 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2019, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company's common shares required to be delivered upon redemption of all remaining Limited Partner Units. Stock Based Compensation We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest. Net income is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based and Unit-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. Revenue Recognition We lease our properties to tenants under agreements that are classified as leases. We recognize, as rental income, the total minimum lease payments under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of property operating expenses, including real estate taxes, insurance, and other property operating expenses are recovered from our tenants and recognized as tenant recovery revenue in the same period we incur the related expenses. As the timing and straight-line pattern of transfer to the lessee for rental revenue and the associated rental recoveries are the same and our leases qualify as operating leases, we account for the present rental revenue and tenant recovery revenue as a single component under Lease Revenue . We assess the collectibility of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If we conclude that collection of lease payments is not probable at lease commencement, we will recognize lease payments only as they are received. If our assessment of collectibility changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to Lease Revenue . If a lease provides for tenant improvements, we determine whether we or the tenant is the owner of the tenant improvements. When we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized as revenue over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term. Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant's lease and when we have no further obligations under the lease. Gain on Sale of Real Estate Asset sales are generally recognized when control of the asset being sold is transferred to the buyer. As the assets are sold, their costs and related accumulated depreciation, if any, are derecognized with resulting gains or losses reflected in net income. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement or at the time the tenant communicates their intent to execute the purchase option. If we determine the execution of the purchase option is likely, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale. Discontinued Operations and Assets Held for Sale We report results of operations from real estate assets that are sold or classified as held for sale as discontinued operations provided the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results. We generally classify certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyer's due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. Income Taxes The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years. REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, certain activities that we undertake may be conducted by entities which have elected to be treated as a TRS. TRSs are subject to both federal, state and local income taxes. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss. Earnings Per Share and Earnings Per Unit ("EPS" and "EPU") Basic net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period. Diluted net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. Derivative Financial Instruments During the normal course of business, we have used derivative instruments for the purpose of managing interest rate risk on anticipated offerings of long term debt. Receipts or payments that result from the settlement of derivative instruments used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and is included in interest expense. Receipts or payments resulting from derivative instruments used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with our related assertions. We recognize all derivative instruments in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. The credit risks associated with derivative instruments are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of the derivative instruments, our exposure is limited to the fair value of agreements, not the notional amounts. Fair Value GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. The fair value hierarchy consists of the following three broad levels: • Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 - inputs other than quoted prices within Level 1 that are either directly or indirectly observable for the asset or liability; and • Level 3 - unobservable inputs in which little or no market data exists for the asset or liability. Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. Segment Reporting Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting. Reclassifications We adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification 842 Leases effective January 1, 2019. Upon adoption of the new standard, tenant recovery revenue and fee revenue collected for delinquent lease payments for 2018 and 2017 have been reclassified to the Lease Revenue line item in the Consolidated Statements of Operations to conform to the 2019 financial statement presentation. This reclassification had no impact to the 2018 or 2017 results of operations. Certain amounts included in the Consolidated Financial Statements and Notes to the Consolidated Financial Statements for 2018 have been reclassified to conform to the 2019 financial statement presentation. Recent Accounting Pronouncements Adopted In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense . However, the adoption of the standard, along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, did change our presentation of our results from operations in the Consolidated Statements of Operations . The main changes caused by the adoption of the standards are: • The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease components(s) and the related lease component, and the lease component would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. • The new standard also requires lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the years ended December 31, 2018 and 2017, $7,517 and $7,734 , respectively, of these payments are included in the aforementioned line items. • The new standard requires our expected credit loss related to the collectibility of lease receivables to be reflected as an adjustment to the line item Lease Revenue . For the year ended December 31, 2018 and 2017, the credit loss related to the collectibility of lease receivables was recognized in the line item Property Expenses and was not significant. We are a lessee on a limited number of ground and office leases. Under the new standard, the expense pattern for these leases is generally consistent with that of our historical recognition; however, we are required to record right-of-use assets and lease liabilities on our Consolidated Balance Sheets . Operating lease right-of-use assets and liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at lease commencement to determine the present value of lease payments. For leases that commenced prior to the effective date of the standard, we recognized right-of-use assets and lease liabilities based on the present value of remaining lease payments and the incremental borrowing rate on the date of adoption. We have elected the short term lease exemption for certain qualifying leases with lease terms of twelve months or less and, accordingly, did not record right-of-use assets and lease liabilities. We have also elected the practical expedient to not separate lease and non-lease components. For additional disclosures related to leases, refer to Note 10. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. We adopted ASU 2017-02 effective January 1, 2019, and the adoption did not impact our financial condition or results of operations. |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2019, 2018 and 2017. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2019, 2018 or 2017. Year Ended December 31, 2019 2018 2017 Number of Industrial Properties Acquired 9 10 8 GLA (in millions) 0.5 1.0 1.1 Purchase Price (A) $ 147,887 $ 167,546 $ 174,209 (A) Purchase price includes the acquisition of several land parcels for the years ended December 31, 2019, 2018 and 2017 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels that have been capitalized. The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Land $ 101,764 $ 79,347 Building and Improvements 43,693 81,747 Other Assets 859 1,225 In-Place Leases 5,601 5,302 Above Market Leases 34 662 Below Market Leases (4,064 ) (737 ) Total Purchase Price $ 147,887 $ 167,546 Assumed Mortgage Loan (See Note 4) — (11,654 ) Total Net Assets Acquired $ 147,887 $ 155,892 Sales The following table summarizes our property dispositions for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Number of Industrial Properties Sold (A) 40 53 60 GLA (in millions) 5.9 2.6 4.6 Gross Proceeds from the Sale of Real Estate (B) $ 315,768 $ 192,047 $ 236,059 Gain on Sale of Real Estate (B) $ 124,942 $ 81,600 $ 131,269 (A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. Impairment Charges The impairment charges of $2,756 recorded during the year ended December 31, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers included bona fide contract prices and letter of intent amounts that we believe were indicative of fair value and fall into Level 3 of the fair value hierarchy. The property and the land parcel for which impairment was recorded were sold later during the year ended December 31, 2018. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at December 31, 2019 Effective Interest Rate at Issuance Maturity Date December 31, 2019 December 31, 2018 Mortgage Loans Payable, Gross $ 174,360 $ 297,610 4.03% – 6.50% 4.03% – 6.50% July 2020 – August 2028 Unamortized Debt Issuance Costs (675 ) (1,246 ) Unamortized Premiums — 106 Mortgage Loans Payable, Net $ 173,685 $ 296,470 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 — 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 Subtotal $ 698,571 $ 548,571 Unamortized Debt Issuance Costs (4,485 ) (3,990 ) Unamortized Discounts (71 ) (77 ) Senior Unsecured Notes, Net $ 694,015 $ 544,504 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.39% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (2,135 ) (3,191 ) Unsecured Term Loans, Net $ 457,865 $ 456,809 Unsecured Credit Facility (B) $ 158,000 $ — 2.90% N/A 10/29/2021 (A) The interest rate at December 31, 2019 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 12. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $2,300 and $3,554 as of December 31, 2019 and 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . Mortgage Loans Payable, Net During the years ended December 31, 2019 and 2018, we paid off mortgage loans in the amount of $117,199 and $157,782 , respectively. In connection with mortgage loans paid off during the years ended December 31, 2018 and 2017, we recognized $39 and $1,653 within the line item Loss from Retirement of Debt representing the write-off of unamortized debt issuance costs offset by the write off of an unamortized premium. During the year ended December 31, 2018, we assumed a mortgage loan in the amount of $11,654 in conjunction with the acquisition of three industrial properties, totaling approximately 0.2 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 4.17% , principal payments are amortized over 30 years and the loan matures in August 2028. As of December 31, 2019, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $264,956 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2019. Senior Unsecured Notes, Net During the year ended December 31, 2019, the Operating Partnership issued $150,000 of 3.97% Series E Guaranteed Senior Notes Due July 23, 2029 (the "2029 II Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated May 16, 2019. During the year ended December 31, 2018, the Operating Partnership issued $150,000 of 3.86% Series C Guaranteed Senior Notes due February 15, 2028 (the "2028 Private Placement Notes") and $150,000 of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the "2030 Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. During the year ended December 31, 2017, the Operating Partnership issued $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the "2027 Private Placement Notes") and $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the "2029 Private Placement Notes") in private placement pursuant to a Note and Guaranty Agreement dated February 21, 2017. The 2028 Private Placement Notes, the 2030 Private Placement Notes, the 2027 Private Placement Notes, the 2029 Private Placement Notes and the 2029 II Private Placement Notes (collectively, the "Private Placement Notes") are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments. Unsecured Term Loans, Net On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") with a syndicate of financial institutions. At December 31, 2018, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 110 basis points . During the year ended December 31, 2017, we recognized $51 within the line item Loss from Retirement of Debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders. On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan"; together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") with a syndicate of financial institutions. At December 31, 2018, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 110 basis points . The interest rates on the Unsecured Term Loans vary based on the Company's leverage ratio or, at our election, the Company's credit ratings. Unsecured Credit Facility As of December 31, 2019, we have a $725,000 revolving credit agreement ( the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000 , subject to certain restrictions. The Unsecured Credit Facility matures on October 29, 2021, with an option to extend an additional one year at our election, subject to certain restrictions. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. At December 31, 2019, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 110 basis points . During the year ended December 31, 2017, in connection with the amendment, we recognized $71 within the line item Loss from Retirement of Debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of December 31, and thereafter: Amount 2020 $ 19,813 2021 425,294 2022 336,954 2023 321 2024 335 Thereafter 708,214 Total $ 1,490,931 The Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes 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 the Unsecured Term Loans, 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, the Unsecured Term Loans, the Private Placement Notes and indentures governing our senior unsecured notes as of December 31, 2019. 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 December 31, 2019 and 2018, the fair value of our indebtedness was as follows: December 31, 2019 December 31, 2018 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 174,360 $ 179,287 $ 297,716 $ 304,508 Senior Unsecured Notes, Net 698,500 756,351 548,494 546,607 Unsecured Term Loans 460,000 460,902 460,000 461,317 Unsecured Credit Facility 158,000 158,141 — — Total $ 1,490,860 $ 1,554,681 $ 1,306,210 $ 1,312,432 (A) The carrying amounts include unamortized premiums and/or discounts and exclude unamortized debt issuance costs. 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 the Unsecured Term Loans 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, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Other Real Estate Partnerships are VIEs of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: December 31, 2019 December 31, 2018 ASSETS Assets: Net Investment in Real Estate $ 240,847 $ 260,528 Other Assets, Net 69,982 25,059 Total Assets $ 310,829 $ 285,587 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 11,009 $ 20,497 Other Liabilities, Net 21,088 9,045 Partners' Capital 278,732 256,045 Total Liabilities and Partners' Capital $ 310,829 $ 285,587 Joint Venture During the second quarter of 2018, we entered into the Joint Venture with a third party partner for the purpose of developing, leasing, operating and potentially selling approximately 532 net developable acres of land located in the Phoenix, Arizona metropolitan area. The purchase price for the land was $49,000 , which amount was funded by the Joint Venture via cash equity contributions from us and our joint venture partner. Through a wholly-owned subsidiary of the Operating Partnership, we own a 49% interest in the Joint Venture. During the year ended December 31, 2019, the Joint Venture sold three land parcels, totaling 236 net developable acres, for gross proceeds of $57,178 and a total gain on sale of real estate of $30,236 . Our economic share of the gain on sale is $14,816 . However, we were the purchaser of one of the land parcels, acquiring 39 net developable acres from the Joint Venture. Accordingly, we netted our gain on sale pertaining to that sale in the amount of $3,121 against the basis of the land acquired. During the year ended December 31, 2018, the Joint Venture sold one land parcel, totaling 21 net developable acres, for gross proceeds of $3,973 and total gain on sale of real estate of $181 . Net income (loss) of the Joint Venture for the years ended December 31, 2019 and 2018 was $29,999 and $(302) , respectively. Under the Joint Venture's operating agreement, we act as the managing member of the Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to the Joint Venture. In addition, the Joint Venture's operating agreement provides us the ability to earn an incentive fee based on the ultimate financial performance of the Joint Venture. The incentive fee is calculated using a hypothetical liquidation basis assuming the remaining net assets of the Joint Venture are distributed at book value. For the year ended December 31, 2019, we recognized an incentive fee of $4,880 , which is recorded in the Equity In Income of Joint Venture line item in the consolidated statements of operations and as an increase to the Investment in Joint Venture line item on the consolidated balance sheets. Any incentive fee earned will be calculated based on the final economic performance of the Joint Venture and will be paid towards the end of the Joint Venture's life. During the year ended December 31, 2019, we recognized fees of $146 from the Joint Venture related to asset management and development services we provided to the Joint Venture. At December 31, 2019, we had a receivable from the Joint Venture of $588 . As part of our assessment of the appropriate accounting treatment for the Joint Venture, we reviewed the operating agreement of the Joint Venture in order to determine our rights and the rights of our joint venture partner, including whether those rights are protective or participating. The operating agreement contains certain protective rights, such as the requirement of member approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However, we and our Joint Venture partner jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the Joint Venture. As such, we concluded to account for our investment in the Joint Venture under the equity method of accounting. |
Stockholders_ Equity of the Com
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership | Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership Operating Partnership Units The Operating Partnership has issued General Partner Units and Limited Partner Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties as well as through the issuance of Performance LTIP Units and Service LTIP Units (as defined in Note 11). Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder's notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2019, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $100,568 or by issuing 2,422,744 shares of the Company's common stock. Preferred Stock or General Partner Preferred Units The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2019 and 2018, there were no preferred shares or general partner preferred Units outstanding. Shares of Common Stock or Unit Contributions The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including equity compensation awards which are discussed Note 11, for the three years ended December 31, 2019: Shares of Common Stock Outstanding General Partner and Limited Partner Units Outstanding Balance at December 31, 2016 117,107,746 121,147,121 Issuance of Common Stock/Contribution of General Partner Units (A) 2,560,000 2,560,000 Issuance of Restricted Stock/Restricted Unit Awards 275,793 275,793 Repurchase and Retirement of Restricted Stock/Restricted Unit Awards (91,513 ) (91,513 ) Conversion of Limited Partner Units (B) 31,154 — Balance at December 31, 2017 119,883,180 123,891,401 Issuance of Common Stock/Contribution of General Partner Units (A) 4,800,000 4,800,000 Issuance of Restricted Stock/Restricted Unit Awards 227,059 227,059 Vesting of Performance units (as defined in Note 11) 150,772 150,772 Repurchase and Retirement of Restricted Stock/Restricted Unit Awards (104,301 ) (104,301 ) Conversion of Limited Partner Units (B) 1,350,721 — Retirement of Limited Partner Units (C) — (33,333 ) Balance at December 31, 2018 126,307,431 128,931,598 Issuance of Service Awards and Performance Awards (as defined in Note 11) 109,353 406,569 Vesting of Performance units (as defined Note 11) 169,033 169,033 Repurchase and Retirement of Service Awards and Performance Awards (as defined in Note 11) (76,855 ) (89,978 ) Conversion of Limited Partner Units (B) 485,516 — Balance at December 31, 2019 126,994,478 129,417,222 (A) During the years ended December 31, 2018 and 2017, the Company issued 4,800,000 and 2,560,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $145,584 and $74,880 . The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. (B) For the years ended December 31, 2019, 2018 and 2017, 485,516 , 1,350,721 and 31,154 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $7,196 , $16,605 and $364 , respectively, of noncontrolling interest to the Company's stockholders' equity. (C) During the year ended December 31, 2018, 33,333 Limited Partner Units were forfeited by a unitholder and were retired by the Operating Partnership. ATM Program On March 16, 2017, we entered into distribution agreements with sales agents to sell up to 8,000,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2017 ATM Program"). Under the terms of the 2017 ATM Program, 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 years ended December 31, 2019, 2018 and 2017, the Company did not issue any shares of common stock under the 2017 ATM Program. Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years: 2019 Total Dividend/ Distribution 2018 Total Dividend/ Distribution 2017 Total Dividend/ Distribution Common Stock/Operating Partnership Units $ 119,522 $ 111,478 $ 104,106 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive (Loss) Income The following table summarizes the changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2019 and 2018: Derivative Instruments Total for Operating Partnership Comprehensive (Loss) Income Attributable to Noncontrolling Interest Total for Company Balance as of December 31, 2017 $ 1,382 $ 1,382 $ (44 ) $ 1,338 Other Comprehensive Income Before Reclassifications 1,987 1,987 (28 ) 1,959 Amounts Reclassified from Accumulated Other Comprehensive Income 205 205 — 205 Net Current Period Other Comprehensive Income 2,192 2,192 (28 ) 2,164 Balance as of December 31, 2018 $ 3,574 $ 3,574 $ (72 ) $ 3,502 Other Comprehensive Loss Before Reclassifications (9,603 ) (9,603 ) 202 (9,401 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (984 ) (984 ) — (984 ) Net Current Period Other Comprehensive Loss (10,587 ) (10,587 ) 202 (10,385 ) Balance as of December 31, 2019 $ (7,013 ) $ (7,013 ) $ 130 $ (6,883 ) The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017: Amount Reclassified from Accumulated Other Comprehensive (Income) Loss Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 233 96 205 Interest Expense Net Settlement (Receipts) Payments to our Counterparties (1,217 ) 109 4,336 Interest Expense $ (984 ) $ 205 $ 4,541 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 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 $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement payments or receipts related to the 2014 Swaps and 2015 Swaps (as defined in Note 12) will also be reclassified to interest expense. See Note 12 for more information about our derivatives. |
Earnings Per Share _ Unit (EPS
Earnings Per Share / Unit (EPS / EPU) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Unit (EPS / EPU) | Earnings Per Share and Earnings Per Unit (EPS/EPU) The computation of basic and diluted EPS of the Company is presented below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 238,775 $ 163,239 $ 201,456 Net Income Allocable to Participating Securities (518 ) (513 ) (646 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 238,257 $ 162,726 $ 200,810 Denominator (In Thousands): Weighted Average Shares - Basic 126,392 123,804 118,272 Effect of Dilutive Securities: Performance units (See Note 11) 299 387 515 Weighted Average Shares - Diluted 126,691 124,191 118,787 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.89 $ 1.31 $ 1.70 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.88 $ 1.31 $ 1.69 The computation of basic and diluted EPU of the Operating Partnership is presented below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Numerator: Net Income Available to Unitholders and Participating Securities 243,628 167,246 208,158 Net Income Allocable to Participating Securities (732 ) (513 ) (646 ) Net Income Available to Unitholders $ 242,896 $ 166,733 $ 207,512 Denominator (In Thousands): Weighted Average Units - Basic 128,831 126,921 122,306 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance units and certain Performance LTIP Units (See Note 11) 410 387 515 Weighted Average Units - Diluted 129,241 127,308 122,821 Basic EPS: Net Income Available to Unitholders $ 1.89 $ 1.31 $ 1.70 Diluted EPU: Net Income Available to Unitholders $ 1.88 $ 1.31 $ 1.69 Participating securities include 296,371 , 405,436 and 408,248 of unvested restricted stock outstanding at December 31, 2019, 2018 and 2017, respectively, which participate in non-forfeitable distributions. At December 31, 2019, 2018, and 2017, participating securities for the Operating Partnership include 421,928 , 405,436 and 408,248 , respectively, of restricted Unit awards and certain Service LTIP Units (see Note 11), which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2019, 2018 and 2017, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of our TRSs. The components of the income tax (provision) benefit for the years ended December 31, 2019, 2018 and 2017 is comprised of the following: Year Ended December 31, 2019 2018 2017 Current: Federal $ (169 ) $ 22 $ (859 ) State (839 ) (310 ) (344 ) Deferred: Federal (2,334 ) 400 — State (64 ) (20 ) 10 Total Income Tax (Provision) Benefit $ (3,406 ) $ 92 $ (1,193 ) Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Basis Difference - Real Estate Properties $ 1,388 $ 739 Section 163(j) Interest Limitation 600 344 Other - Temporary Differences 329 184 Valuation Allowance (850 ) (840 ) Total Deferred Income Tax Assets, Net of Allowance $ 1,467 $ 427 Deferred Income - Investment in Joint Venture $ (3,374 ) $ — Other - Temporary Differences (295 ) (231 ) Total Deferred Income Tax Liabilities $ (3,669 ) $ (231 ) Total Net Deferred Income Tax (Liabilities) Assets $ (2,202 ) $ 196 A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred income tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in one of the TRSs significant enough to allow us to believe it is more likely than not that we will realize our deferred income tax assets. Therefore, we have recorded a valuation allowance against the deferred income tax assets within that TRS. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred income tax assets, is included in the current income tax provision. The differences between the income tax provision calculated at the statutory U.S. federal income tax rate and the actual income tax provision recorded are as follows: Year Ended December 31, 2019 2018 2017 Tax (Provision) Benefit at Federal Rate $ (2,556 ) $ 436 $ (1,416 ) Change in Federal Tax Rate — — (609 ) State Tax Provision, Net of Federal Benefit (903 ) (417 ) (376 ) Change in Valuation Allowance (10 ) 144 1,197 Other 63 (71 ) 11 Net Income Tax (Provision) Benefit $ (3,406 ) $ 92 $ (1,193 ) We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2019, we do not have any unrecognized tax benefits. We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 2016 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2019, 2018 and 2017. Federal Income Tax Treatment of Common Dividends For the years ended December 31, 2019, 2018 and 2017, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2019 As a Percentage of Distributions 2018 As a Percentage of Distributions 2017 As a Percentage of Distributions Ordinary Income (A) $ 0.7650 83.15 % $ 0.6858 78.83 % $ 0.6552 74.23 % Unrecaptured Section 1250 Capital Gain 0.1074 11.68 % 0.1497 17.21 % 0.1627 18.43 % Other Capital Gain 0.0460 5.00 % 0.0330 3.79 % 0.0648 7.34 % Qualified Dividend 0.0016 0.17 % 0.0015 0.17 % — 0.00 % $ 0.9200 100.00 % $ 0.8700 100.00 % $ 0.8827 100.00 % (A) For the years ended December 31, 2019 and 2018, the Code Section 199A dividend is equal to the total ordinary income dividend. The income tax characterization of dividends to common shareholders is based on the calculation of Taxable Earnings and Profits, as defined in the Code. Taxable Earnings and Profits differ from regular taxable income due primarily to differences in the estimated useful lives and methods used to compute depreciation and in the recognition of gains and losses on the sale of real estate assets. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessee Disclosures We are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of less than one year to seven years and our ground leases have remaining terms of 35 years to 52 years. For the year ended December 31, 2019, we recognized $2,443 of operating lease expense, inclusive of short-term and variable lease costs which are not significant. The following is a schedule of the maturities of operating lease liabilities for the next five years as of December 31, 2019, and thereafter: 2020 $ 2,321 2021 2,288 2022 2,238 2023 2,068 2024 1,915 Thereafter 60,707 Total Lease Payments 71,537 Less Imputed Interest (A) (49,168 ) Total $ 22,369 (A) Calculated using the discount rate for each lease. As of December 31, 2019, our weighted average remaining lease term for the Operating Leases is 41.3 years and the weighted average discount rate is 7.2% . A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise the options. Lessor Disclosures Our properties and certain land parcels are leased to tenants and classified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2019 are approximately as follows: 2020 $ 321,896 2021 294,820 2022 256,262 2023 219,396 2024 175,696 Thereafter 510,976 Total $ 1,779,046 Several of our operating leases include options to extend the lease term and/or to purchase the building. For purposes of determining the lease term and lease classification, we exclude these extension periods and purchase options unless it is reasonably certain at lease commencement that the option will be exercised. During the year ended December 31, 2019, a tenant exercised its lease option to purchase a 0.6 million square foot building located in our Phoenix market. The option includes a fixed purchase price and an expected closing date in August 2020. At the time the tenant exercised the option, we reassessed the lease classification of this lease and, based on various qualitative factors, we determined that it was reasonably certain the tenant would close on the acquisition of the building. Accordingly, during the year ended December 31, 2019, we reclassified the lease from an operating lease to a sales-type lease, which resulted in a gain on sale of $8,606 . Additionally, we derecognized the net book value of the property and recorded a lease receivable of $54,521 which represents the discounted present value of the remaining lease payments and the fixed purchase option price. The lease receivable is included in Prepaid and Other Assets, Net on our Consolidated Balance Sheets. See Supplemental Information to the Statements of Cash Flows. Future minimum cash receipts, excluding tenant reimbursements of expenses, for this sales-type lease through the expected close date of August 2020 are $56,830 |
Long-Term Compensation
Long-Term Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Long-Term Compensation | Long-Term Compensation Stock Based Compensation The Company maintains a stock incentive plan which is administered by the Compensation Committee of the Board of Directors for which officers, certain employees and the Company's independent directors are eligible to participate in (the "Stock Incentive Plan"). Among other forms of allowed awards, awards made under the Stock Incentive Plan during the three years ended December 31, 2019 have been in the form of restricted stock awards, restricted stock unit awards, performance share awards and performance unit awards. Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2019, awards covering 1.1 million shares of common stock were available to be granted under the Stock Incentive Plan. LTIP Units During 2018, the Company modified the Stock Incentive Plan to allow for certain officers, employees and directors to choose between restricted stock awards and restricted limited partner units ("LTIP Units"). An LTIP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes. Generally, LTIP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such LTIP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an LTIP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such LTIP Unit (which will initially be zero) to equal, on a per-unit basis, the book capital account balance associated with a “common” Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder into one share of Common Stock or a cash equivalent, at the Company’s option. Awards with Performance Measures During the years ended December 31, 2019, 2018 and 2017, the Company granted 36,064 , 179,288 , and 195,951 performance units ("Performance units"), respectively to certain employees. In addition, for the year ended December 31, 2019 the Company granted 166,942 LTIP Units, based on performance-based criteria ("Performance LTIP Units" and, together with the Performance units, collectively the "Performance Awards") to certain employees. The Performance Awards vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to a weighted average TSR of the MSCI US REIT Index and the NAREIT Industrial Index over a performance period of three years . Compensation expense is charged to earnings over the vesting periods for Performance Awards. At the end of the measuring period, vested Performance units convert into shares of common stock. The participant is also entitled to dividend equivalents for shares issued pursuant to vested Performance Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested Performance units. The Performance Awards issued for the years ended December 31, 2019, 2018 and 2017, had fair value of $2,527 , $2,381 , and $2,473 , respectively. The fair values were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Expected dividend yield 3.02 % 2.67 % 2.71 % Expected volatility - range used 18.53% - 19.72% 15.83% - 17.87% 21.50% - 21.80% Expected volatility - weighted average 19.10 % 17.02 % 21.68 % Risk-free interest rate 2.45% - 2.57% 1.57% - 2.04% 0.66% - 1.58% Performance Award transactions for the year ended December 31, 2019 are summarized as follows: Performance Units Weighted Average Grant Date Fair Value Performance LTIP Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 595,383 $ 11.79 — $ — Issued 36,064 $ 12.45 166,942 $ 12.45 Forfeited (13,455 ) $ 12.97 (10,240 ) $ 12.45 Vested (237,270 ) $ 10.06 — $ — Outstanding at December 31, 2019 380,722 $ 12.89 156,702 $ 12.45 Service Based Awards During the years ended December 31, 2019, 2018 and 2017, the Company awarded 109,353 , 227,059 , and 275,793 , shares respectively of restricted stock awards to certain employees and outside directors. In addition, for the year ended December 31, 2019 the Company awarded 112,428 LTIP Units ("Service LTIP Units" and, together with the restricted stock awards, collectively the "Service Awards") to certain employees and outside directors. The fair value is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards granted to employees were based upon the prior achievement of certain corporate performance goals and will vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after a one-year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount for the restricted stock awards. Compensation expense is charged to earnings over the vesting periods for the Service Awards. The Service Awards issued for the years ended December 31, 2019, 2018 and 2017 had fair value of $7,627 , $6,558 and $7,291 , respectively. Service Based Award transactions for the year ended December 31, 2019 are summarized as follows: Restricted Stock Awards Weighted Average Grant Date Fair Value Service LTIP Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 405,436 $ 26.64 — $ — Issued 109,353 $ 35.17 112,428 $ 33.64 Forfeited (9,851 ) $ 29.48 (1,788 ) $ 33.58 Vested (208,567 ) $ 25.40 — $ — Outstanding at December 31, 2019 296,371 $ 30.56 110,640 $ 33.64 Compensation Expense Related to Long-Term Compensation For the years ended December 31, 2019, 2018 and 2017, we recognized $8,376 , $7,586 and $8,611 , respectively, in compensation expense related to Performance Awards and Service Awards. Performance Award and Service Award compensation expense capitalized in connection with development activities was $870 and $472 for the years ended December 31, 2019 and 2018 and was not significant for the year ended December 31, 2017. At December 31, 2019, we had $9,432 in unrecognized compensation related to unvested Performance Awards and Service Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.88 years. 401(k) Plan Under the Company's 401(k) Plan, all eligible employees may participate by making voluntary contributions and the Company may make, but is not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2019, 2018 and 2017, total expense related to matching contributions was $926 , $688 and $518 , respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivative Instruments 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 derivative instruments as part of our interest rate risk management strategy. Derivative instruments 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. During December 2018, in anticipation of issuing long-term debt in the future, we entered into two treasury locks with an aggregate notional value of $100,000 to manage our exposure to changes in the ten year U.S. Treasury rate (the "2018 Treasury Locks"). During April 2019, we paid $3,149 to settle the 2018 Treasury Locks with our counterparties. The 2018 Treasury Locks fixed the ten year U.S. Treasury rate at a weighted average of 2.93% . We had designated the 2018 Treasury Locks as cash flow hedges and are amortizing the payment made to our counterparties into interest expense over the 10-year life of the 2029 II Private Placement Notes (see Note 4). In connection with the originations of the Unsecured Term Loans (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one month LIBOR rate. The four interest rate swaps, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $200,000 , mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the "2014 Swaps"). The six interest rate swaps, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $260,000 , mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79% (the "2015 Swaps"). We designated the 2014 Swaps and 2015 Swaps as cash flow hedges. In September 2017, we entered into two treasury locks (the "2017 Treasury Locks"), with an aggregate notional value of $100,000 , in order to fix the interest rate on an anticipated unsecured debt offering. The 2017 Treasury Locks fixed the ten year U.S. Treasury rate at a weighted average rate of approximately 2.18% . Since we did not designate the 2017 Treasury Locks as hedges the change in the fair value of the 2017 Treasury Locks was recorded within the consolidated statement of operations. During the year ended December 31, 2017 we settled the 2017 Treasury Locks and recognized $1,896 in the line item Settlement Gain on Derivative Instruments . 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 December 31, 2019, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial assets and liabilities related to the 2014 Swaps and the 2015 Swaps, which are included in the line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of December 31, 2019: 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) Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (1,478 ) — $ (1,478 ) — 2015 Swaps $ (1,711 ) — $ (1,711 ) — There was no ineffectiveness recorded on the 2014 Swaps and the 2015 Swaps during the year ended December 31, 2019. The estimated fair value of the 2014 Swaps and the 2015 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 2014 Swaps and the 2015 Swaps fell within Level 2 of the fair value hierarchy. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions At December 31, 2019 and 2018, the Operating Partnership had receivable balances of $10,031 and $10,118 , respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. At December 31, 2019, we had outstanding letters of credit and performance bonds in the aggregate amount of $11,842 . In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2019, we had ten industrial properties totaling approximately 2.1 million square feet of GLA under construction. The estimated total investment as of December 31, 2019 is approximately $208,200 (unaudited). Of this amount, approximately $118,000 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From January 1, 2020 to February 12, 2020, we acquired one land parcel and one industrial property for an aggregate purchase price of approximately $53,852 , excluding transaction costs. In addition, we sold nine industrial properties for approximately $26,500 , excluding transaction costs. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 104,541 $ 104,095 $ 106,590 $ 110,758 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 23,803 $ 39,800 $ 78,311 $ 96,861 Net Income Allocable to Participating Securities (60 ) (89 ) (170 ) (199 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 23,743 $ 39,711 $ 78,141 $ 96,662 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 126,194 126,206 126,480 126,682 Weighted Average Shares - Diluted 126,456 126,489 126,783 127,030 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 99,771 $ 98,845 $ 100,256 $ 105,082 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 36,292 $ 45,209 $ 30,911 $ 50,827 Net Income Allocable to Participating Securities (97 ) (151 ) (101 ) (164 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 36,195 $ 45,058 $ 30,810 $ 50,663 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 119,846 123,616 125,768 125,897 Weighted Average Shares - Diluted 120,211 124,085 126,130 126,249 The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 104,541 $ 104,095 $ 106,590 $ 110,758 Net Income Available to Unitholders and Participating Securities $ 24,314 $ 40,689 $ 79,969 $ 98,656 Net Income Allocable to Participating Securities (76 ) (128 ) (249 ) (279 ) Net Income Available to Unitholders $ 24,238 $ 40,561 $ 79,720 $ 98,377 Basic EPU: Net Income Available to Unitholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Diluted EPU: Net Income Available to Unitholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 128,818 128,831 128,837 128,837 Weighted Average Units - Diluted 129,178 129,221 129,256 129,308 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 99,771 $ 98,845 $ 100,256 $ 105,082 Net Income Available to Unitholders and Participating Securities $ 37,443 $ 46,382 $ 31,508 $ 51,913 Net Income Allocable to Participating Securities (97 ) (151 ) (101 ) (164 ) Net Income Available to Unitholders $ 37,346 $ 46,231 $ 31,407 $ 51,749 Basic EPU: Net Income Available to Unitholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Diluted EPU: Net Income Available to Unitholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 123,729 126,832 128,526 128,526 Weighted Average Units - Diluted 124,094 127,301 128,888 128,878 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III: Real Estate and Accumulated Depreciation | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation 12/31/2019 Properties (b) (In thousands) Atlanta 1650 Highway 155 McDonough, GA — 779 4,544 (669 ) 345 4,309 4,654 2,704 1994 4051 Southmeadow Parkway Atlanta, GA — 726 4,130 1,661 726 5,791 6,517 3,260 1994 4071 Southmeadow Parkway Atlanta, GA — 750 4,460 1,924 828 6,306 7,134 3,729 1994 4081 Southmeadow Parkway Atlanta, GA — 1,012 5,918 2,031 1,157 7,804 8,961 4,504 1994 5570 Tulane Dr Atlanta, GA — 527 2,984 1,195 546 4,160 4,706 2,185 1996 955 Cobb Place Kennesaw, GA — 780 4,420 877 804 5,273 6,077 2,787 1997 1005 Sigman Road Conyers, GA — 566 3,134 1,221 574 4,347 4,921 1,977 1999 2050 East Park Drive Conyers, GA — 452 2,504 860 459 3,357 3,816 1,606 1999 3060 South Park Blvd Ellenwood, GA — 1,600 12,464 3,422 1,604 15,882 17,486 6,457 2003 175 Greenwood Industrial Parkway McDonough, GA — 1,550 — 7,542 1,550 7,542 9,092 2,877 2004 5095 Phillip Lee Drive Atlanta, GA — 735 3,627 (213 ) 740 3,409 4,149 2,993 2005 6514 Warren Drive Norcross, GA — 510 1,250 166 513 1,413 1,926 673 2005 6544 Warren Drive Norcross, GA — 711 2,310 278 715 2,584 3,299 1,360 2005 5356 E. Ponce De Leon Stone Mountain, GA — 604 3,888 977 610 4,859 5,469 2,784 2005 5390 E. Ponce De Leon Stone Mountain, GA — 397 1,791 569 402 2,355 2,757 1,189 2005 1755 Enterprise Drive Buford, GA — 712 2,118 (57 ) 716 2,057 2,773 970 2006 4555 Atwater Court Buford, GA — 881 3,550 423 885 3,969 4,854 1,684 2006 80 Liberty Industrial Parkway McDonough, GA — 756 3,695 (1,560 ) 467 2,424 2,891 1,112 2007 596 Bonnie Valentine Pendergrass, GA — 2,580 21,730 2,052 2,594 23,768 26,362 6,675 2007 11415 Old Roswell Road Alpharetta, GA — 2,403 1,912 814 2,428 2,701 5,129 1,198 2008 1281 Highway 155 S. McDonough, GA — 2,501 — 17,048 2,502 17,047 19,549 1,706 2016 4955 Oakley Industrial Blvd Fairburn, GA — 3,650 — 34,413 3,661 34,402 38,063 303 2019 Baltimore 16522 Hunters Green Parkway Hagerstown, MD — 1,390 13,104 5,667 1,863 18,298 20,161 6,750 2003 22520 Randolph Drive Dulles, VA — 3,200 8,187 228 3,208 8,407 11,615 2,683 2004 22630 Dulles Summit Court Dulles, VA — 2,200 9,346 (870 ) 2,206 8,470 10,676 2,917 2004 11204 McCormick Road Hunt Valley, MD — 1,017 3,132 216 1,038 3,327 4,365 1,840 2005 11110 Pepper Road Hunt Valley, MD — 918 2,529 554 938 3,063 4,001 1,613 2005 10709 Gilroy Road Hunt Valley, MD 1,714 913 2,705 (84 ) 913 2,621 3,534 1,886 2005 10707 Gilroy Road Hunt Valley, MD — 1,111 3,819 832 1,136 4,626 5,762 2,642 2005 38 Loveton Circle Sparks, MD — 1,648 2,151 (192 ) 1,690 1,917 3,607 1,134 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION as of December 31, 2019 Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation 12/31/2019 (In thousands) 1225 Bengies Road Baltimore, MD — 2,640 270 13,829 2,823 13,916 16,739 4,951 2008 18212 Shawley Drive Hagerstown, MD — 1,000 5,847 2,825 1,016 8,656 9,672 2,890 2004 400 Old Post Road Aberdeen, MD — 3,411 17,144 1,514 3,411 18,658 22,069 3,626 2015 500 Old Post Road Aberdeen, MD — 5,959 30,533 146 5,959 30,679 36,638 5,139 2015 581 Welltown Road/Tyson Blvd Winchester, VA — 2,320 — 11,276 2,401 11,195 13,596 3,459 2007 Central/Eastern Pennsylvania 1214-B Freedom Road Cranberry Township, PA — 31 994 613 200 1,438 1,638 1,433 1994 401 Russell Drive Middletown, PA — 262 857 1,847 287 2,679 2,966 2,349 1994 2700 Commerce Drive Middletown, PA — 196 997 857 206 1,844 2,050 1,650 1994 2701 Commerce Drive Middletown, PA — 141 859 1,399 164 2,235 2,399 1,766 1994 2780 Commerce Drive Middletown, PA — 113 743 1,289 209 1,936 2,145 1,677 1994 350 Old Silver Spring Road Mechanicsburg, PA — 510 2,890 5,872 541 8,731 9,272 4,389 1997 14 McFadden Road Palmer, PA — 600 1,349 (274 ) 625 1,050 1,675 435 2004 431 Railroad Avenue Shiremanstown, PA — 1,293 7,164 2,245 1,341 9,361 10,702 5,734 2005 6951 Allentown Blvd Harrisburg, PA — 585 3,176 (1 ) 601 3,159 3,760 1,412 2005 320 Reliance Road Washington, PA — 201 1,819 (348 ) 178 1,494 1,672 1,010 2005 2801 Red Lion Road Philadelphia, PA — 950 5,916 54 964 5,956 6,920 3,409 2005 1351 Eisenhower Blvd., Bldg. 1 Harrisburg, PA — 382 2,343 3 387 2,341 2,728 985 2006 1351 Eisenhower Blvd., Bldg. 2 Harrisburg, PA — 436 1,587 (315 ) 443 1,265 1,708 521 2006 200 Cascade Drive, Bldg. 1 Allentown, PA — 2,133 17,562 759 2,769 17,685 20,454 8,026 2007 200 Cascade Drive, Bldg. 2 Allentown, PA — 310 2,268 (93 ) 316 2,169 2,485 824 2007 1490 Dennison Circle Carlisle, PA — 1,500 — 12,954 2,341 12,113 14,454 3,794 2008 298 First Avenue Gouldsboro, PA — 7,022 — 57,292 7,019 57,295 64,314 16,149 2008 225 Cross Farm Lane York, PA — 4,718 — 23,163 4,715 23,166 27,881 7,099 2008 2455 Boulevard of Generals Norristown, PA — 1,200 4,800 950 1,226 5,724 6,950 2,717 2008 105 Steamboat Blvd Manchester, PA — 4,085 14,464 70 4,070 14,549 18,619 4,623 2012 20 Leo Lane York County, PA — 6,884 — 27,483 6,889 27,478 34,367 4,099 2013 3895 Eastgate Blvd Bldg A Easton, PA — 4,855 — 17,867 4,388 18,334 22,722 2,178 2015 3895 Eastgate Blvd Bldg B Easton, PA — 3,459 — 13,848 3,128 14,179 17,307 1,907 2015 112 Bordnersville Road Jonestown, PA — 13,702 — 42,000 13,724 41,978 55,702 1,368 2018 122 Bordnersville Road Jonestown, PA — 3,165 — 11,282 3,171 11,276 14,447 302 2018 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) Chicago 720-730 Landwehr Drive Northbrook, IL — 521 2,982 926 521 3,908 4,429 2,354 1994 1385 101st Street Lemont, IL — 967 5,554 1,520 968 7,073 8,041 4,057 1994 2300 Windsor Court Addison, IL — 688 3,943 823 696 4,758 5,454 2,821 1994 305-311 Era Drive Northbrook, IL — 200 1,154 1,159 205 2,308 2,513 1,076 1994 800 Business Drive Mount Prospect, IL — 631 3,493 328 666 3,786 4,452 1,818 2000 580 Slawin Court Mount Prospect, IL — 233 1,292 (27 ) 162 1,336 1,498 782 2000 1005 101st Street Lemont, IL 4,585 1,200 6,643 1,610 1,220 8,233 9,453 3,576 2001 175 Wall Street Glendale Heights, IL — 427 2,363 714 433 3,071 3,504 1,222 2002 251 Airport Road North Aurora, IL 3,553 983 — 6,644 983 6,644 7,627 2,672 2002 400 Crossroads Pkwy Bolingbrook, IL — 1,178 9,453 1,655 1,181 11,105 12,286 4,963 2005 7801 W. Industrial Drive Forest Park, IL — 1,215 3,020 1,325 1,220 4,340 5,560 2,292 2005 725 Kimberly Drive Carol Stream, IL — 793 1,395 5 801 1,392 2,193 712 2005 17001 S. Vincennes Thornton, IL — 497 504 3 513 491 1,004 420 2005 2900 W. 166th Street Markham, IL — 1,132 4,293 (1,328 ) 1,134 2,963 4,097 926 2007 555 W. Algonquin Rd Arlington Heights, IL — 574 741 2,360 579 3,096 3,675 1,207 2007 1501 Oakton Street Elk Grove Village, IL 4,668 3,369 6,121 134 3,482 6,142 9,624 2,355 2008 16500 W. 103rd Street Woodridge, IL — 744 2,458 529 762 2,969 3,731 1,261 2008 8505 50th Street Kenosha, WI — 3,212 — 33,063 3,212 33,063 36,275 10,145 2008 4100 Rock Creek Blvd Joliet, IL — 4,476 16,061 830 4,476 16,891 21,367 4,523 2013 10100 58th Place Kenosha, WI — 4,201 17,604 74 4,201 17,678 21,879 4,630 2013 401 Airport Road North Aurora, IL — 534 1,957 12 534 1,969 2,503 463 2014 3737 84th Avenue Somers, WI — 1,943 — 24,116 1,943 24,116 26,059 2,304 2016 81 Paragon Drive Romeoville, IL — 1,787 7,252 1,362 1,788 8,613 10,401 1,083 2016 10680 88th Ave Pleasant Prairie, WI — 1,376 4,757 — 1,376 4,757 6,133 435 2017 8725 31st Street Somers, WI — 2,133 — 27,578 2,134 27,577 29,711 2,472 2017 3500 Channahon Road Joliet, IL — 2,595 — 17,506 2,598 17,503 20,101 646 2017 1998 Melissa Lane Aurora, IL — 2,401 9,970 942 2,400 10,913 13,313 368 2019 Cincinnati 4700-4750 Creek Road Blue Ash, OH — 1,080 6,118 1,478 1,109 7,567 8,676 4,136 1996 4436 Muhlhauser Road Hamilton, OH — 630 — 5,345 630 5,345 5,975 2,255 2002 4438 Muhlhauser Road Hamilton, OH — 779 — 6,318 779 6,318 7,097 2,677 2002 4663 Dues Drive Westchester, OH — 858 2,273 606 875 2,862 3,737 1,918 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 9345 Princeton-Glendale Road Westchester, OH — 818 1,648 561 840 2,187 3,027 1,786 2006 9525 Glades Drive Westchester, OH — 347 1,323 240 355 1,555 1,910 749 2007 9774-9792 Windisch Road Westchester, OH — 392 1,744 185 394 1,927 2,321 637 2007 9808-9830 Windisch Road Westchester, OH — 395 2,541 483 397 3,022 3,419 1,160 2007 9842-9862 Windisch Road Westchester, OH — 506 3,148 213 508 3,359 3,867 1,292 2007 9872-9898 Windisch Road Westchester, OH — 546 3,039 257 548 3,294 3,842 1,347 2007 9902-9922 Windisch Road Westchester, OH — 623 4,003 819 627 4,818 5,445 2,374 2007 Cleveland 30311 Emerald Valley Parkway Glenwillow, OH 5,587 681 11,838 (526 ) 691 11,302 11,993 4,590 2006 30333 Emerald Valley Parkway Glenwillow, OH — 466 5,447 (648 ) 475 4,790 5,265 2,027 2006 7800 Cochran Road Glenwillow, OH — 972 7,033 338 991 7,352 8,343 3,427 2006 7900 Cochran Road Glenwillow, OH 3,094 775 6,244 (377 ) 792 5,850 6,642 2,499 2006 7905 Cochran Road Glenwillow, OH 3,499 920 6,174 119 922 6,291 7,213 2,709 2006 8181 Darrow Road Twinsburg, OH — 2,478 6,791 4,014 2,496 10,787 13,283 4,218 2008 Dallas/Ft. Worth 2406-2416 Walnut Ridge Dallas, TX — 178 1,006 1,197 172 2,209 2,381 808 1997 2401-2419 Walnut Ridge Dallas, TX — 148 839 414 142 1,259 1,401 656 1997 900-906 Great Southwest Pkwy Arlington, TX — 237 1,342 799 270 2,108 2,378 943 1997 3000 West Commerce Dallas, TX — 456 2,584 1,202 469 3,773 4,242 2,102 1997 405-407 113th Arlington, TX — 181 1,026 450 185 1,472 1,657 759 1997 816 111th Street Arlington, TX — 251 1,421 230 258 1,644 1,902 841 1997 1602-1654 Terre Colony Dallas, TX — 458 2,596 771 468 3,357 3,825 1,565 2000 2220 Merritt Drive Garland, TX — 352 1,993 409 316 2,438 2,754 1,047 2000 2485-2505 Merritt Drive Garland, TX — 431 2,440 551 443 2,979 3,422 1,302 2000 2110 Hutton Drive Carrolton, TX — 374 2,117 399 255 2,635 2,890 1,415 2001 2025 McKenzie Drive Carrolton, TX — 437 2,478 570 442 3,043 3,485 1,300 2001 2019 McKenzie Drive Carrolton, TX — 502 2,843 636 507 3,474 3,981 1,472 2001 2029-2035 McKenzie Drive Carrolton, TX — 306 1,870 545 306 2,415 2,721 1,017 2001 2015 McKenzie Drive Carrolton, TX 1,891 510 2,891 660 516 3,545 4,061 1,453 2001 2009 McKenzie Drive Carrolton, TX 1,673 476 2,699 416 481 3,110 3,591 1,383 2001 900-1100 Avenue S Grand Prairie, TX — 623 3,528 1,067 629 4,589 5,218 1,808 2002 Plano Crossing Bus. Park Plano, TX 6,499 1,961 11,112 878 1,981 11,970 13,951 5,029 2002 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 825-827 Avenue H Arlington, TX 1,949 600 3,006 412 604 3,414 4,018 1,824 2004 1013-31 Avenue M Grand Prairie, TX — 300 1,504 278 302 1,780 2,082 880 2004 1172-84 113th Street Grand Prairie, TX — 700 3,509 (81 ) 704 3,424 4,128 1,460 2004 1200-16 Avenue H Arlington, TX — 600 2,846 844 604 3,686 4,290 1,539 2004 1322-66 W. North Carrier Parkway Grand Prairie, TX 3,673 1,000 5,012 1,560 1,006 6,566 7,572 2,986 2004 2401-2407 Centennial Dr Arlington, TX 1,760 600 2,534 644 604 3,174 3,778 1,628 2004 3111 West Commerce Street Dallas, TX 3,011 1,000 3,364 1,844 1,011 5,197 6,208 2,759 2004 13800 Senlac Drive Farmers Branch, TX 2,329 823 4,042 (63 ) 825 3,977 4,802 2,076 2005 801-831 S Great Southwest Pkwy Grand Prairie, TX — 2,581 16,556 773 2,586 17,324 19,910 12,130 2005 801 Heinz Way Grand Prairie, TX — 599 3,327 339 601 3,664 4,265 2,069 2005 901-937 Heinz Way Grand Prairie, TX — 493 2,758 56 481 2,826 3,307 1,759 2005 3301 Century Circle Irving, TX — 760 3,856 (125 ) 771 3,720 4,491 1,408 2007 3901 W Miller Road Garland, TX — 1,912 — 14,046 1,947 14,011 15,958 3,846 2008 1251 North Cockrell Hill Road Dallas, TX — 2,064 — 13,630 1,073 14,621 15,694 2,082 2015 1171 North Cockrell Hill Road Dallas, TX — 1,215 — 10,972 632 11,555 12,187 1,520 2015 3996 Scientific Drive Arlington, TX — 1,301 — 8,082 1,349 8,034 9,383 1,515 2015 750 Gateway Boulevard Coppell, TX — 1,452 4,679 80 1,452 4,759 6,211 729 2015 2250 East Bardin Road Arlington, TX — 1,603 — 10,110 1,603 10,110 11,713 1,093 2016 2001 Midway Road Lewisville, TX — 3,963 — 11,171 3,963 11,171 15,134 21 2019 2025 Midway Road Lewisville, TX — 2,243 — 7,627 2,243 7,627 9,870 56 2019 5300 Mountain Creek Dallas, TX — 4,675 — 47,578 4,779 47,474 52,253 101 2019 3700 Sandshell Drive Fort Worth, TX — 1,892 — 8,602 1,901 8,593 10,494 — 2019 Denver 4785 Elati Denver, CO — 173 981 390 175 1,369 1,544 626 1997 4770 Fox Street Denver, CO — 132 750 330 134 1,078 1,212 540 1997 3851-3871 Revere Denver, CO — 361 2,047 489 368 2,529 2,897 1,376 1997 4570 Ivy Street Denver, CO — 219 1,239 111 220 1,349 1,569 733 1997 5855 Stapleton Drive North Denver, CO — 288 1,630 149 290 1,777 2,067 964 1997 5885 Stapleton Drive North Denver, CO — 376 2,129 254 380 2,379 2,759 1,278 1997 5977 North Broadway Denver, CO — 268 1,518 515 271 2,030 2,301 1,050 1997 5952-5978 North Broadway Denver, CO — 414 2,346 773 422 3,111 3,533 1,628 1997 4721 Ironton Street Denver, CO — 232 1,313 383 236 1,692 1,928 879 1997 7003 E 47th Ave Drive Denver, CO — 441 2,689 1 441 2,690 3,131 1,515 1997 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 9500 West 49th Street - A Wheatridge, CO 978 283 1,625 192 287 1,813 2,100 1,002 1997 9500 West 49th Street - B Wheatridge, CO 811 225 1,272 243 227 1,513 1,740 788 1997 9500 West 49th Street - C Wheatridge, CO 2,103 600 3,409 505 601 3,913 4,514 2,160 1997 9500 West 49th Street - D Wheatridge, CO 997 246 1,537 358 247 1,894 2,141 1,059 1997 451-591 East 124th Avenue Thornton, CO — 383 2,145 333 383 2,478 2,861 1,316 1997 6547 South Racine Circle Englewood, CO — 739 4,241 463 739 4,704 5,443 2,510 1997 11701 East 53rd Avenue Denver, CO — 416 2,355 297 422 2,646 3,068 1,448 1997 5401 Oswego Denver, CO — 273 1,547 232 278 1,774 2,052 940 1997 445 Bryant Street Denver, CO 7,472 1,829 10,219 3,356 1,829 13,575 15,404 6,563 1998 12055 E 49th Ave/4955 Peoria Denver, CO — 298 1,688 510 305 2,191 2,496 1,116 1998 4940-4950 Paris Denver, CO — 152 861 275 156 1,132 1,288 565 1998 7367 South Revere Parkway Centennial, CO — 926 5,124 1,324 934 6,440 7,374 3,328 1998 8200 East Park Meadows Drive Lone Tree, CO 4,781 1,297 7,348 1,211 1,304 8,552 9,856 3,929 2000 3250 Quentin Street Aurora, CO — 1,220 6,911 954 1,230 7,855 9,085 3,584 2000 8020 Southpark Circle Littleton, CO — 739 — 3,169 781 3,127 3,908 1,362 2000 8810 W. 116th Circle Broomfield, CO — 312 — 1,849 370 1,791 2,161 820 2001 8820 W. 116th Circle Broomfield, CO — 338 1,918 343 372 2,227 2,599 956 2003 8835 W. 116th Circle Broomfield, CO — 1,151 6,523 1,157 1,304 7,527 8,831 3,329 2003 18150 E. 32nd Place Aurora, CO — 563 3,188 194 572 3,373 3,945 1,488 2004 3400 Fraser Street Aurora, CO — 616 3,593 (134 ) 620 3,455 4,075 1,553 2005 7005 E. 46th Avenue Drive Denver, CO — 512 2,025 229 517 2,249 2,766 962 2005 4001 Salazar Way Frederick, CO 3,291 1,271 6,508 (713 ) 1,276 5,790 7,066 2,159 2006 5909-5915 N. Broadway Denver, CO — 495 1,268 131 500 1,394 1,894 931 2006 21301 E 33rd Drive Aurora, CO 6,290 2,860 8,202 924 2,859 9,127 11,986 1,312 2017 21110 E 31st Circle Aurora, CO — 1,564 7,047 6 1,564 7,053 8,617 124 2019 22300 E. 26th Avenue Aurora, CO — 4,881 — 28,430 4,890 28,421 33,311 237 2019 Detroit 47461 Clipper Plymouth Township, MI — 122 723 159 122 882 1,004 526 1994 449 Executive Drive Troy, MI — 125 425 1,007 218 1,339 1,557 1,227 1994 1416 Meijer Drive Troy, MI — 94 394 477 121 844 965 734 1994 1624 Meijer Drive Troy, MI — 236 1,406 898 373 2,167 2,540 2,064 1994 1972 Meijer Drive Troy, MI — 315 1,301 787 372 2,031 2,403 1,877 1994 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 1707 Northwood Drive Troy, MI — 95 262 1,398 239 1,516 1,755 1,355 1994 1826 Northwood Drive Troy, MI — 55 208 472 103 632 735 568 1994 1864 Northwood Drive Troy, MI — 57 190 489 107 629 736 581 1994 2730 Research Drive Rochester Hills, MI — 903 4,215 1,182 903 5,397 6,300 4,894 1994 2791 Research Drive Rochester Hills, MI — 557 2,731 736 560 3,464 4,024 2,928 1994 2871 Research Drive Rochester Hills, MI — 324 1,487 412 327 1,896 2,223 1,664 1994 2870 Technology Drive Rochester Hills, MI — 275 1,262 369 279 1,627 1,906 1,541 1994 2900 Technology Drive Rochester Hills, MI — 214 977 723 219 1,695 1,914 1,219 1994 2930 Technology Drive Rochester Hills, MI — 131 594 432 138 1,019 1,157 832 1994 2950 Technology Drive Rochester Hills, MI — 178 819 305 185 1,117 1,302 960 1994 23014 Commerce Drive Farmington Hills, MI — 39 203 189 56 375 431 350 1994 23035 Commerce Drive Farmington Hills, MI — 71 355 291 93 624 717 552 1994 23093 Commerce Drive Farmington Hills, MI — 211 1,024 1,000 295 1,940 2,235 1,701 1994 23135 Commerce Drive Farmington Hills, MI — 146 701 312 158 1,001 1,159 942 1994 23163 Commerce Drive Farmington Hills, MI — 111 513 359 138 845 983 798 1994 23177 Commerce Drive Farmington Hills, MI — 175 1,007 661 254 1,589 1,843 1,485 1994 4400 Purks Drive Auburn Hills, MI — 602 3,410 3,865 612 7,265 7,877 3,973 1995 32975 Capitol Avenue Livonia, MI — 135 748 (13 ) 77 793 870 386 1998 11923 Brookfield Avenue Livonia, MI — 120 665 (306 ) 32 447 479 314 1998 47711 Clipper Street Plymouth Township, MI — 539 2,983 579 575 3,526 4,101 1,843 1998 12874 Westmore Avenue Livonia, MI — 137 761 (230 ) 58 610 668 391 1998 1775 Bellingham Troy, MI — 344 1,902 481 367 2,360 2,727 1,186 1998 1785 East Maple Troy, MI — 92 507 210 98 711 809 362 1998 980 Chicago Troy, MI — 206 1,141 333 220 1,460 1,680 748 1998 1935-55 Enterprise Drive Rochester Hills, MI — 1,285 7,144 1,326 1,371 8,384 9,755 4,490 1998 5500 Enterprise Court Warren, MI — 675 3,737 945 721 4,636 5,357 2,366 1998 750 Chicago Road Troy, MI — 323 1,790 404 345 2,172 2,517 1,164 1998 800 Chicago Road Troy, MI — 283 1,567 380 302 1,928 2,230 1,013 1998 850 Chicago Road Troy, MI — 183 1,016 279 196 1,282 1,478 658 1998 4872 S. Lapeer Road Lake Orion Twsp, MI — 1,342 5,441 481 1,412 5,852 7,264 3,041 1999 1400 Allen Drive Troy, MI — 209 1,154 393 212 1,544 1,756 712 2000 1408 Allen Drive Troy, MI — 151 834 104 153 936 1,089 441 2000 28435 Automation Blvd Wixom, MI — 621 — 3,661 628 3,654 4,282 1,375 2004 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 32200 N Avis Drive Madison Heights, MI — 503 3,367 (921 ) 195 2,754 2,949 1,021 2005 100 Kay Industrial Drive Orion Township, MI — 677 2,018 259 685 2,269 2,954 1,320 2005 42555 Merrill Road Sterling Heights, MI — 1,080 2,300 3,415 1,090 5,705 6,795 3,068 2006 200 Northpointe Drive Orion Township, MI — 723 2,063 (396 ) 734 1,656 2,390 810 2006 Houston 3351 Rauch St Houston, TX — 272 1,541 689 278 2,224 2,502 1,094 1997 3801-3851 Yale St Houston, TX — 413 2,343 1,523 425 3,854 4,279 1,737 1997 3337-3347 Rauch Street Houston, TX — 227 1,287 539 233 1,820 2,053 868 1997 8505 N Loop East Houston, TX — 439 2,489 849 449 3,328 3,777 1,614 1997 4749-4799 Eastpark Dr Houston, TX — 594 3,368 1,291 611 4,642 5,253 2,440 1997 4851 Homestead Road Houston, TX 2,309 491 2,782 1,683 504 4,452 4,956 2,177 1997 3365-3385 Rauch Street Houston, TX — 284 1,611 519 290 2,124 2,414 1,061 1997 5050 Campbell Road Houston, TX — 461 2,610 1,011 470 3,612 4,082 1,846 1997 4300 Pine Timbers Houston, TX 2,153 489 2,769 1,180 499 3,939 4,438 1,965 1997 2500-2530 Fairway Park Drive Houston, TX — 766 4,342 2,044 792 6,360 7,152 2,973 1997 6550 Longpointe Houston, TX — 362 2,050 914 370 2,956 3,326 1,487 1997 1815 Turning Basin Dr Houston, TX — 487 2,761 2,230 531 4,947 5,478 2,325 1997 1819 Turning Basin Dr Houston, TX — 231 1,308 930 251 2,218 2,469 1,044 1997 1805 Turning Basin Dr Houston, TX — 564 3,197 2,611 616 5,756 6,372 2,865 1997 11505 State Highway 225 LaPorte City, TX — 940 4,675 10 940 4,685 5,625 1,925 2005 1500 E. Main Street LaPorte City, TX — 201 1,328 (91 ) 204 1,234 1,438 1,220 2005 7230-7238 Wynnwood Houston, TX — 254 764 235 259 994 1,253 647 2007 7240-7248 Wynnwood Houston, TX — 271 726 359 276 1,080 1,356 627 2007 7250-7260 Wynnwood Houston, TX — 200 481 1,501 203 1,979 2,182 851 2007 6400 Long Point Houston, TX — 188 898 138 188 1,036 1,224 527 2007 7967 Blankenship Houston, TX — 307 1,166 192 307 1,358 1,665 570 2010 8800 City Park Loop East Houston, TX — 3,717 19,237 (535 ) 3,717 18,702 22,419 6,336 2011 4800 West Greens Road Houston, TX — 3,350 — 17,030 3,312 17,068 20,380 3,294 2014 611 East Sam Houston Parkway S Pasadena, TX — 1,970 7,431 1,313 2,013 8,701 10,714 1,170 2015 619 East Sam Houston Parkway S Pasadena, TX — 2,879 11,713 785 2,876 12,501 15,377 1,653 2015 6913 Guhn Road Houston, TX — 1,367 — 7,393 1,367 7,393 8,760 216 2018 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated (In thousands) 607 East Sam Houston Parkway Pasedena, TX — 2,076 11,674 231 2,076 11,905 13,981 366 2018 615 East Sam Houston Parkway Pasedena, TX — 4,265 11,983 (130 ) 4,265 11,853 16,118 468 2018 2737 W. Grand Parkway N Katy, TX — 2,885 — 8,110 2,885 8,110 10,995 14 2019 2747 W. Grand Parkway N Katy, TX — 2,885 — 9,446 2,885 9,446 12,331 17 2019 Miami 4700 NW 15th Avenue Ft. Lauderdale, FL — 908 1,883 330 912 2,209 3,121 917 2007 4710 NW 15th Avenue Ft. Lauderdale, FL — 830 2,722 126 834 2,844 3,678 1,000 2007 4720 NW 15th Avenue Ft. Lauderdale, FL — 937 2,455 302 942 2,752 3,694 1,098 2007 4740 NW 15th Avenue Ft. Lauderdale, FL — 1,107 3,111 360 1,112 3,466 4,578 1,176 2007 4750 NW 15th Avenue Ft. Lauderdale, FL — 947 3,079 399 951 3,474 4,425 1,202 2007 4800 NW 15th Avenue Ft. Lauderdale, FL — 1,092 3,308 118 1,097 3,421 4,518 1,163 2007 6891 NW 74th Street Medley, FL — 857 3,428 3,777 864 7,198 8,062 2,824 2007 12601 &12605 NW 115th Avenue Medley, FL — 1,424 — 295 477 1,242 1,719 311 2008 1351 NW 78th Avenue Doral, FL — 3,111 4,634 10 3,111 4,644 7,755 753 2016 2500 NW 19th Street Pompano Beach, FL — 8,824 11,660 290 8,824 11,950 20,774 1,651 2017 Milwaukee 5355 South Westridge Drive New Berlin, WI — 1,630 7,058 36 1,646 7,078 8,724 2,488 2004 17005 W. Ryerson Road New Berlin, WI 2,023 403 3,647 120 405 3,765 4,170 2,264 2005 16600 West Glendale Ave New Berlin, WI 1,595 704 1,923 799 715 2,711 3,426 2,087 2006 N58W15380 Shawn Circle Menomonee Falls, WI — 1,188 — 17,020 1,204 17,004 18,208 5,741 2008 Minneapolis/St. Paul 6201 West 111th Street Bloomington, MN — 1,358 8,622 13,263 1,519 21,724 23,243 14,140 1994 1030 Lone Oak Road Eagan, MN 1,849 456 2,703 811 456 3,514 3,970 2,142 1994 1060 Lone Oak Road Eagan, MN 2,420 624 3,700 871 624 4,571 5,195 2,722 1994 5400 Nathan Lane Plymouth, MN — 749 4,461 1,133 757 5,586 6,343 3,222 1994 6655 Wedgwood Road Maple Grove, MN — 1,466 8,342 5,938 1,466 14,280 15,746 7,839 1994 12155 Nicollet Ave. Burnsville, MN — 286 — 1,957 288 1,955 2,243 1,093 1995 5775 12th Avenue Shakopee, MN 3,133 590 — 5,868 590 5,868 6,458 2,418 1998 1157 Valley Park Drive Shakopee, MN — 760 — 7,683 888 7,555 8,443 3,327 1999 9600 West 76th Street Eden Prairie, MN — 1,000 2,450 69 1,036 2,483 3,519 995 2004 7600 69th Avenue Greenfield, MN — 1,500 8,328 (95 ) 1,510 8,223 9,733 2,462 2004 1087 Park Place Shakopee, MN 2,833 1,195 4,891 (246 ) 1,198 4,642 5,840 1,786 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation 12/31/2019 (In thousands) 5391 12th Avenue SE Shakopee, MN — 1,392 8,149 110 1,395 8,256 9,651 2,894 2005 4701 Valley Industrial Blvd S Shakopee, MN 4,465 1,296 7,157 753 1,299 7,907 9,206 4,090 2005 6455 City West Parkway Eden Prairie, MN — 659 3,189 1,273 665 4,456 5,121 2,393 2006 7035 Winnetka Avenue North Brooklyn Park, MN — 1,275 — 7,335 1,343 7,267 8,610 2,352 2007 139 Eva Street St. Paul, MN — 2,132 3,105 (286 ) 2,175 2,776 4,951 1,003 2008 21900 Dodd Boulevard Lakeville, MN — 2,289 7,952 (902 ) 2,289 7,050 9,339 2,373 2010 375 Rivertown Drive Woodbury, MN — 2,635 8,157 1,452 2,635 9,609 12,244 2,663 2014 935 Aldrin Drive Eagan, MN — 2,096 7,884 138 2,096 8,022 10,118 1,649 2014 7050 Winnetka Avenue North Brooklyn Park, MN — 1,623 — 7,751 1,634 7,740 9,374 1,050 2014 7051 West Broadway Brooklyn Park, MN 3,309 1,275 — 5,829 1,279 5,825 7,104 738 2014 Nashville 1931 Air Lane Drive Nashville, TN — 489 2,785 635 493 3,416 3,909 1,762 1997 4640 Cummings Park Nashville, TN — 360 2,040 673 365 2,708 3,073 1,259 1999 1740 River Hills Drive Nashville, TN — 848 4,383 542 888 4,885 5,773 2,819 2005 211 Ellery Court Nashville, TN 1,639 606 3,192 (279 ) 616 2,903 3,519 1,148 2007 130 Maddox Road Mount Juliet, TN — 1,778 — 23,942 1,778 23,942 25,720 6,601 2008 New Jersey 14 World's Fair Drive Franklin, NJ — 483 2,735 878 503 3,593 4,096 1,816 1997 12 World's Fair Drive Franklin, NJ — 572 3,240 855 593 4,074 4,667 2,167 1997 22 World's Fair Drive Franklin, NJ — 364 2,064 582 375 2,635 3,010 1,353 1997 26 World's Fair Drive Franklin, NJ — 361 2,048 595 377 2,627 3,004 1,391 1997 24 World's Fair Drive Franklin, NJ — 347 1,968 540 362 2,493 2,855 1,338 1997 20 World's Fair Drive Lot 13 Somerset, NJ — 9 — 2,734 691 2,052 2,743 896 1999 45 Route 46 Pine Brook, NJ — 969 5,491 1,142 978 6,624 7,602 2,993 2000 43 Route 46 Pine Brook, NJ — 474 2,686 508 479 3,189 3,668 1,507 2000 39 Route 46 Pine Brook, NJ — 260 1,471 283 262 1,752 2,014 811 2000 26 Chapin Road Pine Brook, NJ — 956 5,415 608 965 6,014 6,979 2,791 2000 30 Chapin Road Pine Brook, NJ — 960 5,440 582 970 6,012 6,982 2,790 2000 20 Hook Mountain Road Pine Brook, NJ — 1,507 8,542 1,401 1,534 9,916 11,450 4,743 2000 30 Hook Mountain Road Pine Brook, NJ — 389 2,206 402 396 2,601 2,997 1,185 2000 16 Chapin Road Pine Brook, NJ — 885 5,015 698 901 5,697 6,598 2,634 2000 20 Chapin Road Pine Brook, NJ — 1,134 6,426 812 1,154 7,218 8,372 3,266 2000 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation 12/31/2019 (In thousands) 2500 Main Street Sayreville, NJ — 944 — 4,469 944 4,469 5,413 1,867 2002 2400 Main Street Sayreville, NJ — 996 — 5,397 996 5,397 6,393 2,064 2003 7851 Airport Highway Pennsauken, NJ — 160 508 328 162 834 996 458 2003 309-313 Pierce Street Somerset, NJ — 1,300 4,628 606 1,309 5,225 6,534 2,185 2004 400 Cedar Lane Florence Township, NJ — 9,730 — 26,221 9,730 26,221 35,951 2,276 2016 301 Bordentown Hedding Road Bordentown, NJ — 3,983 15,881 30 3,984 15,910 19,894 1,374 2017 302 Bordentown Hedding Road Bordentown, NJ — 2,738 8,190 396 2,738 8,586 11,324 449 2018 304 Bordentown Hedding Road Bordentown, NJ — 3,684 — 7,689 3,629 7,744 11,373 45 2019 Orlando 6301 Hazeltine National Drive Orlando, FL — 909 4,613 228 920 4,830 5,750 1,968 2005 8751 Skinner Court Orlando, FL — 1,691 7,249 (5 ) 1,692 7,243 8,935 927 2016 4473 Shader Road Orlando, FL — 2,094 10,444 63 2,094 10,507 12,601 1,261 2016 550 Gills Drive Orlando, FL — 1,321 6,176 12 1,321 6,188 7,509 508 2017 450 Gills Drive Orlando, FL — 1,031 6,406 — 1,031 6,406 7,437 416 2017 4401 Shader Road Orlando, FL — 1,037 7,116 4 1,037 7,120 8,157 347 2018 770 Gills Drive Orlando, FL — 851 5,195 4 851 5,199 6,050 51 2019 Phoenix 1045 South Edward Drive Tempe, AZ — 390 2,160 768 396 2,922 3,318 1,211 1999 50 South 56th Street Chandler, AZ — 1,206 3,218 1,426 1,252 4,598 5,850 2,336 2004 245 W. Lodge Tempe, AZ — 898 3,066 (2,153 ) 362 1,449 1,811 576 2007 1590 E Riverview Dr. Phoenix, AZ — 1,293 5,950 (267 ) 1,292 5,684 6,976 1,615 2008 14131 N. Rio Vista Blvd Peoria, AZ 5,368 2,563 9,388 (428 ) 2,563 8,960 11,523 2,458 2008 8716 W. Ludlow Drive Peoria, AZ 6,588 2,709 10,970 463 2,709 11,433 14,142 3,341 2008 3815 W. Washington St. Phoenix, AZ — 1,675 4,514 316 1,719 4,786 6,505 1,651 2008 9180 W. Buckeye Road Tolleson, AZ — 1,904 6,805 3,160 1,923 9,946 11,869 3,305 2008 8644 West Ludlow Drive Peoria, AZ — 1,726 7,216 — 1,726 7,216 8,942 1,329 2014 8606 West Ludlow Drive Peoria, AZ — 956 2,668 123 956 2,791 3,747 539 2014 8679 West Ludlow Drive Peoria, AZ — 672 2,791 — 672 2,791 3,463 525 2014 94th Avenue & Buckeye Road Tolleson, AZ — 4,315 — 16,901 4,315 16,901 21,216 1,915 2015 16560 W. Sells Drive Goodyear, AZ — 6,259 — 30,695 6,269 30,685 36,954 1,686 2018 16951 W. Camelback Road Goodyear, AZ — 1,805 — 5,105 1,805 5,105 6,910 32 2019 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision Gross Amount Carried Year Acquired/ Constructed Building Address Location (City/State) (a) Encumbrances Land Buildings and Improvements Land Buildings and Improvements Total Accumulated Depreciation 12/31/2019 (In thousands) Seattle 1901 Raymond Ave SW Renton, WA — 4,458 2,659 544 4,594 3,067 7,661 1,205 2008 19014 64th Avenue South Kent, WA — 1,990 3,979 452 2,042 4,379 6,421 1,925 2008 18640 68th Avenue South Kent, WA — 1,218 1,950 310 1,258 2,220 3,478 1,106 2008 6407 S 210th Street Kent, WA — 1,737 3,508 — 1,737 3,508 5,245 256 2018 1402 Puyallup Street Sumner, WA — 3,766 4,457 382 3,766 4,839 8,605 128 2018 22718 58th Place Kent, WA — 1,446 2,388 3 1,447 2,390 3,837 — 2019 14302 24th Street East Lot 1 Sumner, WA — 2,643 — 9,927 2,643 9,927 12,570 173 2019 Southern California 1944 Vista Bella Way Rancho Dominguez, CA 2,599 1,746 3,148 465 1,822 3,537 5,359 2,002 2005 2000 Vista Bella Way Rancho Dominguez, CA — 817 1,673 232 853 1,869 2,722 1,070 2005 2835 East Ana Street Rancho Dominguez, CA 2,104 1,682 2,750 85 1,772 2,745 4,517 1,496 2005 665 N. Baldwin Park Blvd. City of Industry, CA — 2,124 5,219 2,759 2,143 7,959 10,102 2,487 2006 27801 Avenue Scott Santa Clarita, CA 5,012 2,890 7,020 423 2,902 7,431 10,333 3,128 2006 2610 & 2660 Columbia St Torrance, CA — 3,008 5,826 320 3,031 6,123 9,154 2,436 2006 433 Alaska Avenue Torrance, CA — 681 168 13 684 178 862 118 2006 2325 Camino Vida Roble Carlsbad, CA 1,554 1,441 1,239 563 1,446 1,797 3,243 714 2006 2335 Camino Vida Roble Carlsbad, CA 816 817 762 125 821 883 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements at December 31, 2019 and 2018 and for each of the years ended December 31, 2019, 2018 and 2017 include the accounts and operating results of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates In order to conform with generally accepted accounting principles ("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 December 31, 2019 and 2018, and the reported amounts of revenues and expenses for each of the years ended December 31, 2019, 2018 and 2017. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less . The carrying amount approximates fair value due to the short term maturity of these investments. |
Restricted Cash | Restricted Cash Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments. For purposes of our consolidated statements of cash flows, changes in restricted cash are aggregated with cash and cash equivalents. |
Investment in Real Estate and Depreciation | Investment in Real Estate and Depreciation Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset or asset group). The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition. Estimated future net cash flows are based on estimates of future operating performance and market conditions. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property or group of properties, we will recognize an impairment loss based upon the estimated fair value of the property or group of properties. The assessment of fair value requires the use of estimated and assumptions relating to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property or group of properties previously classified as held for sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying amounts (adjusted for any depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized using the weighted average borrowing rate during the period. Depreciation expense is computed using the straight-line method based on the following useful lives: Years Buildings and Improvements 7 to 50 Land Improvements 3 to 20 Furniture, Fixtures and Equipment 3 to 10 Tenant Improvements Lease Term Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of incentive compensation costs of personnel directly attributable to executed leases) are capitalized and amortized over the terms of each specific lease. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and below market ground lease obligations. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial term plus the term of any below market fixed rate renewal options of the respective leases. The purchase price is further allocated to in-place lease values based on an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition. The value of in-place lease intangibles, which are included in the line item Deferred Leasing Intangibles, Net are amortized over the remaining initial lease term (including expected renewal periods) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases and the in-place lease value is immediately accelerated and fully amortized on the date of the termination. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Our typical acquisitions consist of properties whereby substantially all the fair value or gross assets acquired is concentrated in a single asset (land, building, and in-place leases) and, therefore, will be accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property. Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following: December 31, December 31, In-Place Leases $ 20,188 $ 19,971 Above Market Leases 2,197 2,569 Below Market Ground Lease Obligation 1,597 1,643 Tenant Relationships 4,551 5,495 Total Included in Total Assets, Net of $29,541 and $26,337 of Accumulated Amortization $ 28,533 $ 29,678 Below Market Leases $ 11,893 $ 9,560 Total Included in Total Liabilities, Net of $13,045 and $11,356 of Accumulated Amortization $ 11,893 $ 9,560 Amortization expense related to in-place leases and tenant relationships was $6,303 , $6,267 and $6,648 for the years ended December 31, 2019, 2018 and 2017, respectively. Rental revenues increased by $1,281 , $1,095 and $1,116 related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2019 as follows: Estimated Amortization of In-Place Leases and Tenant Relationships Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases 2020 $ 6,166 $ 1,716 2021 $ 4,052 $ 1,262 2022 $ 3,631 $ 1,225 2023 $ 3,197 $ 973 2024 $ 2,425 $ 993 |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Unamortized debt issuance costs are written-off when debt is retired before the maturity date. Debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt liability, consistent with debt discounts, except for the debt issuance costs related to the unsecured credit facility which are included in the line item Prepaid Expenses and Other Assets, Net on the consolidated balance sheets. |
Investments in Joint Ventures | Investment in Joint Venture Investment in joint venture represents a noncontrolling equity interest in one joint venture. We have determined to account for our investment in this joint venture under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities ("VIEs"). Under the equity method of accounting, our share of earnings or losses of a joint venture is reflected in income as earned and contributions or distributions increase or decrease our investment in joint venture as paid or received, respectively. Differences between our carrying value of our investment in this joint venture and our underlying equity in such joint venture are amortized and included as an adjustment to our equity in income (loss). On a periodic basis, management assesses whether there are any indicators that the value of our investment in this joint venture may be impaired. An investment is impaired only if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. |
Limited Partners Units | Limited Partner Units Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 2019 and 2018 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2019, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company's common shares required to be delivered upon redemption of all remaining Limited Partner Units. |
Stock Based Compensation | Stock Based Compensation We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest. Net income is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based and Unit-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. |
Revenue Recognition | Revenue Recognition We lease our properties to tenants under agreements that are classified as leases. We recognize, as rental income, the total minimum lease payments under the leases on a straight-line basis over the lease term. Generally, under the terms of our leases, the majority of property operating expenses, including real estate taxes, insurance, and other property operating expenses are recovered from our tenants and recognized as tenant recovery revenue in the same period we incur the related expenses. As the timing and straight-line pattern of transfer to the lessee for rental revenue and the associated rental recoveries are the same and our leases qualify as operating leases, we account for the present rental revenue and tenant recovery revenue as a single component under Lease Revenue . We assess the collectibility of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If we conclude that collection of lease payments is not probable at lease commencement, we will recognize lease payments only as they are received. If our assessment of collectibility changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to Lease Revenue . If a lease provides for tenant improvements, we determine whether we or the tenant is the owner of the tenant improvements. When we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized as revenue over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term. Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant's lease and when we have no further obligations under the lease. |
Gain on Sale of Real Estate | Gain on Sale of Real Estate Asset sales are generally recognized when control of the asset being sold is transferred to the buyer. As the assets are sold, their costs and related accumulated depreciation, if any, are derecognized with resulting gains or losses reflected in net income. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales. |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale We report results of operations from real estate assets that are sold or classified as held for sale as discontinued operations provided the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results. We generally classify certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyer's due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years. REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, certain activities that we undertake may be conducted by entities which have elected to be treated as a TRS. TRSs are subject to both federal, state and local income taxes. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss. |
Earnings Per Share/Unit (EPS/EPU) | Earnings Per Share and Earnings Per Unit ("EPS" and "EPU") Basic net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period. Diluted net income per common share or Unit is computed by dividing net income available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. |
Derivative Financial Instruments | Derivative Financial Instruments During the normal course of business, we have used derivative instruments for the purpose of managing interest rate risk on anticipated offerings of long term debt. Receipts or payments that result from the settlement of derivative instruments used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and is included in interest expense. Receipts or payments resulting from derivative instruments used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with our related assertions. We recognize all derivative instruments in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, we discontinue its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. The credit risks associated with derivative instruments are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of the derivative instruments, our exposure is limited to the fair value of agreements, not the notional amounts. |
Fair Value | Fair Value GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. The fair value hierarchy consists of the following three broad levels: • Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 - inputs other than quoted prices within Level 1 that are either directly or indirectly observable for the asset or liability; and • Level 3 - unobservable inputs in which little or no market data exists for the asset or liability. Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. |
Segment Reporting | Segment Reporting Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which amended the existing accounting standards for lease accounting to increase transparency and comparability among organizations by requiring the recognition of right-of-use assets and lease liabilities on the balance sheet. We adopted the standard effective January 1, 2019 and have elected to use January 1, 2019 as our date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for periods presented before January 1, 2019 as these prior periods conform to Accounting Standards Codification 840. We elected the package of practical expedients permitted under the transition guidance within the new standard. By adopting these practical expedients, we were not required to reassess (1) whether an existing contract meets the definition of a lease; (2) the lease classification for existing leases; or (3) costs previously capitalized as initial direct costs. As a lessor, our rental revenue remained mainly consistent with previous guidance, apart from the narrower definition of initial direct costs that can be capitalized. The new standard defines initial direct costs as only the incremental costs of signing a lease. As such, certain compensation and certain external legal fees related to the execution of successful lease agreements no longer meet the definition of initial direct costs under the new standard and will be accounted for in the line item General and Administrative Expense . However, the adoption of the standard, along with the adoption of ASU No. 2018-11, Leases - Targeted Improvements which the FASB issued in July 2018, did change our presentation of our results from operations in the Consolidated Statements of Operations . The main changes caused by the adoption of the standards are: • The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease components(s) and the related lease component, and the lease component would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants. • The new standard also requires lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the years ended December 31, 2018 and 2017, $7,517 and $7,734 , respectively, of these payments are included in the aforementioned line items. • The new standard requires our expected credit loss related to the collectibility of lease receivables to be reflected as an adjustment to the line item Lease Revenue . For the year ended December 31, 2018 and 2017, the credit loss related to the collectibility of lease receivables was recognized in the line item Property Expenses and was not significant. We are a lessee on a limited number of ground and office leases. Under the new standard, the expense pattern for these leases is generally consistent with that of our historical recognition; however, we are required to record right-of-use assets and lease liabilities on our Consolidated Balance Sheets . Operating lease right-of-use assets and liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on information available at lease commencement to determine the present value of lease payments. For leases that commenced prior to the effective date of the standard, we recognized right-of-use assets and lease liabilities based on the present value of remaining lease payments and the incremental borrowing rate on the date of adoption. We have elected the short term lease exemption for certain qualifying leases with lease terms of twelve months or less and, accordingly, did not record right-of-use assets and lease liabilities. We have also elected the practical expedient to not separate lease and non-lease components. For additional disclosures related to leases, refer to Note 10. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. We adopted ASU 2017-02 effective January 1, 2019, and the adoption did not impact our financial condition or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Useful Lives of Depreciable Assets | Depreciation expense is computed using the straight-line method based on the following useful lives: Years Buildings and Improvements 7 to 50 Land Improvements 3 to 20 Furniture, Fixtures and Equipment 3 to 10 Tenant Improvements Lease Term |
Summary of Deferred Leasing Intangibles | Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following: December 31, December 31, In-Place Leases $ 20,188 $ 19,971 Above Market Leases 2,197 2,569 Below Market Ground Lease Obligation 1,597 1,643 Tenant Relationships 4,551 5,495 Total Included in Total Assets, Net of $29,541 and $26,337 of Accumulated Amortization $ 28,533 $ 29,678 Below Market Leases $ 11,893 $ 9,560 Total Included in Total Liabilities, Net of $13,045 and $11,356 of Accumulated Amortization $ 11,893 $ 9,560 |
Future Amortization Expense Related to Deferred Leasing Intangibles | We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2019 as follows: Estimated Amortization of In-Place Leases and Tenant Relationships Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases 2020 $ 6,166 $ 1,716 2021 $ 4,052 $ 1,262 2022 $ 3,631 $ 1,225 2023 $ 3,197 $ 973 2024 $ 2,425 $ 993 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Summary of Industrial Property Acquisitions | The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2019, 2018 and 2017. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2019, 2018 or 2017. Year Ended December 31, 2019 2018 2017 Number of Industrial Properties Acquired 9 10 8 GLA (in millions) 0.5 1.0 1.1 Purchase Price (A) $ 147,887 $ 167,546 $ 174,209 (A) |
Summary of Acquisition Purchase Price Allocation | The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Land $ 101,764 $ 79,347 Building and Improvements 43,693 81,747 Other Assets 859 1,225 In-Place Leases 5,601 5,302 Above Market Leases 34 662 Below Market Leases (4,064 ) (737 ) Total Purchase Price $ 147,887 $ 167,546 Assumed Mortgage Loan (See Note 4) — (11,654 ) Total Net Assets Acquired $ 147,887 $ 155,892 |
Summary of Industrial Property Dispositions | The following table summarizes our property dispositions for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Number of Industrial Properties Sold (A) 40 53 60 GLA (in millions) 5.9 2.6 4.6 Gross Proceeds from the Sale of Real Estate (B) $ 315,768 $ 192,047 $ 236,059 Gain on Sale of Real Estate (B) $ 124,942 $ 81,600 $ 131,269 (A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at December 31, 2019 Effective Interest Rate at Issuance Maturity Date December 31, 2019 December 31, 2018 Mortgage Loans Payable, Gross $ 174,360 $ 297,610 4.03% – 6.50% 4.03% – 6.50% July 2020 – August 2028 Unamortized Debt Issuance Costs (675 ) (1,246 ) Unamortized Premiums — 106 Mortgage Loans Payable, Net $ 173,685 $ 296,470 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 — 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 Subtotal $ 698,571 $ 548,571 Unamortized Debt Issuance Costs (4,485 ) (3,990 ) Unamortized Discounts (71 ) (77 ) Senior Unsecured Notes, Net $ 694,015 $ 544,504 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.39% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (2,135 ) (3,191 ) Unsecured Term Loans, Net $ 457,865 $ 456,809 Unsecured Credit Facility (B) $ 158,000 $ — 2.90% N/A 10/29/2021 (A) The interest rate at December 31, 2019 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 12. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $2,300 and $3,554 as of December 31, 2019 and 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . |
Schedule of Maturities | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of December 31, and thereafter: Amount 2020 $ 19,813 2021 425,294 2022 336,954 2023 321 2024 335 Thereafter 708,214 Total $ 1,490,931 |
Summary of Indebtedness at Estimated Fair Value | At December 31, 2019 and 2018, the fair value of our indebtedness was as follows: December 31, 2019 December 31, 2018 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 174,360 $ 179,287 $ 297,716 $ 304,508 Senior Unsecured Notes, Net 698,500 756,351 548,494 546,607 Unsecured Term Loans 460,000 460,902 460,000 461,317 Unsecured Credit Facility 158,000 158,141 — — Total $ 1,490,860 $ 1,554,681 $ 1,306,210 $ 1,312,432 (A) The carrying amounts include unamortized premiums and/or discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Other Real Estate Partnerships' Summarized Balance Sheet | The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: December 31, 2019 December 31, 2018 ASSETS Assets: Net Investment in Real Estate $ 240,847 $ 260,528 Other Assets, Net 69,982 25,059 Total Assets $ 310,829 $ 285,587 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 11,009 $ 20,497 Other Liabilities, Net 21,088 9,045 Partners' Capital 278,732 256,045 Total Liabilities and Partners' Capital $ 310,829 $ 285,587 |
Stockholders_ Equity of the C_2
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Units Roll-Forward | The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including equity compensation awards which are discussed Note 11, for the three years ended December 31, 2019: Shares of Common Stock Outstanding General Partner and Limited Partner Units Outstanding Balance at December 31, 2016 117,107,746 121,147,121 Issuance of Common Stock/Contribution of General Partner Units (A) 2,560,000 2,560,000 Issuance of Restricted Stock/Restricted Unit Awards 275,793 275,793 Repurchase and Retirement of Restricted Stock/Restricted Unit Awards (91,513 ) (91,513 ) Conversion of Limited Partner Units (B) 31,154 — Balance at December 31, 2017 119,883,180 123,891,401 Issuance of Common Stock/Contribution of General Partner Units (A) 4,800,000 4,800,000 Issuance of Restricted Stock/Restricted Unit Awards 227,059 227,059 Vesting of Performance units (as defined in Note 11) 150,772 150,772 Repurchase and Retirement of Restricted Stock/Restricted Unit Awards (104,301 ) (104,301 ) Conversion of Limited Partner Units (B) 1,350,721 — Retirement of Limited Partner Units (C) — (33,333 ) Balance at December 31, 2018 126,307,431 128,931,598 Issuance of Service Awards and Performance Awards (as defined in Note 11) 109,353 406,569 Vesting of Performance units (as defined Note 11) 169,033 169,033 Repurchase and Retirement of Service Awards and Performance Awards (as defined in Note 11) (76,855 ) (89,978 ) Conversion of Limited Partner Units (B) 485,516 — Balance at December 31, 2019 126,994,478 129,417,222 |
Summary of Dividends/Distributions | The following table summarizes dividends/distributions accrued during the past three years: 2019 Total Dividend/ Distribution 2018 Total Dividend/ Distribution 2017 Total Dividend/ Distribution Common Stock/Operating Partnership Units $ 119,522 $ 111,478 $ 104,106 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive (loss) income by component for the years ended December 31, 2019 and 2018: Derivative Instruments Total for Operating Partnership Comprehensive (Loss) Income Attributable to Noncontrolling Interest Total for Company Balance as of December 31, 2017 $ 1,382 $ 1,382 $ (44 ) $ 1,338 Other Comprehensive Income Before Reclassifications 1,987 1,987 (28 ) 1,959 Amounts Reclassified from Accumulated Other Comprehensive Income 205 205 — 205 Net Current Period Other Comprehensive Income 2,192 2,192 (28 ) 2,164 Balance as of December 31, 2018 $ 3,574 $ 3,574 $ (72 ) $ 3,502 Other Comprehensive Loss Before Reclassifications (9,603 ) (9,603 ) 202 (9,401 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income (984 ) (984 ) — (984 ) Net Current Period Other Comprehensive Loss (10,587 ) (10,587 ) 202 (10,385 ) Balance as of December 31, 2019 $ (7,013 ) $ (7,013 ) $ 130 $ (6,883 ) |
Reclassification Out of Accumulated Other Comprehensive Loss | The following table summarizes the reclassifications out of accumulated other comprehensive (loss) income for the years ended December 31, 2019, 2018 and 2017: Amount Reclassified from Accumulated Other Comprehensive (Income) Loss Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 233 96 205 Interest Expense Net Settlement (Receipts) Payments to our Counterparties (1,217 ) 109 4,336 Interest Expense $ (984 ) $ 205 $ 4,541 Total |
Earnings Per Share _ Unit (EP_2
Earnings Per Share / Unit (EPS / EPU) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPS of the Company is presented below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 238,775 $ 163,239 $ 201,456 Net Income Allocable to Participating Securities (518 ) (513 ) (646 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 238,257 $ 162,726 $ 200,810 Denominator (In Thousands): Weighted Average Shares - Basic 126,392 123,804 118,272 Effect of Dilutive Securities: Performance units (See Note 11) 299 387 515 Weighted Average Shares - Diluted 126,691 124,191 118,787 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.89 $ 1.31 $ 1.70 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.88 $ 1.31 $ 1.69 |
First Industrial, L.P. | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPU of the Operating Partnership is presented below: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Numerator: Net Income Available to Unitholders and Participating Securities 243,628 167,246 208,158 Net Income Allocable to Participating Securities (732 ) (513 ) (646 ) Net Income Available to Unitholders $ 242,896 $ 166,733 $ 207,512 Denominator (In Thousands): Weighted Average Units - Basic 128,831 126,921 122,306 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance units and certain Performance LTIP Units (See Note 11) 410 387 515 Weighted Average Units - Diluted 129,241 127,308 122,821 Basic EPS: Net Income Available to Unitholders $ 1.89 $ 1.31 $ 1.70 Diluted EPU: Net Income Available to Unitholders $ 1.88 $ 1.31 $ 1.69 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Provision) Benefit | The components of the income tax (provision) benefit for the years ended December 31, 2019, 2018 and 2017 is comprised of the following: Year Ended December 31, 2019 2018 2017 Current: Federal $ (169 ) $ 22 $ (859 ) State (839 ) (310 ) (344 ) Deferred: Federal (2,334 ) 400 — State (64 ) (20 ) 10 Total Income Tax (Provision) Benefit $ (3,406 ) $ 92 $ (1,193 ) |
Deferred Tax (Liabilities) Assets | Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Basis Difference - Real Estate Properties $ 1,388 $ 739 Section 163(j) Interest Limitation 600 344 Other - Temporary Differences 329 184 Valuation Allowance (850 ) (840 ) Total Deferred Income Tax Assets, Net of Allowance $ 1,467 $ 427 Deferred Income - Investment in Joint Venture $ (3,374 ) $ — Other - Temporary Differences (295 ) (231 ) Total Deferred Income Tax Liabilities $ (3,669 ) $ (231 ) Total Net Deferred Income Tax (Liabilities) Assets $ (2,202 ) $ 196 |
Effective Income Tax Rate Reconciliation | Year Ended December 31, 2019 2018 2017 Tax (Provision) Benefit at Federal Rate $ (2,556 ) $ 436 $ (1,416 ) Change in Federal Tax Rate — — (609 ) State Tax Provision, Net of Federal Benefit (903 ) (417 ) (376 ) Change in Valuation Allowance (10 ) 144 1,197 Other 63 (71 ) 11 Net Income Tax (Provision) Benefit $ (3,406 ) $ 92 $ (1,193 ) |
Federal Income Tax Treatment of Common Dividends | For the years ended December 31, 2019, 2018 and 2017, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2019 As a Percentage of Distributions 2018 As a Percentage of Distributions 2017 As a Percentage of Distributions Ordinary Income (A) $ 0.7650 83.15 % $ 0.6858 78.83 % $ 0.6552 74.23 % Unrecaptured Section 1250 Capital Gain 0.1074 11.68 % 0.1497 17.21 % 0.1627 18.43 % Other Capital Gain 0.0460 5.00 % 0.0330 3.79 % 0.0648 7.34 % Qualified Dividend 0.0016 0.17 % 0.0015 0.17 % — 0.00 % $ 0.9200 100.00 % $ 0.8700 100.00 % $ 0.8827 100.00 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following is a schedule of the maturities of operating lease liabilities for the next five years as of December 31, 2019, and thereafter: 2020 $ 2,321 2021 2,288 2022 2,238 2023 2,068 2024 1,915 Thereafter 60,707 Total Lease Payments 71,537 Less Imputed Interest (A) (49,168 ) Total $ 22,369 (A) Calculated using the discount rate for each lease. |
Lessor, Operating Lease, Payments to be Received, Maturity | Our properties and certain land parcels are leased to tenants and classified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2019 are approximately as follows: 2020 $ 321,896 2021 294,820 2022 256,262 2023 219,396 2024 175,696 Thereafter 510,976 Total $ 1,779,046 |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
LTIP Unit Award Valuation Assumptions | The fair values were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Expected dividend yield 3.02 % 2.67 % 2.71 % Expected volatility - range used 18.53% - 19.72% 15.83% - 17.87% 21.50% - 21.80% Expected volatility - weighted average 19.10 % 17.02 % 21.68 % Risk-free interest rate 2.45% - 2.57% 1.57% - 2.04% 0.66% - 1.58% |
Summary of Performance Award Transactions | Performance Award transactions for the year ended December 31, 2019 are summarized as follows: Performance Units Weighted Average Grant Date Fair Value Performance LTIP Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 595,383 $ 11.79 — $ — Issued 36,064 $ 12.45 166,942 $ 12.45 Forfeited (13,455 ) $ 12.97 (10,240 ) $ 12.45 Vested (237,270 ) $ 10.06 — $ — Outstanding at December 31, 2019 380,722 $ 12.89 156,702 $ 12.45 |
Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions | Service Based Award transactions for the year ended December 31, 2019 are summarized as follows: Restricted Stock Awards Weighted Average Grant Date Fair Value Service LTIP Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 405,436 $ 26.64 — $ — Issued 109,353 $ 35.17 112,428 $ 33.64 Forfeited (9,851 ) $ 29.48 (1,788 ) $ 33.58 Vested (208,567 ) $ 25.40 — $ — Outstanding at December 31, 2019 296,371 $ 30.56 110,640 $ 33.64 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial assets and liabilities related to the 2014 Swaps and the 2015 Swaps, which are included in the line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of December 31, 2019: 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) Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (1,478 ) — $ (1,478 ) — 2015 Swaps $ (1,711 ) — $ (1,711 ) — |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (unaudited) | The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 104,541 $ 104,095 $ 106,590 $ 110,758 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 23,803 $ 39,800 $ 78,311 $ 96,861 Net Income Allocable to Participating Securities (60 ) (89 ) (170 ) (199 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 23,743 $ 39,711 $ 78,141 $ 96,662 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 126,194 126,206 126,480 126,682 Weighted Average Shares - Diluted 126,456 126,489 126,783 127,030 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 99,771 $ 98,845 $ 100,256 $ 105,082 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 36,292 $ 45,209 $ 30,911 $ 50,827 Net Income Allocable to Participating Securities (97 ) (151 ) (101 ) (164 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 36,195 $ 45,058 $ 30,810 $ 50,663 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 119,846 123,616 125,768 125,897 Weighted Average Shares - Diluted 120,211 124,085 126,130 126,249 |
First Industrial, L.P. | |
Quarterly Financial Information (unaudited) | The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2019 and 2018. Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 104,541 $ 104,095 $ 106,590 $ 110,758 Net Income Available to Unitholders and Participating Securities $ 24,314 $ 40,689 $ 79,969 $ 98,656 Net Income Allocable to Participating Securities (76 ) (128 ) (249 ) (279 ) Net Income Available to Unitholders $ 24,238 $ 40,561 $ 79,720 $ 98,377 Basic EPU: Net Income Available to Unitholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Diluted EPU: Net Income Available to Unitholders $ 0.19 $ 0.31 $ 0.62 $ 0.76 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 128,818 128,831 128,837 128,837 Weighted Average Units - Diluted 129,178 129,221 129,256 129,308 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 99,771 $ 98,845 $ 100,256 $ 105,082 Net Income Available to Unitholders and Participating Securities $ 37,443 $ 46,382 $ 31,508 $ 51,913 Net Income Allocable to Participating Securities (97 ) (151 ) (101 ) (164 ) Net Income Available to Unitholders $ 37,346 $ 46,231 $ 31,407 $ 51,749 Basic EPU: Net Income Available to Unitholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Diluted EPU: Net Income Available to Unitholders $ 0.30 $ 0.36 $ 0.24 $ 0.40 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 123,729 126,832 128,526 128,526 Weighted Average Units - Diluted 124,094 127,301 128,888 128,878 |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2019ft²PropertyState | Dec. 31, 2018 | |
Organization [Line Items] | ||
Company's ownership interest | 98.10% | 98.00% |
Limited partners' ownership interest in the Operating Partnership | 1.90% | 2.00% |
Number of industrial properties owned | Property | 440 | |
Number of states in which industrial properties are located | State | 21 | |
Gross leasable area (GLA) of industrial properties owned | ft² | 61.3 | |
Other Real Estate Partnerships | ||
Organization [Line Items] | ||
Company's ownership interest | 100.00% | |
Number of Other Real Estate Partnerships | 8 | |
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships | 99.00% | |
General partners' minimum ownership interest in the Other Real Estate Partnerships | 0.01% | |
Joint Venture | ||
Organization [Line Items] | ||
Equity Method Investment, Ownership Percentage | 49.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Maturity of liquid investments | three months or less | ||
Minimum percentage of taxable income to be distributed | 90.00% | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Real Estate Tax Expense | $ 7,517 | $ 7,734 | |
Restricted Cash | $ 131,598 | 7,271 | |
Prepayments of Penalties Associated with Retirement of Debt | 0 | 0 | 1,453 |
Operating Lease Right-of-Use Assets | 24,877 | 0 | |
Operating Lease Liabilities | 22,369 | 0 | |
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 6,303 | 6,267 | 6,648 |
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 1,281 | $ 1,095 | $ 1,116 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Buildings and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 50 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Furniture, Fixtures and Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | $ 28,533 | $ 29,678 |
Total deferred leasing intangibles, net, included in total liabilities | 11,893 | 9,560 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 20,188 | 19,971 |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 2,197 | 2,569 |
Below Market Ground Lease Obligation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,597 | 1,643 |
Tenant Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 4,551 | 5,495 |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total liabilities | $ 11,893 | $ 9,560 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Phantoms) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Total accumulated amortization of deferred leasing intangibles included in total assets | $ 29,541 | $ 26,337 |
Total accumulated amortization of deferred leasing intangibles included in total liabilities | $ 13,045 | $ 11,356 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Future Amortization Expense Related to Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 6,303 | $ 6,267 | $ 6,648 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2020 | 6,166 | ||
2021 | 4,052 | ||
2022 | 3,631 | ||
2023 | 3,197 | ||
2024 | 2,425 | ||
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 1,281 | $ 1,095 | $ 1,116 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2020 | 1,716 | ||
2021 | 1,262 | ||
2022 | 1,225 | ||
2023 | 973 | ||
2024 | $ 993 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | Dec. 31, 2017USD ($)ft²Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 440 | |||
Gross leasable area (GLA) of industrial properties | ft² | 61.3 | |||
Proceeds from sale of industrial properties | [1] | $ 315,768 | $ 192,047 | $ 236,059 |
Gain on sale of real estate | [1] | 124,942 | 81,600 | 131,269 |
Impairment of Real Estate | $ 0 | $ 2,756 | $ 0 | |
Acquisition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 9 | 10 | 8 | |
Gross leasable area (GLA) of industrial properties | ft² | 0.5 | 1 | 1.1 | |
Purchase price of industrial properties acquired | $ 147,887 | $ 167,546 | $ 174,209 | |
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | [2] | 40 | 53 | 60 |
Gross leasable area (GLA) of industrial properties | ft² | 5.9 | 2.6 | 4.6 | |
Partial Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Gross leasable area (GLA) of industrial properties | ft² | 0.1 | 0.1 | ||
Impairment Activity | ||||
Real Estate Properties [Line Items] | ||||
Impairment of Real Estate | $ 2,756 | |||
Disposition with Impairment Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
Number of Land Parcels | Property | 1 | |||
Sales Type Lease | ||||
Real Estate Properties [Line Items] | ||||
Gross leasable area (GLA) of industrial properties | ft² | 0.6 | |||
Sales-type Lease, Lease Receivable | $ 54,521 | $ 0 | $ 0 | |
Sales-type Lease, Selling Profit (Loss) | $ 8,606 | $ 0 | $ 0 | |
[1] | (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. | |||
[2] | (A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. |
Investment in Real Estate Inves
Investment in Real Estate Investment in Real Estate - Summary of Industrial Property Acquisitions (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | Dec. 31, 2017USD ($)ft²Property | |
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 440 | ||
Gross leasable area (GLA) of industrial properties | ft² | 61.3 | ||
Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 9 | 10 | 8 |
Gross leasable area (GLA) of industrial properties | ft² | 0.5 | 1 | 1.1 |
Purchase price of industrial properties acquired | $ | $ 147,887 | $ 167,546 | $ 174,209 |
Investment in Real Estate - Sum
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | |||
Land | $ 957,478 | $ 909,318 | |
Buildings and Improvements | 2,782,430 | 2,704,850 | |
Acquisition Activity | |||
Real Estate [Line Items] | |||
Land | 101,764 | 79,347 | |
Buildings and Improvements | 43,693 | 81,747 | |
Other Assets | 859 | 1,225 | |
Purchase price of industrial properties acquired | 147,887 | 167,546 | $ 174,209 |
Assumed Mortgage Loan (See Note 4) | 0 | (11,654) | |
Purchase Price, Net | 147,887 | 155,892 | |
Acquisition Activity | In-Place Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (5,601) | (5,302) | |
Acquisition Activity | Above Market Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (34) | (662) | |
Acquisition Activity | Below Market Leases | |||
Real Estate [Line Items] | |||
Acquired Finite-lived Intangible Liabilities, Fair Value | $ (4,064) | $ (737) |
Investment in Real Estate Inest
Investment in Real Estate Inestment in Real Estate - Summary of Industrial Property Dispositions (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | Dec. 31, 2017USD ($)ft²Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 440 | |||
Gross leasable area (GLA) of industrial properties | 61.3 | |||
Proceeds from sale of industrial properties | $ | [1] | $ 315,768 | $ 192,047 | $ 236,059 |
Gain on sale of real estate | $ | [1] | $ 124,942 | $ 81,600 | $ 131,269 |
Partial Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Gross leasable area (GLA) of industrial properties | 0.1 | 0.1 | ||
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | [2] | 40 | 53 | 60 |
Gross leasable area (GLA) of industrial properties | 5.9 | 2.6 | 4.6 | |
[1] | (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. | |||
[2] | (A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,490,931 | |||
Unsecured Credit Facility | 158,000 | $ 0 | ||
2027 Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 6,070 | 6,070 | ||
Interest Rate | 7.15% | |||
Effective Interest Rate | 7.11% | |||
Maturity Date | May 15, 2027 | |||
2028 Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 31,901 | 31,901 | ||
Interest Rate | 7.60% | |||
Effective Interest Rate | 8.13% | |||
Maturity Date | Jul. 15, 2028 | |||
2032 Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 10,600 | 10,600 | ||
Interest Rate | 7.75% | |||
Effective Interest Rate | 7.87% | |||
Maturity Date | Apr. 15, 2032 | |||
2027 Private Placement Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 125,000 | 125,000 | $ 125,000 | |
Interest Rate | 4.30% | |||
Effective Interest Rate | 4.30% | 4.30% | ||
Maturity Date | Apr. 20, 2027 | |||
2028 Private Placement Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | ||
Interest Rate | 3.86% | |||
Effective Interest Rate | 3.86% | 3.86% | ||
Maturity Date | Feb. 15, 2028 | |||
2029 Private Placement Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 75,000 | $ 75,000 | $ 75,000 | |
Interest Rate | 4.40% | |||
Effective Interest Rate | 4.40% | 4.40% | ||
Maturity Date | Apr. 20, 2029 | |||
2029 II Private Placement Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 150,000 | 0 | ||
Interest Rate | 3.97% | |||
Effective Interest Rate | 4.23% | |||
Maturity Date | Jul. 23, 2029 | |||
2030 Private Placement Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | ||
Interest Rate | 3.96% | |||
Effective Interest Rate | 3.96% | 3.96% | ||
Maturity Date | Feb. 15, 2030 | |||
2014 Unsecured Term Loan (A) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 200,000 | $ 200,000 | ||
Interest Rate | [1] | 3.39% | ||
Maturity Date | Jan. 29, 2021 | |||
2015 Unsecured Term Loan (A) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 260,000 | 260,000 | ||
Interest Rate | [1] | 2.89% | ||
Maturity Date | Sep. 12, 2022 | |||
Mortgage Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 174,360 | 297,610 | ||
Unamortized Debt Issuance Costs | (675) | (1,246) | ||
Unamortized Premiums | 0 | 106 | ||
Long-term Debt | $ 173,685 | 296,470 | ||
Maturity Date Range, Start | Jul. 1, 2020 | |||
Maturity Date Range, End | Aug. 1, 2028 | |||
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 698,571 | 548,571 | ||
Unamortized Debt Issuance Costs | (4,485) | (3,990) | ||
Long-term Debt | 694,015 | 544,504 | ||
Unamortized Discounts | (71) | (77) | ||
Unsecured Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 460,000 | 460,000 | ||
Unamortized Debt Issuance Costs | (2,135) | (3,191) | ||
Long-term Debt | 457,865 | 456,809 | ||
Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unamortized Debt Issuance Costs | (2,300) | (3,554) | ||
Unsecured Credit Facility | $ 158,000 | $ 0 | ||
Interest Rate | 2.90% | |||
Maturity Date | [2] | Oct. 29, 2021 | ||
Minimum | Mortgage Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.03% | |||
Effective Interest Rate | 4.03% | |||
Maximum | Mortgage Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 6.50% | |||
Effective Interest Rate | 6.50% | |||
[1] | See Note 12. | |||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $2,300 and $3,554 as of December 31, 2019 and 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) $ in Thousands, ft² in Millions | Sep. 11, 2015USD ($) | Jan. 29, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft²Property | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||
Loss from Retirement of Debt | $ 0 | $ (39) | $ (1,775) | |||
Long-term Debt, Gross | $ 1,490,931 | |||||
2029 II Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.97% | |||||
Long-term Debt, Gross | $ 150,000 | 0 | ||||
Effective Interest Rate | 4.23% | |||||
2028 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.86% | |||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | ||||
Effective Interest Rate | 3.86% | 3.86% | ||||
2030 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.96% | |||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | ||||
Effective Interest Rate | 3.96% | 3.96% | ||||
2027 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.30% | |||||
Long-term Debt, Gross | $ 125,000 | $ 125,000 | $ 125,000 | |||
Effective Interest Rate | 4.30% | 4.30% | ||||
2029 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.40% | |||||
Long-term Debt, Gross | $ 75,000 | 75,000 | $ 75,000 | |||
Effective Interest Rate | 4.40% | 4.40% | ||||
2014 Unsecured Term Loan (A) | ||||||
Debt Instrument [Line Items] | ||||||
Loss from Retirement of Debt | $ 51 | |||||
Interest Rate | [1] | 3.39% | ||||
Debt Instrument, term | 7 years | |||||
Long-term Debt, Gross | $ 200,000 | $ 200,000 | ||||
Unsecured term loan, face amount | $ 200,000 | |||||
Debt instrument, interest rate terms | LIBOR plus 110 basis points | |||||
2015 Unsecured Term Loan (A) | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | [1] | 2.89% | ||||
Debt Instrument, term | 7 years | |||||
Long-term Debt, Gross | $ 260,000 | $ 260,000 | ||||
Unsecured term loan, face amount | $ 260,000 | |||||
Debt instrument, interest rate terms | LIBOR plus 110 basis points | |||||
Mortgage Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Expense | 675 | $ 1,246 | ||||
Extinguishment of debt, amount | 117,199 | 157,782 | ||||
Loss from Retirement of Debt | 39 | 1,653 | ||||
Net carrying value of industrial properties collateralized by mortgage loans | 264,956 | |||||
Long-term Debt, Gross | 174,360 | 297,610 | ||||
Mortgage Loans Payable | Assumed Mortgage | ||||||
Debt Instrument [Line Items] | ||||||
Assumed mortgage loan | $ 11,654 | |||||
Number of industrial properties acquired | Property | 3 | |||||
Gross leasable area (GLA) of industrial properties acquired | ft² | 0.2 | |||||
Interest Rate | 4.17% | |||||
Debt Instrument, term | 30 years | |||||
Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Expense | $ 2,300 | $ 3,554 | ||||
Loss from Retirement of Debt | $ 71 | |||||
Interest Rate | 2.90% | |||||
Line of Credit Facility, current borrowing capacity | $ 725,000 | |||||
Line of Credit Facility, additional borrowings capacity | $ 1,000,000 | |||||
Number of years of extension of the Line of Credit Facility at election | 1 year | |||||
Line of Credit Facility, interest rate description | LIBOR plus 110 basis points | |||||
[1] | See Note 12. |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 19,813 |
2021 | 425,294 |
2022 | 336,954 |
2023 | 321 |
2024 | 335 |
Thereafter | 708,214 |
Total | $ 1,490,931 |
Indebtedness - Summary of Ind_2
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | $ 179,287 | $ 304,508 |
Senior Unsecured Notes, Net | 756,351 | 546,607 |
Unsecured Term Loans | 460,902 | 461,317 |
Unsecured Credit Facility | 158,141 | 0 |
Total | 1,554,681 | 1,312,432 |
Carrying Amount (A) | ||
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | 174,360 | 297,716 |
Senior Unsecured Notes, Net | 698,500 | 548,494 |
Unsecured Term Loans | 460,000 | 460,000 |
Unsecured Credit Facility | 158,000 | 0 |
Total | $ 1,490,860 | $ 1,306,210 |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Net Investment in Real Estate | $ 3,025,429 | $ 2,861,860 |
Total Assets | 3,518,828 | 3,142,691 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 173,685 | 296,470 |
Total Liabilities and Equity/Partners' Capital | 3,518,828 | 3,142,691 |
Other Real Estate Partnerships | ||
ASSETS | ||
Net Investment in Real Estate | 240,847 | 260,528 |
Other Assets, Net | 69,982 | 25,059 |
Total Assets | 310,829 | 285,587 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 11,009 | 20,497 |
Other Liabilities, Net | 21,088 | 9,045 |
Partners' Capital | 278,732 | 256,045 |
Total Liabilities and Equity/Partners' Capital | $ 310,829 | $ 285,587 |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | |
Variable Interest Entity [Line Items] | |||
Equity in Income (Loss) of Joint Venture | $ 16,235 | $ (276) | $ 0 |
Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Number of Acres | Property | 532 | ||
Purchase Price | $ 49,000 | ||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Proceeds from Sale of Equity Method Investments | $ 57,178 | 3,973 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | 14,816 | ||
Equity Method Investment, Net Income (Loss) | 29,999 | $ (302) | |
Equity in Income (Loss) of Joint Venture | 4,880 | ||
Asset Management Fee | 146 | ||
Receivable balance due from joint venture | $ 588 | ||
Disposition Activity | Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Number of Acres | Property | 236 | 21 | |
Number of Land Parcels | Property | 3 | 1 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 30,236 | $ 181 | |
Acquisition Activity | |||
Variable Interest Entity [Line Items] | |||
Purchase Price | $ 147,887 | $ 167,546 | $ 174,209 |
Acquisition Activity | Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Number of Acres | Property | 39 | ||
Number of Land Parcels | Property | 1 | ||
Joint Venture Disposition Activity | Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 3,121 |
Stockholders_ Equity of the C_3
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 16, 2017 | |
Class of Stock [Line Items] | ||||
Operating Partnership, aggregate cash payment | $ 100,568 | |||
Operating Partnership, shares | 2,422,744 | |||
Preferred Stock, Shares Authorized | 10,000,000 | |||
Net proceeds from the issuance of common stock | $ 0 | $ 145,584 | $ 74,880 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 0 | $ 0 | $ 0 | |
Limited Partners' Capital Account, Units Retired | 33,333 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares of common stock issued | 4,800,000 | 2,560,000 | ||
Net proceeds from the issuance of common stock | $ 145,584 | $ 74,880 | ||
Units converted to common stock | 485,516 | 1,350,721 | 31,154 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 7,196 | $ 16,605 | $ 364 | |
First Industrial, L.P. | ||||
Class of Stock [Line Items] | ||||
Net proceeds from the issuance of common stock | 0 | 145,584 | 74,880 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | |
ATM [Member] | ||||
Class of Stock [Line Items] | ||||
Shares of company stock issuable under an at-the-market offering | 8,000,000 | |||
Aggregate Gross Sale Proceeds | $ 200,000 | |||
Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ (7,196) | $ (16,605) | $ (364) |
Stockholders_ Equity of the C_4
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Common Stock and Units Roll-Forward (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 126,307,431 | ||
Limited Partners' Capital Account, Units Retired | (33,333) | ||
Common Stock/Units, Outstanding, Ending Balance | 126,994,478 | 126,307,431 | |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 126,307,431 | 119,883,180 | 117,107,746 |
Issuance of Common Stock/Contribution of General Partner Units | 4,800,000 | 2,560,000 | |
Issuance of Restricted Stock/Units Awards | 109,353 | 227,059 | 275,793 |
Vesting of LTIP Unit Awards | 169,033 | 150,772 | |
Repurchase and Retirement of Restricted Stock/Unit Awards | (76,855) | (104,301) | (91,513) |
Conversion of Limited Partner Units | 485,516 | 1,350,721 | 31,154 |
Limited Partners' Capital Account, Units Retired | 0 | ||
Common Stock/Units, Outstanding, Ending Balance | 126,994,478 | 126,307,431 | 119,883,180 |
First Industrial, L.P. | Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 128,931,598 | 123,891,401 | 121,147,121 |
Issuance of Common Stock/Contribution of General Partner Units | 4,800,000 | 2,560,000 | |
Issuance of Restricted Stock/Units Awards | 406,569 | 227,059 | 275,793 |
Vesting of LTIP Unit Awards | 169,033 | 150,772 | |
Repurchase and Retirement of Restricted Stock/Unit Awards | (89,978) | (104,301) | (91,513) |
Conversion of Limited Partner Units | 0 | 0 | 0 |
Limited Partners' Capital Account, Units Retired | (33,333) | ||
Common Stock/Units, Outstanding, Ending Balance | 129,417,222 | 128,931,598 | 123,891,401 |
Stockholders_ Equity of the C_5
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Summary of Dividends/Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 119,522 | $ 111,478 | $ 104,106 |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 119,522 | $ 111,478 | $ 104,106 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Changes in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,679,911 | $ 1,475,877 |
Ending Balance | 1,798,263 | 1,679,911 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 3,574 | 1,382 |
Other Comprehensive Income Before Reclassifications | (9,603) | 1,987 |
Amounts Reclassified from Accumulated Other Comprehensive Income | (984) | 205 |
Net Current Period Other Comprehensive Income | (10,587) | 2,192 |
Ending Balance | (7,013) | 3,574 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (72) | (44) |
Other Comprehensive Income Before Reclassifications | 202 | (28) |
Amounts Reclassified from Accumulated Other Comprehensive Income | 0 | 0 |
Net Current Period Other Comprehensive Income | 202 | (28) |
Ending Balance | 130 | (72) |
Accumulated Other Comprehensive (Loss) Income of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 3,502 | 1,338 |
Other Comprehensive Income Before Reclassifications | (9,401) | 1,959 |
Amounts Reclassified from Accumulated Other Comprehensive Income | (984) | 205 |
Net Current Period Other Comprehensive Income | (10,385) | 2,164 |
Ending Balance | (6,883) | 3,502 |
First Industrial, L.P. | Accumulated Other Comprehensive Income of the Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 3,574 | 1,382 |
Other Comprehensive Income Before Reclassifications | (9,603) | 1,987 |
Amounts Reclassified from Accumulated Other Comprehensive Income | (984) | 205 |
Net Current Period Other Comprehensive Income | (10,587) | 2,192 |
Ending Balance | $ (7,013) | $ 3,574 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Settlement Gain on Derivative Instruments | $ 0 | $ 0 | $ 1,896 |
Interest Expense - Amortization of IRPAs | 50,273 | 50,775 | 57,199 |
Total | 71,451 | 27,382 | 71,029 |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense - Amortization of IRPAs | 233 | 96 | 205 |
Interest Expense - Settlement Payments | (1,217) | 109 | 4,336 |
Total | $ (984) | $ 205 | $ 4,541 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Amortization to be reclassified from OCI into income | $ 410 |
Earnings Per Share _ Unit (EP_3
Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 96,861 | $ 78,311 | $ 39,800 | $ 23,803 | $ 50,827 | $ 30,911 | $ 45,209 | $ 36,292 | $ 238,775 | $ 163,239 | $ 201,456 |
Net Income Allocable to Participating Securities | (199) | (170) | (89) | (60) | (164) | (101) | (151) | (97) | (518) | (513) | (646) |
Net Income Available to Common Stockholders / Unitholders | $ 96,662 | $ 78,141 | $ 39,711 | $ 23,743 | $ 50,663 | $ 30,810 | $ 45,058 | $ 36,195 | $ 238,257 | $ 162,726 | $ 200,810 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 126,682 | 126,480 | 126,206 | 126,194 | 125,897 | 125,768 | 123,616 | 119,846 | 126,392 | 123,804 | 118,272 |
LTIP Unit Awards (As Defined in Note 11) | 299 | 387 | 515 | ||||||||
Weighted Average Shares / Units - Diluted | 127,030 | 126,783 | 126,489 | 126,456 | 126,249 | 126,130 | 124,085 | 120,211 | 126,691 | 124,191 | 118,787 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.88 | $ 1.31 | $ 1.69 |
First Industrial, L.P. | |||||||||||
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 98,656 | $ 79,969 | $ 40,689 | $ 24,314 | $ 51,913 | $ 31,508 | $ 46,382 | $ 37,443 | $ 243,628 | $ 167,246 | $ 208,158 |
Net Income Allocable to Participating Securities | (279) | (249) | (128) | (76) | (164) | (101) | (151) | (97) | (732) | (513) | (646) |
Net Income Available to Common Stockholders / Unitholders | $ 98,377 | $ 79,720 | $ 40,561 | $ 24,238 | $ 51,749 | $ 31,407 | $ 46,231 | $ 37,346 | $ 242,896 | $ 166,733 | $ 207,512 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 128,837 | 128,837 | 128,831 | 128,818 | 128,526 | 128,526 | 126,832 | 123,729 | 128,831 | 126,921 | 122,306 |
LTIP Unit Awards (As Defined in Note 11) | 410 | 387 | 515 | ||||||||
Weighted Average Shares / Units - Diluted | 129,308 | 129,256 | 129,221 | 129,178 | 128,878 | 128,888 | 127,301 | 124,094 | 129,241 | 127,308 | 122,821 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.88 | $ 1.31 | $ 1.69 |
Earnings Per Share _ Unit (EP_4
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Stock/Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock / Unit Awards | 296,371 | 405,436 | |
Restricted Stock/Unit Awards | Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock / Unit Awards | 296,371 | 405,436 | 408,248 |
First Industrial, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Restricted Stock / Unit Awards | 421,928 | 405,436 | 408,248 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (169) | $ 22 | $ (859) |
State | (839) | (310) | (344) |
Deferred: | |||
Federal | (2,334) | 400 | 0 |
State | (64) | (20) | 10 |
Income Tax (Provision) Benefit | $ (3,406) | $ 92 | $ (1,193) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Basis Difference - Real Estate Properties | $ 1,388 | $ 739 |
Section 163(j) Interest Limitation | 600 | 344 |
Other - Temporary Differences | 329 | 184 |
Valuation Allowance | (850) | (840) |
Total Deferred Income Tax Assets, Net of Allowance | 1,467 | 427 |
Deferred Income - Investment in Joint Venture | (3,374) | 0 |
Other - Temporary Differences | (295) | (231) |
Total Deferred Income Tax Liabilities | (3,669) | (231) |
Total Net Deferred Income Tax Liabilities | $ (2,202) | |
Deferred Tax Assets, Net | $ 196 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax (Provision) Benefit at Federal Rate | $ (2,556) | $ 436 | $ (1,416) |
Change in Federal Tax Rate | 0 | 0 | (609) |
State Tax Provision, Net of Federal Benefit | (903) | (417) | (376) |
Change in Valuation Allowance | (10) | 144 | 1,197 |
Other | 63 | (71) | 11 |
Income Tax (Provision) Benefit | $ (3,406) | $ 92 | $ (1,193) |
Income Taxes - Federal Income T
Income Taxes - Federal Income Tax Treatment of Common Dividends (Details) - Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||
Ordinary Income (A) | $ 0.7650 | $ 0.6858 | $ 0.6552 |
Unrecaptured Section 1250 Capital Gain | 0.1074 | 0.1497 | 0.1627 |
Other Capital Gain | 0.0460 | 0.0330 | 0.0648 |
Qualified Dividend | 0.0016 | 0.0015 | 0 |
Distributions Per Common Share | $ 0.9200 | $ 0.8700 | $ 0.8827 |
Ordinary Income as a Percentage of Distributions | 83.15% | 78.83% | 74.23% |
Unrecaptured Section 1250 Gain as a Percentage of Distributions | 11.68% | 17.21% | 18.43% |
Capital Gain as a Percentage of Distributions | 5.00% | 3.79% | 7.34% |
Qualified Dividend as a Percentage Of Distributions | 0.17% | 0.17% | 0.00% |
Common Distributions Percentage | 100.00% | 100.00% | 100.00% |
Lessee Disclosures (Details)
Lessee Disclosures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Remaining Ground Lease Terms, Minimum | 35 years |
Remaining Ground Lease Terms, Maximum | 52 years |
Operating Lease Expense | $ 2,443 |
Operating Lease, Weighted Average Remaining Lease Term | 41 years 3 months 18 days |
Lessee, Weighted Average Discount Rate | 7.20% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining Lease Terms for Office Leases | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining Lease Terms for Office Leases | 7 years |
Lessee Disclosures - Operating
Lessee Disclosures - Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | $ 2,321 | |
2021 | 2,288 | |
2022 | 2,238 | |
2023 | 2,068 | |
2024 | 1,915 | |
Thereafter | 60,707 | |
Total Lease Payments | 71,537 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (49,168) | |
Operating Lease Liabilities | $ 22,369 | $ 0 |
Lessor Disclosures - Future Min
Lessor Disclosures - Future Minimum Rental Receipts (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2020 | $ 321,896 |
2021 | 294,820 |
2022 | 256,262 |
2023 | 219,396 |
2024 | 175,696 |
Thereafter | 510,976 |
Total | $ 1,779,046 |
Lessor Disclosures (Details)
Lessor Disclosures (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessor, Lease, Description [Line Items] | |||
Gross leasable area (GLA) of industrial properties | ft² | 61.3 | ||
Sales Type Lease | |||
Lessor, Lease, Description [Line Items] | |||
Gross leasable area (GLA) of industrial properties | ft² | 0.6 | ||
Sales-type Lease, Selling Profit (Loss) | $ 8,606 | $ 0 | $ 0 |
Sales-type Lease, Lease Receivable | 54,521 | $ 0 | $ 0 |
Future Minimum Cash Receipts, 2020 | $ 56,830 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available under the Stock Incentive Plan | 1,100,000 | ||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 8,376 | $ 7,586 | $ 8,611 |
Share-based Payment Arrangement, Amount Capitalized | 870 | 472 | |
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards | $ 9,432 | ||
Weighted average period of unrecognized compensation expected to be recognized | 10 months 17 days | ||
Matching contributions in 401(k)/profit sharing plan | $ 926 | $ 688 | $ 518 |
Management | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 36,064 | 179,288 | 195,951 |
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 3 years | ||
Fair Value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 2,527 | $ 2,381 | $ 2,473 |
Management | LTIP Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 166,942 | ||
Management | Restricted Stock/Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 109,353 | 227,059 | 275,793 |
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 3 years | ||
Fair Value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 7,627 | $ 6,558 | $ 7,291 |
Management | Service LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock/Unit Awards and LTIP Unit Awards issued | 112,428 | ||
Director | Restricted Stock/Unit Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of restricted stock/Unit awards and LTIP Unit Awards issued | 1 year |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Unit Award Valuation Assumptions (Details) - LTIP Unit Awards | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 3.02% | 2.67% | 2.71% |
Expected volatility - weighted average | 19.10% | 17.02% | 21.68% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 18.53% | 15.83% | 21.50% |
Risk-free interest rate | 2.45% | 1.57% | 0.66% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 19.72% | 17.87% | 21.80% |
Risk-free interest rate | 2.57% | 2.04% | 1.58% |
Long-Term Compensation - Summar
Long-Term Compensation - Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning Balance, Awards | shares | 595,383 |
Issued, Awards | shares | 36,064 |
Forfeited, Awards | shares | (13,455) |
Vested, Awards | shares | (237,270) |
Outstanding, Ending Balance, Awards | shares | 380,722 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 11.79 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 12.45 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 12.97 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 10.06 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 12.89 |
LTIP Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning Balance, Awards | shares | 0 |
Issued, Awards | shares | 166,942 |
Forfeited, Awards | shares | (10,240) |
Vested, Awards | shares | 0 |
Outstanding, Ending Balance, Awards | shares | 156,702 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 0 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 12.45 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 12.45 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 12.45 |
Restricted Stock/Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning Balance, Awards | shares | 405,436 |
Issued, Awards | shares | 109,353 |
Forfeited, Awards | shares | (9,851) |
Vested, Awards | shares | (208,567) |
Outstanding, Ending Balance, Awards | shares | 296,371 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 26.64 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 35.17 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 29.48 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 25.40 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 30.56 |
Service LTIP Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Beginning Balance, Awards | shares | 0 |
Issued, Awards | shares | 112,428 |
Forfeited, Awards | shares | (1,788) |
Vested, Awards | shares | 0 |
Outstanding, Ending Balance, Awards | shares | 110,640 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 0 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 33.64 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 33.58 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 33.64 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2014USD ($) | |
Derivative [Line Items] | ||||||
Payments to Settle Derivative Instruments | $ (3,149) | $ 0 | $ 0 | |||
Settlement Gain on Derivative Instruments | 0 | $ 0 | $ 1,896 | |||
2018 Treasury Locks | ||||||
Derivative [Line Items] | ||||||
Swaps, Number of Instruments Held | 2 | |||||
Derivative, Notional Amount | $ 100,000 | |||||
Debt instrument, LIBOR Rate | ten year U.S. Treasury | |||||
Payments to Settle Derivative Instruments | $ 3,149 | |||||
Swaps, Average Fixed Interest Rate | 2.93% | |||||
2014 Swaps | ||||||
Derivative [Line Items] | ||||||
Swaps, Number of Instruments Held | 4 | |||||
Derivative, Notional Amount | $ 200,000 | |||||
Debt instrument, LIBOR Rate | one month LIBOR | |||||
Swaps, Average Fixed Interest Rate | 2.29% | |||||
2015 Swaps | ||||||
Derivative [Line Items] | ||||||
Swaps, Number of Instruments Held | 6 | |||||
Derivative, Notional Amount | $ 260,000 | |||||
Debt instrument, LIBOR Rate | one month LIBOR | |||||
Swaps, Average Fixed Interest Rate | 1.79% | |||||
2017 Treasury Locks | ||||||
Derivative [Line Items] | ||||||
Swaps, Number of Instruments Held | 2 | |||||
Derivative, Notional Amount | $ 100,000 | |||||
Debt instrument, LIBOR Rate | ten year U.S. Treasury | |||||
Swaps, Average Fixed Interest Rate | 2.18% | |||||
Settlement Gain on Derivative Instruments | $ 1,896 |
Derivatives - Fair Value Measur
Derivatives - Fair Value Measurements on Recurring Basis (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2014 Swaps | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | $ (1,478) |
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | (1,478) |
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2015 Swaps | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | (1,711) |
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | (1,711) |
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value On Recurring Basis [Line Items] | |
Hedging Instrument, Liability, Fair Value | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 10,031 | $ 10,118 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions | Dec. 31, 2019USD ($)ft²Property |
Other Commitments [Line Items] | |
Outstanding amount of letters of credit and performance bonds in the aggregate | $ 11,842 |
Number of industrial properties | Property | 440 |
Gross leasable area (GLA) of industrial properties | ft² | 61.3 |
Development Activity | |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 10 |
Gross leasable area (GLA) of industrial properties | ft² | 2.1 |
Estimated total investment | $ 208,200 |
Estimated total investment remaining to be funded | $ 118,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 12, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($)Property | ||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 440 | ||||
Proceeds from sale of industrial properties | $ | [1] | $ 315,768 | $ 192,047 | $ 236,059 | |
Acquisition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 9 | 10 | 8 | ||
Purchase price of industrial properties acquired | $ | $ 147,887 | $ 167,546 | $ 174,209 | ||
Disposition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | [2] | 40 | 53 | 60 | |
Subsequent Events | Acquisition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of Land Parcels | 1 | ||||
Number of industrial properties | 1 | ||||
Purchase price of industrial properties acquired | $ | $ 53,852 | ||||
Subsequent Events | Disposition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 9 | ||||
Proceeds from sale of industrial properties | $ | $ 26,500 | ||||
[1] | (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019, 2018 and 2017. In addition, included in the above table for the year ended December 31, 2019, is gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease. See Note 10 for additional information. | ||||
[2] | (A) The years ended December 31, 2019 and 2018 include partial sales of 0.1 million and 0.1 million square-foot industrial properties, respectively. |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) - Net Income Available and Basic and Diluted EPS/EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Revenues | $ 110,758 | $ 106,590 | $ 104,095 | $ 104,541 | $ 105,082 | $ 100,256 | $ 98,845 | $ 99,771 | $ 425,984 | $ 403,954 | $ 396,402 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 96,861 | 78,311 | 39,800 | 23,803 | 50,827 | 30,911 | 45,209 | 36,292 | 238,775 | 163,239 | 201,456 |
Net Income Allocable to Participating Securities | (199) | (170) | (89) | (60) | (164) | (101) | (151) | (97) | (518) | (513) | (646) |
Net Income Available to Common Stockholders / Unitholders | $ 96,662 | $ 78,141 | $ 39,711 | $ 23,743 | $ 50,663 | $ 30,810 | $ 45,058 | $ 36,195 | $ 238,257 | $ 162,726 | $ 200,810 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.88 | $ 1.31 | $ 1.69 |
Weighted Average Shares/Units - Basic | 126,682 | 126,480 | 126,206 | 126,194 | 125,897 | 125,768 | 123,616 | 119,846 | 126,392 | 123,804 | 118,272 |
Weighted Average Shares / Units - Diluted | 127,030 | 126,783 | 126,489 | 126,456 | 126,249 | 126,130 | 124,085 | 120,211 | 126,691 | 124,191 | 118,787 |
First Industrial, L.P. | |||||||||||
Total Revenues | $ 110,758 | $ 106,590 | $ 104,095 | $ 104,541 | $ 105,082 | $ 100,256 | $ 98,845 | $ 99,771 | $ 425,984 | $ 403,954 | $ 396,402 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 98,656 | 79,969 | 40,689 | 24,314 | 51,913 | 31,508 | 46,382 | 37,443 | 243,628 | 167,246 | 208,158 |
Net Income Allocable to Participating Securities | (279) | (249) | (128) | (76) | (164) | (101) | (151) | (97) | (732) | (513) | (646) |
Net Income Available to Common Stockholders / Unitholders | $ 98,377 | $ 79,720 | $ 40,561 | $ 24,238 | $ 51,749 | $ 31,407 | $ 46,231 | $ 37,346 | $ 242,896 | $ 166,733 | $ 207,512 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.89 | $ 1.31 | $ 1.70 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 0.40 | $ 0.24 | $ 0.36 | $ 0.30 | $ 1.88 | $ 1.31 | $ 1.69 |
Weighted Average Shares/Units - Basic | 128,837 | 128,837 | 128,831 | 128,818 | 128,526 | 128,526 | 126,832 | 123,729 | 128,831 | 126,921 | 122,306 |
Weighted Average Shares / Units - Diluted | 129,308 | 129,256 | 129,221 | 129,178 | 128,878 | 128,888 | 127,301 | 124,094 | 129,241 | 127,308 | 122,821 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 174,360 | |||
Land | 968,404 | |||
Buildings and Improvements | 1,443,723 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,418,082 | |||
Land | 957,478 | |||
Buildings and Improvements | 2,872,731 | |||
Total | 3,830,209 | |||
Accumulated Depreciation 12/31/2019 | 804,780 | $ 811,784 | $ 789,919 | $ 797,919 |
1650 Highway 155 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 779 | |||
Buildings and Improvements | 4,544 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (669) | |||
Land | 345 | |||
Buildings and Improvements | 4,309 | |||
Total | 4,654 | |||
Accumulated Depreciation 12/31/2019 | 2,704 | |||
4051 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 726 | |||
Buildings and Improvements | 4,130 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,661 | |||
Land | 726 | |||
Buildings and Improvements | 5,791 | |||
Total | 6,517 | |||
Accumulated Depreciation 12/31/2019 | 3,260 | |||
4071 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 750 | |||
Buildings and Improvements | 4,460 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,924 | |||
Land | 828 | |||
Buildings and Improvements | 6,306 | |||
Total | 7,134 | |||
Accumulated Depreciation 12/31/2019 | 3,729 | |||
4081 Southmeadow Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,012 | |||
Buildings and Improvements | 5,918 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,031 | |||
Land | 1,157 | |||
Buildings and Improvements | 7,804 | |||
Total | 8,961 | |||
Accumulated Depreciation 12/31/2019 | 4,504 | |||
5570 Tulane Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 527 | |||
Buildings and Improvements | 2,984 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,195 | |||
Land | 546 | |||
Buildings and Improvements | 4,160 | |||
Total | 4,706 | |||
Accumulated Depreciation 12/31/2019 | 2,185 | |||
955 Cobb Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 780 | |||
Buildings and Improvements | 4,420 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 877 | |||
Land | 804 | |||
Buildings and Improvements | 5,273 | |||
Total | 6,077 | |||
Accumulated Depreciation 12/31/2019 | 2,787 | |||
1005 Sigman Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 566 | |||
Buildings and Improvements | 3,134 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,221 | |||
Land | 574 | |||
Buildings and Improvements | 4,347 | |||
Total | 4,921 | |||
Accumulated Depreciation 12/31/2019 | 1,977 | |||
2050 East Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 452 | |||
Buildings and Improvements | 2,504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 860 | |||
Land | 459 | |||
Buildings and Improvements | 3,357 | |||
Total | 3,816 | |||
Accumulated Depreciation 12/31/2019 | 1,606 | |||
3060 South Park Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,600 | |||
Buildings and Improvements | 12,464 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,422 | |||
Land | 1,604 | |||
Buildings and Improvements | 15,882 | |||
Total | 17,486 | |||
Accumulated Depreciation 12/31/2019 | 6,457 | |||
175 Greenwood Industrial Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,550 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,542 | |||
Land | 1,550 | |||
Buildings and Improvements | 7,542 | |||
Total | 9,092 | |||
Accumulated Depreciation 12/31/2019 | 2,877 | |||
5095 Phillip Lee Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 735 | |||
Buildings and Improvements | 3,627 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (213) | |||
Land | 740 | |||
Buildings and Improvements | 3,409 | |||
Total | 4,149 | |||
Accumulated Depreciation 12/31/2019 | 2,993 | |||
6514 Warren Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 510 | |||
Buildings and Improvements | 1,250 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 166 | |||
Land | 513 | |||
Buildings and Improvements | 1,413 | |||
Total | 1,926 | |||
Accumulated Depreciation 12/31/2019 | 673 | |||
6544 Warren Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 711 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 278 | |||
Land | 715 | |||
Buildings and Improvements | 2,584 | |||
Total | 3,299 | |||
Accumulated Depreciation 12/31/2019 | 1,360 | |||
5356 E. Ponce De Leon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 604 | |||
Buildings and Improvements | 3,888 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 977 | |||
Land | 610 | |||
Buildings and Improvements | 4,859 | |||
Total | 5,469 | |||
Accumulated Depreciation 12/31/2019 | 2,784 | |||
5390 E. Ponce De Leon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 397 | |||
Buildings and Improvements | 1,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 569 | |||
Land | 402 | |||
Buildings and Improvements | 2,355 | |||
Total | 2,757 | |||
Accumulated Depreciation 12/31/2019 | 1,189 | |||
1755 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 712 | |||
Buildings and Improvements | 2,118 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (57) | |||
Land | 716 | |||
Buildings and Improvements | 2,057 | |||
Total | 2,773 | |||
Accumulated Depreciation 12/31/2019 | 970 | |||
4555 Atwater Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 881 | |||
Buildings and Improvements | 3,550 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 423 | |||
Land | 885 | |||
Buildings and Improvements | 3,969 | |||
Total | 4,854 | |||
Accumulated Depreciation 12/31/2019 | 1,684 | |||
80 Liberty Industrial Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 756 | |||
Buildings and Improvements | 3,695 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (1,560) | |||
Land | 467 | |||
Buildings and Improvements | 2,424 | |||
Total | 2,891 | |||
Accumulated Depreciation 12/31/2019 | 1,112 | |||
596 Bonnie Valentine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,580 | |||
Buildings and Improvements | 21,730 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,052 | |||
Land | 2,594 | |||
Buildings and Improvements | 23,768 | |||
Total | 26,362 | |||
Accumulated Depreciation 12/31/2019 | 6,675 | |||
11415 Old Roswell Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,403 | |||
Buildings and Improvements | 1,912 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 814 | |||
Land | 2,428 | |||
Buildings and Improvements | 2,701 | |||
Total | 5,129 | |||
Accumulated Depreciation 12/31/2019 | 1,198 | |||
1281 Highway 155 S. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,501 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,048 | |||
Land | 2,502 | |||
Buildings and Improvements | 17,047 | |||
Total | 19,549 | |||
Accumulated Depreciation 12/31/2019 | 1,706 | |||
4955 Oakley Industrial Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,650 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 34,413 | |||
Land | 3,661 | |||
Buildings and Improvements | 34,402 | |||
Total | 38,063 | |||
Accumulated Depreciation 12/31/2019 | 303 | |||
16522 Hunters Green Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,390 | |||
Buildings and Improvements | 13,104 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,667 | |||
Land | 1,863 | |||
Buildings and Improvements | 18,298 | |||
Total | 20,161 | |||
Accumulated Depreciation 12/31/2019 | 6,750 | |||
22520 Randolph Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,200 | |||
Buildings and Improvements | 8,187 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 228 | |||
Land | 3,208 | |||
Buildings and Improvements | 8,407 | |||
Total | 11,615 | |||
Accumulated Depreciation 12/31/2019 | 2,683 | |||
22630 Dulles Summit Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,200 | |||
Buildings and Improvements | 9,346 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (870) | |||
Land | 2,206 | |||
Buildings and Improvements | 8,470 | |||
Total | 10,676 | |||
Accumulated Depreciation 12/31/2019 | 2,917 | |||
11204 McCormick Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,017 | |||
Buildings and Improvements | 3,132 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 216 | |||
Land | 1,038 | |||
Buildings and Improvements | 3,327 | |||
Total | 4,365 | |||
Accumulated Depreciation 12/31/2019 | 1,840 | |||
11110 Pepper Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 918 | |||
Buildings and Improvements | 2,529 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 554 | |||
Land | 938 | |||
Buildings and Improvements | 3,063 | |||
Total | 4,001 | |||
Accumulated Depreciation 12/31/2019 | 1,613 | |||
10709 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,714 | |||
Land | 913 | |||
Buildings and Improvements | 2,705 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (84) | |||
Land | 913 | |||
Buildings and Improvements | 2,621 | |||
Total | 3,534 | |||
Accumulated Depreciation 12/31/2019 | 1,886 | |||
10707 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,111 | |||
Buildings and Improvements | 3,819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 832 | |||
Land | 1,136 | |||
Buildings and Improvements | 4,626 | |||
Total | 5,762 | |||
Accumulated Depreciation 12/31/2019 | 2,642 | |||
38 Loveton Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,648 | |||
Buildings and Improvements | 2,151 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (192) | |||
Land | 1,690 | |||
Buildings and Improvements | 1,917 | |||
Total | 3,607 | |||
Accumulated Depreciation 12/31/2019 | 1,134 | |||
1225 Bengies Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,640 | |||
Buildings and Improvements | 270 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,829 | |||
Land | 2,823 | |||
Buildings and Improvements | 13,916 | |||
Total | 16,739 | |||
Accumulated Depreciation 12/31/2019 | 4,951 | |||
18212 Shawley Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,847 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,825 | |||
Land | 1,016 | |||
Buildings and Improvements | 8,656 | |||
Total | 9,672 | |||
Accumulated Depreciation 12/31/2019 | 2,890 | |||
400 Old Post Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,411 | |||
Buildings and Improvements | 17,144 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,514 | |||
Land | 3,411 | |||
Buildings and Improvements | 18,658 | |||
Total | 22,069 | |||
Accumulated Depreciation 12/31/2019 | 3,626 | |||
500 Old Post Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,959 | |||
Buildings and Improvements | 30,533 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 146 | |||
Land | 5,959 | |||
Buildings and Improvements | 30,679 | |||
Total | 36,638 | |||
Accumulated Depreciation 12/31/2019 | 5,139 | |||
581 Welltown Road Tyson Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,320 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,276 | |||
Land | 2,401 | |||
Buildings and Improvements | 11,195 | |||
Total | 13,596 | |||
Accumulated Depreciation 12/31/2019 | 3,459 | |||
1214-B Freedom Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 31 | |||
Buildings and Improvements | 994 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 613 | |||
Land | 200 | |||
Buildings and Improvements | 1,438 | |||
Total | 1,638 | |||
Accumulated Depreciation 12/31/2019 | 1,433 | |||
401 Russell Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 262 | |||
Buildings and Improvements | 857 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,847 | |||
Land | 287 | |||
Buildings and Improvements | 2,679 | |||
Total | 2,966 | |||
Accumulated Depreciation 12/31/2019 | 2,349 | |||
2700 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 196 | |||
Buildings and Improvements | 997 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 857 | |||
Land | 206 | |||
Buildings and Improvements | 1,844 | |||
Total | 2,050 | |||
Accumulated Depreciation 12/31/2019 | 1,650 | |||
2701 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 141 | |||
Buildings and Improvements | 859 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,399 | |||
Land | 164 | |||
Buildings and Improvements | 2,235 | |||
Total | 2,399 | |||
Accumulated Depreciation 12/31/2019 | 1,766 | |||
2780 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 113 | |||
Buildings and Improvements | 743 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,289 | |||
Land | 209 | |||
Buildings and Improvements | 1,936 | |||
Total | 2,145 | |||
Accumulated Depreciation 12/31/2019 | 1,677 | |||
350 Old Silver Spring Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 510 | |||
Buildings and Improvements | 2,890 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,872 | |||
Land | 541 | |||
Buildings and Improvements | 8,731 | |||
Total | 9,272 | |||
Accumulated Depreciation 12/31/2019 | 4,389 | |||
14 McFadden Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 600 | |||
Buildings and Improvements | 1,349 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (274) | |||
Land | 625 | |||
Buildings and Improvements | 1,050 | |||
Total | 1,675 | |||
Accumulated Depreciation 12/31/2019 | 435 | |||
431 Railroad Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,293 | |||
Buildings and Improvements | 7,164 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,245 | |||
Land | 1,341 | |||
Buildings and Improvements | 9,361 | |||
Total | 10,702 | |||
Accumulated Depreciation 12/31/2019 | 5,734 | |||
6951 Allentown Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 585 | |||
Buildings and Improvements | 3,176 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (1) | |||
Land | 601 | |||
Buildings and Improvements | 3,159 | |||
Total | 3,760 | |||
Accumulated Depreciation 12/31/2019 | 1,412 | |||
320 Reliance Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings and Improvements | 1,819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (348) | |||
Land | 178 | |||
Buildings and Improvements | 1,494 | |||
Total | 1,672 | |||
Accumulated Depreciation 12/31/2019 | 1,010 | |||
2801 Red Lion Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 950 | |||
Buildings and Improvements | 5,916 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 54 | |||
Land | 964 | |||
Buildings and Improvements | 5,956 | |||
Total | 6,920 | |||
Accumulated Depreciation 12/31/2019 | 3,409 | |||
1351 Eisenhower Blvd., Bldg 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 382 | |||
Buildings and Improvements | 2,343 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 387 | |||
Buildings and Improvements | 2,341 | |||
Total | 2,728 | |||
Accumulated Depreciation 12/31/2019 | 985 | |||
1351 Eisenhower Blvd., Bldg 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 436 | |||
Buildings and Improvements | 1,587 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (315) | |||
Land | 443 | |||
Buildings and Improvements | 1,265 | |||
Total | 1,708 | |||
Accumulated Depreciation 12/31/2019 | 521 | |||
200 Cascade Drive, Bldg. 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,133 | |||
Buildings and Improvements | 17,562 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 759 | |||
Land | 2,769 | |||
Buildings and Improvements | 17,685 | |||
Total | 20,454 | |||
Accumulated Depreciation 12/31/2019 | 8,026 | |||
200 Cascade Drive, Bldg. 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 310 | |||
Buildings and Improvements | 2,268 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (93) | |||
Land | 316 | |||
Buildings and Improvements | 2,169 | |||
Total | 2,485 | |||
Accumulated Depreciation 12/31/2019 | 824 | |||
1490 Dennison Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,500 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12,954 | |||
Land | 2,341 | |||
Buildings and Improvements | 12,113 | |||
Total | 14,454 | |||
Accumulated Depreciation 12/31/2019 | 3,794 | |||
298 First Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,022 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 57,292 | |||
Land | 7,019 | |||
Buildings and Improvements | 57,295 | |||
Total | 64,314 | |||
Accumulated Depreciation 12/31/2019 | 16,149 | |||
225 Cross Farm Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,718 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,163 | |||
Land | 4,715 | |||
Buildings and Improvements | 23,166 | |||
Total | 27,881 | |||
Accumulated Depreciation 12/31/2019 | 7,099 | |||
2455 Boulevard of Generals [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,200 | |||
Buildings and Improvements | 4,800 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 950 | |||
Land | 1,226 | |||
Buildings and Improvements | 5,724 | |||
Total | 6,950 | |||
Accumulated Depreciation 12/31/2019 | 2,717 | |||
105 Steamboat Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,085 | |||
Buildings and Improvements | 14,464 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 70 | |||
Land | 4,070 | |||
Buildings and Improvements | 14,549 | |||
Total | 18,619 | |||
Accumulated Depreciation 12/31/2019 | 4,623 | |||
20 Leo Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,884 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 27,483 | |||
Land | 6,889 | |||
Buildings and Improvements | 27,478 | |||
Total | 34,367 | |||
Accumulated Depreciation 12/31/2019 | 4,099 | |||
3895 Eastgate Blvd Bldg A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,855 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,867 | |||
Land | 4,388 | |||
Buildings and Improvements | 18,334 | |||
Total | 22,722 | |||
Accumulated Depreciation 12/31/2019 | 2,178 | |||
3895 Eastgate Blvd Bldg B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,459 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,848 | |||
Land | 3,128 | |||
Buildings and Improvements | 14,179 | |||
Total | 17,307 | |||
Accumulated Depreciation 12/31/2019 | 1,907 | |||
112 Bordnersville Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 13,702 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 42,000 | |||
Land | 13,724 | |||
Buildings and Improvements | 41,978 | |||
Total | 55,702 | |||
Accumulated Depreciation 12/31/2019 | 1,368 | |||
122 Bordnersville Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,165 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,282 | |||
Land | 3,171 | |||
Buildings and Improvements | 11,276 | |||
Total | 14,447 | |||
Accumulated Depreciation 12/31/2019 | 302 | |||
720-730 Landwehr Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 521 | |||
Buildings and Improvements | 2,982 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 926 | |||
Land | 521 | |||
Buildings and Improvements | 3,908 | |||
Total | 4,429 | |||
Accumulated Depreciation 12/31/2019 | 2,354 | |||
1385 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 967 | |||
Buildings and Improvements | 5,554 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,520 | |||
Land | 968 | |||
Buildings and Improvements | 7,073 | |||
Total | 8,041 | |||
Accumulated Depreciation 12/31/2019 | 4,057 | |||
2300 Windsor Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 688 | |||
Buildings and Improvements | 3,943 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 823 | |||
Land | 696 | |||
Buildings and Improvements | 4,758 | |||
Total | 5,454 | |||
Accumulated Depreciation 12/31/2019 | 2,821 | |||
305-311 Era Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings and Improvements | 1,154 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,159 | |||
Land | 205 | |||
Buildings and Improvements | 2,308 | |||
Total | 2,513 | |||
Accumulated Depreciation 12/31/2019 | 1,076 | |||
800 Business Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 631 | |||
Buildings and Improvements | 3,493 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 328 | |||
Land | 666 | |||
Buildings and Improvements | 3,786 | |||
Total | 4,452 | |||
Accumulated Depreciation 12/31/2019 | 1,818 | |||
580 Slawin Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 233 | |||
Buildings and Improvements | 1,292 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (27) | |||
Land | 162 | |||
Buildings and Improvements | 1,336 | |||
Total | 1,498 | |||
Accumulated Depreciation 12/31/2019 | 782 | |||
1005 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,585 | |||
Land | 1,200 | |||
Buildings and Improvements | 6,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,610 | |||
Land | 1,220 | |||
Buildings and Improvements | 8,233 | |||
Total | 9,453 | |||
Accumulated Depreciation 12/31/2019 | 3,576 | |||
175 Wall Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 427 | |||
Buildings and Improvements | 2,363 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 714 | |||
Land | 433 | |||
Buildings and Improvements | 3,071 | |||
Total | 3,504 | |||
Accumulated Depreciation 12/31/2019 | 1,222 | |||
251 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,553 | |||
Land | 983 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,644 | |||
Land | 983 | |||
Buildings and Improvements | 6,644 | |||
Total | 7,627 | |||
Accumulated Depreciation 12/31/2019 | 2,672 | |||
400 Crossroads Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,178 | |||
Buildings and Improvements | 9,453 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,655 | |||
Land | 1,181 | |||
Buildings and Improvements | 11,105 | |||
Total | 12,286 | |||
Accumulated Depreciation 12/31/2019 | 4,963 | |||
7801 W. Industrial Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,215 | |||
Buildings and Improvements | 3,020 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,325 | |||
Land | 1,220 | |||
Buildings and Improvements | 4,340 | |||
Total | 5,560 | |||
Accumulated Depreciation 12/31/2019 | 2,292 | |||
725 Kimberly Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 793 | |||
Buildings and Improvements | 1,395 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5 | |||
Land | 801 | |||
Buildings and Improvements | 1,392 | |||
Total | 2,193 | |||
Accumulated Depreciation 12/31/2019 | 712 | |||
17001 S. Vincennes [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 497 | |||
Buildings and Improvements | 504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 513 | |||
Buildings and Improvements | 491 | |||
Total | 1,004 | |||
Accumulated Depreciation 12/31/2019 | 420 | |||
2900 W. 166th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,132 | |||
Buildings and Improvements | 4,293 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (1,328) | |||
Land | 1,134 | |||
Buildings and Improvements | 2,963 | |||
Total | 4,097 | |||
Accumulated Depreciation 12/31/2019 | 926 | |||
555 W. Algonquin Rd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 574 | |||
Buildings and Improvements | 741 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,360 | |||
Land | 579 | |||
Buildings and Improvements | 3,096 | |||
Total | 3,675 | |||
Accumulated Depreciation 12/31/2019 | 1,207 | |||
1501 Oakton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,668 | |||
Land | 3,369 | |||
Buildings and Improvements | 6,121 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 134 | |||
Land | 3,482 | |||
Buildings and Improvements | 6,142 | |||
Total | 9,624 | |||
Accumulated Depreciation 12/31/2019 | 2,355 | |||
16500 W. 103rd Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 744 | |||
Buildings and Improvements | 2,458 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 529 | |||
Land | 762 | |||
Buildings and Improvements | 2,969 | |||
Total | 3,731 | |||
Accumulated Depreciation 12/31/2019 | 1,261 | |||
8505 50th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,212 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 33,063 | |||
Land | 3,212 | |||
Buildings and Improvements | 33,063 | |||
Total | 36,275 | |||
Accumulated Depreciation 12/31/2019 | 10,145 | |||
4100 Rock Creek Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,476 | |||
Buildings and Improvements | 16,061 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 830 | |||
Land | 4,476 | |||
Buildings and Improvements | 16,891 | |||
Total | 21,367 | |||
Accumulated Depreciation 12/31/2019 | 4,523 | |||
10100 58th Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,201 | |||
Buildings and Improvements | 17,604 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 74 | |||
Land | 4,201 | |||
Buildings and Improvements | 17,678 | |||
Total | 21,879 | |||
Accumulated Depreciation 12/31/2019 | 4,630 | |||
401 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 534 | |||
Buildings and Improvements | 1,957 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12 | |||
Land | 534 | |||
Buildings and Improvements | 1,969 | |||
Total | 2,503 | |||
Accumulated Depreciation 12/31/2019 | 463 | |||
3737 84th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,943 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 24,116 | |||
Land | 1,943 | |||
Buildings and Improvements | 24,116 | |||
Total | 26,059 | |||
Accumulated Depreciation 12/31/2019 | 2,304 | |||
81 Paragon Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,787 | |||
Buildings and Improvements | 7,252 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,362 | |||
Land | 1,788 | |||
Buildings and Improvements | 8,613 | |||
Total | 10,401 | |||
Accumulated Depreciation 12/31/2019 | 1,083 | |||
10680 88th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,376 | |||
Buildings and Improvements | 4,757 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,376 | |||
Buildings and Improvements | 4,757 | |||
Total | 6,133 | |||
Accumulated Depreciation 12/31/2019 | 435 | |||
8725 31st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,133 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 27,578 | |||
Land | 2,134 | |||
Buildings and Improvements | 27,577 | |||
Total | 29,711 | |||
Accumulated Depreciation 12/31/2019 | 2,472 | |||
3500 Channahon Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,595 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,506 | |||
Land | 2,598 | |||
Buildings and Improvements | 17,503 | |||
Total | 20,101 | |||
Accumulated Depreciation 12/31/2019 | 646 | |||
1998 Melissa Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,401 | |||
Buildings and Improvements | 9,970 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 942 | |||
Land | 2,400 | |||
Buildings and Improvements | 10,913 | |||
Total | 13,313 | |||
Accumulated Depreciation 12/31/2019 | 368 | |||
4700-4750 Creek Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,080 | |||
Buildings and Improvements | 6,118 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,478 | |||
Land | 1,109 | |||
Buildings and Improvements | 7,567 | |||
Total | 8,676 | |||
Accumulated Depreciation 12/31/2019 | 4,136 | |||
4436 Mulhauser Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,345 | |||
Land | 630 | |||
Buildings and Improvements | 5,345 | |||
Total | 5,975 | |||
Accumulated Depreciation 12/31/2019 | 2,255 | |||
4438 Mulhauser Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 779 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,318 | |||
Land | 779 | |||
Buildings and Improvements | 6,318 | |||
Total | 7,097 | |||
Accumulated Depreciation 12/31/2019 | 2,677 | |||
4663 Dues Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 858 | |||
Buildings and Improvements | 2,273 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 606 | |||
Land | 875 | |||
Buildings and Improvements | 2,862 | |||
Total | 3,737 | |||
Accumulated Depreciation 12/31/2019 | 1,918 | |||
9345 Princeton-Glendale Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 818 | |||
Buildings and Improvements | 1,648 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 561 | |||
Land | 840 | |||
Buildings and Improvements | 2,187 | |||
Total | 3,027 | |||
Accumulated Depreciation 12/31/2019 | 1,786 | |||
9525 Glades Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings and Improvements | 1,323 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 240 | |||
Land | 355 | |||
Buildings and Improvements | 1,555 | |||
Total | 1,910 | |||
Accumulated Depreciation 12/31/2019 | 749 | |||
9774-9792 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 392 | |||
Buildings and Improvements | 1,744 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 185 | |||
Land | 394 | |||
Buildings and Improvements | 1,927 | |||
Total | 2,321 | |||
Accumulated Depreciation 12/31/2019 | 637 | |||
9808-9830 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 395 | |||
Buildings and Improvements | 2,541 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 483 | |||
Land | 397 | |||
Buildings and Improvements | 3,022 | |||
Total | 3,419 | |||
Accumulated Depreciation 12/31/2019 | 1,160 | |||
9842-9862 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 506 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 213 | |||
Land | 508 | |||
Buildings and Improvements | 3,359 | |||
Total | 3,867 | |||
Accumulated Depreciation 12/31/2019 | 1,292 | |||
9872-9898 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 546 | |||
Buildings and Improvements | 3,039 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 257 | |||
Land | 548 | |||
Buildings and Improvements | 3,294 | |||
Total | 3,842 | |||
Accumulated Depreciation 12/31/2019 | 1,347 | |||
9902-9922 Windisch Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 623 | |||
Buildings and Improvements | 4,003 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 819 | |||
Land | 627 | |||
Buildings and Improvements | 4,818 | |||
Total | 5,445 | |||
Accumulated Depreciation 12/31/2019 | 2,374 | |||
30311 Emerald Valley Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,587 | |||
Land | 681 | |||
Buildings and Improvements | 11,838 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (526) | |||
Land | 691 | |||
Buildings and Improvements | 11,302 | |||
Total | 11,993 | |||
Accumulated Depreciation 12/31/2019 | 4,590 | |||
30333 Emerald Valley Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 466 | |||
Buildings and Improvements | 5,447 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (648) | |||
Land | 475 | |||
Buildings and Improvements | 4,790 | |||
Total | 5,265 | |||
Accumulated Depreciation 12/31/2019 | 2,027 | |||
7800 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 972 | |||
Buildings and Improvements | 7,033 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 338 | |||
Land | 991 | |||
Buildings and Improvements | 7,352 | |||
Total | 8,343 | |||
Accumulated Depreciation 12/31/2019 | 3,427 | |||
7900 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,094 | |||
Land | 775 | |||
Buildings and Improvements | 6,244 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (377) | |||
Land | 792 | |||
Buildings and Improvements | 5,850 | |||
Total | 6,642 | |||
Accumulated Depreciation 12/31/2019 | 2,499 | |||
7905 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,499 | |||
Land | 920 | |||
Buildings and Improvements | 6,174 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 119 | |||
Land | 922 | |||
Buildings and Improvements | 6,291 | |||
Total | 7,213 | |||
Accumulated Depreciation 12/31/2019 | 2,709 | |||
8181 Darrow Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,478 | |||
Buildings and Improvements | 6,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,014 | |||
Land | 2,496 | |||
Buildings and Improvements | 10,787 | |||
Total | 13,283 | |||
Accumulated Depreciation 12/31/2019 | 4,218 | |||
2406-2416 Walnut Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 178 | |||
Buildings and Improvements | 1,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,197 | |||
Land | 172 | |||
Buildings and Improvements | 2,209 | |||
Total | 2,381 | |||
Accumulated Depreciation 12/31/2019 | 808 | |||
2401-2419 Walnut Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 148 | |||
Buildings and Improvements | 839 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 414 | |||
Land | 142 | |||
Buildings and Improvements | 1,259 | |||
Total | 1,401 | |||
Accumulated Depreciation 12/31/2019 | 656 | |||
900-906 Great Southwest Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 237 | |||
Buildings and Improvements | 1,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 799 | |||
Land | 270 | |||
Buildings and Improvements | 2,108 | |||
Total | 2,378 | |||
Accumulated Depreciation 12/31/2019 | 943 | |||
3000 West Commerce [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 456 | |||
Buildings and Improvements | 2,584 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,202 | |||
Land | 469 | |||
Buildings and Improvements | 3,773 | |||
Total | 4,242 | |||
Accumulated Depreciation 12/31/2019 | 2,102 | |||
405-407 113th [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 181 | |||
Buildings and Improvements | 1,026 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 450 | |||
Land | 185 | |||
Buildings and Improvements | 1,472 | |||
Total | 1,657 | |||
Accumulated Depreciation 12/31/2019 | 759 | |||
816 111th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 251 | |||
Buildings and Improvements | 1,421 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 230 | |||
Land | 258 | |||
Buildings and Improvements | 1,644 | |||
Total | 1,902 | |||
Accumulated Depreciation 12/31/2019 | 841 | |||
1602-1654 Terre Colony [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 458 | |||
Buildings and Improvements | 2,596 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 771 | |||
Land | 468 | |||
Buildings and Improvements | 3,357 | |||
Total | 3,825 | |||
Accumulated Depreciation 12/31/2019 | 1,565 | |||
2220 Merritt Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 352 | |||
Buildings and Improvements | 1,993 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 409 | |||
Land | 316 | |||
Buildings and Improvements | 2,438 | |||
Total | 2,754 | |||
Accumulated Depreciation 12/31/2019 | 1,047 | |||
2485-2505 Merritt Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 431 | |||
Buildings and Improvements | 2,440 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 551 | |||
Land | 443 | |||
Buildings and Improvements | 2,979 | |||
Total | 3,422 | |||
Accumulated Depreciation 12/31/2019 | 1,302 | |||
2110 Hutton Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 374 | |||
Buildings and Improvements | 2,117 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 399 | |||
Land | 255 | |||
Buildings and Improvements | 2,635 | |||
Total | 2,890 | |||
Accumulated Depreciation 12/31/2019 | 1,415 | |||
2025 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 437 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 570 | |||
Land | 442 | |||
Buildings and Improvements | 3,043 | |||
Total | 3,485 | |||
Accumulated Depreciation 12/31/2019 | 1,300 | |||
2019 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 502 | |||
Buildings and Improvements | 2,843 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 636 | |||
Land | 507 | |||
Buildings and Improvements | 3,474 | |||
Total | 3,981 | |||
Accumulated Depreciation 12/31/2019 | 1,472 | |||
2029-2035 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 306 | |||
Buildings and Improvements | 1,870 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 545 | |||
Land | 306 | |||
Buildings and Improvements | 2,415 | |||
Total | 2,721 | |||
Accumulated Depreciation 12/31/2019 | 1,017 | |||
2015 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,891 | |||
Land | 510 | |||
Buildings and Improvements | 2,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 660 | |||
Land | 516 | |||
Buildings and Improvements | 3,545 | |||
Total | 4,061 | |||
Accumulated Depreciation 12/31/2019 | 1,453 | |||
2009 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,673 | |||
Land | 476 | |||
Buildings and Improvements | 2,699 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 416 | |||
Land | 481 | |||
Buildings and Improvements | 3,110 | |||
Total | 3,591 | |||
Accumulated Depreciation 12/31/2019 | 1,383 | |||
900-1100 Avenue S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 623 | |||
Buildings and Improvements | 3,528 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,067 | |||
Land | 629 | |||
Buildings and Improvements | 4,589 | |||
Total | 5,218 | |||
Accumulated Depreciation 12/31/2019 | 1,808 | |||
Plano Crossing Bus. Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,499 | |||
Land | 1,961 | |||
Buildings and Improvements | 11,112 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 878 | |||
Land | 1,981 | |||
Buildings and Improvements | 11,970 | |||
Total | 13,951 | |||
Accumulated Depreciation 12/31/2019 | 5,029 | |||
825-827 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,949 | |||
Land | 600 | |||
Buildings and Improvements | 3,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 412 | |||
Land | 604 | |||
Buildings and Improvements | 3,414 | |||
Total | 4,018 | |||
Accumulated Depreciation 12/31/2019 | 1,824 | |||
1013-31 Avenue M [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 300 | |||
Buildings and Improvements | 1,504 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 278 | |||
Land | 302 | |||
Buildings and Improvements | 1,780 | |||
Total | 2,082 | |||
Accumulated Depreciation 12/31/2019 | 880 | |||
1172-84 113th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 700 | |||
Buildings and Improvements | 3,509 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (81) | |||
Land | 704 | |||
Buildings and Improvements | 3,424 | |||
Total | 4,128 | |||
Accumulated Depreciation 12/31/2019 | 1,460 | |||
1200-16 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 600 | |||
Buildings and Improvements | 2,846 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 844 | |||
Land | 604 | |||
Buildings and Improvements | 3,686 | |||
Total | 4,290 | |||
Accumulated Depreciation 12/31/2019 | 1,539 | |||
1322-66 W. North Carrier Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,673 | |||
Land | 1,000 | |||
Buildings and Improvements | 5,012 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,560 | |||
Land | 1,006 | |||
Buildings and Improvements | 6,566 | |||
Total | 7,572 | |||
Accumulated Depreciation 12/31/2019 | 2,986 | |||
2401-2407 Centennial Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,760 | |||
Land | 600 | |||
Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 644 | |||
Land | 604 | |||
Buildings and Improvements | 3,174 | |||
Total | 3,778 | |||
Accumulated Depreciation 12/31/2019 | 1,628 | |||
3111 West Commerce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,011 | |||
Land | 1,000 | |||
Buildings and Improvements | 3,364 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,844 | |||
Land | 1,011 | |||
Buildings and Improvements | 5,197 | |||
Total | 6,208 | |||
Accumulated Depreciation 12/31/2019 | 2,759 | |||
13800 Senlac Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,329 | |||
Land | 823 | |||
Buildings and Improvements | 4,042 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (63) | |||
Land | 825 | |||
Buildings and Improvements | 3,977 | |||
Total | 4,802 | |||
Accumulated Depreciation 12/31/2019 | 2,076 | |||
801-831 S Great Southwest Pkwy [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,581 | |||
Buildings and Improvements | 16,556 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 773 | |||
Land | 2,586 | |||
Buildings and Improvements | 17,324 | |||
Total | 19,910 | |||
Accumulated Depreciation 12/31/2019 | 12,130 | |||
801 Heinz Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 599 | |||
Buildings and Improvements | 3,327 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 339 | |||
Land | 601 | |||
Buildings and Improvements | 3,664 | |||
Total | 4,265 | |||
Accumulated Depreciation 12/31/2019 | 2,069 | |||
901-937 Heinz Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 493 | |||
Buildings and Improvements | 2,758 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 56 | |||
Land | 481 | |||
Buildings and Improvements | 2,826 | |||
Total | 3,307 | |||
Accumulated Depreciation 12/31/2019 | 1,759 | |||
3301 Century Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 760 | |||
Buildings and Improvements | 3,856 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (125) | |||
Land | 771 | |||
Buildings and Improvements | 3,720 | |||
Total | 4,491 | |||
Accumulated Depreciation 12/31/2019 | 1,408 | |||
3901 W Miller Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,912 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 14,046 | |||
Land | 1,947 | |||
Buildings and Improvements | 14,011 | |||
Total | 15,958 | |||
Accumulated Depreciation 12/31/2019 | 3,846 | |||
1251 North Cockrell Hill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,064 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,630 | |||
Land | 1,073 | |||
Buildings and Improvements | 14,621 | |||
Total | 15,694 | |||
Accumulated Depreciation 12/31/2019 | 2,082 | |||
1171 North Cockrell Hill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,215 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,972 | |||
Land | 632 | |||
Buildings and Improvements | 11,555 | |||
Total | 12,187 | |||
Accumulated Depreciation 12/31/2019 | 1,520 | |||
3996 Scientific Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,301 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,082 | |||
Land | 1,349 | |||
Buildings and Improvements | 8,034 | |||
Total | 9,383 | |||
Accumulated Depreciation 12/31/2019 | 1,515 | |||
750 Gateway Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,452 | |||
Buildings and Improvements | 4,679 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 80 | |||
Land | 1,452 | |||
Buildings and Improvements | 4,759 | |||
Total | 6,211 | |||
Accumulated Depreciation 12/31/2019 | 729 | |||
2250 East Bardin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,603 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,110 | |||
Land | 1,603 | |||
Buildings and Improvements | 10,110 | |||
Total | 11,713 | |||
Accumulated Depreciation 12/31/2019 | 1,093 | |||
2001 Midway Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,963 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,171 | |||
Land | 3,963 | |||
Buildings and Improvements | 11,171 | |||
Total | 15,134 | |||
Accumulated Depreciation 12/31/2019 | 21 | |||
2025 Midway Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,243 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,627 | |||
Land | 2,243 | |||
Buildings and Improvements | 7,627 | |||
Total | 9,870 | |||
Accumulated Depreciation 12/31/2019 | 56 | |||
5300 Mountain Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,675 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 47,578 | |||
Land | 4,779 | |||
Buildings and Improvements | 47,474 | |||
Total | 52,253 | |||
Accumulated Depreciation 12/31/2019 | 101 | |||
3700 Sandshell Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,892 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,602 | |||
Land | 1,901 | |||
Buildings and Improvements | 8,593 | |||
Total | 10,494 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
4785 Elati [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 173 | |||
Buildings and Improvements | 981 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 390 | |||
Land | 175 | |||
Buildings and Improvements | 1,369 | |||
Total | 1,544 | |||
Accumulated Depreciation 12/31/2019 | 626 | |||
4770 Fox Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 132 | |||
Buildings and Improvements | 750 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 330 | |||
Land | 134 | |||
Buildings and Improvements | 1,078 | |||
Total | 1,212 | |||
Accumulated Depreciation 12/31/2019 | 540 | |||
3851-3871 Revere [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 361 | |||
Buildings and Improvements | 2,047 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 489 | |||
Land | 368 | |||
Buildings and Improvements | 2,529 | |||
Total | 2,897 | |||
Accumulated Depreciation 12/31/2019 | 1,376 | |||
4570 Ivy Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 219 | |||
Buildings and Improvements | 1,239 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 111 | |||
Land | 220 | |||
Buildings and Improvements | 1,349 | |||
Total | 1,569 | |||
Accumulated Depreciation 12/31/2019 | 733 | |||
5855 Stapleton Drive North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 288 | |||
Buildings and Improvements | 1,630 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 149 | |||
Land | 290 | |||
Buildings and Improvements | 1,777 | |||
Total | 2,067 | |||
Accumulated Depreciation 12/31/2019 | 964 | |||
5885 Stapleton Drive North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 376 | |||
Buildings and Improvements | 2,129 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 254 | |||
Land | 380 | |||
Buildings and Improvements | 2,379 | |||
Total | 2,759 | |||
Accumulated Depreciation 12/31/2019 | 1,278 | |||
5977 North Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 268 | |||
Buildings and Improvements | 1,518 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 515 | |||
Land | 271 | |||
Buildings and Improvements | 2,030 | |||
Total | 2,301 | |||
Accumulated Depreciation 12/31/2019 | 1,050 | |||
5952-5978 North Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 414 | |||
Buildings and Improvements | 2,346 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 773 | |||
Land | 422 | |||
Buildings and Improvements | 3,111 | |||
Total | 3,533 | |||
Accumulated Depreciation 12/31/2019 | 1,628 | |||
4721 Ironton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 232 | |||
Buildings and Improvements | 1,313 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 383 | |||
Land | 236 | |||
Buildings and Improvements | 1,692 | |||
Total | 1,928 | |||
Accumulated Depreciation 12/31/2019 | 879 | |||
7003 E 47th Ave Drive [Member ] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 441 | |||
Buildings and Improvements | 2,689 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1 | |||
Land | 441 | |||
Buildings and Improvements | 2,690 | |||
Total | 3,131 | |||
Accumulated Depreciation 12/31/2019 | 1,515 | |||
9500 West 49th Street - A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 978 | |||
Land | 283 | |||
Buildings and Improvements | 1,625 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 192 | |||
Land | 287 | |||
Buildings and Improvements | 1,813 | |||
Total | 2,100 | |||
Accumulated Depreciation 12/31/2019 | 1,002 | |||
9500 West 49th Street - B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 811 | |||
Land | 225 | |||
Buildings and Improvements | 1,272 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 243 | |||
Land | 227 | |||
Buildings and Improvements | 1,513 | |||
Total | 1,740 | |||
Accumulated Depreciation 12/31/2019 | 788 | |||
9500 West 49th Street - C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,103 | |||
Land | 600 | |||
Buildings and Improvements | 3,409 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 505 | |||
Land | 601 | |||
Buildings and Improvements | 3,913 | |||
Total | 4,514 | |||
Accumulated Depreciation 12/31/2019 | 2,160 | |||
9500 West 49th Street - D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 997 | |||
Land | 246 | |||
Buildings and Improvements | 1,537 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 358 | |||
Land | 247 | |||
Buildings and Improvements | 1,894 | |||
Total | 2,141 | |||
Accumulated Depreciation 12/31/2019 | 1,059 | |||
451-591 East 124th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 383 | |||
Buildings and Improvements | 2,145 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 333 | |||
Land | 383 | |||
Buildings and Improvements | 2,478 | |||
Total | 2,861 | |||
Accumulated Depreciation 12/31/2019 | 1,316 | |||
6547 South Racine Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 739 | |||
Buildings and Improvements | 4,241 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 463 | |||
Land | 739 | |||
Buildings and Improvements | 4,704 | |||
Total | 5,443 | |||
Accumulated Depreciation 12/31/2019 | 2,510 | |||
11701 East 53rd Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 416 | |||
Buildings and Improvements | 2,355 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 297 | |||
Land | 422 | |||
Buildings and Improvements | 2,646 | |||
Total | 3,068 | |||
Accumulated Depreciation 12/31/2019 | 1,448 | |||
5401 Oswego [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 273 | |||
Buildings and Improvements | 1,547 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 232 | |||
Land | 278 | |||
Buildings and Improvements | 1,774 | |||
Total | 2,052 | |||
Accumulated Depreciation 12/31/2019 | 940 | |||
445 Bryant Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,472 | |||
Land | 1,829 | |||
Buildings and Improvements | 10,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,356 | |||
Land | 1,829 | |||
Buildings and Improvements | 13,575 | |||
Total | 15,404 | |||
Accumulated Depreciation 12/31/2019 | 6,563 | |||
12055 E 49th Ave/4955 Peoria [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 298 | |||
Buildings and Improvements | 1,688 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 510 | |||
Land | 305 | |||
Buildings and Improvements | 2,191 | |||
Total | 2,496 | |||
Accumulated Depreciation 12/31/2019 | 1,116 | |||
4940 - 4950 Paris [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 152 | |||
Buildings and Improvements | 861 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 275 | |||
Land | 156 | |||
Buildings and Improvements | 1,132 | |||
Total | 1,288 | |||
Accumulated Depreciation 12/31/2019 | 565 | |||
7367 South Revere Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 926 | |||
Buildings and Improvements | 5,124 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,324 | |||
Land | 934 | |||
Buildings and Improvements | 6,440 | |||
Total | 7,374 | |||
Accumulated Depreciation 12/31/2019 | 3,328 | |||
8200 East Park Meadows Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,781 | |||
Land | 1,297 | |||
Buildings and Improvements | 7,348 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,211 | |||
Land | 1,304 | |||
Buildings and Improvements | 8,552 | |||
Total | 9,856 | |||
Accumulated Depreciation 12/31/2019 | 3,929 | |||
3250 Quentin Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,220 | |||
Buildings and Improvements | 6,911 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 954 | |||
Land | 1,230 | |||
Buildings and Improvements | 7,855 | |||
Total | 9,085 | |||
Accumulated Depreciation 12/31/2019 | 3,584 | |||
8020 Southpark Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 739 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,169 | |||
Land | 781 | |||
Buildings and Improvements | 3,127 | |||
Total | 3,908 | |||
Accumulated Depreciation 12/31/2019 | 1,362 | |||
8810 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 312 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,849 | |||
Land | 370 | |||
Buildings and Improvements | 1,791 | |||
Total | 2,161 | |||
Accumulated Depreciation 12/31/2019 | 820 | |||
8820 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 338 | |||
Buildings and Improvements | 1,918 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 343 | |||
Land | 372 | |||
Buildings and Improvements | 2,227 | |||
Total | 2,599 | |||
Accumulated Depreciation 12/31/2019 | 956 | |||
8835 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,151 | |||
Buildings and Improvements | 6,523 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,157 | |||
Land | 1,304 | |||
Buildings and Improvements | 7,527 | |||
Total | 8,831 | |||
Accumulated Depreciation 12/31/2019 | 3,329 | |||
18150 E. 32nd Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 563 | |||
Buildings and Improvements | 3,188 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 194 | |||
Land | 572 | |||
Buildings and Improvements | 3,373 | |||
Total | 3,945 | |||
Accumulated Depreciation 12/31/2019 | 1,488 | |||
3400 Fraser Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 616 | |||
Buildings and Improvements | 3,593 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (134) | |||
Land | 620 | |||
Buildings and Improvements | 3,455 | |||
Total | 4,075 | |||
Accumulated Depreciation 12/31/2019 | 1,553 | |||
7005 E. 46th Avenue Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 512 | |||
Buildings and Improvements | 2,025 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 229 | |||
Land | 517 | |||
Buildings and Improvements | 2,249 | |||
Total | 2,766 | |||
Accumulated Depreciation 12/31/2019 | 962 | |||
4001 Salazar Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,291 | |||
Land | 1,271 | |||
Buildings and Improvements | 6,508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (713) | |||
Land | 1,276 | |||
Buildings and Improvements | 5,790 | |||
Total | 7,066 | |||
Accumulated Depreciation 12/31/2019 | 2,159 | |||
5909-5915 N. Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 495 | |||
Buildings and Improvements | 1,268 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 131 | |||
Land | 500 | |||
Buildings and Improvements | 1,394 | |||
Total | 1,894 | |||
Accumulated Depreciation 12/31/2019 | 931 | |||
21301 E. 33rd Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,290 | |||
Land | 2,860 | |||
Buildings and Improvements | 8,202 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 924 | |||
Land | 2,859 | |||
Buildings and Improvements | 9,127 | |||
Total | 11,986 | |||
Accumulated Depreciation 12/31/2019 | 1,312 | |||
21110 E 31st Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,564 | |||
Buildings and Improvements | 7,047 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6 | |||
Land | 1,564 | |||
Buildings and Improvements | 7,053 | |||
Total | 8,617 | |||
Accumulated Depreciation 12/31/2019 | 124 | |||
22300 E 26th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,881 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 28,430 | |||
Land | 4,890 | |||
Buildings and Improvements | 28,421 | |||
Total | 33,311 | |||
Accumulated Depreciation 12/31/2019 | 237 | |||
47461 Clipper [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 122 | |||
Buildings and Improvements | 723 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 159 | |||
Land | 122 | |||
Buildings and Improvements | 882 | |||
Total | 1,004 | |||
Accumulated Depreciation 12/31/2019 | 526 | |||
449 Executive Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 125 | |||
Buildings and Improvements | 425 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,007 | |||
Land | 218 | |||
Buildings and Improvements | 1,339 | |||
Total | 1,557 | |||
Accumulated Depreciation 12/31/2019 | 1,227 | |||
1416 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 94 | |||
Buildings and Improvements | 394 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 477 | |||
Land | 121 | |||
Buildings and Improvements | 844 | |||
Total | 965 | |||
Accumulated Depreciation 12/31/2019 | 734 | |||
1624 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 236 | |||
Buildings and Improvements | 1,406 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 898 | |||
Land | 373 | |||
Buildings and Improvements | 2,167 | |||
Total | 2,540 | |||
Accumulated Depreciation 12/31/2019 | 2,064 | |||
1972 Meijer Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 315 | |||
Buildings and Improvements | 1,301 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 787 | |||
Land | 372 | |||
Buildings and Improvements | 2,031 | |||
Total | 2,403 | |||
Accumulated Depreciation 12/31/2019 | 1,877 | |||
1707 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 95 | |||
Buildings and Improvements | 262 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,398 | |||
Land | 239 | |||
Buildings and Improvements | 1,516 | |||
Total | 1,755 | |||
Accumulated Depreciation 12/31/2019 | 1,355 | |||
1826 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 55 | |||
Buildings and Improvements | 208 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 472 | |||
Land | 103 | |||
Buildings and Improvements | 632 | |||
Total | 735 | |||
Accumulated Depreciation 12/31/2019 | 568 | |||
1864 Northwood Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 57 | |||
Buildings and Improvements | 190 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 489 | |||
Land | 107 | |||
Buildings and Improvements | 629 | |||
Total | 736 | |||
Accumulated Depreciation 12/31/2019 | 581 | |||
2730 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 903 | |||
Buildings and Improvements | 4,215 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,182 | |||
Land | 903 | |||
Buildings and Improvements | 5,397 | |||
Total | 6,300 | |||
Accumulated Depreciation 12/31/2019 | 4,894 | |||
2791 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings and Improvements | 2,731 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 736 | |||
Land | 560 | |||
Buildings and Improvements | 3,464 | |||
Total | 4,024 | |||
Accumulated Depreciation 12/31/2019 | 2,928 | |||
2871 Research Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 324 | |||
Buildings and Improvements | 1,487 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 412 | |||
Land | 327 | |||
Buildings and Improvements | 1,896 | |||
Total | 2,223 | |||
Accumulated Depreciation 12/31/2019 | 1,664 | |||
2870 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 275 | |||
Buildings and Improvements | 1,262 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 369 | |||
Land | 279 | |||
Buildings and Improvements | 1,627 | |||
Total | 1,906 | |||
Accumulated Depreciation 12/31/2019 | 1,541 | |||
2900 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 214 | |||
Buildings and Improvements | 977 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 723 | |||
Land | 219 | |||
Buildings and Improvements | 1,695 | |||
Total | 1,914 | |||
Accumulated Depreciation 12/31/2019 | 1,219 | |||
2930 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 131 | |||
Buildings and Improvements | 594 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 432 | |||
Land | 138 | |||
Buildings and Improvements | 1,019 | |||
Total | 1,157 | |||
Accumulated Depreciation 12/31/2019 | 832 | |||
2950 Technology Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 178 | |||
Buildings and Improvements | 819 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 305 | |||
Land | 185 | |||
Buildings and Improvements | 1,117 | |||
Total | 1,302 | |||
Accumulated Depreciation 12/31/2019 | 960 | |||
23014 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 39 | |||
Buildings and Improvements | 203 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 189 | |||
Land | 56 | |||
Buildings and Improvements | 375 | |||
Total | 431 | |||
Accumulated Depreciation 12/31/2019 | 350 | |||
23035 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 71 | |||
Buildings and Improvements | 355 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 291 | |||
Land | 93 | |||
Buildings and Improvements | 624 | |||
Total | 717 | |||
Accumulated Depreciation 12/31/2019 | 552 | |||
23093 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 211 | |||
Buildings and Improvements | 1,024 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,000 | |||
Land | 295 | |||
Buildings and Improvements | 1,940 | |||
Total | 2,235 | |||
Accumulated Depreciation 12/31/2019 | 1,701 | |||
23135 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 146 | |||
Buildings and Improvements | 701 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 312 | |||
Land | 158 | |||
Buildings and Improvements | 1,001 | |||
Total | 1,159 | |||
Accumulated Depreciation 12/31/2019 | 942 | |||
23163 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 111 | |||
Buildings and Improvements | 513 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 359 | |||
Land | 138 | |||
Buildings and Improvements | 845 | |||
Total | 983 | |||
Accumulated Depreciation 12/31/2019 | 798 | |||
23177 Commerce Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 175 | |||
Buildings and Improvements | 1,007 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 661 | |||
Land | 254 | |||
Buildings and Improvements | 1,589 | |||
Total | 1,843 | |||
Accumulated Depreciation 12/31/2019 | 1,485 | |||
4400 Purks Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 602 | |||
Buildings and Improvements | 3,410 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,865 | |||
Land | 612 | |||
Buildings and Improvements | 7,265 | |||
Total | 7,877 | |||
Accumulated Depreciation 12/31/2019 | 3,973 | |||
32975 Capitol Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 135 | |||
Buildings and Improvements | 748 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (13) | |||
Land | 77 | |||
Buildings and Improvements | 793 | |||
Total | 870 | |||
Accumulated Depreciation 12/31/2019 | 386 | |||
11923 Brookfield Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 120 | |||
Buildings and Improvements | 665 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (306) | |||
Land | 32 | |||
Buildings and Improvements | 447 | |||
Total | 479 | |||
Accumulated Depreciation 12/31/2019 | 314 | |||
47711 Clipper Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 539 | |||
Buildings and Improvements | 2,983 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 579 | |||
Land | 575 | |||
Buildings and Improvements | 3,526 | |||
Total | 4,101 | |||
Accumulated Depreciation 12/31/2019 | 1,843 | |||
12874 Westmore Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 137 | |||
Buildings and Improvements | 761 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (230) | |||
Land | 58 | |||
Buildings and Improvements | 610 | |||
Total | 668 | |||
Accumulated Depreciation 12/31/2019 | 391 | |||
1775 Bellingham [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 344 | |||
Buildings and Improvements | 1,902 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 481 | |||
Land | 367 | |||
Buildings and Improvements | 2,360 | |||
Total | 2,727 | |||
Accumulated Depreciation 12/31/2019 | 1,186 | |||
1785 East Maple [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 92 | |||
Buildings and Improvements | 507 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 210 | |||
Land | 98 | |||
Buildings and Improvements | 711 | |||
Total | 809 | |||
Accumulated Depreciation 12/31/2019 | 362 | |||
980 Chicago [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 206 | |||
Buildings and Improvements | 1,141 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 333 | |||
Land | 220 | |||
Buildings and Improvements | 1,460 | |||
Total | 1,680 | |||
Accumulated Depreciation 12/31/2019 | 748 | |||
1935-55 Enterprise Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,285 | |||
Buildings and Improvements | 7,144 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,326 | |||
Land | 1,371 | |||
Buildings and Improvements | 8,384 | |||
Total | 9,755 | |||
Accumulated Depreciation 12/31/2019 | 4,490 | |||
5500 Enterprise Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 675 | |||
Buildings and Improvements | 3,737 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 945 | |||
Land | 721 | |||
Buildings and Improvements | 4,636 | |||
Total | 5,357 | |||
Accumulated Depreciation 12/31/2019 | 2,366 | |||
750 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 323 | |||
Buildings and Improvements | 1,790 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 404 | |||
Land | 345 | |||
Buildings and Improvements | 2,172 | |||
Total | 2,517 | |||
Accumulated Depreciation 12/31/2019 | 1,164 | |||
800 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings and Improvements | 1,567 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 380 | |||
Land | 302 | |||
Buildings and Improvements | 1,928 | |||
Total | 2,230 | |||
Accumulated Depreciation 12/31/2019 | 1,013 | |||
850 Chicago Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 183 | |||
Buildings and Improvements | 1,016 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 279 | |||
Land | 196 | |||
Buildings and Improvements | 1,282 | |||
Total | 1,478 | |||
Accumulated Depreciation 12/31/2019 | 658 | |||
4872 S. Lapeer Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,342 | |||
Buildings and Improvements | 5,441 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 481 | |||
Land | 1,412 | |||
Buildings and Improvements | 5,852 | |||
Total | 7,264 | |||
Accumulated Depreciation 12/31/2019 | 3,041 | |||
1400 Allen Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 209 | |||
Buildings and Improvements | 1,154 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 393 | |||
Land | 212 | |||
Buildings and Improvements | 1,544 | |||
Total | 1,756 | |||
Accumulated Depreciation 12/31/2019 | 712 | |||
1408 Allen Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 151 | |||
Buildings and Improvements | 834 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 104 | |||
Land | 153 | |||
Buildings and Improvements | 936 | |||
Total | 1,089 | |||
Accumulated Depreciation 12/31/2019 | 441 | |||
28435 Automation Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 621 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,661 | |||
Land | 628 | |||
Buildings and Improvements | 3,654 | |||
Total | 4,282 | |||
Accumulated Depreciation 12/31/2019 | 1,375 | |||
32200 N Avis Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 503 | |||
Buildings and Improvements | 3,367 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (921) | |||
Land | 195 | |||
Buildings and Improvements | 2,754 | |||
Total | 2,949 | |||
Accumulated Depreciation 12/31/2019 | 1,021 | |||
100 Kay Industrial Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 677 | |||
Buildings and Improvements | 2,018 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 259 | |||
Land | 685 | |||
Buildings and Improvements | 2,269 | |||
Total | 2,954 | |||
Accumulated Depreciation 12/31/2019 | 1,320 | |||
42555 Merrill Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,080 | |||
Buildings and Improvements | 2,300 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,415 | |||
Land | 1,090 | |||
Buildings and Improvements | 5,705 | |||
Total | 6,795 | |||
Accumulated Depreciation 12/31/2019 | 3,068 | |||
200 Northpointe Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 723 | |||
Buildings and Improvements | 2,063 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (396) | |||
Land | 734 | |||
Buildings and Improvements | 1,656 | |||
Total | 2,390 | |||
Accumulated Depreciation 12/31/2019 | 810 | |||
3351 Rauch St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 272 | |||
Buildings and Improvements | 1,541 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 689 | |||
Land | 278 | |||
Buildings and Improvements | 2,224 | |||
Total | 2,502 | |||
Accumulated Depreciation 12/31/2019 | 1,094 | |||
3801-3851 Yale St [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 413 | |||
Buildings and Improvements | 2,343 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,523 | |||
Land | 425 | |||
Buildings and Improvements | 3,854 | |||
Total | 4,279 | |||
Accumulated Depreciation 12/31/2019 | 1,737 | |||
3337-3347 Rauch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 227 | |||
Buildings and Improvements | 1,287 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 539 | |||
Land | 233 | |||
Buildings and Improvements | 1,820 | |||
Total | 2,053 | |||
Accumulated Depreciation 12/31/2019 | 868 | |||
8505 N Loop East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 439 | |||
Buildings and Improvements | 2,489 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 849 | |||
Land | 449 | |||
Buildings and Improvements | 3,328 | |||
Total | 3,777 | |||
Accumulated Depreciation 12/31/2019 | 1,614 | |||
4749-4799 Eastpark Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 594 | |||
Buildings and Improvements | 3,368 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,291 | |||
Land | 611 | |||
Buildings and Improvements | 4,642 | |||
Total | 5,253 | |||
Accumulated Depreciation 12/31/2019 | 2,440 | |||
4851 Homestead Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,309 | |||
Land | 491 | |||
Buildings and Improvements | 2,782 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,683 | |||
Land | 504 | |||
Buildings and Improvements | 4,452 | |||
Total | 4,956 | |||
Accumulated Depreciation 12/31/2019 | 2,177 | |||
3365-3385 Rauch Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 284 | |||
Buildings and Improvements | 1,611 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 519 | |||
Land | 290 | |||
Buildings and Improvements | 2,124 | |||
Total | 2,414 | |||
Accumulated Depreciation 12/31/2019 | 1,061 | |||
5050 Campbell Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 461 | |||
Buildings and Improvements | 2,610 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,011 | |||
Land | 470 | |||
Buildings and Improvements | 3,612 | |||
Total | 4,082 | |||
Accumulated Depreciation 12/31/2019 | 1,846 | |||
4300 Pine Timbers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,153 | |||
Land | 489 | |||
Buildings and Improvements | 2,769 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,180 | |||
Land | 499 | |||
Buildings and Improvements | 3,939 | |||
Total | 4,438 | |||
Accumulated Depreciation 12/31/2019 | 1,965 | |||
2500-2530 Fairway Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 766 | |||
Buildings and Improvements | 4,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,044 | |||
Land | 792 | |||
Buildings and Improvements | 6,360 | |||
Total | 7,152 | |||
Accumulated Depreciation 12/31/2019 | 2,973 | |||
6550 Longpointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 362 | |||
Buildings and Improvements | 2,050 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 914 | |||
Land | 370 | |||
Buildings and Improvements | 2,956 | |||
Total | 3,326 | |||
Accumulated Depreciation 12/31/2019 | 1,487 | |||
1815 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 487 | |||
Buildings and Improvements | 2,761 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,230 | |||
Land | 531 | |||
Buildings and Improvements | 4,947 | |||
Total | 5,478 | |||
Accumulated Depreciation 12/31/2019 | 2,325 | |||
1819 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 231 | |||
Buildings and Improvements | 1,308 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 930 | |||
Land | 251 | |||
Buildings and Improvements | 2,218 | |||
Total | 2,469 | |||
Accumulated Depreciation 12/31/2019 | 1,044 | |||
1805 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 564 | |||
Buildings and Improvements | 3,197 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,611 | |||
Land | 616 | |||
Buildings and Improvements | 5,756 | |||
Total | 6,372 | |||
Accumulated Depreciation 12/31/2019 | 2,865 | |||
11505 State Highway 225 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 940 | |||
Buildings and Improvements | 4,675 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10 | |||
Land | 940 | |||
Buildings and Improvements | 4,685 | |||
Total | 5,625 | |||
Accumulated Depreciation 12/31/2019 | 1,925 | |||
1500 E. Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings and Improvements | 1,328 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (91) | |||
Land | 204 | |||
Buildings and Improvements | 1,234 | |||
Total | 1,438 | |||
Accumulated Depreciation 12/31/2019 | 1,220 | |||
7230-7238 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 254 | |||
Buildings and Improvements | 764 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 235 | |||
Land | 259 | |||
Buildings and Improvements | 994 | |||
Total | 1,253 | |||
Accumulated Depreciation 12/31/2019 | 647 | |||
7240-7248 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 271 | |||
Buildings and Improvements | 726 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 359 | |||
Land | 276 | |||
Buildings and Improvements | 1,080 | |||
Total | 1,356 | |||
Accumulated Depreciation 12/31/2019 | 627 | |||
7250-7260 Wynnwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings and Improvements | 481 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,501 | |||
Land | 203 | |||
Buildings and Improvements | 1,979 | |||
Total | 2,182 | |||
Accumulated Depreciation 12/31/2019 | 851 | |||
6400 Long Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 188 | |||
Buildings and Improvements | 898 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 138 | |||
Land | 188 | |||
Buildings and Improvements | 1,036 | |||
Total | 1,224 | |||
Accumulated Depreciation 12/31/2019 | 527 | |||
7967 Blankenship [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 307 | |||
Buildings and Improvements | 1,166 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 192 | |||
Land | 307 | |||
Buildings and Improvements | 1,358 | |||
Total | 1,665 | |||
Accumulated Depreciation 12/31/2019 | 570 | |||
8800 City Park Look East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,717 | |||
Buildings and Improvements | 19,237 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (535) | |||
Land | 3,717 | |||
Buildings and Improvements | 18,702 | |||
Total | 22,419 | |||
Accumulated Depreciation 12/31/2019 | 6,336 | |||
4800 West Greens Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,350 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,030 | |||
Land | 3,312 | |||
Buildings and Improvements | 17,068 | |||
Total | 20,380 | |||
Accumulated Depreciation 12/31/2019 | 3,294 | |||
611 East Sam Houston Parkway S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,970 | |||
Buildings and Improvements | 7,431 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,313 | |||
Land | 2,013 | |||
Buildings and Improvements | 8,701 | |||
Total | 10,714 | |||
Accumulated Depreciation 12/31/2019 | 1,170 | |||
619 East Sam Houston Parkway S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,879 | |||
Buildings and Improvements | 11,713 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 785 | |||
Land | 2,876 | |||
Buildings and Improvements | 12,501 | |||
Total | 15,377 | |||
Accumulated Depreciation 12/31/2019 | 1,653 | |||
6913 Guhn Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,367 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,393 | |||
Land | 1,367 | |||
Buildings and Improvements | 7,393 | |||
Total | 8,760 | |||
Accumulated Depreciation 12/31/2019 | 216 | |||
607 East Sam Houston Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,076 | |||
Buildings and Improvements | 11,674 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 231 | |||
Land | 2,076 | |||
Buildings and Improvements | 11,905 | |||
Total | 13,981 | |||
Accumulated Depreciation 12/31/2019 | 366 | |||
615 East Sam Houston Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,265 | |||
Buildings and Improvements | 11,983 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (130) | |||
Land | 4,265 | |||
Buildings and Improvements | 11,853 | |||
Total | 16,118 | |||
Accumulated Depreciation 12/31/2019 | 468 | |||
2737 W Grand Parkway N [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,885 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,110 | |||
Land | 2,885 | |||
Buildings and Improvements | 8,110 | |||
Total | 10,995 | |||
Accumulated Depreciation 12/31/2019 | 14 | |||
2747 W Grand Parkway N [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,885 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,446 | |||
Land | 2,885 | |||
Buildings and Improvements | 9,446 | |||
Total | 12,331 | |||
Accumulated Depreciation 12/31/2019 | 17 | |||
4700 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 908 | |||
Buildings and Improvements | 1,883 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 330 | |||
Land | 912 | |||
Buildings and Improvements | 2,209 | |||
Total | 3,121 | |||
Accumulated Depreciation 12/31/2019 | 917 | |||
4710 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 830 | |||
Buildings and Improvements | 2,722 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 126 | |||
Land | 834 | |||
Buildings and Improvements | 2,844 | |||
Total | 3,678 | |||
Accumulated Depreciation 12/31/2019 | 1,000 | |||
4720 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 937 | |||
Buildings and Improvements | 2,455 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 302 | |||
Land | 942 | |||
Buildings and Improvements | 2,752 | |||
Total | 3,694 | |||
Accumulated Depreciation 12/31/2019 | 1,098 | |||
4740 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,107 | |||
Buildings and Improvements | 3,111 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 360 | |||
Land | 1,112 | |||
Buildings and Improvements | 3,466 | |||
Total | 4,578 | |||
Accumulated Depreciation 12/31/2019 | 1,176 | |||
4750 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 947 | |||
Buildings and Improvements | 3,079 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 399 | |||
Land | 951 | |||
Buildings and Improvements | 3,474 | |||
Total | 4,425 | |||
Accumulated Depreciation 12/31/2019 | 1,202 | |||
4800 NW 15th Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,092 | |||
Buildings and Improvements | 3,308 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 118 | |||
Land | 1,097 | |||
Buildings and Improvements | 3,421 | |||
Total | 4,518 | |||
Accumulated Depreciation 12/31/2019 | 1,163 | |||
6891 NW 74th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 857 | |||
Buildings and Improvements | 3,428 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,777 | |||
Land | 864 | |||
Buildings and Improvements | 7,198 | |||
Total | 8,062 | |||
Accumulated Depreciation 12/31/2019 | 2,824 | |||
12601 &12605 NW 115th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,424 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 295 | |||
Land | 477 | |||
Buildings and Improvements | 1,242 | |||
Total | 1,719 | |||
Accumulated Depreciation 12/31/2019 | 311 | |||
1351 NW 78th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,111 | |||
Buildings and Improvements | 4,634 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10 | |||
Land | 3,111 | |||
Buildings and Improvements | 4,644 | |||
Total | 7,755 | |||
Accumulated Depreciation 12/31/2019 | 753 | |||
2500 N.W. 19th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,824 | |||
Buildings and Improvements | 11,660 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 290 | |||
Land | 8,824 | |||
Buildings and Improvements | 11,950 | |||
Total | 20,774 | |||
Accumulated Depreciation 12/31/2019 | 1,651 | |||
5355 South Westridge Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,630 | |||
Buildings and Improvements | 7,058 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 36 | |||
Land | 1,646 | |||
Buildings and Improvements | 7,078 | |||
Total | 8,724 | |||
Accumulated Depreciation 12/31/2019 | 2,488 | |||
17005 W. Ryerson Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,023 | |||
Land | 403 | |||
Buildings and Improvements | 3,647 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 120 | |||
Land | 405 | |||
Buildings and Improvements | 3,765 | |||
Total | 4,170 | |||
Accumulated Depreciation 12/31/2019 | 2,264 | |||
16600 West Glendale Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,595 | |||
Land | 704 | |||
Buildings and Improvements | 1,923 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 799 | |||
Land | 715 | |||
Buildings and Improvements | 2,711 | |||
Total | 3,426 | |||
Accumulated Depreciation 12/31/2019 | 2,087 | |||
N58W15380 Shawn Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,188 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,020 | |||
Land | 1,204 | |||
Buildings and Improvements | 17,004 | |||
Total | 18,208 | |||
Accumulated Depreciation 12/31/2019 | 5,741 | |||
6201 West 111th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,358 | |||
Buildings and Improvements | 8,622 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,263 | |||
Land | 1,519 | |||
Buildings and Improvements | 21,724 | |||
Total | 23,243 | |||
Accumulated Depreciation 12/31/2019 | 14,140 | |||
1030 Lone Oak Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,849 | |||
Land | 456 | |||
Buildings and Improvements | 2,703 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 811 | |||
Land | 456 | |||
Buildings and Improvements | 3,514 | |||
Total | 3,970 | |||
Accumulated Depreciation 12/31/2019 | 2,142 | |||
1060 Lone Oak Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,420 | |||
Land | 624 | |||
Buildings and Improvements | 3,700 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 871 | |||
Land | 624 | |||
Buildings and Improvements | 4,571 | |||
Total | 5,195 | |||
Accumulated Depreciation 12/31/2019 | 2,722 | |||
5400 Nathan Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 749 | |||
Buildings and Improvements | 4,461 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,133 | |||
Land | 757 | |||
Buildings and Improvements | 5,586 | |||
Total | 6,343 | |||
Accumulated Depreciation 12/31/2019 | 3,222 | |||
6655 Wedgewood Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,466 | |||
Buildings and Improvements | 8,342 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,938 | |||
Land | 1,466 | |||
Buildings and Improvements | 14,280 | |||
Total | 15,746 | |||
Accumulated Depreciation 12/31/2019 | 7,839 | |||
12155 Nicollet Ave. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 286 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,957 | |||
Land | 288 | |||
Buildings and Improvements | 1,955 | |||
Total | 2,243 | |||
Accumulated Depreciation 12/31/2019 | 1,093 | |||
5775 12th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,133 | |||
Land | 590 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,868 | |||
Land | 590 | |||
Buildings and Improvements | 5,868 | |||
Total | 6,458 | |||
Accumulated Depreciation 12/31/2019 | 2,418 | |||
1157 Valley Park Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 760 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,683 | |||
Land | 888 | |||
Buildings and Improvements | 7,555 | |||
Total | 8,443 | |||
Accumulated Depreciation 12/31/2019 | 3,327 | |||
9600 West 76th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings and Improvements | 2,450 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 69 | |||
Land | 1,036 | |||
Buildings and Improvements | 2,483 | |||
Total | 3,519 | |||
Accumulated Depreciation 12/31/2019 | 995 | |||
7600 69th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,500 | |||
Buildings and Improvements | 8,328 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (95) | |||
Land | 1,510 | |||
Buildings and Improvements | 8,223 | |||
Total | 9,733 | |||
Accumulated Depreciation 12/31/2019 | 2,462 | |||
1087 Park Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,833 | |||
Land | 1,195 | |||
Buildings and Improvements | 4,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (246) | |||
Land | 1,198 | |||
Buildings and Improvements | 4,642 | |||
Total | 5,840 | |||
Accumulated Depreciation 12/31/2019 | 1,786 | |||
5391 12th Avenue SE [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,392 | |||
Buildings and Improvements | 8,149 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 110 | |||
Land | 1,395 | |||
Buildings and Improvements | 8,256 | |||
Total | 9,651 | |||
Accumulated Depreciation 12/31/2019 | 2,894 | |||
4701 Valley Industrial Blvd S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,465 | |||
Land | 1,296 | |||
Buildings and Improvements | 7,157 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 753 | |||
Land | 1,299 | |||
Buildings and Improvements | 7,907 | |||
Total | 9,206 | |||
Accumulated Depreciation 12/31/2019 | 4,090 | |||
6455 City West Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 659 | |||
Buildings and Improvements | 3,189 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,273 | |||
Land | 665 | |||
Buildings and Improvements | 4,456 | |||
Total | 5,121 | |||
Accumulated Depreciation 12/31/2019 | 2,393 | |||
7035 Winnetka Avene North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,275 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,335 | |||
Land | 1,343 | |||
Buildings and Improvements | 7,267 | |||
Total | 8,610 | |||
Accumulated Depreciation 12/31/2019 | 2,352 | |||
139 Eva Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,132 | |||
Buildings and Improvements | 3,105 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (286) | |||
Land | 2,175 | |||
Buildings and Improvements | 2,776 | |||
Total | 4,951 | |||
Accumulated Depreciation 12/31/2019 | 1,003 | |||
21900 Dodd Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,289 | |||
Buildings and Improvements | 7,952 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (902) | |||
Land | 2,289 | |||
Buildings and Improvements | 7,050 | |||
Total | 9,339 | |||
Accumulated Depreciation 12/31/2019 | 2,373 | |||
375 Rivertown Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,635 | |||
Buildings and Improvements | 8,157 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,452 | |||
Land | 2,635 | |||
Buildings and Improvements | 9,609 | |||
Total | 12,244 | |||
Accumulated Depreciation 12/31/2019 | 2,663 | |||
935 Aldrin Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,096 | |||
Buildings and Improvements | 7,884 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 138 | |||
Land | 2,096 | |||
Buildings and Improvements | 8,022 | |||
Total | 10,118 | |||
Accumulated Depreciation 12/31/2019 | 1,649 | |||
7050 Winnetka Avenue North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,623 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,751 | |||
Land | 1,634 | |||
Buildings and Improvements | 7,740 | |||
Total | 9,374 | |||
Accumulated Depreciation 12/31/2019 | 1,050 | |||
7051 West Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,309 | |||
Land | 1,275 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,829 | |||
Land | 1,279 | |||
Buildings and Improvements | 5,825 | |||
Total | 7,104 | |||
Accumulated Depreciation 12/31/2019 | 738 | |||
1931 Air Lane Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 489 | |||
Buildings and Improvements | 2,785 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 635 | |||
Land | 493 | |||
Buildings and Improvements | 3,416 | |||
Total | 3,909 | |||
Accumulated Depreciation 12/31/2019 | 1,762 | |||
4640 Cummings Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 360 | |||
Buildings and Improvements | 2,040 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 673 | |||
Land | 365 | |||
Buildings and Improvements | 2,708 | |||
Total | 3,073 | |||
Accumulated Depreciation 12/31/2019 | 1,259 | |||
1740 River Hills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 848 | |||
Buildings and Improvements | 4,383 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 542 | |||
Land | 888 | |||
Buildings and Improvements | 4,885 | |||
Total | 5,773 | |||
Accumulated Depreciation 12/31/2019 | 2,819 | |||
211 Ellery Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,639 | |||
Land | 606 | |||
Buildings and Improvements | 3,192 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (279) | |||
Land | 616 | |||
Buildings and Improvements | 2,903 | |||
Total | 3,519 | |||
Accumulated Depreciation 12/31/2019 | 1,148 | |||
130 Maddox Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,778 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,942 | |||
Land | 1,778 | |||
Buildings and Improvements | 23,942 | |||
Total | 25,720 | |||
Accumulated Depreciation 12/31/2019 | 6,601 | |||
14 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 483 | |||
Buildings and Improvements | 2,735 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 878 | |||
Land | 503 | |||
Buildings and Improvements | 3,593 | |||
Total | 4,096 | |||
Accumulated Depreciation 12/31/2019 | 1,816 | |||
12 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 572 | |||
Buildings and Improvements | 3,240 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 855 | |||
Land | 593 | |||
Buildings and Improvements | 4,074 | |||
Total | 4,667 | |||
Accumulated Depreciation 12/31/2019 | 2,167 | |||
22 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 364 | |||
Buildings and Improvements | 2,064 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 582 | |||
Land | 375 | |||
Buildings and Improvements | 2,635 | |||
Total | 3,010 | |||
Accumulated Depreciation 12/31/2019 | 1,353 | |||
26 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 361 | |||
Buildings and Improvements | 2,048 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 595 | |||
Land | 377 | |||
Buildings and Improvements | 2,627 | |||
Total | 3,004 | |||
Accumulated Depreciation 12/31/2019 | 1,391 | |||
24 World's Fair Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings and Improvements | 1,968 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 540 | |||
Land | 362 | |||
Buildings and Improvements | 2,493 | |||
Total | 2,855 | |||
Accumulated Depreciation 12/31/2019 | 1,338 | |||
20 World's Fair Drive Lot 13 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,734 | |||
Land | 691 | |||
Buildings and Improvements | 2,052 | |||
Total | 2,743 | |||
Accumulated Depreciation 12/31/2019 | 896 | |||
45 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 969 | |||
Buildings and Improvements | 5,491 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,142 | |||
Land | 978 | |||
Buildings and Improvements | 6,624 | |||
Total | 7,602 | |||
Accumulated Depreciation 12/31/2019 | 2,993 | |||
43 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 474 | |||
Buildings and Improvements | 2,686 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 508 | |||
Land | 479 | |||
Buildings and Improvements | 3,189 | |||
Total | 3,668 | |||
Accumulated Depreciation 12/31/2019 | 1,507 | |||
39 Route 46 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 260 | |||
Buildings and Improvements | 1,471 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 283 | |||
Land | 262 | |||
Buildings and Improvements | 1,752 | |||
Total | 2,014 | |||
Accumulated Depreciation 12/31/2019 | 811 | |||
26 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 956 | |||
Buildings and Improvements | 5,415 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 608 | |||
Land | 965 | |||
Buildings and Improvements | 6,014 | |||
Total | 6,979 | |||
Accumulated Depreciation 12/31/2019 | 2,791 | |||
30 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 960 | |||
Buildings and Improvements | 5,440 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 582 | |||
Land | 970 | |||
Buildings and Improvements | 6,012 | |||
Total | 6,982 | |||
Accumulated Depreciation 12/31/2019 | 2,790 | |||
20 Hook Mountain Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,507 | |||
Buildings and Improvements | 8,542 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,401 | |||
Land | 1,534 | |||
Buildings and Improvements | 9,916 | |||
Total | 11,450 | |||
Accumulated Depreciation 12/31/2019 | 4,743 | |||
30 Hook Mountain Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 389 | |||
Buildings and Improvements | 2,206 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 402 | |||
Land | 396 | |||
Buildings and Improvements | 2,601 | |||
Total | 2,997 | |||
Accumulated Depreciation 12/31/2019 | 1,185 | |||
16 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 885 | |||
Buildings and Improvements | 5,015 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 698 | |||
Land | 901 | |||
Buildings and Improvements | 5,697 | |||
Total | 6,598 | |||
Accumulated Depreciation 12/31/2019 | 2,634 | |||
20 Chapin Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,134 | |||
Buildings and Improvements | 6,426 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 812 | |||
Land | 1,154 | |||
Buildings and Improvements | 7,218 | |||
Total | 8,372 | |||
Accumulated Depreciation 12/31/2019 | 3,266 | |||
2500 Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 944 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,469 | |||
Land | 944 | |||
Buildings and Improvements | 4,469 | |||
Total | 5,413 | |||
Accumulated Depreciation 12/31/2019 | 1,867 | |||
2400 Main Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 996 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,397 | |||
Land | 996 | |||
Buildings and Improvements | 5,397 | |||
Total | 6,393 | |||
Accumulated Depreciation 12/31/2019 | 2,064 | |||
7851 Airport Highway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 160 | |||
Buildings and Improvements | 508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 328 | |||
Land | 162 | |||
Buildings and Improvements | 834 | |||
Total | 996 | |||
Accumulated Depreciation 12/31/2019 | 458 | |||
309-319 Pierce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,300 | |||
Buildings and Improvements | 4,628 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 606 | |||
Land | 1,309 | |||
Buildings and Improvements | 5,225 | |||
Total | 6,534 | |||
Accumulated Depreciation 12/31/2019 | 2,185 | |||
400 Cedar Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9,730 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 26,221 | |||
Land | 9,730 | |||
Buildings and Improvements | 26,221 | |||
Total | 35,951 | |||
Accumulated Depreciation 12/31/2019 | 2,276 | |||
301 Bordentown Hedding Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,983 | |||
Buildings and Improvements | 15,881 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 30 | |||
Land | 3,984 | |||
Buildings and Improvements | 15,910 | |||
Total | 19,894 | |||
Accumulated Depreciation 12/31/2019 | 1,374 | |||
302 Bordentown Hedding Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,738 | |||
Buildings and Improvements | 8,190 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 396 | |||
Land | 2,738 | |||
Buildings and Improvements | 8,586 | |||
Total | 11,324 | |||
Accumulated Depreciation 12/31/2019 | 449 | |||
304 Bordentown Hedding Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,684 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,689 | |||
Land | 3,629 | |||
Buildings and Improvements | 7,744 | |||
Total | 11,373 | |||
Accumulated Depreciation 12/31/2019 | 45 | |||
6301 Hazeltine National Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 909 | |||
Buildings and Improvements | 4,613 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 228 | |||
Land | 920 | |||
Buildings and Improvements | 4,830 | |||
Total | 5,750 | |||
Accumulated Depreciation 12/31/2019 | 1,968 | |||
8751 Skinner Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,691 | |||
Buildings and Improvements | 7,249 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (5) | |||
Land | 1,692 | |||
Buildings and Improvements | 7,243 | |||
Total | 8,935 | |||
Accumulated Depreciation 12/31/2019 | 927 | |||
4473 Shader Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,094 | |||
Buildings and Improvements | 10,444 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 63 | |||
Land | 2,094 | |||
Buildings and Improvements | 10,507 | |||
Total | 12,601 | |||
Accumulated Depreciation 12/31/2019 | 1,261 | |||
550 Gills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,321 | |||
Buildings and Improvements | 6,176 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12 | |||
Land | 1,321 | |||
Buildings and Improvements | 6,188 | |||
Total | 7,509 | |||
Accumulated Depreciation 12/31/2019 | 508 | |||
450 Gills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,031 | |||
Buildings and Improvements | 6,406 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,031 | |||
Buildings and Improvements | 6,406 | |||
Total | 7,437 | |||
Accumulated Depreciation 12/31/2019 | 416 | |||
4401 Shader Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,037 | |||
Buildings and Improvements | 7,116 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 1,037 | |||
Buildings and Improvements | 7,120 | |||
Total | 8,157 | |||
Accumulated Depreciation 12/31/2019 | 347 | |||
770 Gills Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 851 | |||
Buildings and Improvements | 5,195 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 851 | |||
Buildings and Improvements | 5,199 | |||
Total | 6,050 | |||
Accumulated Depreciation 12/31/2019 | 51 | |||
1045 South Edward Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 390 | |||
Buildings and Improvements | 2,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 768 | |||
Land | 396 | |||
Buildings and Improvements | 2,922 | |||
Total | 3,318 | |||
Accumulated Depreciation 12/31/2019 | 1,211 | |||
50 South 56th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,206 | |||
Buildings and Improvements | 3,218 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,426 | |||
Land | 1,252 | |||
Buildings and Improvements | 4,598 | |||
Total | 5,850 | |||
Accumulated Depreciation 12/31/2019 | 2,336 | |||
245 W. Lodge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 898 | |||
Buildings and Improvements | 3,066 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (2,153) | |||
Land | 362 | |||
Buildings and Improvements | 1,449 | |||
Total | 1,811 | |||
Accumulated Depreciation 12/31/2019 | 576 | |||
1590 E Riverview Dr. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,293 | |||
Buildings and Improvements | 5,950 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (267) | |||
Land | 1,292 | |||
Buildings and Improvements | 5,684 | |||
Total | 6,976 | |||
Accumulated Depreciation 12/31/2019 | 1,615 | |||
14131 N. Rio Vista Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,368 | |||
Land | 2,563 | |||
Buildings and Improvements | 9,388 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (428) | |||
Land | 2,563 | |||
Buildings and Improvements | 8,960 | |||
Total | 11,523 | |||
Accumulated Depreciation 12/31/2019 | 2,458 | |||
8716 W. Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,588 | |||
Land | 2,709 | |||
Buildings and Improvements | 10,970 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 463 | |||
Land | 2,709 | |||
Buildings and Improvements | 11,433 | |||
Total | 14,142 | |||
Accumulated Depreciation 12/31/2019 | 3,341 | |||
3815 W. Washington St. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,675 | |||
Buildings and Improvements | 4,514 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 316 | |||
Land | 1,719 | |||
Buildings and Improvements | 4,786 | |||
Total | 6,505 | |||
Accumulated Depreciation 12/31/2019 | 1,651 | |||
9180 W. Buckeye Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,904 | |||
Buildings and Improvements | 6,805 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,160 | |||
Land | 1,923 | |||
Buildings and Improvements | 9,946 | |||
Total | 11,869 | |||
Accumulated Depreciation 12/31/2019 | 3,305 | |||
8644 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,726 | |||
Buildings and Improvements | 7,216 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,726 | |||
Buildings and Improvements | 7,216 | |||
Total | 8,942 | |||
Accumulated Depreciation 12/31/2019 | 1,329 | |||
8606 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 956 | |||
Buildings and Improvements | 2,668 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 123 | |||
Land | 956 | |||
Buildings and Improvements | 2,791 | |||
Total | 3,747 | |||
Accumulated Depreciation 12/31/2019 | 539 | |||
8679 West Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 672 | |||
Buildings and Improvements | 2,791 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 672 | |||
Buildings and Improvements | 2,791 | |||
Total | 3,463 | |||
Accumulated Depreciation 12/31/2019 | 525 | |||
94th Avenue and Buckeye Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,315 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 16,901 | |||
Land | 4,315 | |||
Buildings and Improvements | 16,901 | |||
Total | 21,216 | |||
Accumulated Depreciation 12/31/2019 | 1,915 | |||
16560 West Sells Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,259 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 30,695 | |||
Land | 6,269 | |||
Buildings and Improvements | 30,685 | |||
Total | 36,954 | |||
Accumulated Depreciation 12/31/2019 | 1,686 | |||
16951 W Camelback Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,805 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,105 | |||
Land | 1,805 | |||
Buildings and Improvements | 5,105 | |||
Total | 6,910 | |||
Accumulated Depreciation 12/31/2019 | 32 | |||
1901 Raymond Ave SW [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,458 | |||
Buildings and Improvements | 2,659 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 544 | |||
Land | 4,594 | |||
Buildings and Improvements | 3,067 | |||
Total | 7,661 | |||
Accumulated Depreciation 12/31/2019 | 1,205 | |||
19014 64th Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,990 | |||
Buildings and Improvements | 3,979 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 452 | |||
Land | 2,042 | |||
Buildings and Improvements | 4,379 | |||
Total | 6,421 | |||
Accumulated Depreciation 12/31/2019 | 1,925 | |||
18640 68th Avenue South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,218 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 310 | |||
Land | 1,258 | |||
Buildings and Improvements | 2,220 | |||
Total | 3,478 | |||
Accumulated Depreciation 12/31/2019 | 1,106 | |||
6407 S 210th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,737 | |||
Buildings and Improvements | 3,508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 1,737 | |||
Buildings and Improvements | 3,508 | |||
Total | 5,245 | |||
Accumulated Depreciation 12/31/2019 | 256 | |||
1402 Puyallup Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,766 | |||
Buildings and Improvements | 4,457 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 382 | |||
Land | 3,766 | |||
Buildings and Improvements | 4,839 | |||
Total | 8,605 | |||
Accumulated Depreciation 12/31/2019 | 128 | |||
22718 58th Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,446 | |||
Buildings and Improvements | 2,388 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 1,447 | |||
Buildings and Improvements | 2,390 | |||
Total | 3,837 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
14302 24th Street East Lot 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,643 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,927 | |||
Land | 2,643 | |||
Buildings and Improvements | 9,927 | |||
Total | 12,570 | |||
Accumulated Depreciation 12/31/2019 | 173 | |||
1944 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,599 | |||
Land | 1,746 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 465 | |||
Land | 1,822 | |||
Buildings and Improvements | 3,537 | |||
Total | 5,359 | |||
Accumulated Depreciation 12/31/2019 | 2,002 | |||
2000 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 817 | |||
Buildings and Improvements | 1,673 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 232 | |||
Land | 853 | |||
Buildings and Improvements | 1,869 | |||
Total | 2,722 | |||
Accumulated Depreciation 12/31/2019 | 1,070 | |||
2835 East Ana Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,104 | |||
Land | 1,682 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 85 | |||
Land | 1,772 | |||
Buildings and Improvements | 2,745 | |||
Total | 4,517 | |||
Accumulated Depreciation 12/31/2019 | 1,496 | |||
665 N. Baldwin Park Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,124 | |||
Buildings and Improvements | 5,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,759 | |||
Land | 2,143 | |||
Buildings and Improvements | 7,959 | |||
Total | 10,102 | |||
Accumulated Depreciation 12/31/2019 | 2,487 | |||
27801 Avenue Scott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,012 | |||
Land | 2,890 | |||
Buildings and Improvements | 7,020 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 423 | |||
Land | 2,902 | |||
Buildings and Improvements | 7,431 | |||
Total | 10,333 | |||
Accumulated Depreciation 12/31/2019 | 3,128 | |||
2610 & 2660 Columbia [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,008 | |||
Buildings and Improvements | 5,826 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 320 | |||
Land | 3,031 | |||
Buildings and Improvements | 6,123 | |||
Total | 9,154 | |||
Accumulated Depreciation 12/31/2019 | 2,436 | |||
433 Alaska Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 681 | |||
Buildings and Improvements | 168 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13 | |||
Land | 684 | |||
Buildings and Improvements | 178 | |||
Total | 862 | |||
Accumulated Depreciation 12/31/2019 | 118 | |||
2325 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,554 | |||
Land | 1,441 | |||
Buildings and Improvements | 1,239 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 563 | |||
Land | 1,446 | |||
Buildings and Improvements | 1,797 | |||
Total | 3,243 | |||
Accumulated Depreciation 12/31/2019 | 714 | |||
2335 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 816 | |||
Land | 817 | |||
Buildings and Improvements | 762 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 125 | |||
Land | 821 | |||
Buildings and Improvements | 883 | |||
Total | 1,704 | |||
Accumulated Depreciation 12/31/2019 | 394 | |||
2345 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 560 | |||
Land | 562 | |||
Buildings and Improvements | 456 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 151 | |||
Land | 565 | |||
Buildings and Improvements | 604 | |||
Total | 1,169 | |||
Accumulated Depreciation 12/31/2019 | 315 | |||
2355 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 432 | |||
Land | 481 | |||
Buildings and Improvements | 365 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 56 | |||
Land | 483 | |||
Buildings and Improvements | 419 | |||
Total | 902 | |||
Accumulated Depreciation 12/31/2019 | 204 | |||
2365 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 855 | |||
Land | 1,098 | |||
Buildings and Improvements | 630 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 55 | |||
Land | 1,102 | |||
Buildings and Improvements | 681 | |||
Total | 1,783 | |||
Accumulated Depreciation 12/31/2019 | 364 | |||
2375 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,066 | |||
Land | 1,210 | |||
Buildings and Improvements | 874 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 140 | |||
Land | 1,214 | |||
Buildings and Improvements | 1,010 | |||
Total | 2,224 | |||
Accumulated Depreciation 12/31/2019 | 503 | |||
6451 El Camino Real [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,885 | |||
Buildings and Improvements | 1,931 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 719 | |||
Land | 2,895 | |||
Buildings and Improvements | 2,640 | |||
Total | 5,535 | |||
Accumulated Depreciation 12/31/2019 | 1,179 | |||
13100 Gregg Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,835 | |||
Land | 1,040 | |||
Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 887 | |||
Land | 1,073 | |||
Buildings and Improvements | 5,014 | |||
Total | 6,087 | |||
Accumulated Depreciation 12/31/2019 | 2,540 | |||
21730-21748 Marilla St. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,585 | |||
Buildings and Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 281 | |||
Land | 2,608 | |||
Buildings and Improvements | 3,468 | |||
Total | 6,076 | |||
Accumulated Depreciation 12/31/2019 | 1,505 | |||
8015 Paramount [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,616 | |||
Buildings and Improvements | 3,902 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (510) | |||
Land | 3,657 | |||
Buildings and Improvements | 3,351 | |||
Total | 7,008 | |||
Accumulated Depreciation 12/31/2019 | 1,566 | |||
3365 E. Slauson [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,367 | |||
Buildings and Improvements | 3,243 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (559) | |||
Land | 2,396 | |||
Buildings and Improvements | 2,655 | |||
Total | 5,051 | |||
Accumulated Depreciation 12/31/2019 | 1,241 | |||
3015 East Ana [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 19,678 | |||
Buildings and Improvements | 9,321 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,239 | |||
Land | 20,144 | |||
Buildings and Improvements | 15,094 | |||
Total | 35,238 | |||
Accumulated Depreciation 12/31/2019 | 5,854 | |||
1250 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,435 | |||
Buildings and Improvements | 779 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 1,441 | |||
Buildings and Improvements | 818 | |||
Total | 2,259 | |||
Accumulated Depreciation 12/31/2019 | 401 | |||
1260 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,353 | |||
Buildings and Improvements | 722 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (722) | |||
Land | 675 | |||
Buildings and Improvements | 678 | |||
Total | 1,353 | |||
Accumulated Depreciation 12/31/2019 | 308 | |||
1270 Rancho Conejo Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,224 | |||
Buildings and Improvements | 716 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (2) | |||
Land | 1,229 | |||
Buildings and Improvements | 709 | |||
Total | 1,938 | |||
Accumulated Depreciation 12/31/2019 | 347 | |||
100 West Sinclair Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,894 | |||
Buildings and Improvements | 3,481 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (5,233) | |||
Land | 1,819 | |||
Buildings and Improvements | 1,323 | |||
Total | 3,142 | |||
Accumulated Depreciation 12/31/2019 | 766 | |||
14050 Day Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,538 | |||
Buildings and Improvements | 2,538 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 545 | |||
Land | 2,565 | |||
Buildings and Improvements | 3,056 | |||
Total | 5,621 | |||
Accumulated Depreciation 12/31/2019 | 1,369 | |||
12925 Marlay Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,072 | |||
Buildings and Improvements | 7,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 309 | |||
Land | 6,090 | |||
Buildings and Improvements | 8,182 | |||
Total | 14,272 | |||
Accumulated Depreciation 12/31/2019 | 4,707 | |||
18201-18291 Santa Fe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,720 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,457 | |||
Land | 6,897 | |||
Buildings and Improvements | 9,280 | |||
Total | 16,177 | |||
Accumulated Depreciation 12/31/2019 | 2,887 | |||
1011 Rancho Conejo [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,717 | |||
Buildings and Improvements | 2,518 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (170) | |||
Land | 7,752 | |||
Buildings and Improvements | 2,313 | |||
Total | 10,065 | |||
Accumulated Depreciation 12/31/2019 | 1,230 | |||
20700 Denker Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,143 | |||
Land | 5,767 | |||
Buildings and Improvements | 2,538 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 341 | |||
Land | 5,964 | |||
Buildings and Improvements | 2,682 | |||
Total | 8,646 | |||
Accumulated Depreciation 12/31/2019 | 1,532 | |||
18408 Laurel Park Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,850 | |||
Buildings and Improvements | 2,850 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 907 | |||
Land | 2,874 | |||
Buildings and Improvements | 3,733 | |||
Total | 6,607 | |||
Accumulated Depreciation 12/31/2019 | 1,577 | |||
19021 S. Reyes Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,183 | |||
Buildings and Improvements | 7,501 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 390 | |||
Land | 8,545 | |||
Buildings and Improvements | 7,528 | |||
Total | 16,073 | |||
Accumulated Depreciation 12/31/2019 | 1,918 | |||
24870 Nandina Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 13,543 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 21,278 | |||
Land | 6,482 | |||
Buildings and Improvements | 28,339 | |||
Total | 34,821 | |||
Accumulated Depreciation 12/31/2019 | 5,577 | |||
6185 Kimball Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,385 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,994 | |||
Land | 6,382 | |||
Buildings and Improvements | 10,997 | |||
Total | 17,379 | |||
Accumulated Depreciation 12/31/2019 | 1,834 | |||
5553 Bandini Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 32,536 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 21,622 | |||
Land | 32,540 | |||
Buildings and Improvements | 21,617 | |||
Total | 54,157 | |||
Accumulated Depreciation 12/31/2019 | 3,505 | |||
16875 Heacock Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 6,831 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (750) | |||
Land | 0 | |||
Buildings and Improvements | 6,082 | |||
Total | 6,082 | |||
Accumulated Depreciation 12/31/2019 | 1,065 | |||
4710 Guasti Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,889 | |||
Land | 2,846 | |||
Buildings and Improvements | 6,564 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 213 | |||
Land | 2,846 | |||
Buildings and Improvements | 6,777 | |||
Total | 9,623 | |||
Accumulated Depreciation 12/31/2019 | 1,284 | |||
17100 Perris Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,388 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 25,801 | |||
Land | 6,395 | |||
Buildings and Improvements | 25,794 | |||
Total | 32,189 | |||
Accumulated Depreciation 12/31/2019 | 4,219 | |||
13414 South Figueroa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,857 | |||
Land | 1,701 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,580 | |||
Land | 1,887 | |||
Buildings and Improvements | 6,394 | |||
Total | 8,281 | |||
Accumulated Depreciation 12/31/2019 | 887 | |||
3841 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,400 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,039 | |||
Land | 4,400 | |||
Buildings and Improvements | 8,039 | |||
Total | 12,439 | |||
Accumulated Depreciation 12/31/2019 | 1,346 | |||
3831 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,693 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,584 | |||
Land | 2,694 | |||
Buildings and Improvements | 4,583 | |||
Total | 7,277 | |||
Accumulated Depreciation 12/31/2019 | 744 | |||
3821 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,792 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,469 | |||
Land | 2,792 | |||
Buildings and Improvements | 4,469 | |||
Total | 7,261 | |||
Accumulated Depreciation 12/31/2019 | 719 | |||
145 West 134th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,901 | |||
Buildings and Improvements | 2,285 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 173 | |||
Land | 2,901 | |||
Buildings and Improvements | 2,458 | |||
Total | 5,359 | |||
Accumulated Depreciation 12/31/2019 | 519 | |||
6150 Sycamore Canyon Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,182 | |||
Buildings and Improvements | 10,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1 | |||
Land | 3,182 | |||
Buildings and Improvements | 10,644 | |||
Total | 13,826 | |||
Accumulated Depreciation 12/31/2019 | 1,608 | |||
17825 Indian Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,034 | |||
Buildings and Improvements | 22,095 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 55 | |||
Land | 5,034 | |||
Buildings and Improvements | 22,150 | |||
Total | 27,184 | |||
Accumulated Depreciation 12/31/2019 | 3,171 | |||
24901 San Michele Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,274 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,546 | |||
Land | 1,274 | |||
Buildings and Improvements | 11,546 | |||
Total | 12,820 | |||
Accumulated Depreciation 12/31/2019 | 1,147 | |||
1445 Engineer Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,816 | |||
Buildings and Improvements | 4,417 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 55 | |||
Land | 6,816 | |||
Buildings and Improvements | 4,472 | |||
Total | 11,288 | |||
Accumulated Depreciation 12/31/2019 | 843 | |||
19067 Reyes Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9,281 | |||
Buildings and Improvements | 3,920 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,476 | |||
Land | 9,381 | |||
Buildings and Improvements | 7,296 | |||
Total | 16,677 | |||
Accumulated Depreciation 12/31/2019 | 652 | |||
10586 Tamarind Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,275 | |||
Buildings and Improvements | 8,275 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 298 | |||
Land | 4,275 | |||
Buildings and Improvements | 8,573 | |||
Total | 12,848 | |||
Accumulated Depreciation 12/31/2019 | 720 | |||
2777 Loker Avenue West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,729 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,267 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 422 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,689 | |||
Total | 21,288 | |||
Accumulated Depreciation 12/31/2019 | 1,326 | |||
7105 Old 215 Frontage Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,900 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12,731 | |||
Land | 4,900 | |||
Buildings and Improvements | 12,731 | |||
Total | 17,631 | |||
Accumulated Depreciation 12/31/2019 | 998 | |||
28545 Livingston Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9,813 | |||
Buildings and Improvements | 10,954 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,207 | |||
Land | 9,813 | |||
Buildings and Improvements | 13,161 | |||
Total | 22,974 | |||
Accumulated Depreciation 12/31/2019 | 854 | |||
3801 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,964 | |||
Land | 2,907 | |||
Buildings and Improvements | 6,151 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (11) | |||
Land | 2,909 | |||
Buildings and Improvements | 6,138 | |||
Total | 9,047 | |||
Accumulated Depreciation 12/31/2019 | 357 | |||
3809 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,240 | |||
Land | 3,140 | |||
Buildings and Improvements | 6,964 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 45 | |||
Land | 3,141 | |||
Buildings and Improvements | 7,008 | |||
Total | 10,149 | |||
Accumulated Depreciation 12/31/2019 | 397 | |||
3817 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,981 | |||
Land | 5,438 | |||
Buildings and Improvements | 10,278 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (2) | |||
Land | 5,442 | |||
Buildings and Improvements | 10,272 | |||
Total | 15,714 | |||
Accumulated Depreciation 12/31/2019 | 607 | |||
24385 Nandina Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 17,023 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 62,788 | |||
Land | 17,066 | |||
Buildings and Improvements | 62,745 | |||
Total | 79,811 | |||
Accumulated Depreciation 12/31/2019 | 2,107 | |||
14999 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,508 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,129 | |||
Land | 1,508 | |||
Buildings and Improvements | 3,129 | |||
Total | 4,637 | |||
Accumulated Depreciation 12/31/2019 | 139 | |||
14969 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,847 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,217 | |||
Land | 3,847 | |||
Buildings and Improvements | 11,217 | |||
Total | 15,064 | |||
Accumulated Depreciation 12/31/2019 | 927 | |||
14939 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,107 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,409 | |||
Land | 3,107 | |||
Buildings and Improvements | 8,409 | |||
Total | 11,516 | |||
Accumulated Depreciation 12/31/2019 | 352 | |||
14909 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,099 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 19,242 | |||
Land | 7,099 | |||
Buildings and Improvements | 19,242 | |||
Total | 26,341 | |||
Accumulated Depreciation 12/31/2019 | 983 | |||
14940 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,423 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,973 | |||
Land | 5,423 | |||
Buildings and Improvements | 13,973 | |||
Total | 19,396 | |||
Accumulated Depreciation 12/31/2019 | 564 | |||
14910 Summit Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,873 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,388 | |||
Land | 1,873 | |||
Buildings and Improvements | 5,388 | |||
Total | 7,261 | |||
Accumulated Depreciation 12/31/2019 | 292 | |||
930 Columbia Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,813 | |||
Buildings and Improvements | 3,840 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 52 | |||
Land | 1,813 | |||
Buildings and Improvements | 3,892 | |||
Total | 5,705 | |||
Accumulated Depreciation 12/31/2019 | 57 | |||
305 Sequoia Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,641 | |||
Buildings and Improvements | 8,155 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 15 | |||
Land | 6,641 | |||
Buildings and Improvements | 8,170 | |||
Total | 14,811 | |||
Accumulated Depreciation 12/31/2019 | 144 | |||
3051 E. Maria Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,392 | |||
Buildings and Improvements | 1,532 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 1,392 | |||
Buildings and Improvements | 1,535 | |||
Total | 2,927 | |||
Accumulated Depreciation 12/31/2019 | 49 | |||
1709-1811 W. Mahalo Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,132 | |||
Buildings and Improvements | 1,961 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2 | |||
Land | 2,130 | |||
Buildings and Improvements | 1,965 | |||
Total | 4,095 | |||
Accumulated Depreciation 12/31/2019 | 57 | |||
1964 Kellogg Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,836 | |||
Buildings and Improvements | 3,524 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 25 | |||
Land | 3,836 | |||
Buildings and Improvements | 3,549 | |||
Total | 7,385 | |||
Accumulated Depreciation 12/31/2019 | 54 | |||
353 Perry Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,780 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 18,871 | |||
Land | 1,788 | |||
Buildings and Improvements | 18,863 | |||
Total | 20,651 | |||
Accumulated Depreciation 12/31/2019 | 117 | |||
8572 Spectrum Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 806 | |||
Buildings and Improvements | 3,225 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,054 | |||
Land | 806 | |||
Buildings and Improvements | 4,279 | |||
Total | 5,085 | |||
Accumulated Depreciation 12/31/2019 | 90 | |||
5455 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 307 | |||
Buildings and Improvements | 1,742 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 353 | |||
Land | 326 | |||
Buildings and Improvements | 2,076 | |||
Total | 2,402 | |||
Accumulated Depreciation 12/31/2019 | 1,096 | |||
5553 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 307 | |||
Buildings and Improvements | 1,742 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 321 | |||
Land | 326 | |||
Buildings and Improvements | 2,044 | |||
Total | 2,370 | |||
Accumulated Depreciation 12/31/2019 | 1,090 | |||
5501 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 215 | |||
Buildings and Improvements | 871 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 410 | |||
Land | 242 | |||
Buildings and Improvements | 1,254 | |||
Total | 1,496 | |||
Accumulated Depreciation 12/31/2019 | 640 | |||
5503 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 98 | |||
Buildings and Improvements | 402 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 170 | |||
Land | 110 | |||
Buildings and Improvements | 560 | |||
Total | 670 | |||
Accumulated Depreciation 12/31/2019 | 287 | |||
5555 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 213 | |||
Buildings and Improvements | 1,206 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 593 | |||
Land | 221 | |||
Buildings and Improvements | 1,791 | |||
Total | 2,012 | |||
Accumulated Depreciation 12/31/2019 | 869 | |||
5557 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 59 | |||
Buildings and Improvements | 335 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 76 | |||
Land | 62 | |||
Buildings and Improvements | 408 | |||
Total | 470 | |||
Accumulated Depreciation 12/31/2019 | 208 | |||
5463 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 497 | |||
Buildings and Improvements | 2,751 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,501 | |||
Land | 560 | |||
Buildings and Improvements | 4,189 | |||
Total | 4,749 | |||
Accumulated Depreciation 12/31/2019 | 2,100 | |||
5461 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 261 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,336 | |||
Land | 265 | |||
Buildings and Improvements | 1,332 | |||
Total | 1,597 | |||
Accumulated Depreciation 12/31/2019 | 672 | |||
5481 W Waters Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 558 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,680 | |||
Land | 561 | |||
Buildings and Improvements | 3,677 | |||
Total | 4,238 | |||
Accumulated Depreciation 12/31/2019 | 1,354 | |||
600 Greene Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 294 | |||
Buildings and Improvements | 8,570 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (727) | |||
Land | 296 | |||
Buildings and Improvements | 7,841 | |||
Total | 8,137 | |||
Accumulated Depreciation 12/31/2019 | 7,044 | |||
1335 Sadlier Circle E Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 81 | |||
Buildings and Improvements | 460 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 244 | |||
Land | 86 | |||
Buildings and Improvements | 699 | |||
Total | 785 | |||
Accumulated Depreciation 12/31/2019 | 369 | |||
7501 NW 106th Terrace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,152 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,697 | |||
Land | 4,228 | |||
Buildings and Improvements | 13,621 | |||
Total | 17,849 | |||
Accumulated Depreciation 12/31/2019 | 3,825 | |||
1908-2000 Innerbelt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,832 | |||
Land | 1,590 | |||
Buildings and Improvements | 9,026 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,554 | |||
Land | 1,591 | |||
Buildings and Improvements | 10,579 | |||
Total | 12,170 | |||
Accumulated Depreciation 12/31/2019 | 5,698 | |||
1500 Peebles Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,577 | |||
Buildings and Improvements | 1,018 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (441) | |||
Land | 1,528 | |||
Buildings and Improvements | 626 | |||
Total | 2,154 | |||
Accumulated Depreciation 12/31/2019 | 569 | |||
1815-1957 South 4650 West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,707 | |||
Buildings and Improvements | 10,873 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 62 | |||
Land | 1,713 | |||
Buildings and Improvements | 10,929 | |||
Total | 12,642 | |||
Accumulated Depreciation 12/31/2019 | 4,343 | |||
First Sawgrass Commerce Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,703 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 949 | |||
Land | 5,703 | |||
Buildings and Improvements | 949 | |||
Total | 6,652 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Redwood Logistics Center I Building A & B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 15,156 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 20,152 | |||
Land | 15,154 | |||
Buildings and Improvements | 20,154 | |||
Total | 35,308 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Redwood II Logistics Center Building C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,333 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 740 | |||
Land | 3,333 | |||
Buildings and Improvements | 740 | |||
Total | 4,073 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Cypress Creek Commerce Center Building B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 487 | |||
Land | 0 | |||
Buildings and Improvements | 487 | |||
Total | 487 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Cypress Creek Commerce Center Building C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 778 | |||
Land | 0 | |||
Buildings and Improvements | 778 | |||
Total | 778 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Cypress Creek Commerce Center Building D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 711 | |||
Land | 0 | |||
Buildings and Improvements | 711 | |||
Total | 711 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
Ferrero BTS @ PV303 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,660 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 35,644 | |||
Land | 5,658 | |||
Buildings and Improvements | 35,646 | |||
Total | 41,304 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Independence Logistics Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,059 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,657 | |||
Land | 2,087 | |||
Buildings and Improvements | 4,629 | |||
Total | 6,716 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
First Park 121 Building E [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,519 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,649 | |||
Land | 7,520 | |||
Buildings and Improvements | 1,648 | |||
Total | 9,168 | |||
Accumulated Depreciation 12/31/2019 | 0 | |||
Developments / Land Parcels [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 196,219 | |||
Buildings and Improvements | 966 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 31,460 | |||
Land | 191,465 | |||
Buildings and Improvements | 37,181 | |||
Total | 228,646 | |||
Accumulated Depreciation 12/31/2019 | $ 4,452 |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | |||
Number of industrial properties | Property | 440 | ||
Tenant improvements, useful life | Lease Term | ||
Balance, Beginning of Year | $ 3,673,644 | $ 3,495,745 | $ 3,388,611 |
Acquisition of Real Estate Assets | 148,660 | 162,769 | 168,517 |
Construction Costs and Improvements | 289,877 | 190,383 | 137,361 |
Disposition of Real Estate Assets | (258,639) | (148,408) | (170,928) |
Impairment of Real Estate | 0 | (2,756) | 0 |
Write-off of Fully Depreciated and Other Assets | (23,333) | (24,089) | (27,816) |
Balance, End of Year | 3,830,209 | 3,673,644 | 3,495,745 |
Balance, Beginning of Year | 811,784 | 789,919 | 797,919 |
Depreciation for Year | 98,333 | 94,626 | 94,078 |
Disposition of Assets | (82,919) | (49,144) | (78,844) |
Write-off of Fully Depreciated and Other Assets | (22,418) | (23,617) | (23,234) |
Balance, End of Year | 804,780 | 811,784 | 789,919 |
Balance, End of Year | $ 804,780 | $ 811,784 | $ 789,919 |
Buildings and Improvements | Minimum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Buildings and Improvements | Maximum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Property, plant and equipment, useful life | 50 years | ||
Land Improvements | Minimum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Land Improvements | Maximum | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Property, plant and equipment, useful life | 20 years |
Schedule III_ Real Estate and_4
Schedule III: Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions | Dec. 31, 2019USD ($) |
Real Estate and Accumulated Depreciation [Abstract] | |
Aggregate cost of land and buildings and equipment for federal income tax purpose | $ 3.7 |