Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
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, par value $.01 per share | ||
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 | 2020 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,810.3 | ||
Entity Common Stock, Shares Outstanding | 129,126,632 | ||
Documents Incorporated by Reference | Part III incorporates certain information by reference to First Industrial Realty Trust, Inc.'s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of First Industrial Realty Trust, Inc.'s fiscal year. | ||
First Industrial, L.P. | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 2020 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in Real Estate: | ||
Land | $ 1,087,907 | $ 957,478 |
Buildings and Improvements | 2,922,152 | 2,782,430 |
Construction in Progress | 77,574 | 90,301 |
Less: Accumulated Depreciation | (832,393) | (804,780) |
Net Investment in Real Estate | 3,255,240 | 3,025,429 |
Real Estate Held-for-sale | 15,663 | 0 |
Operating Lease Right-of-Use Assets | 25,205 | 24,877 |
Cash and Cash Equivalents | 162,090 | 21,120 |
Restricted Cash | 37,568 | 131,598 |
Tenant Accounts Receivable | 5,714 | 8,529 |
Investment in Joint Ventures | 45,697 | 18,208 |
Deferred Rent Receivable | 84,567 | 77,703 |
Deferred Leasing Intangibles, Net | 25,211 | 28,533 |
Prepaid Expenses and Other Assets, Net | 134,983 | 182,831 |
Total Assets | 3,791,938 | 3,518,828 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 143,879 | 173,685 |
Senior Unsecured Notes, Net | 992,300 | 694,015 |
Unsecured Term Loans, Net | 458,462 | 457,865 |
Unsecured Credit Facility | 0 | 158,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 120,292 | 114,637 |
Operating Lease Liabilities | 22,826 | 22,369 |
Deferred Leasing Intangibles, Net | 11,064 | 11,893 |
Rents Received in Advance and Security Deposits | 62,092 | 57,534 |
Dividends and Distributions Payable | 33,703 | 30,567 |
Total Liabilities | 1,844,618 | 1,720,565 |
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 129,051,412 and 126,994,478 shares issued and outstanding) | 1,290 | 1,270 |
Additional Paid-in-Capital | 2,224,691 | 2,140,847 |
Distributions in Excess of Accumulated Earnings | (306,294) | (370,835) |
Accumulated Other Comprehensive Loss | (16,953) | (6,883) |
Total First Industrial Realty Trust, Inc.'s Equity | 1,902,734 | 1,764,399 |
Noncontrolling Interests | 44,586 | 33,864 |
Total Equity | 1,947,320 | 1,798,263 |
Total Liabilities and Equity/Partners' Capital | 3,791,938 | 3,518,828 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 1,087,907 | 957,478 |
Buildings and Improvements | 2,922,152 | 2,782,430 |
Construction in Progress | 77,574 | 90,301 |
Less: Accumulated Depreciation | (832,393) | (804,780) |
Net Investment in Real Estate | 3,255,240 | 3,025,429 |
Real Estate Held-for-sale | 15,663 | 0 |
Operating Lease Right-of-Use Assets | 25,205 | 24,877 |
Cash and Cash Equivalents | 162,090 | 21,120 |
Restricted Cash | 37,568 | 131,598 |
Tenant Accounts Receivable | 5,714 | 8,529 |
Investment in Joint Ventures | 45,697 | 18,208 |
Deferred Rent Receivable | 84,567 | 77,703 |
Deferred Leasing Intangibles, Net | 25,211 | 28,533 |
Prepaid Expenses and Other Assets, Net | 144,353 | 192,852 |
Total Assets | 3,801,308 | 3,528,849 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 143,879 | 173,685 |
Senior Unsecured Notes, Net | 992,300 | 694,015 |
Unsecured Term Loans, Net | 458,462 | 457,865 |
Unsecured Credit Facility | 0 | 158,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 120,292 | 114,637 |
Operating Lease Liabilities | 22,826 | 22,369 |
Deferred Leasing Intangibles, Net | 11,064 | 11,893 |
Rents Received in Advance and Security Deposits | 62,092 | 57,534 |
Dividends and Distributions Payable | 33,703 | 30,567 |
Total Liabilities | 1,844,618 | 1,720,565 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
General Partner Units (129,051,412 and 126,994,478 units outstanding) | 1,898,635 | 1,750,656 |
Limited Partners Units (2,713,142 and 2,422,744 units outstanding) | 70,435 | 63,618 |
Accumulated Other Comprehensive Loss | (17,308) | (7,013) |
Total First Industrial L.P.'s Partners' Capital | 1,951,762 | 1,807,261 |
Noncontrolling Interests | 4,928 | 1,023 |
Total Partners' Capital | 1,956,690 | 1,808,284 |
Total Liabilities and Equity/Partners' Capital | $ 3,801,308 | $ 3,528,849 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Held For Sale Accumulated Depreciation And Amortization | $ 7,054 | $ 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 225,000,000 |
Common Stock, shares issued | 129,051,412 | 126,994,478 |
Common Stock, shares outstanding | 129,051,412 | 126,994,478 |
Net Investment in Real Estate | $ 3,255,240 | $ 3,025,429 |
Mortgage Loans Payable, Net | $ 143,879 | $ 173,685 |
First Industrial, L.P. | ||
General Partner Units, units outstanding | 129,051,412 | 126,994,478 |
Limited Partner Units, units outstanding | 2,713,142 | 2,422,744 |
Net Investment in Real Estate | $ 3,255,240 | $ 3,025,429 |
Mortgage Loans Payable, Net | 143,879 | 173,685 |
Other Real Estate Partnerships | ||
Real Estate Held For Sale Accumulated Depreciation And Amortization | 7,054 | 0 |
Net Investment in Real Estate | 245,396 | 240,847 |
Mortgage Loans Payable, Net | $ 6,292 | $ 11,009 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Lease Revenue | $ 437,543 | $ 422,236 | $ 398,822 |
Other Revenue | 10,485 | 3,748 | 5,132 |
Total Revenues | 448,028 | 425,984 | 403,954 |
Expenses: | |||
Property Expenses | 119,195 | 116,585 | 116,854 |
General and Administrative | 32,848 | 28,569 | 27,749 |
Depreciation and Other Amortization | 129,638 | 121,229 | 116,459 |
Impairment of Real Estate | 0 | 0 | 2,756 |
Total Expenses | 281,681 | 266,383 | 263,818 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 86,751 | 124,942 | 81,600 |
Interest Expense | (51,293) | (50,273) | (50,775) |
Amortization of Debt Issuance Costs | (3,428) | (3,218) | (3,404) |
Loss from Retirement of Debt | 0 | 0 | (39) |
Total Other Income (Expense) | 32,030 | 71,451 | 27,382 |
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax (Provision) Benefit | 198,377 | 231,052 | 167,518 |
Equity in Income (Loss) of Joint Ventures | 4,200 | 16,235 | (276) |
Income Tax (Provision) Benefit | (2,408) | (3,406) | 92 |
Net Income | 200,169 | 243,881 | 167,334 |
Less: Net Income Attributable to the Noncontrolling Interests | (4,180) | (5,106) | (4,095) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 195,989 | $ 238,775 | $ 163,239 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.53 | $ 1.89 | $ 1.31 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.53 | $ 1.88 | $ 1.31 |
Weighted Average Shares/Units Outstanding - Basic | 127,711 | 126,392 | 123,804 |
Weighted Average Shares / Units Outstanding - Diluted | 127,904 | 126,691 | 124,191 |
First Industrial, L.P. | |||
Revenues [Abstract] | |||
Lease Revenue | $ 437,543 | $ 422,236 | $ 398,822 |
Other Revenue | 10,485 | 3,748 | 5,132 |
Total Revenues | 448,028 | 425,984 | 403,954 |
Expenses: | |||
Property Expenses | 119,195 | 116,585 | 116,854 |
General and Administrative | 32,848 | 28,569 | 27,749 |
Depreciation and Other Amortization | 129,638 | 121,229 | 116,459 |
Impairment of Real Estate | 0 | 0 | 2,756 |
Total Expenses | 281,681 | 266,383 | 263,818 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 86,751 | 124,942 | 81,600 |
Interest Expense | (51,293) | (50,273) | (50,775) |
Amortization of Debt Issuance Costs | (3,428) | (3,218) | (3,404) |
Loss from Retirement of Debt | 0 | 0 | (39) |
Total Other Income (Expense) | 32,030 | 71,451 | 27,382 |
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax (Provision) Benefit | 198,377 | 231,052 | 167,518 |
Equity in Income (Loss) of Joint Ventures | 4,200 | 16,235 | (276) |
Income Tax (Provision) Benefit | (2,408) | (3,406) | 92 |
Net Income | 200,169 | 243,881 | 167,334 |
Less: Net Income Attributable to the Noncontrolling Interests | (235) | (253) | (88) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 199,934 | $ 243,628 | $ 167,246 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.54 | $ 1.89 | $ 1.31 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 1.53 | $ 1.88 | $ 1.31 |
Weighted Average Shares/Units Outstanding - Basic | 129,752 | 128,831 | 126,921 |
Weighted Average Shares / Units Outstanding - Diluted | 130,127 | 129,241 | 127,308 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income | $ 200,169 | $ 243,881 | $ 167,334 |
Payments to Settle Derivative Instruments | 0 | (3,149) | 0 |
Acceleration of Derivative Instruments | 201 | 0 | 0 |
Mark-to-Market (Loss) Gain on Derivative Instruments | (10,906) | (7,671) | 2,096 |
Amortization of Derivative Instruments | 410 | 233 | 96 |
Comprehensive Income | 189,874 | 233,294 | 169,526 |
Comprehensive Income Attributable to Noncontrolling Interests | (3,964) | (4,884) | (4,149) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | 185,910 | 228,410 | 165,377 |
First Industrial, L.P. | |||
Net Income | 200,169 | 243,881 | 167,334 |
Payments to Settle Derivative Instruments | 0 | (3,149) | 0 |
Acceleration of Derivative Instruments | 201 | 0 | 0 |
Mark-to-Market (Loss) Gain on Derivative Instruments | (10,906) | (7,671) | 2,096 |
Amortization of Derivative Instruments | 410 | 233 | 96 |
Comprehensive Income | 189,874 | 233,294 | 169,526 |
Comprehensive Income Attributable to Noncontrolling Interests | (235) | (253) | (88) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | $ 189,639 | $ 233,041 | $ 169,438 |
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 Income (Loss) | Noncontrolling Interests | 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 Income (Loss) | First Industrial, L.P.Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 1,475,877 | $ 1,199 | $ 1,967,110 | $ (541,847) | $ 1,338 | $ 48,077 | |||||
Beginning 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 (Loss) | 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 Interests | 126 | 126 | |||||||||
Distributions to Noncontrolling Interests | (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 (Loss) | (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 Interests | 32 | 32 | |||||||||
Distributions to Noncontrolling Interests | (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 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 200,169 | 195,989 | 4,180 | 200,169 | 195,745 | 4,189 | 235 | ||||
Other Comprehensive Income (Loss) | (10,295) | (10,079) | (216) | (10,295) | (10,295) | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 78,349 | 18 | 78,331 | 78,349 | 78,349 | ||||||
Stock Based Compensation Activity | 7,456 | 0 | 3,243 | (2,975) | 7,188 | ||||||
Stock Based Compensation Activity | 7,456 | 268 | 7,188 | ||||||||
Common Stock Dividends and Unit Distributions | (130,943) | (128,473) | (2,470) | ||||||||
Unit Distributions | (130,943) | (128,473) | (2,470) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 2 | 2,088 | (2,090) | 0 | 2,090 | (2,090) | ||||
Reallocation—Additional Paid-in-Capital | 0 | 182 | (182) | ||||||||
Contributions from Noncontrolling Interests | 4,321 | 4,321 | 4,401 | 4,401 | |||||||
Distributions to Noncontrolling Interests | (731) | (731) | |||||||||
Reallocation—Other Comprehensive Income | 0 | 9 | (9) | ||||||||
Ending Balance at Dec. 31, 2020 | $ 1,947,320 | $ 1,290 | $ 2,224,691 | $ (306,294) | $ (16,953) | $ 44,586 | |||||
Ending Balance at Dec. 31, 2020 | $ 1,956,690 | $ 1,898,635 | $ 70,435 | $ (17,308) | $ 4,928 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends/Distributions Per Share/Unit | $ 1 | $ 0.92 | $ 0.87 |
First Industrial, L.P. | |||
Dividends/Distributions Per Share/Unit | $ 1 | $ 0.92 | $ 0.87 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | $ 200,169 | $ 243,881 | $ 167,334 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 102,533 | 98,333 | 94,626 | |
Amortization of Debt Issuance Costs | 3,428 | 3,218 | 3,404 | |
Other Amortization, including Stock Based Compensation | 35,231 | 28,780 | 26,976 | |
Impairment of Real Estate | 0 | 0 | 2,756 | |
Provision for Bad Debt | 0 | 0 | 350 | |
Equity in (Income) Loss of Joint Ventures | (4,200) | (16,235) | 276 | |
Distributions from Joint Ventures | 4,279 | 15,959 | 0 | |
Gain on Sale of Real Estate | [1] | (86,751) | (124,942) | (81,600) |
Loss from Retirement of Debt | 0 | 0 | 39 | |
Gain on Casualty and Involuntary Conversion | (6,476) | 0 | (392) | |
Payments to Settle Derivative Instruments | 0 | (3,149) | 0 | |
Straight-line Rental Income and Expense, Net | (8,973) | (10,884) | (2,165) | |
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | 3,861 | (11,523) | (4,199) | |
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (2,671) | 22,095 | 3,090 | |
Net Cash Provided by Operating Activities | 240,430 | 245,533 | 210,495 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (220,223) | (152,744) | (157,787) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (198,496) | (294,633) | (224,466) | |
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 203,864 | 254,416 | 184,783 | |
Increase in Escrow Deposits | (14,950) | (23,113) | (1,326) | |
Proceeds from Casualty and Involuntary Conversion | 6,476 | 0 | 906 | |
Contributions to and Investments in Joint Venture | (42,744) | (210) | (25,190) | |
Distributions from Joint Venture | 19,938 | 8,711 | 1,829 | |
Other Investing Activity | (5,603) | 2,187 | (2,147) | |
Net Cash Used in Investing Activities | (251,738) | (205,386) | (223,398) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (3,363) | (954) | (2,975) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 78,718 | 0 | 145,584 | |
Tax Paid on Shares Withheld | (5,944) | (4,384) | (6,020) | |
Common Stock Dividends and Unit Distributions Paid | (127,338) | (117,214) | (109,649) | |
Contributions from Noncontrolling Interests | 4,321 | 0 | 0 | |
Repayments on Mortgage Loans Payable | (30,146) | (123,250) | (165,646) | |
Proceeds from Senior Unsecured Notes | 300,000 | 150,000 | 300,000 | |
Proceeds from Unsecured Credit Facility | 247,000 | 415,000 | 237,000 | |
Repayments on Unsecured Credit Facility | (405,000) | (257,000) | (381,500) | |
Net Cash Provided by Financing Activities | 58,248 | 62,198 | 16,794 | |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 46,940 | 102,345 | 3,891 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 | 46,482 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 199,658 | 152,718 | 50,373 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | 48,849 | 47,801 | 47,408 | |
Interest Expense Capitalized in Connection with Development Activity | 6,847 | 5,757 | 5,869 | |
Income Taxes Paid | 1,573 | 3,583 | 457 | |
Cash Paid for Operating Lease Liabilities | 2,821 | 2,084 | 0 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 1,341 | 22,871 | 0 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 33,703 | 30,567 | 28,845 | |
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 | (1,087,907) | (957,478) | ||
Deferred Rent Receivables, Net | (84,567) | (77,703) | ||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | 18,579 | 1,466 | 11,878 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 34,008 | 51,107 | 31,545 | |
Write-off of Fully Depreciated Assets | (45,302) | (37,892) | (43,654) | |
Sales Type Lease | ||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Sales-type Lease, Lease Receivable | 0 | 54,521 | 0 | |
Land | 0 | (24,803) | 0 | |
Building Net Of Accumulated Depreciation | 0 | (17,845) | 0 | |
Deferred Rent Receivables, Net | 0 | (2,073) | 0 | |
Other Assets Net Of Accumulated Amortization | 0 | (1,194) | 0 | |
Sales-type Lease, Selling Profit (Loss) | 0 | 8,606 | 0 | |
Noncontrolling Interests | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 4,180 | 5,106 | 4,095 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,090) | (7,196) | (16,605) | |
Common Stock | ||||
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 2 | 5 | 13 | |
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 | 2,088 | 7,191 | 16,592 | |
First Industrial, L.P. | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 200,169 | 243,881 | 167,334 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 102,533 | 98,333 | 94,626 | |
Amortization of Debt Issuance Costs | 3,428 | 3,218 | 3,404 | |
Other Amortization, including Stock Based Compensation | 35,231 | 28,780 | 26,976 | |
Impairment of Real Estate | 0 | 0 | 2,756 | |
Provision for Bad Debt | 0 | 0 | 350 | |
Equity in (Income) Loss of Joint Ventures | (4,200) | (16,235) | 276 | |
Distributions from Joint Ventures | 4,279 | 15,959 | 0 | |
Gain on Sale of Real Estate | (86,751) | (124,942) | (81,600) | |
Loss from Retirement of Debt | 0 | 0 | 39 | |
Gain on Casualty and Involuntary Conversion | (6,476) | 0 | (392) | |
Payments to Settle Derivative Instruments | 0 | (3,149) | 0 | |
Straight-line Rental Income and Expense, Net | (8,973) | (10,884) | (2,165) | |
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | 4,512 | (11,436) | (4,189) | |
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (2,671) | 22,095 | 3,090 | |
Net Cash Provided by Operating Activities | 241,081 | 245,620 | 210,505 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (220,223) | (152,744) | (157,787) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (198,496) | (294,633) | (224,466) | |
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 203,864 | 254,416 | 184,783 | |
Increase in Escrow Deposits | (14,950) | (23,113) | (1,326) | |
Proceeds from Casualty and Involuntary Conversion | 6,476 | 0 | 906 | |
Contributions to and Investments in Joint Venture | (42,744) | (210) | (25,190) | |
Distributions from Joint Venture | 19,938 | 8,711 | 1,829 | |
Other Investing Activity | (5,603) | 2,187 | (2,147) | |
Net Cash Used in Investing Activities | (251,738) | (205,386) | (223,398) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (3,363) | (954) | (2,975) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 78,718 | 0 | 145,584 | |
Tax Paid on Shares Withheld | (5,944) | (4,384) | (6,020) | |
Common Stock Dividends and Unit Distributions Paid | (127,338) | (117,214) | (109,649) | |
Contributions from Noncontrolling Interests | 4,401 | 32 | 126 | |
Distributions to Noncontrolling Interests | (731) | (119) | (136) | |
Repayments on Mortgage Loans Payable | (30,146) | (123,250) | (165,646) | |
Proceeds from Senior Unsecured Notes | 300,000 | 150,000 | 300,000 | |
Proceeds from Unsecured Credit Facility | 247,000 | 415,000 | 237,000 | |
Repayments on Unsecured Credit Facility | (405,000) | (257,000) | (381,500) | |
Net Cash Provided by Financing Activities | 57,597 | 62,111 | 16,784 | |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 46,940 | 102,345 | 3,891 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 | 46,482 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 199,658 | 152,718 | 50,373 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | 48,849 | 47,801 | 47,408 | |
Interest Expense Capitalized in Connection with Development Activity | 6,847 | 5,757 | 5,869 | |
Income Taxes Paid | 1,573 | 3,583 | 457 | |
Cash Paid for Operating Lease Liabilities | 2,821 | 2,084 | 0 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 1,341 | 22,871 | 0 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 33,703 | 30,567 | 28,845 | |
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 | (1,087,907) | (957,478) | ||
Deferred Rent Receivables, Net | (84,567) | (77,703) | ||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | 18,579 | 1,466 | 11,878 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 34,008 | 51,107 | 31,545 | |
Write-off of Fully Depreciated Assets | (45,302) | (37,892) | (43,654) | |
First Industrial, L.P. | Sales Type Lease | ||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | ||||
Sales-type Lease, Lease Receivable | 0 | 54,521 | 0 | |
Land | 0 | (24,803) | 0 | |
Building Net Of Accumulated Depreciation | 0 | (17,845) | 0 | |
Deferred Rent Receivables, Net | 0 | (2,073) | 0 | |
Other Assets Net Of Accumulated Amortization | 0 | (1,194) | 0 | |
Sales-type Lease, Selling Profit (Loss) | 0 | 8,606 | 0 | |
First Industrial, L.P. | Limited Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 4,189 | 5,106 | 4,095 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,090) | (7,196) | (16,605) | |
First Industrial, L.P. | General Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 195,745 | 238,522 | 163,151 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 2,090 | $ 7,196 | $ 16,605 | |
[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 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, 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 that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 97.9% and 98.1% ownership interest ("General Partner Units") at December 31, 2020 and 2019, 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. The Company's noncontrolling interest in the Operating Partnership of approximately 2.1% and 1.9% at December 31, 2020 and 2019, respectively, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (See Note 6) pursuant to the Company's Stock Incentive Plan. We also own equity interests in, and provide various services to, two joint ventures (the "Joint Ventures") through a wholly-owned TRS of the Operating Partnership. The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to Joint Ventures. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Ventures 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, 2020, we owned 427 industrial properties located in 20 states, containing an aggregate of approximately 62.8 million square feet of gross leasable area ("GLA"). Of the 427 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, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements at December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018 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, 2020 and 2019, and the reported amounts of revenues and expenses for each of the years ended December 31, 2020, 2019 and 2018. 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 estimates and assumptions relating to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. 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. Upon held for sale classification, we cease depreciation and value the properties at the lower of depreciated cost or fair value, less costs to dispose. 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 construction 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 16 Furniture, Fixtures and Equipment 3 to 5 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, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. 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 lease intangibles are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above market leases or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The value of above and below market lease intangibles, which are included as assets or liabilities in the line item Deferred Leasing Intangibles, Net are amortized as an increase or decrease to rental revenue over the remaining initial lease 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 intangibles 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, construction in progress 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 $ 18,253 $ 20,188 Above Market Leases 1,948 2,197 Below Market Ground Lease Obligation 1,552 1,597 Tenant Relationships 3,458 4,551 Total Included in Total Assets, Net of $24,781 and $29,541 of Accumulated Amortization $ 25,211 $ 28,533 Below Market Leases $ 11,064 $ 11,893 Total Included in Total Liabilities, Net of $13,849 and $13,045 of Accumulated Amortization $ 11,064 $ 11,893 Amortization expense related to in-place leases and tenant relationships was $8,201, $6,303 and $6,267 for the years ended December 31, 2020, 2019 and 2018, respectively. Lease revenue increased by $1,962, $1,281 and $1,095 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, 2020 as follows: Estimated Estimated Net 2021 $ 4,210 $ 1,443 2022 $ 3,717 $ 1,353 2023 $ 3,283 $ 1,101 2024 $ 2,562 $ 1,120 2025 $ 1,996 $ 1,029 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 Ventures Investment in joint ventures represents a noncontrolling equity interest in two joint ventures. We have determined to account for our investment in the joint ventures 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 the joint ventures is reflected in income as earned and contributions or distributions increase or decrease our investment in joint ventures as paid or received, respectively. Differences between our carrying value of our investment in the joint ventures and our underlying equity in such joint ventures 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 the joint ventures 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. Noncontrolling Interests Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 2020 and 2019 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, 2020, 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. Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in a joint venture that is accounted for under the equity method of accounting. Our ownership interest in the joint venture is held through a partnership ("Joint Venture II Partnership") with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture II Partnership. As a result, we consolidate the Joint Venture II Partnership, which holds an aggregate 49% interest in Joint Venture II (as defined in Note 5) and reflect the third party's interest in the joint venture as Noncontrolling Interests within the financial statements of the Company and Operating Partnership. See Note 5. 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 period during which an employee is required to provide service in exchange for the award, generally the vesting period. 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 and revenue will subsequently be accounted for on a cash basis until such time that collection of future rent is deemed probable. 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. Property Expenses Property expenses include real estate taxes, utilities, repairs and maintenance, property insurance as well as the cost of our property management personnel and other costs of managing our properties. We adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification 842 ("ASC 842") Leases effective January 1, 2019. The standard required 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 year ended December 31, 2018, $7,517 of these payments are included in the aforementioned line items. Lessee Accounting We are a lessee on a limited number of ground and office leases and these operating lease agreements are included within Operating Lease Right-of-Use Assets ("ROU") and Operating Lease Liabilities on the consolidated balance sheets. We elected the practical expedient to combine our lease and related nonlease components for our lessee building leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of nonlease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets also include any future minimum lease payments made and exclude lease incentives. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. 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. 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. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. 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") We use the two-class method of computing earnings per common share or Unit, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share or Unit is computed by dividing net income available to common stockholders 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 stockholders 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 the line item 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. Recent Accounting Pronouncements Adopted In March 2020, FASB issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer ("Q&A") to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. We have elected this option and, to the extent that a rent concession is granted as a deferral of payments but total payments are substantially the same, we will account for the concession as if no change has been made to the original lease. |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018. 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, 2020, 2019 or 2018. Year Ended December 31, 2020 2019 2018 Number of Industrial Properties Acquired 8 9 10 GLA (in millions) 1.5 0.5 1.0 Purchase Price (A) $ 224,027 $ 147,887 $ 167,546 (A) Purchase price includes the acquisition of several land parcels, which aggregates to $69,617, $81,082 and $38,976, respectively, for the years ended December 31, 2020, 2019 and 2018 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, 2020 and 2019: Year Ended December 31, 2020 2019 Land $ 121,353 $ 101,764 Building and Improvements/Construction in Progress 97,138 43,693 Other Assets 1,790 859 In-Place Leases 5,174 5,601 Above Market Leases 134 34 Below Market Leases (1,562) (4,064) Total Purchase Price $ 224,027 $ 147,887 Real Estate Held for Sale As of December 31, 2020, we had one industrial property comprised of approximately 0.7 million square feet of GLA held for sale. Sales The following table summarizes our property dispositions for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Number of Industrial Properties Sold (A) 29 40 53 GLA (in millions) (B) 1.9 5.9 2.6 Gross Proceeds from the Sale of Real Estate (B) $ 153,351 $ 315,768 $ 192,047 Gain on Sale of Real Estate (B) $ 86,751 $ 124,942 $ 81,600 (A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units. (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, 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 that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. 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, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity December 31, 2020 December 31, 2019 Mortgage Loans Payable, Gross $ 144,214 $ 174,360 4.03% – 4.85% 4.03% – 4.85% October 2021 – Unamortized Debt Issuance Costs (335) (675) Mortgage Loans Payable, Net $ 143,879 $ 173,685 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 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 — 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 — 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 698,571 Unamortized Debt Issuance Costs (6,206) (4,485) Unamortized Discounts (65) (71) Senior Unsecured Notes, Net $ 992,300 $ 694,015 Unsecured Term Loans, Gross 2014 Unsecured Term Loan $ — $ 200,000 N/A N/A N/A 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan (A) 200,000 — 3.79% N/A 7/15/2021 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,538) (2,135) Unsecured Term Loans, Net $ 458,462 $ 457,865 Unsecured Credit Facility (B) $ — $ 158,000 N/A N/A 10/29/2021 (A) The interest rate at December 31, 2020 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 $1,049 and $2,300 as of December 31, 2020 and 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . Mortgage Loans Payable, Net During the years ended December 31, 2020 and 2019, we paid off mortgage loans in the amount of $25,448 and $117,199, respectively. In connection with mortgage loans paid off during the years ended December 31, 2018, we recognized $39 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, 2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $226,182. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2020. Senior Unsecured Notes, Net During the year ended December 31, 2020, the Operating Partnership issued $100,000 of 2.74% Series F Guaranteed Senior Notes Due September 17, 2030 (the "2030 II Private Placement Notes") and $200,000 of 2.84% Series G Guaranteed Senior Notes due September 17, 2032 (the "2032 Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated July 7, 2020. 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. The 2028 Private Placement Notes, the 2029 Private Placement Notes, the 2029 II Private Placement Notes, the 2030 Private Placement Notes, the 2030 II Private Placement Notes and the 2032 Private Placement Notes (together with senior notes issued in a private placement in prior years, 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 September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan") with a syndicate of financial institutions. At December 31, 2020, 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 rate on the 2015 Unsecured Term Loan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings. On July 15, 2020, we entered into a $200,000 unsecured term loan (the "2020 Unsecured Term Loan") which replaced a seven-year, $200,000 unsecured loan that was previously scheduled to mature in January 2021. The 2020 Unsecured Term Loan, together with the 2015 Unsecured Term Loan, the "Unsecured Term Loans"). The 2020 Unsecured Term Loan matures on July 15, 2021, however, we have two, one-year extension options at our election, subject to the satisfaction of certain conditions. We intend to refinance the 2020 Unsecured Term Loan prior to its maturity or exercise the one-year extension. The 2020 Unsecured Term Loan allows us to request incremental term loans in an aggregate amount equal to $100,000 and provides for interest-only payments initially at LIBOR plus 150 basis points. The interest rate on the 2020 Unsecured Term Loan is subject to adjustment based on our investment grade rating. As noted in Note 12, we entered into the 2021 Swaps to effectively convert the rate applicable under the 2020 Unsecured Term Loan to a fixed interest rate of approximately 2.49% per annum based on the current LIBOR spread beginning in February 2021. Unsecured Credit Facility As of December 31, 2020, 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. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. At December 31, 2020, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 110 basis points. 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 2021 $ 261,891 2022 332,024 2023 321 2024 335 2025 349 Thereafter 1,007,865 Total $ 1,602,785 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, 2020. 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, 2020 and 2019, the fair value of our indebtedness was as follows: December 31, 2020 December 31, 2019 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 144,214 $ 148,770 $ 174,360 $ 179,287 Senior Unsecured Notes, Net 998,506 1,096,262 698,500 756,351 Unsecured Term Loans 460,000 458,207 460,000 460,902 Unsecured Credit Facility — — 158,000 158,141 Total $ 1,602,720 $ 1,703,239 $ 1,490,860 $ 1,554,681 (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 rates, as advised by our bankers, 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, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Other Real Estate Partnerships are variable interest entities ("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, net of intercompany amounts: December 31, 2020 December 31, 2019 ASSETS Assets: Net Investment in Real Estate $ 245,396 $ 240,847 Operating Lease Right-of-Use Assets 13,173 13,257 Cash and Cash Equivalents 4,090 4,005 Restricted Cash — 33,289 Deferred Rent Receivable 9,219 10,365 Prepaid Expenses and Other Assets, Net 8,077 9,066 Total Assets $ 279,955 $ 310,829 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 6,292 $ 11,009 Accounts Payable, Accrued Expenses and Other Liabilities 10,067 5,747 Operating Lease Liabilities 10,304 10,329 Rents Received in Advance and Security Deposits 4,130 5,012 Partners' Capital 249,162 278,732 Total Liabilities and Partners' Capital $ 279,955 $ 310,829 Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a joint venture with a third party partner for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area ("Joint Venture I"). During the year ended December 31, 2020, we entered into a second joint venture with third party partners for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area (Joint Venture II" and together with Joint Venture I, collectively, the "Joint Ventures"). The purchase price of the land was $70,530 and was acquired by Joint Venture II via cash equity contributions from us and our joint venture partners. Through a wholly-owned TRS of the Operating Partnership, we own 43% interest in Joint Venture II. See Note 6. Net income of the Joint Ventures for the years ended December 31, 2020 and 2019 was $13,568 and $29,999, respectively. Included in net income during the years ended December 31, 2020 and 2019 is gain on sale of real estate of $13,932 and $30,236, respectively. Our economic share of the gain on sale for the years ended December 31, 2020 and 2019, is $6,827 and $14,816, respectively. However, during the year ended December 31, 2020 we acquired a newly constructed 0.6 million square foot building from Joint Venture I and during the year ended December 31, 2019 we purchased 39 net developable acres, from Joint Venture I. Accordingly, for the years ended December 31, 2020 and 2019, we netted our portion of gain on sale pertaining to both sales of $3,443 and $3,121, respectively, against the basis of the real estate acquired. Under the operating agreements for each of the Joint Ventures, we act as the managing member of each Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to each Joint Venture. In addition, the operating agreements of each Joint Venture provide us the ability to earn an incentive fee based on the ultimate financial performance of each Joint Venture. The incentive fee is calculated using a hypothetical liquidation basis assuming the remaining net assets of each Joint Venture are distributed at book value. For the years ended December 31, 2020 and 2019, we recognized incentive fees of $2,674 and $4,880, respectively, for Joint Venture I. These fees are recorded in the Equity In Income of Joint Ventures line item in the consolidated statements of operations except for $1,338 of an incentive fee that we netted against the basis of the real estate that we purchased from Joint Venture I during the year ended December 31, 2020. During the years ended December 31, 2020 and 2019, we recognized fees of $590 and $146, respectively, from the Joint Ventures related to asset management and development services we provided to the Joint Ventures. These fees are recorded in the Other Revenue line item in the consolidated statements of operations. At December 31, 2020 and 2019, we had a receivable from the Joint Ventures of $90 and $588, respectively. As part of our assessment of the appropriate accounting treatment for the Joint Ventures, we reviewed the operating agreements of each Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. Each operating agreement contains certain protective rights, such as the requirement of both members' 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 partners 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 each Joint Venture. As such, we concluded to account for our investments in each 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, 2020 | |
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 Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP 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 and is an award that is granted under our Stock Incentive Plan (see Note 11). Generally, RLP 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 RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, 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. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture II Our ownership interest in Joint Venture II is held through the Joint Venture II Partnership with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of Joint Venture II Partnership. As a result, we consolidate Joint Venture II Partnership and reflect the third party's interest in Joint Venture II as Noncontrolling Interests. 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 RLP Units. 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, 2020, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $114,305 or by issuing 2,713,142 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, 2020 and 2019, 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, 2020: Shares of General Partner and Limited Partner Units Outstanding 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 in Note 11) 169,033 169,033 Repurchase and Retirement of Service Awards and Performance Awards (76,855) (89,978) Conversion of Limited Partner Units (B) 485,516 — Balance at December 31, 2019 126,994,478 129,417,222 Issuance of Common Stock/Contribution of General Partner Units (D) 1,842,281 1,842,281 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 464,975 Vesting of Performance Units (as defined Note 11) 107,752 107,752 Repurchase and Retirement of Service Awards and Performance Awards (65,709) (67,676) Conversion of Limited Partner Units (B) 172,610 — Balance at December 31, 2020 129,051,412 131,764,554 (A) During the year ended December 31, 2018, the Company issued 4,800,000 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. 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, 2020, 2019 and 2018, 172,610, 485,516 and 1,350,721 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $2,090, $7,196 and $16,605, respectively, of noncontrolling interest to the Company's 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. (D) During the year ended December 31, 2020, the Company issued 1,842,281 shares of the Company's common stock under the ATM Program. 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. ATM Program On February 14, 2020, we entered into distribution agreements with certain sales agents to sell up to 14,000,000 shares of the Company's common stock, for up to $500,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2020 ATM Program"). Under the terms of the 2020 ATM Program, sales are to be made through 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 sales made through privately negotiated transactions. During the year ended December 31, 2020 we issued 1,842,281 shares of the Company's common stock under the ATM which resulted in $78,718 of proceeds, which is net of the payment of compensation to certain sales agents of $795. During the years ended December 31, 2019 and 2018, the Company did not issue any shares of common stock through ATM offerings. Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years: 2020 2019 2018 Common Stock/Operating Partnership Units $ 130,943 $ 119,522 $ 111,478 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the Company and the Operating Partnership for the years ended December 31, 2020 and 2019: Derivative Instruments Total for Operating Partnership Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total for Company 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 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) Other Comprehensive Loss Before Reclassifications (17,422) (17,422) 225 (17,197) Amounts Reclassified from Accumulated Other Comprehensive Loss 7,127 7,127 — 7,127 Net Current Period Other Comprehensive Loss (10,295) (10,295) 225 (10,070) Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for both the Company and the Operating Partnership for the years ended December 31, 2020, 2019 and 2018: Amount Reclassified from Accumulated Other Comprehensive Loss (Income) Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 410 233 96 Interest Expense Net Settlement Payments (Receipts) to our Counterparties 6,516 (1,217) 109 Interest Expense Acceleration of 2020 Swap (as defined in Note 12) 201 — — General & Administrative $ 7,127 $ (984) $ 205 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, 2020 | |
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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 195,989 $ 238,775 $ 163,239 Net Income Allocable to Participating Securities (314) (518) (513) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 195,675 $ 238,257 $ 162,726 Denominator (In Thousands): Weighted Average Shares - Basic 127,711 126,392 123,804 Effect of Dilutive Securities: Performance Units (See Note 11) 193 299 387 Weighted Average Shares - Diluted 127,904 126,691 124,191 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.53 $ 1.89 $ 1.31 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.53 $ 1.88 $ 1.31 The computation of basic and diluted EPU of the Operating Partnership is presented below: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Numerator: Net Income Available to Unitholders and Participating Securities $ 199,934 $ 243,628 $ 167,246 Net Income Allocable to Participating Securities (662) (732) (513) Net Income Available to Unitholders $ 199,272 $ 242,896 $ 166,733 Denominator (In Thousands): Weighted Average Units - Basic 129,752 128,831 126,921 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance Units and certain Performance RLP Units (See Note 11) 375 410 387 Weighted Average Units - Diluted 130,127 129,241 127,308 Basic EPU: Net Income Available to Unitholders $ 1.54 $ 1.89 $ 1.31 Diluted EPU: Net Income Available to Unitholders $ 1.53 $ 1.88 $ 1.31 At December 31, 2020, 2019 and 2018, participating securities for the Company include 211,920, 296,371 and 405,436, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2020, 2019, and 2018, participating securities for the Operating Partnership include 444,407, 421,928 and 405,436, respectively, of Service Awards and certain Performance Awards (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, 2020 | |
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, 2020, 2019 and 2018, 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, 2020, 2019 and 2018 is comprised of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ (3,659) $ (169) $ 22 State (1,718) (839) (310) Deferred: Federal 2,969 (2,334) 400 State — (64) (20) Total Income Tax (Provision) Benefit $ (2,408) $ (3,406) $ 92 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, 2020, 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 2017 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2020, 2019 and 2018. Federal Income Tax Treatment of Common Dividends For the years ended December 31, 2020, 2019 and 2018, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2020 As a 2019 As a 2018 As a Ordinary Income (A) $ 0.5800 58.00 % $ 0.7650 83.15 % $ 0.6858 78.83 % Unrecaptured Section 1250 Capital Gain 0.2576 25.76 % 0.1074 11.68 % 0.1497 17.21 % Other Capital Gain 0.1624 16.24 % 0.0460 5.00 % 0.0330 3.79 % Qualified Dividend — 0.00 % 0.0016 0.17 % 0.0015 0.17 % $ 1.0000 100.00 % $ 0.9200 100.00 % $ 0.8700 100.00 % (A) For the years ended December 31, 2020, 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, 2020 | |
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 one year to six years and our ground leases have remaining terms of 34 years to 51 years. For the year ended December 31, 2020, we recognized $3,093 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, 2020, and thereafter: 2021 $ 2,544 2022 2,576 2023 2,411 2024 2,194 2025 2,058 Thereafter 58,818 Total Lease Payments 70,601 Less Imputed Interest (A) (47,775) Total $ 22,826 (A) Calculated using the discount rate for each lease. As of December 31, 2020, our weighted average remaining lease term for the Operating Leases is 39.6 years and the weighted average discount rate is 7.1%. 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, 2020 are approximately as follows: 2021 $ 333,405 2022 305,971 2023 262,228 2024 221,594 2025 183,186 Thereafter 537,189 Total $ 1,843,573 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 included 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 represented the discounted present value of the remaining lease payments and the fixed purchase option price. During the year ended December 31, 2020, we closed on the sale of the property. |
Long-Term Compensation
Long-Term Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Long-Term Compensation | Long-Term Compensation Equity 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, 2020 have been in the form of restricted stock awards, restricted stock unit awards, performance share awards and RLP Units (as defined in Note 6). 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, 2020, awards covering 3.3 million shares of common stock were available to be granted under the Stock Incentive Plan. Under the Stock Incentive Plan, each RLP Unit counts as one share of common stock for purposes of calculating the limit on shares that may be issued. Awards with Performance Measures During the years ended December 31, 2020, 2019 and 2018, the Company granted 59,263, 36,064, and 179,288 performance units ("Performance Units"), respectively to certain employees. In addition, the Company granted 322,477 and 166,942 RLP Units, respectively, for the years ended December 31, 2020 and 2019, with the same performance-based criteria as the Performance Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees. A portion of the Performance Awards issued in 2020 vest based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. A portion of the Performance Awards issued in 2019 and 2018 vest based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to the MSCI US REIT Index. The performance periods for such awards are one year, two years and three years. Compensation expense is charged to earnings over the applicable vesting period for the 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 and RLP units 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, 2020, 2019 and 2018, had fair value of $7,883, $2,527, and $2,381, 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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Expected dividend yield 2.22 % 3.02 % 2.67 % Expected volatility - range used 16.25% - 17.56% 18.53% - 19.72% 15.83% - 17.87% Expected volatility - weighted average 16.97 % 19.10 % 17.02 % Risk-free interest rate 1.63% - 1.68% 2.45% - 2.57% 1.57% - 2.04% Performance Award transactions for the year ended December 31, 2020 are summarized as follows: Performance Units Weighted Performance RLP Units Weighted Outstanding at December 31, 2019 380,722 $ 12.89 156,702 $ 12.45 Issued 59,263 $ 20.65 322,477 $ 20.65 Forfeited (5,681) $ 13.67 — $ — Vested (178,211) $ 12.62 — $ — Outstanding at December 31, 2020 256,093 $ 14.86 479,179 $ 17.97 Service Based Awards During the years ended December 31, 2020, 2019 and 2018, the Company awarded 80,387, 109,353, and 227,059 of restricted stock units or and restricted stock shares ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 2020 and 2019, the Company awarded 119,596 and 112,428 RLP Units, respectively, ("Service RLP Units" and, together with the Service Units, 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 generally vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after one year. The Operating Partnership issued restricted Unit awards to the Company in the same amount for the restricted stock units. Compensation expense is charged to earnings over the vesting periods for the Service Awards. The Service Awards issued for the years ended December 31, 2020, 2019 and 2018 had fair value of $8,641, $7,627 and $6,558, respectively. Service Award transactions for the year ended December 31, 2020 are summarized as follows: Service Units Weighted Service RLP Units Weighted Outstanding at December 31, 2019 296,371 $ 30.56 110,640 $ 33.64 Issued 80,387 $ 43.61 119,596 $ 42.94 Forfeited (4,009) $ 33.86 (1,967) $ 35.58 Vested (160,829) $ 29.37 (43,700) $ 33.73 Outstanding at December 31, 2020 211,920 $ 36.35 184,569 $ 39.62 Compensation Expense Related to Long-Term Compensation For the years ended December 31, 2020, 2019 and 2018, we recognized $12,931, $8,376 and $7,586, 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 $2,030, $870 and $472 for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2020, we had $12,741 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 0.85 years. Retirement Eligibility Commencing January 1, 2020, all award agreements issued underlying Performance Awards and Service Awards contain a retirement benefit for employees with at least 10 years of continuous service and that are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non -forfeitable. As such, during the year ended December 31, 2020, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. 401(k) Plan Under the Company's 401(k) Plan, all eligible employees may participate by making voluntary contributions, and we may make, but are not required to make, matching contributions. For the years ended December 31, 2020, 2019 and 2018, total expense related to matching contributions was $977, $926 and $688, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
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 these objectives, 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. In connection with the origination of each Unsecured Term Loan (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one-month LIBOR rate. We have four interest rate swaps, with an aggregate notional value of $200,000, that fix the one-month LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021 (the "2014 Swaps"), six interest rate swaps, with an aggregate notional value of $260,000, that fix the one-month LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022 (the "2015 Swaps") and three interest rate swaps with an aggregate notional value of $200,000, that fix the one-month LIBOR rate at 0.99% that are effective commencing February 1, 2021 and mature on February 2, 2026 (the "2021 Swaps"). We designated the 2014 Swaps, the 2015 Swaps and the 2021 Swaps as cash flow hedges. Additionally, during the year ended December 31, 2020, we entered into an interest rate swap to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Credit Facility (the "2020 Swap"). The 2020 Swap commenced April 1, 2020, matures on April 1, 2021, has a notional value of $150,000 and fixes the one-month LIBOR rate at 0.42%. We initially designated the 2020 Swap as a cash flow hedge. During the year ended December 31, 2020, however, we accelerated the reclassification of the fair value of the 2020 Swap from other comprehensive income to earnings since the hedged forecasted transaction is no longer expected to be probable to occur. The accelerated loss recorded on the 2020 Swap for the year ended December 31, 2020 was not significant. The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 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, 2020 and 2019: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2020 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) — Fair Value at December 31, 2019 Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (1,478) — $ (1,478) — 2015 Swaps $ (1,711) — $ (1,711) — Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of December 31, 2020, 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. There was no ineffectiveness recorded on the 2014 Swaps, the 2015 Swaps, or the 2021 Swaps during the year ended December 31, 2020. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 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, the 2015 Swaps, the 2020 Swap and the 2021 Swaps fell within Level 2 of the fair value hierarchy. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsAt December 31, 2020 and 2019, the Operating Partnership had receivable balances of $9,380 and $10,031, respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, we had outstanding letters of credit and performance bonds in the aggregate amount of $22,013. 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, 2020, we had eight industrial properties totaling approximately 1.3 million square feet of GLA under construction. The estimated total investment associated with these properties, as of December 31, 2020, is approximately $172,400 (unaudited). Of this amount, approximately $92,000 (unaudited) remains to be funded. There can be no assurance that the actual completion cost associated with these properties will not exceed the estimated total investment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsFrom January 1, 2021 to February 15, 2021, we acquired two land parcels for a purchase price of $9,800, excluding transaction costs. In addition, we sold one industrial property for $675, excluding transaction costs. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019. Year Ended December 31, 2020 First Second Third Fourth Total Revenues $ 110,343 $ 109,202 $ 116,194 $ 112,289 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 40,634 $ 35,669 $ 35,959 $ 83,727 Net Income Allocable to Participating Securities (59) (59) (59) (137) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 40,575 $ 35,610 $ 35,900 $ 83,590 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.32 $ 0.28 $ 0.28 $ 0.65 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 126,934 127,074 127,903 128,919 Weighted Average Shares - Diluted 127,111 127,266 128,101 129,125 Year Ended December 31, 2019 First Second Third Fourth 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 and 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 The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 First Second Third Fourth Total Revenues $ 110,343 $ 109,202 $ 116,194 $ 112,289 Net Income Available to Unitholders and Participating Securities $ 41,479 $ 36,332 $ 36,639 $ 85,484 Net Income Allocable to Participating Securities (123) (125) (125) (289) Net Income Available to Unitholders $ 41,356 $ 36,207 $ 36,514 $ 85,195 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.32 $ 0.28 $ 0.28 $ 0.65 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 129,070 129,081 129,914 130,929 Weighted Average Units - Diluted 129,400 129,461 130,294 131,339 Year Ended December 31, 2019 First Second Third Fourth 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 and 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 |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
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. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated Properties (b) (In thousands) Atlanta 1650 Highway 155 McDonough, GA — 779 4,544 (683) 345 4,295 4,640 2,824 1994 4051 Southmeadow Parkway Atlanta, GA — 726 4,130 1,593 726 5,723 6,449 3,381 1994 4071 Southmeadow Parkway Atlanta, GA — 750 4,460 1,924 828 6,306 7,134 3,941 1994 4081 Southmeadow Parkway Atlanta, GA — 1,012 5,918 2,305 1,157 8,078 9,235 4,672 1994 5570 Tulane Drive Atlanta, GA — 527 2,984 1,200 546 4,165 4,711 2,262 1996 955 Cobb Place Kennesaw, GA — 780 4,420 877 804 5,273 6,077 2,938 1997 1005 Sigman Road Conyers, GA — 566 3,134 1,221 574 4,347 4,921 2,154 1999 2050 East Park Drive Conyers, GA — 452 2,504 674 459 3,171 3,630 1,531 1999 3060 South Park Boulevard Ellenwood, GA — 1,600 12,464 3,413 1,604 15,873 17,477 7,027 2003 175 Greenwood Industrial Parkway McDonough, GA — 1,550 — 8,131 1,550 8,131 9,681 3,082 2004 5095 Phillip Lee Drive Atlanta, GA — 735 3,627 (213) 740 3,409 4,149 3,139 2005 6514 Warren Drive Norcross, GA — 510 1,250 170 513 1,417 1,930 729 2005 6544 Warren Drive Norcross, GA — 711 2,310 469 715 2,775 3,490 1,457 2005 5356 E. Ponce De Leon Stone Mountain, GA — 604 3,888 1,010 610 4,892 5,502 3,057 2005 5390 E. Ponce De Leon Stone Mountain, GA — 397 1,791 569 402 2,355 2,757 1,327 2005 1755 Enterprise Drive Buford, GA — 712 2,118 (69) 716 2,045 2,761 1,042 2006 4555 Atwater Court Buford, GA — 881 3,550 397 885 3,943 4,828 1,828 2006 80 Liberty Industrial Parkway McDonough, GA — 756 3,695 (1,292) 467 2,692 3,159 1,192 2007 596 Bonnie Valentine Pendergrass, GA — 2,580 21,730 2,058 2,594 23,774 26,368 7,414 2007 11415 Old Roswell Road Alpharetta, GA — 2,403 1,912 279 2,428 2,166 4,594 1,087 2008 1281 Highway 155 S. McDonough, GA — 2,501 — 17,083 2,502 17,082 19,584 2,263 2016 4955 Oakley Industrial Boulevard Fairburn, GA — 3,650 — 34,344 3,661 34,333 37,994 1,214 2019 Baltimore 16522 Hunters Green Parkway Hagerstown, MD — 1,390 13,104 5,317 1,863 17,948 19,811 6,713 2003 22520 Randolph Drive Dulles, VA — 3,200 8,187 216 3,208 8,395 11,603 2,892 2004 22630 Dulles Summit Court Dulles, VA — 2,200 9,346 (870) 2,206 8,470 10,676 3,111 2004 11204 McCormick Road Hunt Valley, MD — 1,017 3,132 216 1,038 3,327 4,365 1,987 2005 11110 Pepper Road Hunt Valley, MD — 918 2,529 701 938 3,210 4,148 1,778 2005 10709 Gilroy Road Hunt Valley, MD 1,675 913 2,705 (39) 913 2,666 3,579 1,923 2005 10707 Gilroy Road Hunt Valley, MD — 1,111 3,819 832 1,136 4,626 5,762 2,884 2005 38 Loveton Circle Sparks, MD — 1,648 2,151 (192) 1,690 1,917 3,607 1,218 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 1225 Bengies Road Baltimore, MD — 2,640 270 13,010 2,823 13,097 15,920 4,601 2008 581 Welltown Road/Tyson Boulevard Winchester, VA — 2,320 — 11,276 2,401 11,195 13,596 3,793 2007 400 Old Post Road Aberdeen, MD — 3,411 17,144 1,676 3,411 18,820 22,231 4,640 2015 500 Old Post Road Aberdeen, MD — 5,959 30,533 4,437 5,959 34,970 40,929 6,182 2015 5300 & 5315 Nottingham Drive White Marsh, MD — 12,075 41,008 1,959 12,075 42,967 55,042 863 2020 5301 Nottingham Drive White Marsh, MD — 4,952 12,511 2,833 4,977 15,319 20,296 379 2020 Central/Eastern Pennsylvania 401 Russell Drive Middletown, PA — 262 857 1,847 287 2,679 2,966 2,457 1994 2700 Commerce Drive Middletown, PA — 196 997 857 206 1,844 2,050 1,715 1994 2701 Commerce Drive Middletown, PA — 141 859 1,399 164 2,235 2,399 1,840 1994 2780 Commerce Drive Middletown, PA — 113 743 1,295 209 1,942 2,151 1,736 1994 350 Old Silver Spring Road Mechanicsburg, PA — 510 2,890 5,945 541 8,804 9,345 4,624 1997 14 McFadden Road Palmer, PA — 600 1,349 (305) 625 1,019 1,644 438 2004 431 Railroad Avenue Shiremanstown, PA — 1,293 7,164 2,623 1,341 9,739 11,080 5,939 2005 6951 Allentown Boulevard Harrisburg, PA — 585 3,176 55 601 3,215 3,816 1,551 2005 2801 Red Lion Road Philadelphia, PA — 950 5,916 68 964 5,970 6,934 3,657 2005 1351 Eisenhower Boulevard, Bldg. 1 Harrisburg, PA — 382 2,343 3 387 2,341 2,728 1,115 2006 1351 Eisenhower Boulevard, Bldg. 2 Harrisburg, PA — 436 1,587 (315) 443 1,265 1,708 566 2006 200 Cascade Drive, Bldg. 1 Allentown, PA — 2,133 17,562 1,806 2,769 18,732 21,501 8,730 2007 200 Cascade Drive, Bldg. 2 Allentown, PA — 310 2,268 (56) 316 2,206 2,522 889 2007 1490 Dennison Circle Carlisle, PA — 1,500 — 12,822 2,341 11,981 14,322 3,999 2008 298 First Avenue Gouldsboro, PA — 7,022 — 57,941 7,019 57,944 64,963 17,658 2008 225 Cross Farm Lane York, PA — 4,718 — 23,548 4,715 23,551 28,266 7,690 2008 2455 Boulevard of Generals Norristown, PA — 1,200 4,800 950 1,226 5,724 6,950 3,063 2008 105 Steamboat Boulevard Manchester, PA — 4,085 14,464 70 4,070 14,549 18,619 5,214 2012 20 Leo Lane York County, PA — 6,884 — 27,485 6,889 27,480 34,369 4,787 2013 3895 Eastgate Boulevard, Bldg A Easton, PA — 4,855 — 17,890 4,388 18,357 22,745 2,720 2015 3895 Eastgate Boulevard, Bldg B Easton, PA — 3,459 — 13,849 3,128 14,180 17,308 2,396 2015 112 Bordnersville Road Jonestown, PA — 13,702 — 41,288 13,724 41,266 54,990 3,152 2018 122 Bordnersville Road Jonestown, PA — 3,165 — 11,614 3,171 11,608 14,779 588 2018 2021 Woodhaven Road Philadelphia, PA — 2,059 — 9,984 2,087 9,956 12,043 143 2020 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) Chicago 720-730 Landwehr Drive Northbrook, IL — 521 2,982 900 521 3,882 4,403 2,349 1994 1385 101st Street Lemont, IL — 967 5,554 1,605 968 7,158 8,126 4,292 1994 2300 Windsor Court Addison, IL — 688 3,943 841 696 4,776 5,472 2,952 1994 305-311 Era Drive Northbrook, IL — 200 1,154 1,159 205 2,308 2,513 1,150 1994 800 Business Drive Mount Prospect, IL — 631 3,493 328 666 3,786 4,452 1,916 2000 580 Slawin Court Mount Prospect, IL — 233 1,292 (27) 162 1,336 1,498 829 2000 1005 101st Street Lemont, IL 4,395 1,200 6,643 1,548 1,220 8,171 9,391 3,781 2001 175 Wall Street Glendale Heights, IL — 427 2,363 700 433 3,057 3,490 1,317 2002 251 Airport Road North Aurora, IL 3,402 983 — 6,710 983 6,710 7,693 2,897 2002 400 Crossroads Parkway Bolingbrook, IL — 1,178 9,453 1,846 1,181 11,296 12,477 5,364 2005 7801 W. Industrial Drive Forest Park, IL — 1,215 3,020 1,459 1,220 4,474 5,694 2,526 2005 725 Kimberly Drive Carol Stream, IL — 793 1,395 5 801 1,392 2,193 768 2005 2900 W. 166th Street Markham, IL — 1,132 4,293 (1,328) 1,134 2,963 4,097 999 2007 555 W. Algonquin Road Arlington Heights, IL — 574 741 2,360 579 3,096 3,675 1,332 2007 1501 Oakton Street Elk Grove Village, IL 4,487 3,369 6,121 96 3,482 6,104 9,586 2,541 2008 16500 W. 103rd Street Woodridge, IL — 744 2,458 529 762 2,969 3,731 1,433 2008 8505 50th Street Kenosha, WI — 3,212 — 33,063 3,212 33,063 36,275 11,207 2008 4100 Rock Creek Boulevard Joliet, IL — 4,476 16,061 830 4,476 16,891 21,367 5,282 2013 10100 58th Place Kenosha, WI — 4,201 17,604 74 4,201 17,678 21,879 5,423 2013 401 Airport Road North Aurora, IL — 534 1,957 (147) 534 1,810 2,344 360 2014 3737 84th Avenue Somers, WI — 1,943 — 24,116 1,943 24,116 26,059 2,956 2016 81 Paragon Drive Romeoville, IL — 1,787 7,252 1,371 1,788 8,622 10,410 1,491 2016 10680 88th Avenue Pleasant Prairie, WI — 1,376 4,757 — 1,376 4,757 6,133 636 2017 8725 31st Street Somers, WI — 2,133 — 27,552 2,134 27,551 29,685 3,546 2017 3500 Channahon Road Joliet, IL — 2,595 — 17,817 2,598 17,814 20,412 1,280 2017 1998 Melissa Lane Aurora, IL — 2,401 9,970 1,130 2,400 11,101 13,501 903 2019 Cincinnati 4700-4750 Creek Road Blue Ash, OH — 1,080 6,118 1,462 1,109 7,551 8,660 4,326 1996 4436 Muhlhauser Road Hamilton, OH — 630 — 5,387 630 5,387 6,017 2,418 2002 4438 Muhlhauser Road Hamilton, OH — 779 — 6,318 779 6,318 7,097 2,854 2002 4663 Dues Drive Westchester, OH — 858 2,273 606 875 2,862 3,737 1,977 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 9345 Princeton-Glendale Road Westchester, OH — 818 1,648 561 840 2,187 3,027 1,837 2006 9525 Glades Drive Westchester, OH — 347 1,323 240 355 1,555 1,910 829 2007 9774-9792 Windisch Road Westchester, OH — 392 1,744 219 394 1,961 2,355 713 2007 9808-9830 Windisch Road Westchester, OH — 395 2,541 528 397 3,067 3,464 1,264 2007 9842-9862 Windisch Road Westchester, OH — 506 3,148 151 508 3,297 3,805 1,297 2007 9872-9898 Windisch Road Westchester, OH — 546 3,039 (252) 548 2,785 3,333 908 2007 9902-9922 Windisch Road Westchester, OH — 623 4,003 861 627 4,860 5,487 2,604 2007 Cleveland 30311 Emerald Valley Parkway Glenwillow, OH 5,304 681 11,838 (526) 691 11,302 11,993 4,950 2006 30333 Emerald Valley Parkway Glenwillow, OH — 466 5,447 (699) 475 4,739 5,214 2,134 2006 7800 Cochran Road Glenwillow, OH — 972 7,033 338 991 7,352 8,343 3,709 2006 7900 Cochran Road Glenwillow, OH 2,938 775 6,244 (377) 792 5,850 6,642 2,703 2006 7905 Cochran Road Glenwillow, OH 3,394 920 6,174 158 922 6,330 7,252 2,952 2006 8181 Darrow Road Twinsburg, OH — 2,478 6,791 5,696 2,496 12,469 14,965 2,878 2008 Dallas/Ft. Worth 2406-2416 Walnut Ridge Dallas, TX — 178 1,006 1,199 172 2,211 2,383 891 1997 2401-2419 Walnut Ridge Dallas, TX — 148 839 415 142 1,260 1,402 700 1997 900-906 Great Southwest Parkway Arlington, TX — 237 1,342 801 270 2,110 2,380 1,007 1997 3000 West Commerce Dallas, TX — 456 2,584 819 469 3,390 3,859 1,849 1997 405-407 113th Arlington, TX — 181 1,026 486 185 1,508 1,693 755 1997 816 111th Street Arlington, TX — 251 1,421 231 258 1,645 1,903 887 1997 1602-1654 Terre Colony Dallas, TX — 458 2,596 774 468 3,360 3,828 1,616 2000 2220 Merritt Drive Garland, TX — 352 1,993 277 316 2,306 2,622 998 2000 2485-2505 Merritt Drive Garland, TX — 431 2,440 513 443 2,941 3,384 1,347 2000 2110 Hutton Drive Carrolton, TX — 374 2,117 (150) 255 2,086 2,341 954 2001 2025 McKenzie Drive Carrolton, TX — 437 2,478 503 442 2,976 3,418 1,332 2001 2019 McKenzie Drive Carrolton, TX — 502 2,843 638 507 3,476 3,983 1,572 2001 2029-2035 McKenzie Drive Carrolton, TX — 306 1,870 589 306 2,459 2,765 1,138 2001 2015 McKenzie Drive Carrolton, TX 1,797 510 2,891 662 516 3,547 4,063 1,560 2001 2009 McKenzie Drive Carrolton, TX 1,588 476 2,699 416 481 3,110 3,591 1,470 2001 900-1100 Avenue S Grand Prairie, TX — 623 3,528 1,081 629 4,603 5,232 1,946 2002 Plano Crossing Business Park Plano, TX 6,153 1,961 11,112 841 1,981 11,933 13,914 5,282 2002 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 825-827 Avenue H Arlington, TX 2,167 600 3,006 1,024 604 4,026 4,630 1,985 2004 1013-31 Avenue M Grand Prairie, TX — 300 1,504 290 302 1,792 2,094 949 2004 1172-84 113th Street Grand Prairie, TX — 700 3,509 (78) 704 3,427 4,131 1,604 2004 1200-16 Avenue H Arlington, TX — 600 2,846 870 604 3,712 4,316 1,674 2004 1322-66 W. North Carrier Parkway Grand Prairie, TX 3,550 1,000 5,012 1,573 1,006 6,579 7,585 3,293 2004 2401-2407 Centennial Drive Arlington, TX 1,670 600 2,534 643 604 3,173 3,777 1,725 2004 3111 West Commerce Street Dallas, TX 2,921 1,000 3,364 1,877 1,011 5,230 6,241 3,037 2004 13800 Senlac Drive Farmers Branch, TX 2,055 823 4,042 (474) 825 3,566 4,391 1,836 2005 801-831 S Great Southwest Parkway Grand Prairie, TX — 2,581 16,556 1,341 2,586 17,892 20,478 13,071 2005 801 Heinz Way Grand Prairie, TX — 599 3,327 392 601 3,717 4,318 2,238 2005 901-937 Heinz Way Grand Prairie, TX — 493 2,758 56 481 2,826 3,307 1,891 2005 3301 Century Circle Irving, TX — 760 3,856 (111) 771 3,734 4,505 1,558 2007 3901 W Miller Road Garland, TX — 1,912 — 14,111 1,947 14,076 16,023 4,256 2008 1251 North Cockrell Hill Road Dallas, TX — 2,064 — 13,630 1,073 14,621 15,694 2,543 2015 1171 North Cockrell Hill Road Dallas, TX — 1,215 — 10,972 632 11,555 12,187 1,870 2015 3996 Scientific Drive Arlington, TX — 1,301 — 8,095 1,349 8,047 9,396 1,884 2015 750 Gateway Boulevard Coppell, TX — 1,452 4,679 80 1,452 4,759 6,211 902 2015 2250 East Bardin Road Arlington, TX — 1,603 — 10,134 1,603 10,134 11,737 1,247 2016 2001 Midway Road Lewisville, TX — 3,963 — 11,244 3,963 11,244 15,207 305 2019 2025 Midway Road Lewisville, TX — 2,243 — 8,075 2,243 8,075 10,318 459 2019 5300 Mountain Creek Dallas, TX — 4,675 — 47,957 4,779 47,853 52,632 1,609 2019 3700 Sandshell Drive Fort Worth, TX — 1,892 — 9,857 1,901 9,848 11,749 293 2019 1901 Midway Road Lewisville, TX — 7,519 — 23,975 7,514 23,980 31,494 130 2020 Denver 4785 Elati Denver, CO — 173 981 390 175 1,369 1,544 672 1997 4770 Fox Street Denver, CO — 132 750 339 134 1,087 1,221 591 1997 3851-3871 Revere Denver, CO — 361 2,047 493 368 2,533 2,901 1,474 1997 4570 Ivy Street Denver, CO — 219 1,239 215 220 1,453 1,673 783 1997 5855 Stapleton Drive North Denver, CO — 288 1,630 185 290 1,813 2,103 1,011 1997 5885 Stapleton Drive North Denver, CO — 376 2,129 290 380 2,415 2,795 1,341 1997 5977 North Broadway Denver, CO — 268 1,518 509 271 2,024 2,295 1,113 1997 5952-5978 North Broadway Denver, CO — 414 2,346 758 422 3,096 3,518 1,715 1997 4721 Ironton Street Denver, CO — 232 1,313 682 236 1,991 2,227 932 1997 7003 E. 47th Ave Drive Denver, CO — 441 2,689 6 441 2,695 3,136 1,536 1997 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 9500 West 49th Street - A Wheatridge, CO 915 283 1,625 161 287 1,782 2,069 1,022 1997 9500 West 49th Street - B Wheatridge, CO 770 225 1,272 243 227 1,513 1,740 837 1997 9500 West 49th Street - C Wheatridge, CO 1,937 600 3,409 370 601 3,778 4,379 2,178 1997 9500 West 49th Street - D Wheatridge, CO 852 246 1,537 145 247 1,681 1,928 897 1997 451-591 East 124th Avenue Thornton, CO — 383 2,145 830 383 2,975 3,358 1,396 1997 11701 East 53rd Avenue Denver, CO — 416 2,355 311 422 2,660 3,082 1,479 1997 5401 Oswego Denver, CO — 273 1,547 248 278 1,790 2,068 1,000 1997 445 Bryant Street Denver, CO 7,213 1,829 10,219 3,362 1,829 13,581 15,410 7,041 1998 12055 E. 49th Avenue/4955 Peoria Denver, CO — 298 1,688 530 305 2,211 2,516 1,192 1998 4940-4950 Paris Denver, CO — 152 861 282 156 1,139 1,295 602 1998 7367 South Revere Parkway Centennial, CO — 926 5,124 1,761 934 6,877 7,811 3,531 1998 8020 Southpark Circle Littleton, CO — 739 — 3,219 781 3,177 3,958 1,453 2000 8810 W. 116th Circle Broomfield, CO — 312 — 1,662 370 1,604 1,974 704 2001 8820 W. 116th Circle Broomfield, CO — 338 1,918 345 372 2,229 2,601 1,021 2003 8835 W. 116th Circle Broomfield, CO — 1,151 6,523 912 1,304 7,282 8,586 3,292 2003 18150 E. 32nd Place Aurora, CO — 563 3,188 200 572 3,379 3,951 1,583 2004 3400 Fraser Street Aurora, CO — 616 3,593 (135) 620 3,454 4,074 1,666 2005 7005 E. 46th Avenue Drive Denver, CO — 512 2,025 181 517 2,201 2,718 1,034 2005 4001 Salazar Way Frederick, CO 3,143 1,271 6,508 (672) 1,276 5,831 7,107 2,322 2006 5909-5915 N. Broadway Denver, CO — 495 1,268 195 500 1,458 1,958 1,007 2006 21301 E. 33rd Drive Aurora, CO 6,070 2,860 8,202 924 2,859 9,127 11,986 1,804 2017 21110 E. 31st Circle Aurora, CO — 1,564 7,047 6 1,564 7,053 8,617 336 2019 22300 E.. 26th Avenue Aurora, CO — 4,881 — 34,976 4,890 34,967 39,857 944 2019 Detroit 47461 Clipper Plymouth Township, MI — 122 723 159 122 882 1,004 554 1994 449 Executive Drive Troy, MI — 125 425 1,006 218 1,338 1,556 1,234 1994 1416 Meijer Drive Troy, MI — 94 394 473 121 840 961 740 1994 1624 Meijer Drive Troy, MI — 236 1,406 898 373 2,167 2,540 2,070 1994 1972 Meijer Drive Troy, MI — 315 1,301 787 372 2,031 2,403 1,894 1994 1826 Northwood Drive Troy, MI — 55 208 472 103 632 735 570 1994 1864 Northwood Drive Troy, MI — 57 190 489 107 629 736 583 1994 2730 Research Drive Rochester Hills, MI — 903 4,215 1,182 903 5,397 6,300 4,955 1994 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 2791 Research Drive Rochester Hills, MI — 557 2,731 732 560 3,460 4,020 3,043 1994 2870 Technology Drive Rochester Hills, MI — 275 1,262 369 279 1,627 1,906 1,550 1994 2900 Technology Drive Rochester Hills, MI — 214 977 723 219 1,695 1,914 1,285 1994 2930 Technology Drive Rochester Hills, MI — 131 594 432 138 1,019 1,157 862 1994 2950 Technology Drive Rochester Hills, MI — 178 819 305 185 1,117 1,302 994 1994 23014 Commerce Drive Farmington Hills, MI — 39 203 189 56 375 431 353 1994 23035 Commerce Drive Farmington Hills, MI — 71 355 282 93 615 708 544 1994 23093 Commerce Drive Farmington Hills, MI — 211 1,024 1,005 295 1,945 2,240 1,717 1994 23135 Commerce Drive Farmington Hills, MI — 146 701 408 158 1,097 1,255 950 1994 23163 Commerce Drive Farmington Hills, MI — 111 513 372 138 858 996 788 1994 23177 Commerce Drive Farmington Hills, MI — 175 1,007 645 254 1,573 1,827 1,447 1994 32975 Capitol Avenue Livonia, MI — 135 748 (13) 77 793 870 413 1998 47711 Clipper Street Plymouth Township, MI — 539 2,983 579 575 3,526 4,101 1,953 1998 12874 Westmore Avenue Livonia, MI — 137 761 (230) 58 610 668 414 1998 1775 Bellingham Troy, MI — 344 1,902 481 367 2,360 2,727 1,258 1998 1785 East Maple Troy, MI — 92 507 210 98 711 809 383 1998 980 Chicago Troy, MI — 206 1,141 333 220 1,460 1,680 791 1998 1935-55 Enterprise Drive Rochester Hills, MI — 1,285 7,144 1,391 1,371 8,449 9,820 4,752 1998 5500 Enterprise Court Warren, MI — 675 3,737 1,037 721 4,728 5,449 2,471 1998 750 Chicago Road Troy, MI — 323 1,790 404 345 2,172 2,517 1,222 1998 800 Chicago Road Troy, MI — 283 1,567 380 302 1,928 2,230 1,064 1998 850 Chicago Road Troy, MI — 183 1,016 279 196 1,282 1,478 693 1998 4872 S. Lapeer Road Lake Orion Twsp, MI — 1,342 5,441 481 1,412 5,852 7,264 3,197 1999 1400 Allen Drive Troy, MI — 209 1,154 393 212 1,544 1,756 766 2000 1408 Allen Drive Troy, MI — 151 834 104 153 936 1,089 467 2000 28435 Automation Boulevard Wixom, MI — 621 — 3,689 628 3,682 4,310 1,467 2004 32200 N. Avis Drive Madison Heights, MI — 503 3,367 (921) 195 2,754 2,949 1,124 2005 100 Kay Industrial Drive Orion Township, MI — 677 2,018 266 685 2,276 2,961 1,445 2005 42555 Merrill Road Sterling Heights, MI — 1,080 2,300 3,636 1,090 5,926 7,016 3,303 2006 200 Northpointe Drive Orion Township, MI — 723 2,063 (211) 734 1,841 2,575 882 2006 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) Houston 3351 Rauch Street Houston, TX — 272 1,541 632 278 2,167 2,445 1,102 1997 3801-3851 Yale Street Houston, TX — 413 2,343 1,523 425 3,854 4,279 1,891 1997 3337-3347 Rauch Street Houston, TX — 227 1,287 547 233 1,828 2,061 929 1997 8505 N. Loop East Houston, TX — 439 2,489 849 449 3,328 3,777 1,721 1997 4749-4799 Eastpark Drive Houston, TX — 594 3,368 1,253 611 4,604 5,215 2,534 1997 4851 Homestead Road Houston, TX 2,417 491 2,782 2,191 504 4,960 5,464 2,353 1997 3365-3385 Rauch Street Houston, TX — 284 1,611 546 290 2,151 2,441 1,126 1997 5050 Campbell Road Houston, TX — 461 2,610 1,011 470 3,612 4,082 1,964 1997 4300 Pine Timbers Houston, TX 2,028 489 2,769 1,076 499 3,835 4,334 1,955 1997 2500-2530 Fairway Park Drive Houston, TX — 766 4,342 2,020 792 6,336 7,128 3,152 1997 6550 Longpointe Houston, TX — 362 2,050 906 370 2,948 3,318 1,577 1997 1815 Turning Basin Drive Houston, TX — 487 2,761 1,966 531 4,683 5,214 2,302 1997 1819 Turning Basin Drive Houston, TX — 231 1,308 946 251 2,234 2,485 1,123 1997 1805 Turning Basin Drive Houston, TX — 564 3,197 2,300 616 5,445 6,061 2,702 1997 11505 State Highway 225 LaPorte City, TX — 940 4,675 (163) 940 4,512 5,452 1,869 2005 1500 E. Main Street LaPorte City, TX — 201 1,328 (91) 204 1,234 1,438 1,221 2005 7230-7238 Wynnwood Houston, TX — 254 764 199 259 958 1,217 668 2007 7240-7248 Wynnwood Houston, TX — 271 726 393 276 1,114 1,390 701 2007 7250-7260 Wynnwood Houston, TX — 200 481 1,501 203 1,979 2,182 1,012 2007 6400 Long Point Houston, TX — 188 898 138 188 1,036 1,224 580 2007 7967 Blankenship Houston, TX — 307 1,166 200 307 1,366 1,673 642 2010 8800 City Park Loop East Houston, TX — 3,717 19,237 (691) 3,717 18,546 22,263 6,956 2011 4800 West Greens Road Houston, TX — 3,350 — 17,032 3,312 17,070 20,382 4,102 2014 611 East Sam Houston Parkway S. Pasadena, TX — 1,970 7,431 1,313 2,013 8,701 10,714 1,515 2015 619 East Sam Houston Parkway S. Pasadena, TX — 2,879 11,713 785 2,876 12,501 15,377 2,103 2015 6913 Guhn Road Houston, TX — 1,367 — 7,375 1,367 7,375 8,742 494 2018 607 East Sam Houston Parkway Pasedena, TX — 2,076 11,674 232 2,076 11,906 13,982 699 2018 615 East Sam Houston Parkway Pasedena, TX — 4,265 11,983 (129) 4,265 11,854 16,119 877 2018 2737 W. Grand Parkway N. Katy, TX — 2,885 — 8,458 2,885 8,458 11,343 228 2019 2747 W. Grand Parkway N. Katy, TX — 2,885 — 9,936 2,885 9,936 12,821 281 2019 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) Miami 4700 NW 15th Avenue Ft. Lauderdale, FL — 908 1,883 331 912 2,210 3,122 1,016 2007 4710 NW 15th Avenue Ft. Lauderdale, FL — 830 2,722 341 834 3,059 3,893 1,090 2007 4720 NW 15th Avenue Ft. Lauderdale, FL — 937 2,455 316 942 2,766 3,708 1,200 2007 4740 NW 15th Avenue Ft. Lauderdale, FL — 1,107 3,111 333 1,112 3,439 4,551 1,270 2007 4750 NW 15th Avenue Ft. Lauderdale, FL — 947 3,079 400 951 3,475 4,426 1,311 2007 4800 NW 15th Avenue Ft. Lauderdale, FL — 1,092 3,308 120 1,097 3,423 4,520 1,283 2007 6891 NW 74th Street Medley, FL — 857 3,428 3,854 864 7,275 8,139 2,899 2007 12601 & 12605 NW 115th Avenue Medley, FL — 1,005 — 200 343 862 1,205 234 2008 1351 NW 78th Avenue Doral, FL — 3,111 4,634 39 3,111 4,673 7,784 994 2016 2500 NW 19th Street Pompano Beach, FL — 8,824 11,660 (544) 8,824 11,116 19,940 1,442 2017 6301 Lyons Road Coconut Creek, FL — 5,703 — 9,869 5,704 9,868 15,572 22 2020 Milwaukee 5355 South Westridge Drive New Berlin, WI — 1,630 7,058 36 1,646 7,078 8,724 2,696 2004 17005 W. Ryerson Road New Berlin, WI 1,952 403 3,647 120 405 3,765 4,170 2,434 2005 16600 West Glendale Avenue New Berlin, WI 1,515 704 1,923 799 715 2,711 3,426 2,126 2006 N58W15380 Shawn Circle Menomonee Falls, WI — 1,188 — 17,020 1,204 17,004 18,208 6,296 2008 Minneapolis/St. Paul 6201 West 111th Street Bloomington, MN — 1,358 8,622 13,263 1,519 21,724 23,243 14,380 1994 5400 Nathan Lane Plymouth, MN — 749 4,461 1,151 757 5,604 6,361 3,401 1994 12155 Nicollet Avenue Burnsville, MN — 286 — 1,957 288 1,955 2,243 1,150 1995 5775 12th Avenue Shakopee, MN 2,910 590 — 5,628 590 5,628 6,218 2,292 1998 1157 Valley Park Drive Shakopee, MN — 760 — 7,811 888 7,683 8,571 3,579 1999 9600 West 76th Street Eden Prairie, MN — 1,000 2,450 69 1,036 2,483 3,519 1,096 2004 1087 Park Place Shakopee, MN 3,100 1,195 4,891 537 1,198 5,425 6,623 1,950 2005 5391 12th Avenue SE Shakopee, MN — 1,392 8,149 110 1,395 8,256 9,651 3,132 2005 4701 Valley Industrial Boulevard S. Shakopee, MN 4,309 1,296 7,157 753 1,299 7,907 9,206 4,469 2005 6455 City West Parkway Eden Prairie, MN — 659 3,189 (172) 665 3,011 3,676 1,211 2006 7035 Winnetka Avenue North Brooklyn Park, MN — 1,275 — 7,316 1,343 7,248 8,591 2,616 2007 139 Eva Street St. Paul, MN — 2,132 3,105 (286) 2,175 2,776 4,951 1,091 2008 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 21900 Dodd Boulevard Lakeville, MN — 2,289 7,952 (866) 2,289 7,086 9,375 2,613 2010 375 Rivertown Drive Woodbury, MN — 2,635 8,157 1,031 2,635 9,188 11,823 2,670 2014 935 Aldrin Drive Eagan, MN — 2,096 7,884 52 2,096 7,936 10,032 1,911 2014 7050 Winnetka Avenue North Brooklyn Park, MN — 1,623 — 7,751 1,634 7,740 9,374 1,297 2014 7051 West Broadway Brooklyn Park, MN 3,142 1,275 — 5,829 1,279 5,825 7,104 883 2014 Nashville 1931 Air Lane Drive Nashville, TN — 489 2,785 581 493 3,362 3,855 1,816 1997 4640 Cummings Park Nashville, TN — 360 2,040 673 365 2,708 3,073 1,342 1999 1740 River Hills Drive Nashville, TN — 848 4,383 1,612 888 5,955 6,843 3,070 2005 211 Ellery Court Nashville, TN 1,556 606 3,192 (279) 616 2,903 3,519 1,255 2007 130 Maddox Road Mount Juliet, TN — 1,778 — 23,942 1,778 23,942 25,720 7,239 2008 New Jersey 14 World's Fair Drive Franklin, NJ — 483 2,735 890 503 3,605 4,108 1,950 1997 12 World's Fair Drive Franklin, NJ — 572 3,240 827 593 4,046 4,639 2,232 1997 22 World's Fair Drive Franklin, NJ — 364 2,064 610 375 2,663 3,038 1,442 1997 26 World's Fair Drive Franklin, NJ — 361 2,048 532 377 2,564 2,941 1,403 1997 24 World's Fair Drive Franklin, NJ — 347 1,968 509 362 2,462 2,824 1,326 1997 20 World's Fair Drive Lot 13 Somerset, NJ — 9 — 2,738 691 2,056 2,747 953 1999 45 Route 46 Pine Brook, NJ — 969 5,491 1,166 978 6,648 7,626 3,197 2000 43 Route 46 Pine Brook, NJ — 474 2,686 480 479 3,161 3,640 1,578 2000 39 Route 46 Pine Brook, NJ — 260 1,471 289 262 1,758 2,020 871 2000 26 Chapin Road Pine Brook, NJ — 956 5,415 608 965 6,014 6,979 2,953 2000 30 Chapin Road Pine Brook, NJ — 960 5,440 573 970 6,003 6,973 2,950 2000 20 Hook Mountain Road Pine Brook, NJ — 1,507 8,542 2,201 1,534 10,716 12,250 5,069 2000 30 Hook Mountain Road Pine Brook, NJ — 389 2,206 509 396 2,708 3,104 1,266 2000 16 Chapin Road Pine Brook, NJ — 885 5,015 692 901 5,691 6,592 2,775 2000 20 Chapin Road Pine Brook, NJ — 1,134 6,426 791 1,154 7,197 8,351 3,437 2000 2500 Main Street Sayreville, NJ — 944 — 4,511 944 4,511 5,455 1,983 2002 2400 Main Street Sayreville, NJ — 996 — 5,528 996 5,528 6,524 2,222 2003 7851 Airport Highway Pennsauken, NJ — 160 508 328 162 834 996 488 2003 309-313 Pierce Street Somerset, NJ — 1,300 4,628 606 1,309 5,225 6,534 2,365 2004 400 Cedar Lane Florence Township, NJ — 9,730 — 26,224 9,730 26,224 35,954 3,065 2016 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 301 Bordentown-Hedding Road Bordentown, NJ — 3,983 15,881 32 3,984 15,912 19,896 1,943 2017 302 Bordentown-Hedding Road Bordentown, NJ — 2,738 8,190 384 2,738 8,574 11,312 812 2018 304 Bordentown-Hedding Road Bordentown, NJ — 3,684 — 7,950 3,688 7,946 11,634 243 2019 Northern California 27403 Industrial Boulevard Hayward, CA — 3,440 1,848 174 3,440 2,022 5,462 164 2020 4160-4170 Business Center Drive Fremont, CA — 4,897 4,206 298 4,897 4,504 9,401 145 2020 4200 Business Center Drive Fremont, CA — 5,112 3,829 75 5,158 3,858 9,016 137 2020 22950 Clawiter Road Hayward, CA — 3,312 2,023 105 3,312 2,128 5,440 9 2020 Orlando 6301 Hazeltine National Drive Orlando, FL — 909 4,613 500 920 5,102 6,022 2,153 2005 8751 Skinner Court Orlando, FL — 1,691 7,249 20 1,692 7,268 8,960 1,161 2016 4473 Shader Road Orlando, FL — 2,094 10,444 63 2,094 10,507 12,601 1,598 2016 550 Gills Drive Orlando, FL — 1,321 6,176 12 1,321 6,188 7,509 704 2017 450 Gills Drive Orlando, FL — 1,031 6,406 (42) 1,031 6,364 7,395 555 2017 4401 Shader Road Orlando, FL — 1,037 7,116 4 1,037 7,120 8,157 536 2018 770 Gills Drive Orlando, FL — 851 5,195 7 851 5,202 6,053 209 2019 Phoenix 1045 S. Edward Drive Tempe, AZ — 390 2,160 795 396 2,949 3,345 1,302 1999 50 S. 56th Street Chandler, AZ — 1,206 3,218 1,428 1,252 4,600 5,852 2,561 2004 245 W. Lodge Tempe, AZ — 898 3,066 (2,137) 362 1,465 1,827 616 2007 1590 E. Riverview Drive Phoenix, AZ — 1,293 5,950 123 1,292 6,074 7,366 1,770 2008 14131 N. Rio Vista Boulevard Peoria, AZ 5,106 2,563 9,388 (406) 2,563 8,982 11,545 2,712 2008 8716 W. Ludlow Drive Peoria, AZ 6,275 2,709 10,970 511 2,709 11,481 14,190 3,765 2008 3815 W. Washington Street Phoenix, AZ — 1,675 4,514 323 1,719 4,793 6,512 1,814 2008 9180 W. Buckeye Road Tolleson, AZ — 1,904 6,805 2,509 1,923 9,295 11,218 3,012 2008 8644 W. Ludlow Drive Peoria, AZ — 1,726 7,216 — 1,726 7,216 8,942 1,586 2014 8606 W. Ludlow Drive Peoria, AZ — 956 2,668 123 956 2,791 3,747 645 2014 8679 W. Ludlow Drive Peoria, AZ — 672 2,791 — 672 2,791 3,463 627 2014 94th Avenue & Buckeye Road Tolleson, AZ — 4,315 — 16,901 4,315 16,901 21,216 2,544 2015 16560 W. Sells Drive Goodyear, AZ — 6,259 — 31,391 6,271 31,379 37,650 3,180 2018 16951 W. Camelback Road Goodyear, AZ — 1,805 — 5,372 1,805 5,372 7,177 166 2019 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 3600 North Cotton Lane Goodyear, AZ — 5,660 — 43,396 5,659 43,397 49,056 1,271 2020 3350 North Cotton Lane Goodyear, AZ — 6,373 31,198 — 6,373 31,198 37,571 — 2020 Seattle 1901 Raymond Avenue SW Renton, WA — 4,458 2,659 640 4,594 3,163 7,757 1,338 2008 19014 64th Avenue South Kent, WA — 1,990 3,979 955 2,042 4,882 6,924 2,174 2008 18640 68th Avenue South Kent, WA — 1,218 1,950 256 1,258 2,166 3,424 1,092 2008 6407 S. 210th Street Kent, WA — 1,737 3,508 — 1,737 3,508 5,245 384 2018 1402 Puyallup Street Sumner, WA — 3,766 4,457 439 3,766 4,896 8,662 273 2018 22718 58th Place Kent, WA — 1,446 2,388 152 1,447 2,539 3,986 164 2019 14302 24th Street East Lot 1 Sumner, WA — 2,643 — 9,989 2,643 9,989 12,632 628 2019 Southern California 1944 Vista Bella Way Rancho Dominguez, CA 2,501 1,746 3,148 450 1,822 3,522 5,344 2,127 2005 2000 Vista Bella Way Rancho Dominguez, CA — 817 1,673 227 853 1,864 2,717 1,140 2005 2835 East Ana Street Rancho Dominguez, CA 1,997 1,682 2,750 85 1,772 2,745 4,517 1,613 2005 665 N. Baldwin Park Boulevard City of Industry, CA — 2,124 5,219 3,014 2,143 8,214 10,357 2,895 2006 27801 Avenue Scott Santa Clarita, CA 5,176 2,890 7,020 1,147 2,902 8,155 11,057 3,400 2006 2610 & 2660 Columbia Street Torrance, CA — 3,008 5,826 2,066 3,031 7,869 10,900 2,791 2006 433 Alaska Avenue Torrance, CA — 681 168 755 684 920 1,604 140 2006 2325 Camino Vida Roble Carlsbad, CA — 1,441 1,239 563 1,446 1,797 3,243 774 2006 2335 Camino Vida Roble Carlsbad, CA — 817 762 125 821 883 1,704 428 2006 2345 Camino Vida Roble Carlsbad, CA — 562 456 159 565 612 1,177 359 2006 2355 Camino Vida Roble Carlsbad, CA — 481 365 65 483 428 911 223 2006 2365 Camino Vida Roble Carlsbad, CA — 1,098 630 132 1,102 758 1,860 288 2006 2375 Camino Vida Roble Carlsbad, CA — 1,210 874 151 1,214 1,021 2,235 543 2006 6451 El Camino Real Carlsbad, CA — 2,885 1,931 755 2,895 2,676 5,571 1,300 2006 13100 Gregg Street Poway, CA 2,627 1,040 4,160 740 1,073 4,867 5,940 2,624 2007 21730-21748 Marilla Street Chatsworth, CA — 2,585 3,210 221 2,608 3,408 6,016 1,579 2007 8015 Paramount Pico Rivera, CA — 3,616 3,902 (510) 3,657 3,351 7,008 1,689 2007 3365 E. Slauson Vernon, CA — 2,367 3,243 (559) 2,396 2,655 5,051 1,339 2007 3015 East Ana Rancho Dominguez, CA — 19,678 9,321 6,554 20,144 15,409 35,553 6,328 2007 1250 Rancho Conejo Boulevard Thousand Oaks, CA — 1,435 779 45 1,441 818 2,259 439 2007 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total Accumulated (In thousands) 1260 Rancho Conejo Boulevard Thousand Oaks, CA — 1,353 722 (710) 675 690 1,365 344 2007 1270 Rancho Conejo Boulevard Thousand Oaks, CA — 1,224 716 (2) 1,229 709 1,938 379 2007 100 West Sinclair Street Perris, CA — 4,894 3,481 (5,238) 1,819 1,318 3,137 806 2007 14050 Day Street Moreno Valley, CA — 2,538 2,538 545 2,565 3,056 5,621 1,493 2008 12925 Marlay Avenue Fontana, CA — 6,072 7,891 309 6,090 8,182 14,272 5,128 2008 18201-18291 Santa Fe Rancho Dominguez, CA — 6,720 — 9,494 6,897 9,317 16,214 3,250 2008 1011 Rancho Conejo Thousand Oaks, CA — 7,717 2,518 (170) 7,752 2,313 10,065 1,351 2008 20700 Denker Avenue Torrance, CA — 5,767 2,538 397 5,964 2,737 8,701 1,683 2008 18408 Laurel Park Road Rancho Dominguez, CA — 2,850 2,850 907 2,874 3,733 6,607 1,733 2008 19021 S. Reyes Avenue Rancho Dominguez, CA — 8,183 7,501 741 8,545 7,880 16,425 2,111 2008 24870 Nandina Avenue Moreno Valley, CA — 13,543 — 21,279 6,482 28,339 34,821 6,382 2012 6185 Kimball Avenue Chino, CA — 6,385 — 10,993 6,382 10,997 17,379 2,109 2013 5553 Bandini Boulevard Bell, CA — 32,536 — 21,764 32,540 21,760 54,300 4,094 2013 16875 Heacock Street Moreno Valley, CA — — 6,831 (816) — 6,015 6,015 1,255 2014 4710 Guasti Road Ontario, CA 4,718 2,846 6,564 213 2,846 6,777 9,623 1,547 2014 17100 Perris Boulevard Moreno Valley, CA — 6,388 — 25,8 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements at December 31, 2020 and 2019 and for each of the years ended December 31, 2020, 2019 and 2018 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, 2020 and 2019, and the reported amounts of revenues and expenses for each of the years ended December 31, 2020, 2019 and 2018. 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 estimates and assumptions relating to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. 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. Upon held for sale classification, we cease depreciation and value the properties at the lower of depreciated cost or fair value, less costs to dispose. 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 construction 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 16 Furniture, Fixtures and Equipment 3 to 5 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, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. 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 lease intangibles are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above market leases or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The value of above and below market lease intangibles, which are included as assets or liabilities in the line item Deferred Leasing Intangibles, Net are amortized as an increase or decrease to rental revenue over the remaining initial lease 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 intangibles 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, construction in progress 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 $ 18,253 $ 20,188 Above Market Leases 1,948 2,197 Below Market Ground Lease Obligation 1,552 1,597 Tenant Relationships 3,458 4,551 Total Included in Total Assets, Net of $24,781 and $29,541 of Accumulated Amortization $ 25,211 $ 28,533 Below Market Leases $ 11,064 $ 11,893 Total Included in Total Liabilities, Net of $13,849 and $13,045 of Accumulated Amortization $ 11,064 $ 11,893 Amortization expense related to in-place leases and tenant relationships was $8,201, $6,303 and $6,267 for the years ended December 31, 2020, 2019 and 2018, respectively. Lease revenue increased by $1,962, $1,281 and $1,095 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, 2020 as follows: Estimated Estimated Net 2021 $ 4,210 $ 1,443 2022 $ 3,717 $ 1,353 2023 $ 3,283 $ 1,101 2024 $ 2,562 $ 1,120 2025 $ 1,996 $ 1,029 |
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. |
Investment in Joint Ventures | Investment in Joint Ventures Investment in joint ventures represents a noncontrolling equity interest in two joint ventures. We have determined to account for our investment in the joint ventures 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 the joint ventures is reflected in income as earned and contributions or distributions increase or decrease our investment in joint ventures as paid or received, respectively. Differences between our carrying value of our investment in the joint ventures and our underlying equity in such joint ventures are amortized and included as an adjustment to our equity in income (loss). |
Noncontrolling Interests | Noncontrolling Interests Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 2020 and 2019 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, 2020, 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. Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in a joint venture that is accounted for under the equity method of accounting. Our ownership interest in the joint venture is held through a partnership ("Joint Venture II Partnership") with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture II Partnership. As a result, we consolidate the Joint Venture II Partnership, which holds an aggregate 49% interest in Joint Venture II (as defined in Note 5) and reflect the third party's interest in the joint venture as Noncontrolling Interests within the financial statements of the Company and Operating Partnership. See Note 5. |
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 period during which an employee is required to provide service in exchange for the award, generally the vesting period. |
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 and revenue will subsequently be accounted for on a cash basis until such time that collection of future rent is deemed probable. 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. |
Property Expenses | Property Expenses Property expenses include real estate taxes, utilities, repairs and maintenance, property insurance as well as the cost of our property management personnel and other costs of managing our properties. We adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification 842 ("ASC 842") Leases effective January 1, 2019. The standard required 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 year ended December 31, 2018, $7,517 of these payments are included in the aforementioned line items. |
Lessee Accounting | Lessee Accounting We are a lessee on a limited number of ground and office leases and these operating lease agreements are included within Operating Lease Right-of-Use Assets ("ROU") and Operating Lease Liabilities on the consolidated balance sheets. We elected the practical expedient to combine our lease and related nonlease components for our lessee building leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of nonlease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. ROU assets also include any future minimum lease payments made and exclude lease incentives. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. |
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. 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. |
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. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. 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") We use the two-class method of computing earnings per common share or Unit, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share or Unit is computed by dividing net income available to common stockholders 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 stockholders 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 the line item Accumulated Other Comprehensive Income (Loss) |
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 Adopted | Recent Accounting Pronouncements Adopted In March 2020, FASB issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In April 2020, the FASB issued a Staff Question-and-Answer ("Q&A") to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. We have elected this option and, to the extent that a rent concession is granted as a deferral of payments but total payments are substantially the same, we will account for the concession as if no change has been made to the original lease. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 16 Furniture, Fixtures and Equipment 3 to 5 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 $ 18,253 $ 20,188 Above Market Leases 1,948 2,197 Below Market Ground Lease Obligation 1,552 1,597 Tenant Relationships 3,458 4,551 Total Included in Total Assets, Net of $24,781 and $29,541 of Accumulated Amortization $ 25,211 $ 28,533 Below Market Leases $ 11,064 $ 11,893 Total Included in Total Liabilities, Net of $13,849 and $13,045 of Accumulated Amortization $ 11,064 $ 11,893 |
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, 2020 as follows: Estimated Estimated Net 2021 $ 4,210 $ 1,443 2022 $ 3,717 $ 1,353 2023 $ 3,283 $ 1,101 2024 $ 2,562 $ 1,120 2025 $ 1,996 $ 1,029 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018. 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, 2020, 2019 or 2018. Year Ended December 31, 2020 2019 2018 Number of Industrial Properties Acquired 8 9 10 GLA (in millions) 1.5 0.5 1.0 Purchase Price (A) $ 224,027 $ 147,887 $ 167,546 (A) Purchase price includes the acquisition of several land parcels, which aggregates to $69,617, $81,082 and $38,976, respectively, for the years ended December 31, 2020, 2019 and 2018 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels that have been capitalized. |
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, 2020 and 2019: Year Ended December 31, 2020 2019 Land $ 121,353 $ 101,764 Building and Improvements/Construction in Progress 97,138 43,693 Other Assets 1,790 859 In-Place Leases 5,174 5,601 Above Market Leases 134 34 Below Market Leases (1,562) (4,064) Total Purchase Price $ 224,027 $ 147,887 |
Summary of Industrial Property Dispositions | The following table summarizes our property dispositions for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Number of Industrial Properties Sold (A) 29 40 53 GLA (in millions) (B) 1.9 5.9 2.6 Gross Proceeds from the Sale of Real Estate (B) $ 153,351 $ 315,768 $ 192,047 Gain on Sale of Real Estate (B) $ 86,751 $ 124,942 $ 81,600 (A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units. (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2019 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, 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 that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity December 31, 2020 December 31, 2019 Mortgage Loans Payable, Gross $ 144,214 $ 174,360 4.03% – 4.85% 4.03% – 4.85% October 2021 – Unamortized Debt Issuance Costs (335) (675) Mortgage Loans Payable, Net $ 143,879 $ 173,685 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 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 — 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 — 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 698,571 Unamortized Debt Issuance Costs (6,206) (4,485) Unamortized Discounts (65) (71) Senior Unsecured Notes, Net $ 992,300 $ 694,015 Unsecured Term Loans, Gross 2014 Unsecured Term Loan $ — $ 200,000 N/A N/A N/A 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan (A) 200,000 — 3.79% N/A 7/15/2021 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,538) (2,135) Unsecured Term Loans, Net $ 458,462 $ 457,865 Unsecured Credit Facility (B) $ — $ 158,000 N/A N/A 10/29/2021 (A) The interest rate at December 31, 2020 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 $1,049 and $2,300 as of December 31, 2020 and 2019, 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 2021 $ 261,891 2022 332,024 2023 321 2024 335 2025 349 Thereafter 1,007,865 Total $ 1,602,785 |
Summary of Indebtedness at Estimated Fair Value | At December 31, 2020 and 2019, the fair value of our indebtedness was as follows: December 31, 2020 December 31, 2019 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 144,214 $ 148,770 $ 174,360 $ 179,287 Senior Unsecured Notes, Net 998,506 1,096,262 698,500 756,351 Unsecured Term Loans 460,000 458,207 460,000 460,902 Unsecured Credit Facility — — 158,000 158,141 Total $ 1,602,720 $ 1,703,239 $ 1,490,860 $ 1,554,681 (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, 2020 | |
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, net of intercompany amounts: December 31, 2020 December 31, 2019 ASSETS Assets: Net Investment in Real Estate $ 245,396 $ 240,847 Operating Lease Right-of-Use Assets 13,173 13,257 Cash and Cash Equivalents 4,090 4,005 Restricted Cash — 33,289 Deferred Rent Receivable 9,219 10,365 Prepaid Expenses and Other Assets, Net 8,077 9,066 Total Assets $ 279,955 $ 310,829 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 6,292 $ 11,009 Accounts Payable, Accrued Expenses and Other Liabilities 10,067 5,747 Operating Lease Liabilities 10,304 10,329 Rents Received in Advance and Security Deposits 4,130 5,012 Partners' Capital 249,162 278,732 Total Liabilities and Partners' Capital $ 279,955 $ 310,829 |
Stockholders_ Equity of the C_2
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020: Shares of General Partner and Limited Partner Units Outstanding 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 in Note 11) 169,033 169,033 Repurchase and Retirement of Service Awards and Performance Awards (76,855) (89,978) Conversion of Limited Partner Units (B) 485,516 — Balance at December 31, 2019 126,994,478 129,417,222 Issuance of Common Stock/Contribution of General Partner Units (D) 1,842,281 1,842,281 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 464,975 Vesting of Performance Units (as defined Note 11) 107,752 107,752 Repurchase and Retirement of Service Awards and Performance Awards (65,709) (67,676) Conversion of Limited Partner Units (B) 172,610 — Balance at December 31, 2020 129,051,412 131,764,554 |
Summary of Dividends/Distributions | The following table summarizes dividends/distributions accrued during the past three years: 2020 2019 2018 Common Stock/Operating Partnership Units $ 130,943 $ 119,522 $ 111,478 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the Company and the Operating Partnership for the years ended December 31, 2020 and 2019: Derivative Instruments Total for Operating Partnership Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total for Company 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 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) Other Comprehensive Loss Before Reclassifications (17,422) (17,422) 225 (17,197) Amounts Reclassified from Accumulated Other Comprehensive Loss 7,127 7,127 — 7,127 Net Current Period Other Comprehensive Loss (10,295) (10,295) 225 (10,070) Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) |
Reclassification Out of Accumulated Other Comprehensive Loss | The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for both the Company and the Operating Partnership for the years ended December 31, 2020, 2019 and 2018: Amount Reclassified from Accumulated Other Comprehensive Loss (Income) Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 410 233 96 Interest Expense Net Settlement Payments (Receipts) to our Counterparties 6,516 (1,217) 109 Interest Expense Acceleration of 2020 Swap (as defined in Note 12) 201 — — General & Administrative $ 7,127 $ (984) $ 205 Total |
Earnings Per Share _ Unit (EP_2
Earnings Per Share / Unit (EPS / EPU) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 195,989 $ 238,775 $ 163,239 Net Income Allocable to Participating Securities (314) (518) (513) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 195,675 $ 238,257 $ 162,726 Denominator (In Thousands): Weighted Average Shares - Basic 127,711 126,392 123,804 Effect of Dilutive Securities: Performance Units (See Note 11) 193 299 387 Weighted Average Shares - Diluted 127,904 126,691 124,191 Basic EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.53 $ 1.89 $ 1.31 Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 1.53 $ 1.88 $ 1.31 |
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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Numerator: Net Income Available to Unitholders and Participating Securities $ 199,934 $ 243,628 $ 167,246 Net Income Allocable to Participating Securities (662) (732) (513) Net Income Available to Unitholders $ 199,272 $ 242,896 $ 166,733 Denominator (In Thousands): Weighted Average Units - Basic 129,752 128,831 126,921 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance Units and certain Performance RLP Units (See Note 11) 375 410 387 Weighted Average Units - Diluted 130,127 129,241 127,308 Basic EPU: Net Income Available to Unitholders $ 1.54 $ 1.89 $ 1.31 Diluted EPU: Net Income Available to Unitholders $ 1.53 $ 1.88 $ 1.31 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Provision) Benefit | The components of the income tax (provision) benefit for the years ended December 31, 2020, 2019 and 2018 is comprised of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ (3,659) $ (169) $ 22 State (1,718) (839) (310) Deferred: Federal 2,969 (2,334) 400 State — (64) (20) Total Income Tax (Provision) Benefit $ (2,408) $ (3,406) $ 92 |
Federal Income Tax Treatment of Common Dividends | For the years ended December 31, 2020, 2019 and 2018, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2020 As a 2019 As a 2018 As a Ordinary Income (A) $ 0.5800 58.00 % $ 0.7650 83.15 % $ 0.6858 78.83 % Unrecaptured Section 1250 Capital Gain 0.2576 25.76 % 0.1074 11.68 % 0.1497 17.21 % Other Capital Gain 0.1624 16.24 % 0.0460 5.00 % 0.0330 3.79 % Qualified Dividend — 0.00 % 0.0016 0.17 % 0.0015 0.17 % $ 1.0000 100.00 % $ 0.9200 100.00 % $ 0.8700 100.00 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, and thereafter: 2021 $ 2,544 2022 2,576 2023 2,411 2024 2,194 2025 2,058 Thereafter 58,818 Total Lease Payments 70,601 Less Imputed Interest (A) (47,775) Total $ 22,826 (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, 2020 are approximately as follows: 2021 $ 333,405 2022 305,971 2023 262,228 2024 221,594 2025 183,186 Thereafter 537,189 Total $ 1,843,573 |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Performance 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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Expected dividend yield 2.22 % 3.02 % 2.67 % Expected volatility - range used 16.25% - 17.56% 18.53% - 19.72% 15.83% - 17.87% Expected volatility - weighted average 16.97 % 19.10 % 17.02 % Risk-free interest rate 1.63% - 1.68% 2.45% - 2.57% 1.57% - 2.04% |
Summary of Performance Award Transactions | Performance Award transactions for the year ended December 31, 2020 are summarized as follows: Performance Units Weighted Performance RLP Units Weighted Outstanding at December 31, 2019 380,722 $ 12.89 156,702 $ 12.45 Issued 59,263 $ 20.65 322,477 $ 20.65 Forfeited (5,681) $ 13.67 — $ — Vested (178,211) $ 12.62 — $ — Outstanding at December 31, 2020 256,093 $ 14.86 479,179 $ 17.97 |
Summary of Service Award Transactions | Service Award transactions for the year ended December 31, 2020 are summarized as follows: Service Units Weighted Service RLP Units Weighted Outstanding at December 31, 2019 296,371 $ 30.56 110,640 $ 33.64 Issued 80,387 $ 43.61 119,596 $ 42.94 Forfeited (4,009) $ 33.86 (1,967) $ 35.58 Vested (160,829) $ 29.37 (43,700) $ 33.73 Outstanding at December 31, 2020 211,920 $ 36.35 184,569 $ 39.62 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 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, 2020 and 2019: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2020 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) — Fair Value at December 31, 2019 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, 2020 | |
Quarterly Financial Information (unaudited) | The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2020 and 2019. Year Ended December 31, 2020 First Second Third Fourth Total Revenues $ 110,343 $ 109,202 $ 116,194 $ 112,289 Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 40,634 $ 35,669 $ 35,959 $ 83,727 Net Income Allocable to Participating Securities (59) (59) (59) (137) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 40,575 $ 35,610 $ 35,900 $ 83,590 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.32 $ 0.28 $ 0.28 $ 0.65 Weighted Average Shares Basic/Diluted (In Thousands): Weighted Average Shares - Basic 126,934 127,074 127,903 128,919 Weighted Average Shares - Diluted 127,111 127,266 128,101 129,125 Year Ended December 31, 2019 First Second Third Fourth 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 and 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 |
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, 2020 and 2019. Year Ended December 31, 2020 First Second Third Fourth Total Revenues $ 110,343 $ 109,202 $ 116,194 $ 112,289 Net Income Available to Unitholders and Participating Securities $ 41,479 $ 36,332 $ 36,639 $ 85,484 Net Income Allocable to Participating Securities (123) (125) (125) (289) Net Income Available to Unitholders $ 41,356 $ 36,207 $ 36,514 $ 85,195 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.32 $ 0.28 $ 0.28 $ 0.65 Weighted Average Units Basic/Diluted (In Thousands): Weighted Average Units - Basic 129,070 129,081 129,914 130,929 Weighted Average Units - Diluted 129,400 129,461 130,294 131,339 Year Ended December 31, 2019 First Second Third Fourth 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 and 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 |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2020ft²PropertyState | Dec. 31, 2019 | |
Organization [Line Items] | ||
Number of industrial properties owned | Property | 427 | |
Number of states in which industrial properties are located | State | 20 | |
Gross leasable area (GLA) of industrial properties owned | ft² | 62.8 | |
Ownership [Member] | ||
Organization [Line Items] | ||
Company's ownership interest | 97.90% | 98.10% |
Limited partners' ownership interest in the Operating Partnership | 2.10% | 1.90% |
Other Real Estate Partnerships | Ownership [Member] | ||
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 Ventures | ||
Organization [Line Items] | ||
Number of Joint Ventures | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Maturity of liquid investments | three months or less | ||
Minimum percentage of taxable income to be distributed | 90.00% | ||
Finite-Lived Intangible Assets [Line Items] | |||
Real Estate Tax Expense | $ 7,517 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Real Estate Tax Expense | 7,517 | ||
Joint Venture II | |||
Finite-Lived Intangible Assets [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43.00% | ||
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 8,201 | $ 6,303 | 6,267 |
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 1,962 | $ 1,281 | $ 1,095 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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 | 16 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 | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | $ 25,211 | $ 28,533 |
Total deferred leasing intangibles, net, included in total liabilities | 11,064 | 11,893 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 18,253 | 20,188 |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,948 | 2,197 |
Below Market Ground Lease Obligation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,552 | 1,597 |
Tenant Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 3,458 | 4,551 |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total liabilities | $ 11,064 | $ 11,893 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Phantoms) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Total accumulated amortization of deferred leasing intangibles included in total assets | $ 24,781 | $ 29,541 |
Total accumulated amortization of deferred leasing intangibles included in total liabilities | $ 13,849 | $ 13,045 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 8,201 | $ 6,303 | $ 6,267 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2021 | 4,210 | ||
2022 | 3,717 | ||
2023 | 3,283 | ||
2024 | 2,562 | ||
2025 | 1,996 | ||
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 1,962 | $ 1,281 | $ 1,095 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2021 | 1,443 | ||
2022 | 1,353 | ||
2023 | 1,101 | ||
2024 | 1,120 | ||
2025 | $ 1,029 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)ft²Property | Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 427 | |||
Gross leasable area (GLA) of industrial properties | ft² | 62.8 | |||
Proceeds from sale of industrial properties | $ | [1] | $ 153,351 | $ 315,768 | $ 192,047 |
Gain on sale of real estate | $ | [1] | 86,751 | 124,942 | 81,600 |
Impairment of Real Estate | $ | 0 | $ 0 | 2,756 | |
Sales Type Lease | ||||
Real Estate Properties [Line Items] | ||||
Gross leasable area (GLA) of industrial properties | ft² | 0.6 | |||
Sales-type Lease, Lease Receivable | $ | 0 | $ 54,521 | 0 | |
Sales-type Lease, Selling Profit (Loss) | $ | $ 0 | $ 8,606 | $ 0 | |
Acquisition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 8 | 9 | 10 | |
Gross leasable area (GLA) of industrial properties | ft² | 1.5 | 0.5 | 1 | |
Purchase price of industrial properties acquired | $ | $ 224,027 | $ 147,887 | $ 167,546 | |
Held for Sale Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
Gross leasable area (GLA) of industrial properties | ft² | 0.7 | |||
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | [2] | 29 | 40 | 53 |
Gross leasable area (GLA) of industrial properties | ft² | 1.9 | 5.9 | 2.6 | |
Partial Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 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 | |||
[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 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, 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 that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information. | |||
[2] | (A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units. |
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, 2020USD ($)ft²Property | Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | |
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 427 | ||
Gross leasable area (GLA) of industrial properties | ft² | 62.8 | ||
Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 8 | 9 | 10 |
Gross leasable area (GLA) of industrial properties | ft² | 1.5 | 0.5 | 1 |
Purchase price of industrial properties acquired | $ | $ 224,027 | $ 147,887 | $ 167,546 |
Purchase price of land parcels acquired | $ | $ 69,617 | $ 81,082 | $ 38,976 |
Investment in Real Estate - Sum
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||
Land | $ 1,087,907 | $ 957,478 | |
Buildings and Improvements | 2,922,152 | 2,782,430 | |
Acquisition Activity | |||
Real Estate [Line Items] | |||
Land | 121,353 | 101,764 | |
Buildings and Improvements | 97,138 | 43,693 | |
Other Assets | 1,790 | 859 | |
Purchase price of industrial properties acquired | 224,027 | 147,887 | $ 167,546 |
Acquisition Activity | In-Place Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (5,174) | (5,601) | |
Acquisition Activity | Above Market Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (134) | (34) | |
Acquisition Activity | Below Market Leases | |||
Real Estate [Line Items] | |||
Acquired Finite-lived Intangible Liabilities, Fair Value | $ (1,562) | $ (4,064) |
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, 2020USD ($)ft²Property | Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft²Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 427 | |||
Gross leasable area (GLA) of industrial properties | ft² | 62.8 | |||
Proceeds from sale of industrial properties | [1] | $ 153,351 | $ 315,768 | $ 192,047 |
Gain on sale of real estate | [1] | 86,751 | $ 124,942 | 81,600 |
Sales Type Lease | ||||
Real Estate Properties [Line Items] | ||||
Gross leasable area (GLA) of industrial properties | ft² | 0.6 | |||
Sales-type Lease, Selling Profit (Loss) | 0 | $ 8,606 | 0 | |
Sales-type Lease, Lease Receivable | $ 0 | $ 54,521 | $ 0 | |
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | [2] | 29 | 40 | 53 |
Gross leasable area (GLA) of industrial properties | ft² | 1.9 | 5.9 | 2.6 | |
Partial Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 1 | |||
[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 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information. | |||
[2] | (A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units. |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,602,785 | ||
Unsecured Credit Facility | 0 | $ 158,000 | |
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 | |
Interest Rate | 4.30% | ||
Effective Interest Rate | 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 | |
Interest Rate | 4.40% | ||
Effective Interest Rate | 4.40% | ||
Maturity Date | Apr. 20, 2029 | ||
2029 II Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
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 | ||
2030 II Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 100,000 | $ 0 | |
Interest Rate | 2.74% | ||
Effective Interest Rate | 2.74% | 2.74% | |
Maturity Date | Sep. 17, 2030 | ||
2032 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200,000 | $ 0 | |
Interest Rate | 2.84% | ||
Effective Interest Rate | 2.84% | 2.84% | |
Maturity Date | Sep. 17, 2032 | ||
2014 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 0 | $ 200,000 | |
2015 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 260,000 | 260,000 | |
Interest Rate | 2.89% | ||
Maturity Date | Sep. 12, 2022 | ||
2020 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200,000 | 0 | |
Interest Rate | 3.79% | ||
Maturity Date | Jul. 15, 2021 | ||
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 144,214 | 174,360 | |
Unamortized Debt Issuance Costs | (335) | (675) | |
Long-term Debt | $ 143,879 | 173,685 | |
Maturity Date Range, Start | Oct. 1, 2021 | ||
Maturity Date Range, End | Aug. 1, 2028 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 998,571 | 698,571 | |
Unamortized Debt Issuance Costs | (6,206) | (4,485) | |
Long-term Debt | 992,300 | 694,015 | |
Unamortized Discounts | (65) | (71) | |
Unsecured Term Loans | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 460,000 | 460,000 | |
Unamortized Debt Issuance Costs | (1,538) | (2,135) | |
Long-term Debt | 458,462 | 457,865 | |
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Costs | (1,049) | (2,300) | |
Unsecured Credit Facility | $ 0 | $ 158,000 | |
Maturity Date | [1] | 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 | 4.85% | ||
Effective Interest Rate | 4.85% | ||
[1] | The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $1,049 and $2,300 as of December 31, 2020 and 2019, 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, 2015 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)ft²Property | Jul. 15, 2020USD ($) | Jan. 29, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Loss from Retirement of Debt | $ 0 | $ 0 | $ (39) | |||
Long-term Debt, Gross | $ 1,602,785 | |||||
2030 II Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.74% | |||||
Long-term Debt, Gross | $ 100,000 | $ 0 | ||||
Effective Interest Rate | 2.74% | 2.74% | ||||
2032 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.84% | |||||
Long-term Debt, Gross | $ 200,000 | $ 0 | ||||
Effective Interest Rate | 2.84% | 2.84% | ||||
2029 II Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.97% | |||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | ||||
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% | ||||
2015 Unsecured Term Loan (A) | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.89% | |||||
Debt Instrument, term | 7 years | |||||
Long-term Debt, Gross | $ 260,000 | $ 260,000 | ||||
Debt instrument, interest rate terms | LIBOR plus 110 basis points | |||||
2020 Unsecured Term Loan (A) | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.79% | |||||
Long-term Debt, Gross | $ 200,000 | 0 | ||||
Unsecured term loan, face amount | $ 200,000 | |||||
Debt instrument, interest rate terms | LIBOR plus 150 basis points | |||||
Incremental Term Loan Capacity | $ 100,000 | |||||
Swaps, Average Fixed Interest Rate | 2.49% | |||||
2014 Unsecured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 0 | 200,000 | ||||
Unsecured term loan, face amount | $ 200,000 | |||||
Mortgage Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Expense | 335 | 675 | ||||
Extinguishment of debt, amount | 25,448 | 117,199 | ||||
Loss from Retirement of Debt | 39 | |||||
Net carrying value of industrial properties collateralized by mortgage loans | 226,182 | |||||
Long-term Debt, Gross | 144,214 | 174,360 | ||||
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 | 1,049 | $ 2,300 | ||||
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 |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 261,891 |
2022 | 332,024 |
2023 | 321 |
2024 | 335 |
2025 | 349 |
Thereafter | 1,007,865 |
Total | $ 1,602,785 |
Indebtedness - Summary of Ind_2
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | $ 148,770 | $ 179,287 |
Senior Unsecured Notes, Net | 1,096,262 | 756,351 |
Unsecured Term Loans | 458,207 | 460,902 |
Unsecured Credit Facility | 0 | 158,141 |
Total | 1,703,239 | 1,554,681 |
Carrying Amount (A) | ||
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | 144,214 | 174,360 |
Senior Unsecured Notes, Net | 998,506 | 698,500 |
Unsecured Term Loans | 460,000 | 460,000 |
Unsecured Credit Facility | 0 | 158,000 |
Total | $ 1,602,720 | $ 1,490,860 |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Net Investment in Real Estate | $ 3,255,240 | $ 3,025,429 |
Operating Lease Right-of-Use Assets | 25,205 | 24,877 |
Cash and Cash Equivalents | 162,090 | 21,120 |
Restricted Cash | 37,568 | 131,598 |
Deferred Rent Receivable | 84,567 | 77,703 |
Prepaid Expenses and Other Assets, Net | 134,983 | 182,831 |
Total Assets | 3,791,938 | 3,518,828 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 143,879 | 173,685 |
Accounts Payable, Accrued Expenses and Other Liabilities | 120,292 | 114,637 |
Operating Lease Liabilities | 22,826 | 22,369 |
Rents Received in Advance and Security Deposits | 62,092 | 57,534 |
Total Liabilities and Equity/Partners' Capital | 3,791,938 | 3,518,828 |
Other Real Estate Partnerships | ||
ASSETS | ||
Net Investment in Real Estate | 245,396 | 240,847 |
Operating Lease Right-of-Use Assets | 13,173 | 13,257 |
Cash and Cash Equivalents | 4,090 | 4,005 |
Restricted Cash | 0 | 33,289 |
Deferred Rent Receivable | 9,219 | 10,365 |
Prepaid Expenses and Other Assets, Net | 8,077 | 9,066 |
Total Assets | 279,955 | 310,829 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Mortgage Loans Payable, Net | 6,292 | 11,009 |
Accounts Payable, Accrued Expenses and Other Liabilities | 10,067 | 5,747 |
Operating Lease Liabilities | 10,304 | 10,329 |
Rents Received in Advance and Security Deposits | 4,130 | 5,012 |
Partners' Capital | 249,162 | 278,732 |
Total Liabilities and Equity/Partners' Capital | $ 279,955 | $ 310,829 |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft²Property | Dec. 31, 2018USD ($)ft² | |
Variable Interest Entity [Line Items] | |||
Net Income | $ 200,169 | $ 243,881 | $ 167,334 |
Gross leasable area (GLA) of industrial properties owned | ft² | 62.8 | ||
Equity in Income (Loss) of Joint Ventures | $ 4,200 | 16,235 | $ (276) |
Joint Venture I | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Equity in Income (Loss) of Joint Ventures | $ 2,674 | 4,880 | |
Incentive Fee | $ 1,338 | ||
Joint Venture II | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43.00% | ||
Purchase Price | $ 70,530 | ||
Joint Ventures | |||
Variable Interest Entity [Line Items] | |||
Net Income | 13,568 | 29,999 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | 6,827 | 14,816 | |
Asset Management Fee | 590 | 146 | |
Receivable balance due from joint venture | $ 90 | $ 588 | |
Disposition Activity | |||
Variable Interest Entity [Line Items] | |||
Gross leasable area (GLA) of industrial properties owned | ft² | 1.9 | 5.9 | 2.6 |
Disposition Activity | Joint Ventures | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 13,932 | $ 30,236 | |
Acquisition Activity | |||
Variable Interest Entity [Line Items] | |||
Purchase Price | $ 224,027 | $ 147,887 | $ 167,546 |
Gross leasable area (GLA) of industrial properties owned | ft² | 1.5 | 0.5 | 1 |
Acquisition Activity | Joint Venture I | |||
Variable Interest Entity [Line Items] | |||
Gross leasable area (GLA) of industrial properties owned | ft² | 0.6 | ||
Number of Acres | Property | 39 | ||
Joint Venture Disposition Activity | Joint Venture I | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 3,443 | $ 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 14, 2020 | |
Class of Stock [Line Items] | ||||
Operating Partnership, aggregate cash payment | $ 114,305 | |||
Operating Partnership, shares | 2,713,142 | |||
Preferred Stock, Shares Authorized | 10,000,000 | |||
Net proceeds from the issuance of common stock | $ 78,718 | $ 0 | $ 145,584 | |
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 | 1,842,281 | 4,800,000 | ||
Net proceeds from the issuance of common stock | $ 145,584 | |||
Units converted to common stock | 172,610 | 485,516 | 1,350,721 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 2,090 | $ 7,196 | $ 16,605 | |
ATM [Member] | ||||
Class of Stock [Line Items] | ||||
Net proceeds from the issuance of common stock | $ 78,718 | |||
Issuance of Common Stock/Contribution of General Partner Units | 1,842,281 | |||
Commission To Sales Agent | $ 795 | |||
First Industrial, L.P. | ||||
Class of Stock [Line Items] | ||||
Net proceeds from the issuance of common stock | 78,718 | 0 | 145,584 | |
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 | 14,000,000 | |||
Aggregate Gross Sale Proceeds | $ 500,000 | |||
Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ (2,090) | $ (7,196) | $ (16,605) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 126,994,478 | ||
Limited Partners' Capital Account, Units Retired | (33,333) | ||
Common Stock/Units, Outstanding, Ending Balance | 129,051,412 | 126,994,478 | |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 126,994,478 | 126,307,431 | 119,883,180 |
Issuance of Common Stock/Contribution of General Partner Units | 1,842,281 | 4,800,000 | |
Issuance of Restricted Stock/Awards | 0 | 109,353 | 227,059 |
Vesting of Performance Units | 107,752 | 169,033 | 150,772 |
Repurchase and Retirement of Restricted Stock/Awards | (65,709) | (76,855) | (104,301) |
Conversion of Limited Partner Units | 172,610 | 485,516 | 1,350,721 |
Limited Partners' Capital Account, Units Retired | 0 | ||
Common Stock/Units, Outstanding, Ending Balance | 129,051,412 | 126,994,478 | 126,307,431 |
First Industrial, L.P. | Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 129,417,222 | 128,931,598 | 123,891,401 |
Issuance of Common Stock/Contribution of General Partner Units | 1,842,281 | 4,800,000 | |
Issuance of Restricted Stock/Awards | 464,975 | 406,569 | 227,059 |
Vesting of Performance Units | 107,752 | 169,033 | 150,772 |
Repurchase and Retirement of Restricted Stock/Awards | (67,676) | (89,978) | (104,301) |
Conversion of Limited Partner Units | 0 | 0 | 0 |
Limited Partners' Capital Account, Units Retired | (33,333) | ||
Common Stock/Units, Outstanding, Ending Balance | 131,764,554 | 129,417,222 | 128,931,598 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 130,943 | $ 119,522 | $ 111,478 |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 130,943 | $ 119,522 | $ 111,478 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Changes in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 1,798,263 | $ 1,679,911 |
Ending Balance | 1,947,320 | 1,798,263 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (7,013) | 3,574 |
Other Comprehensive Loss Before Reclassifications | (17,422) | (9,603) |
Amounts Reclassified from Accumulated Other Comprehensive Income | 7,127 | (984) |
Net Current Period Other Comprehensive Loss | (10,295) | (10,587) |
Ending Balance | (17,308) | (7,013) |
Comprehensive Income (Loss) Attributable to Noncontrolling Interest of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 130 | (72) |
Other Comprehensive Loss Before Reclassifications | 225 | 202 |
Amounts Reclassified from Accumulated Other Comprehensive Income | 0 | 0 |
Net Current Period Other Comprehensive Loss | 225 | 202 |
Ending Balance | 355 | 130 |
Accumulated Other Comprehensive Income (Loss) of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,883) | 3,502 |
Other Comprehensive Loss Before Reclassifications | (17,197) | (9,401) |
Amounts Reclassified from Accumulated Other Comprehensive Income | 7,127 | (984) |
Net Current Period Other Comprehensive Loss | (10,070) | (10,385) |
Ending Balance | (16,953) | (6,883) |
First Industrial, L.P. | Accumulated Other Comprehensive Income of the Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (7,013) | 3,574 |
Other Comprehensive Loss Before Reclassifications | (17,422) | (9,603) |
Amounts Reclassified from Accumulated Other Comprehensive Income | 7,127 | (984) |
Net Current Period Other Comprehensive Loss | (10,295) | (10,587) |
Ending Balance | $ (17,308) | $ (7,013) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Acceleration of 2020 Swap | $ 32,848 | $ 28,569 | $ 27,749 |
Total | 32,030 | 71,451 | 27,382 |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest Expense - Amortization of IRPAs | 410 | 233 | 96 |
Interest Expense - Settlement Payments | 6,516 | (1,217) | 109 |
Acceleration of 2020 Swap | 201 | 0 | 0 |
Total | $ 7,127 | $ (984) | $ 205 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 83,727 | $ 35,959 | $ 35,669 | $ 40,634 | $ 96,861 | $ 78,311 | $ 39,800 | $ 23,803 | $ 195,989 | $ 238,775 | $ 163,239 |
Net Income Allocable to Participating Securities | (137) | (59) | (59) | (59) | (199) | (170) | (89) | (60) | (314) | (518) | (513) |
Net Income Available to Common Stockholders / Unitholders | $ 83,590 | $ 35,900 | $ 35,610 | $ 40,575 | $ 96,662 | $ 78,141 | $ 39,711 | $ 23,743 | $ 195,675 | $ 238,257 | $ 162,726 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 128,919 | 127,903 | 127,074 | 126,934 | 126,682 | 126,480 | 126,206 | 126,194 | 127,711 | 126,392 | 123,804 |
Performance Units/Performance Units and certain Performance RLP Units | 193 | 299 | 387 | ||||||||
Weighted Average Shares / Units - Diluted | 129,125 | 128,101 | 127,266 | 127,111 | 127,030 | 126,783 | 126,489 | 126,456 | 127,904 | 126,691 | 124,191 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.65 | $ 0.28 | $ 0.28 | $ 0.32 | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 1.53 | $ 1.89 | $ 1.31 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 1.53 | $ 1.88 | $ 1.31 | ||||||||
First Industrial, L.P. | |||||||||||
Numerator: | |||||||||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 85,484 | $ 36,639 | $ 36,332 | $ 41,479 | $ 98,656 | $ 79,969 | $ 40,689 | $ 24,314 | $ 199,934 | $ 243,628 | $ 167,246 |
Net Income Allocable to Participating Securities | (289) | (125) | (125) | (123) | (279) | (249) | (128) | (76) | (662) | (732) | (513) |
Net Income Available to Common Stockholders / Unitholders | $ 85,195 | $ 36,514 | $ 36,207 | $ 41,356 | $ 98,377 | $ 79,720 | $ 40,561 | $ 24,238 | $ 199,272 | $ 242,896 | $ 166,733 |
Denominator: | |||||||||||
Weighted Average Shares/Units - Basic | 130,929 | 129,914 | 129,081 | 129,070 | 128,837 | 128,837 | 128,831 | 128,818 | 129,752 | 128,831 | 126,921 |
Performance Units/Performance Units and certain Performance RLP Units | 375 | 410 | 387 | ||||||||
Weighted Average Shares / Units - Diluted | 131,339 | 130,294 | 129,461 | 129,400 | 129,308 | 129,256 | 129,221 | 129,178 | 130,127 | 129,241 | 127,308 |
Basic Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.65 | $ 0.28 | $ 0.28 | $ 0.32 | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 1.54 | $ 1.89 | $ 1.31 |
Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 1.53 | $ 1.88 | $ 1.31 |
Earnings Per Share _ Unit (EP_4
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Service Awards/Service Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 211,920 | 296,371 | |
Service Awards/Service Units | Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 211,920 | 296,371 | 405,436 |
First Industrial, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 444,407 | 421,928 | 405,436 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (3,659) | $ (169) | $ 22 |
State | (1,718) | (839) | (310) |
Deferred: | |||
Federal | 2,969 | (2,334) | 400 |
State | 0 | (64) | (20) |
Income Tax (Provision) Benefit | $ (2,408) | $ (3,406) | $ 92 |
Income Taxes - Federal Income T
Income Taxes - Federal Income Tax Treatment of Common Dividends (Details) - Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||
Ordinary Income (A) | $ 0.5800 | $ 0.7650 | $ 0.6858 |
Unrecaptured Section 1250 Capital Gain | 0.2576 | 0.1074 | 0.1497 |
Other Capital Gain | 0.1624 | 0.0460 | 0.0330 |
Qualified Dividend | 0 | 0.0016 | 0.0015 |
Distributions Per Common Share | $ 1 | $ 0.9200 | $ 0.8700 |
Ordinary Income as a Percentage of Distributions | 58.00% | 83.15% | 78.83% |
Unrecaptured Section 1250 Gain as a Percentage of Distributions | 25.76% | 11.68% | 17.21% |
Capital Gain as a Percentage of Distributions | 16.24% | 5.00% | 3.79% |
Qualified Dividend as a Percentage Of Distributions | 0.00% | 0.17% | 0.17% |
Common Distributions Percentage | 100.00% | 100.00% | 100.00% |
Lessee Disclosures (Details)
Lessee Disclosures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |
Remaining Ground Lease Terms, Minimum | 34 years |
Remaining Ground Lease Terms, Maximum | 51 years |
Operating Lease Expense | $ 3,093 |
Operating Lease, Weighted Average Remaining Lease Term | 39 years 7 months 6 days |
Lessee, Weighted Average Discount Rate | 7.10% |
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 | 6 years |
Lessee Disclosures - Operating
Lessee Disclosures - Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 2,544 | |
2022 | 2,576 | |
2023 | 2,411 | |
2024 | 2,194 | |
2025 | 2,058 | |
Thereafter | 58,818 | |
Total Lease Payments | 70,601 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (47,775) | |
Operating Lease Liabilities | $ 22,826 | $ 22,369 |
Lessor Disclosures - Future Min
Lessor Disclosures - Future Minimum Rental Receipts (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2021 | $ 333,405 |
2022 | 305,971 |
2023 | 262,228 |
2024 | 221,594 |
2025 | 183,186 |
Thereafter | 537,189 |
Total | $ 1,843,573 |
Lessor Disclosures (Details)
Lessor Disclosures (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Lessor, Lease, Description [Line Items] | |||
Gross leasable area (GLA) of industrial properties | ft² | 62.8 | ||
Sales Type Lease | |||
Lessor, Lease, Description [Line Items] | |||
Gross leasable area (GLA) of industrial properties | ft² | 0.6 | ||
Sales-type Lease, Selling Profit (Loss) | $ | $ 0 | $ 8,606 | $ 0 |
Sales-type Lease, Lease Receivable | $ | $ 0 | $ 54,521 | $ 0 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available under the Stock Incentive Plan | 3,300,000 | ||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 12,931 | $ 8,376 | $ 7,586 |
Share-based Payment Arrangement, Amount Capitalized | 2,030 | 870 | 472 |
Unrecognized compensation related to unvested Performance Awards | $ 12,741 | ||
Weighted average period of unrecognized compensation expected to be recognized | 10 months 6 days | ||
Matching contributions in 401(k)/profit sharing plan | $ 977 | $ 926 | $ 688 |
Management | Performance Awards/Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 59,263 | 36,064 | 179,288 |
Fair Value of Performance Awards/Service Awards issued | $ 7,883 | $ 2,527 | $ 2,381 |
Management | Performance RLP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 322,477 | 166,942 | |
Management | Service Awards/Service Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 80,387 | 109,353 | 227,059 |
Fair Value of Performance Awards/Service Awards issued | $ 8,641 | $ 7,627 | $ 6,558 |
Vesting period of Awards issued | 3 years | ||
Management | Service RLP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 119,596 | 112,428 | |
Director | Service Awards/Service Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of Awards issued | 1 year |
Long-Term Compensation - Perfor
Long-Term Compensation - Performance Award Valuation Assumptions (Details) - Performance RLP Units | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 2.22% | 3.02% | 2.67% |
Expected volatility - weighted average | 16.97% | 19.10% | 17.02% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 16.25% | 18.53% | 15.83% |
Risk-free interest rate | 1.63% | 2.45% | 1.57% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 17.56% | 19.72% | 17.87% |
Risk-free interest rate | 1.68% | 2.57% | 2.04% |
Long-Term Compensation - Summar
Long-Term Compensation - Summary of Performance Award and Service Award Transactions (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Performance Awards/Performance Units | |
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 | 380,722 |
Issued, Awards | shares | 59,263 |
Forfeited, Awards | shares | (5,681) |
Vested, Awards | shares | (178,211) |
Outstanding, Ending Balance, Awards | shares | 256,093 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 12.89 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 20.65 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 13.67 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 12.62 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 14.86 |
Performance RLP Units | |
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 | 156,702 |
Issued, Awards | shares | 322,477 |
Forfeited, Awards | shares | 0 |
Vested, Awards | shares | 0 |
Outstanding, Ending Balance, Awards | shares | 479,179 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 12.45 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 20.65 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 17.97 |
Service Awards/Service Units | |
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 | 296,371 |
Issued, Awards | shares | 80,387 |
Forfeited, Awards | shares | (4,009) |
Vested, Awards | shares | (160,829) |
Outstanding, Ending Balance, Awards | shares | 211,920 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 30.56 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 43.61 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 33.86 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 29.37 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 36.35 |
Service RLP Units | |
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 | 110,640 |
Issued, Awards | shares | 119,596 |
Forfeited, Awards | shares | (1,967) |
Vested, Awards | shares | (43,700) |
Outstanding, Ending Balance, Awards | shares | 184,569 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 33.64 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 42.94 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 35.58 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 33.73 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 39.62 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2014USD ($) | |
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% | ||
2021 Swaps | |||
Derivative [Line Items] | |||
Swaps, Number of Instruments Held | 3 | ||
Derivative, Notional Amount | $ 200,000 | ||
Debt instrument, LIBOR Rate | one-month LIBOR | ||
Swaps, Average Fixed Interest Rate | 0.99% | ||
2020 Swap | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 150,000 | ||
Debt instrument, LIBOR Rate | one-month LIBOR | ||
Swaps, Average Fixed Interest Rate | 0.42% |
Derivatives - Fair Value Measur
Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2014 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | $ (333) | $ (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 | 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 | (333) | (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 | 0 |
2015 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (7,317) | (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 | 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 | (7,317) | (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 | $ 0 |
2021 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (6,244) | |
2021 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 | |
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (6,244) | |
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | 0 | |
2020 Swap | ||
Fair Value On Recurring Basis [Line Items] | ||
Derivative Not Designated as Hedging Instrument, Liability, Fair Value | (106) | |
2020 Swap | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value On Recurring Basis [Line Items] | ||
Derivative Not Designated as Hedging Instrument, Liability, Fair Value | 0 | |
2020 Swap | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Derivative Not Designated as Hedging Instrument, Liability, Fair Value | (106) | |
2020 Swap | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Derivative Not Designated as Hedging Instrument, Liability, Fair Value | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 9,380 | $ 10,031 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions | Dec. 31, 2020USD ($)ft²Property |
Other Commitments [Line Items] | |
Outstanding amount of letters of credit and performance bonds in the aggregate | $ 22,013 |
Number of industrial properties | Property | 427 |
Gross leasable area (GLA) of industrial properties | ft² | 62.8 |
Development Activity | |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 8 |
Gross leasable area (GLA) of industrial properties | ft² | 1.3 |
Estimated total investment | $ 172,400 |
Estimated total investment remaining to be funded | $ 92,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 15, 2021USD ($)Property | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | ||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 427 | ||||
Proceeds from sale of industrial properties | $ | [1] | $ 153,351 | $ 315,768 | $ 192,047 | |
Acquisition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 8 | 9 | 10 | ||
Purchase price of industrial properties acquired | $ | $ 224,027 | $ 147,887 | $ 167,546 | ||
Disposition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | [2] | 29 | 40 | 53 | |
Subsequent Events | Acquisition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of Land Parcels | 2 | ||||
Purchase price of industrial properties acquired | $ | $ 9,800 | ||||
Subsequent Events | Disposition Activity | |||||
Subsequent Event [Line Items] | |||||
Number of industrial properties | 1 | ||||
Proceeds from sale of industrial properties | $ | $ 675 | ||||
[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 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information. | ||||
[2] | (A) Included as one industrial property for each of the years ended December 31, 2020 and 2019 is the sale of multiple industrial condominium units. |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) - Net Income Available and Basic and Diluted EPS/EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total Revenues | $ 112,289 | $ 116,194 | $ 109,202 | $ 110,343 | $ 110,758 | $ 106,590 | $ 104,095 | $ 104,541 | $ 448,028 | $ 425,984 | $ 403,954 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 83,727 | 35,959 | 35,669 | 40,634 | 96,861 | 78,311 | 39,800 | 23,803 | 195,989 | 238,775 | 163,239 |
Net Income Allocable to Participating Securities | (137) | (59) | (59) | (59) | (199) | (170) | (89) | (60) | (314) | (518) | (513) |
Net Income Available to Common Stockholders / Unitholders | $ 83,590 | $ 35,900 | $ 35,610 | $ 40,575 | $ 96,662 | $ 78,141 | $ 39,711 | $ 23,743 | $ 195,675 | $ 238,257 | $ 162,726 |
Basic and Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.65 | $ 0.28 | $ 0.28 | $ 0.32 | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 1.53 | $ 1.89 | $ 1.31 |
Weighted Average Shares/Units - Basic | 128,919 | 127,903 | 127,074 | 126,934 | 126,682 | 126,480 | 126,206 | 126,194 | 127,711 | 126,392 | 123,804 |
Weighted Average Shares / Units - Diluted | 129,125 | 128,101 | 127,266 | 127,111 | 127,030 | 126,783 | 126,489 | 126,456 | 127,904 | 126,691 | 124,191 |
First Industrial, L.P. | |||||||||||
Total Revenues | $ 112,289 | $ 116,194 | $ 109,202 | $ 110,343 | $ 110,758 | $ 106,590 | $ 104,095 | $ 104,541 | $ 448,028 | $ 425,984 | $ 403,954 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 85,484 | 36,639 | 36,332 | 41,479 | 98,656 | 79,969 | 40,689 | 24,314 | 199,934 | 243,628 | 167,246 |
Net Income Allocable to Participating Securities | (289) | (125) | (125) | (123) | (279) | (249) | (128) | (76) | (662) | (732) | (513) |
Net Income Available to Common Stockholders / Unitholders | $ 85,195 | $ 36,514 | $ 36,207 | $ 41,356 | $ 98,377 | $ 79,720 | $ 40,561 | $ 24,238 | $ 199,272 | $ 242,896 | $ 166,733 |
Basic and Diluted Earnings Per Share / Unit: | |||||||||||
Net Income Available to Common Stockholders/Unitholders | $ 0.65 | $ 0.28 | $ 0.28 | $ 0.32 | $ 0.76 | $ 0.62 | $ 0.31 | $ 0.19 | $ 1.54 | $ 1.89 | $ 1.31 |
Weighted Average Shares/Units - Basic | 130,929 | 129,914 | 129,081 | 129,070 | 128,837 | 128,837 | 128,831 | 128,818 | 129,752 | 128,831 | 126,921 |
Weighted Average Shares / Units - Diluted | 131,339 | 130,294 | 129,461 | 129,400 | 129,308 | 129,256 | 129,221 | 129,178 | 130,127 | 129,241 | 127,308 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 144,214 | |||
Land | 1,102,528 | |||
Buildings and Improvements | 1,475,003 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,532,365 | |||
Land | 1,091,624 | |||
Buildings and Improvements | 3,018,272 | |||
Total | 4,109,896 | |||
Accumulated Depreciation 12/31/2020 | 839,349 | $ 804,780 | $ 811,784 | $ 789,919 |
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 | (683) | |||
Land | 345 | |||
Buildings and Improvements | 4,295 | |||
Total | 4,640 | |||
Accumulated Depreciation 12/31/2020 | 2,824 | |||
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 | 1,593 | |||
Land | 726 | |||
Buildings and Improvements | 5,723 | |||
Total | 6,449 | |||
Accumulated Depreciation 12/31/2020 | 3,381 | |||
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 12/31/2020 | 3,941 | |||
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 | 2,305 | |||
Land | 1,157 | |||
Buildings and Improvements | 8,078 | |||
Total | 9,235 | |||
Accumulated Depreciation 12/31/2020 | 4,672 | |||
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 | 1,200 | |||
Land | 546 | |||
Buildings and Improvements | 4,165 | |||
Total | 4,711 | |||
Accumulated Depreciation 12/31/2020 | 2,262 | |||
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 12/31/2020 | 2,938 | |||
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 12/31/2020 | 2,154 | |||
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 | 674 | |||
Land | 459 | |||
Buildings and Improvements | 3,171 | |||
Total | 3,630 | |||
Accumulated Depreciation 12/31/2020 | 1,531 | |||
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 | 3,413 | |||
Land | 1,604 | |||
Buildings and Improvements | 15,873 | |||
Total | 17,477 | |||
Accumulated Depreciation 12/31/2020 | 7,027 | |||
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 | 8,131 | |||
Land | 1,550 | |||
Buildings and Improvements | 8,131 | |||
Total | 9,681 | |||
Accumulated Depreciation 12/31/2020 | 3,082 | |||
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 12/31/2020 | 3,139 | |||
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 | 170 | |||
Land | 513 | |||
Buildings and Improvements | 1,417 | |||
Total | 1,930 | |||
Accumulated Depreciation 12/31/2020 | 729 | |||
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 | 469 | |||
Land | 715 | |||
Buildings and Improvements | 2,775 | |||
Total | 3,490 | |||
Accumulated Depreciation 12/31/2020 | 1,457 | |||
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 | 1,010 | |||
Land | 610 | |||
Buildings and Improvements | 4,892 | |||
Total | 5,502 | |||
Accumulated Depreciation 12/31/2020 | 3,057 | |||
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 12/31/2020 | 1,327 | |||
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 | (69) | |||
Land | 716 | |||
Buildings and Improvements | 2,045 | |||
Total | 2,761 | |||
Accumulated Depreciation 12/31/2020 | 1,042 | |||
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 | 397 | |||
Land | 885 | |||
Buildings and Improvements | 3,943 | |||
Total | 4,828 | |||
Accumulated Depreciation 12/31/2020 | 1,828 | |||
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 | (1,292) | |||
Land | 467 | |||
Buildings and Improvements | 2,692 | |||
Total | 3,159 | |||
Accumulated Depreciation 12/31/2020 | 1,192 | |||
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 | 2,058 | |||
Land | 2,594 | |||
Buildings and Improvements | 23,774 | |||
Total | 26,368 | |||
Accumulated Depreciation 12/31/2020 | 7,414 | |||
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 | 279 | |||
Land | 2,428 | |||
Buildings and Improvements | 2,166 | |||
Total | 4,594 | |||
Accumulated Depreciation 12/31/2020 | 1,087 | |||
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 | 17,083 | |||
Land | 2,502 | |||
Buildings and Improvements | 17,082 | |||
Total | 19,584 | |||
Accumulated Depreciation 12/31/2020 | 2,263 | |||
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 | 34,344 | |||
Land | 3,661 | |||
Buildings and Improvements | 34,333 | |||
Total | 37,994 | |||
Accumulated Depreciation 12/31/2020 | 1,214 | |||
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 | 5,317 | |||
Land | 1,863 | |||
Buildings and Improvements | 17,948 | |||
Total | 19,811 | |||
Accumulated Depreciation 12/31/2020 | 6,713 | |||
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 | 216 | |||
Land | 3,208 | |||
Buildings and Improvements | 8,395 | |||
Total | 11,603 | |||
Accumulated Depreciation 12/31/2020 | 2,892 | |||
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 12/31/2020 | 3,111 | |||
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 12/31/2020 | 1,987 | |||
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 | 701 | |||
Land | 938 | |||
Buildings and Improvements | 3,210 | |||
Total | 4,148 | |||
Accumulated Depreciation 12/31/2020 | 1,778 | |||
10709 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,675 | |||
Land | 913 | |||
Buildings and Improvements | 2,705 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (39) | |||
Land | 913 | |||
Buildings and Improvements | 2,666 | |||
Total | 3,579 | |||
Accumulated Depreciation 12/31/2020 | 1,923 | |||
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 12/31/2020 | 2,884 | |||
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 12/31/2020 | 1,218 | |||
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 | 13,010 | |||
Land | 2,823 | |||
Buildings and Improvements | 13,097 | |||
Total | 15,920 | |||
Accumulated Depreciation 12/31/2020 | 4,601 | |||
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 12/31/2020 | 3,793 | |||
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 | 1,676 | |||
Land | 3,411 | |||
Buildings and Improvements | 18,820 | |||
Total | 22,231 | |||
Accumulated Depreciation 12/31/2020 | 4,640 | |||
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 | 4,437 | |||
Land | 5,959 | |||
Buildings and Improvements | 34,970 | |||
Total | 40,929 | |||
Accumulated Depreciation 12/31/2020 | 6,182 | |||
5300 and 5315 Nottingham Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,075 | |||
Buildings and Improvements | 41,008 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,959 | |||
Land | 12,075 | |||
Buildings and Improvements | 42,967 | |||
Total | 55,042 | |||
Accumulated Depreciation 12/31/2020 | 863 | |||
5301 Nottingham Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,952 | |||
Buildings and Improvements | 12,511 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,833 | |||
Land | 4,977 | |||
Buildings and Improvements | 15,319 | |||
Total | 20,296 | |||
Accumulated Depreciation 12/31/2020 | 379 | |||
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 12/31/2020 | 2,457 | |||
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 12/31/2020 | 1,715 | |||
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 12/31/2020 | 1,840 | |||
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 | 1,295 | |||
Land | 209 | |||
Buildings and Improvements | 1,942 | |||
Total | 2,151 | |||
Accumulated Depreciation 12/31/2020 | 1,736 | |||
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 | 5,945 | |||
Land | 541 | |||
Buildings and Improvements | 8,804 | |||
Total | 9,345 | |||
Accumulated Depreciation 12/31/2020 | 4,624 | |||
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 | (305) | |||
Land | 625 | |||
Buildings and Improvements | 1,019 | |||
Total | 1,644 | |||
Accumulated Depreciation 12/31/2020 | 438 | |||
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 | 2,623 | |||
Land | 1,341 | |||
Buildings and Improvements | 9,739 | |||
Total | 11,080 | |||
Accumulated Depreciation 12/31/2020 | 5,939 | |||
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 | 55 | |||
Land | 601 | |||
Buildings and Improvements | 3,215 | |||
Total | 3,816 | |||
Accumulated Depreciation 12/31/2020 | 1,551 | |||
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 | 68 | |||
Land | 964 | |||
Buildings and Improvements | 5,970 | |||
Total | 6,934 | |||
Accumulated Depreciation 12/31/2020 | 3,657 | |||
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 12/31/2020 | 1,115 | |||
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 12/31/2020 | 566 | |||
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 | 1,806 | |||
Land | 2,769 | |||
Buildings and Improvements | 18,732 | |||
Total | 21,501 | |||
Accumulated Depreciation 12/31/2020 | 8,730 | |||
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 | (56) | |||
Land | 316 | |||
Buildings and Improvements | 2,206 | |||
Total | 2,522 | |||
Accumulated Depreciation 12/31/2020 | 889 | |||
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 | 12,822 | |||
Land | 2,341 | |||
Buildings and Improvements | 11,981 | |||
Total | 14,322 | |||
Accumulated Depreciation 12/31/2020 | 3,999 | |||
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 | 57,941 | |||
Land | 7,019 | |||
Buildings and Improvements | 57,944 | |||
Total | 64,963 | |||
Accumulated Depreciation 12/31/2020 | 17,658 | |||
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 | 23,548 | |||
Land | 4,715 | |||
Buildings and Improvements | 23,551 | |||
Total | 28,266 | |||
Accumulated Depreciation 12/31/2020 | 7,690 | |||
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 12/31/2020 | 3,063 | |||
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 12/31/2020 | 5,214 | |||
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 | 27,485 | |||
Land | 6,889 | |||
Buildings and Improvements | 27,480 | |||
Total | 34,369 | |||
Accumulated Depreciation 12/31/2020 | 4,787 | |||
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 | 17,890 | |||
Land | 4,388 | |||
Buildings and Improvements | 18,357 | |||
Total | 22,745 | |||
Accumulated Depreciation 12/31/2020 | 2,720 | |||
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 | 13,849 | |||
Land | 3,128 | |||
Buildings and Improvements | 14,180 | |||
Total | 17,308 | |||
Accumulated Depreciation 12/31/2020 | 2,396 | |||
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 | 41,288 | |||
Land | 13,724 | |||
Buildings and Improvements | 41,266 | |||
Total | 54,990 | |||
Accumulated Depreciation 12/31/2020 | 3,152 | |||
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 | 11,614 | |||
Land | 3,171 | |||
Buildings and Improvements | 11,608 | |||
Total | 14,779 | |||
Accumulated Depreciation 12/31/2020 | 588 | |||
2021 Woodhaven Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,059 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,984 | |||
Land | 2,087 | |||
Buildings and Improvements | 9,956 | |||
Total | 12,043 | |||
Accumulated Depreciation 12/31/2020 | 143 | |||
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 | 900 | |||
Land | 521 | |||
Buildings and Improvements | 3,882 | |||
Total | 4,403 | |||
Accumulated Depreciation 12/31/2020 | 2,349 | |||
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 | 1,605 | |||
Land | 968 | |||
Buildings and Improvements | 7,158 | |||
Total | 8,126 | |||
Accumulated Depreciation 12/31/2020 | 4,292 | |||
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 | 841 | |||
Land | 696 | |||
Buildings and Improvements | 4,776 | |||
Total | 5,472 | |||
Accumulated Depreciation 12/31/2020 | 2,952 | |||
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 12/31/2020 | 1,150 | |||
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 12/31/2020 | 1,916 | |||
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 12/31/2020 | 829 | |||
1005 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,395 | |||
Land | 1,200 | |||
Buildings and Improvements | 6,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,548 | |||
Land | 1,220 | |||
Buildings and Improvements | 8,171 | |||
Total | 9,391 | |||
Accumulated Depreciation 12/31/2020 | 3,781 | |||
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 | 700 | |||
Land | 433 | |||
Buildings and Improvements | 3,057 | |||
Total | 3,490 | |||
Accumulated Depreciation 12/31/2020 | 1,317 | |||
251 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,402 | |||
Land | 983 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,710 | |||
Land | 983 | |||
Buildings and Improvements | 6,710 | |||
Total | 7,693 | |||
Accumulated Depreciation 12/31/2020 | 2,897 | |||
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 | 1,846 | |||
Land | 1,181 | |||
Buildings and Improvements | 11,296 | |||
Total | 12,477 | |||
Accumulated Depreciation 12/31/2020 | 5,364 | |||
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 | 1,459 | |||
Land | 1,220 | |||
Buildings and Improvements | 4,474 | |||
Total | 5,694 | |||
Accumulated Depreciation 12/31/2020 | 2,526 | |||
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 12/31/2020 | 768 | |||
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 12/31/2020 | 999 | |||
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 12/31/2020 | 1,332 | |||
1501 Oakton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,487 | |||
Land | 3,369 | |||
Buildings and Improvements | 6,121 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 96 | |||
Land | 3,482 | |||
Buildings and Improvements | 6,104 | |||
Total | 9,586 | |||
Accumulated Depreciation 12/31/2020 | 2,541 | |||
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 12/31/2020 | 1,433 | |||
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 12/31/2020 | 11,207 | |||
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 12/31/2020 | 5,282 | |||
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 12/31/2020 | 5,423 | |||
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 | (147) | |||
Land | 534 | |||
Buildings and Improvements | 1,810 | |||
Total | 2,344 | |||
Accumulated Depreciation 12/31/2020 | 360 | |||
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 12/31/2020 | 2,956 | |||
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 | 1,371 | |||
Land | 1,788 | |||
Buildings and Improvements | 8,622 | |||
Total | 10,410 | |||
Accumulated Depreciation 12/31/2020 | 1,491 | |||
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 12/31/2020 | 636 | |||
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 | 27,552 | |||
Land | 2,134 | |||
Buildings and Improvements | 27,551 | |||
Total | 29,685 | |||
Accumulated Depreciation 12/31/2020 | 3,546 | |||
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 | 17,817 | |||
Land | 2,598 | |||
Buildings and Improvements | 17,814 | |||
Total | 20,412 | |||
Accumulated Depreciation 12/31/2020 | 1,280 | |||
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 | 1,130 | |||
Land | 2,400 | |||
Buildings and Improvements | 11,101 | |||
Total | 13,501 | |||
Accumulated Depreciation 12/31/2020 | 903 | |||
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 | 1,462 | |||
Land | 1,109 | |||
Buildings and Improvements | 7,551 | |||
Total | 8,660 | |||
Accumulated Depreciation 12/31/2020 | 4,326 | |||
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 | 5,387 | |||
Land | 630 | |||
Buildings and Improvements | 5,387 | |||
Total | 6,017 | |||
Accumulated Depreciation 12/31/2020 | 2,418 | |||
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 12/31/2020 | 2,854 | |||
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 12/31/2020 | 1,977 | |||
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 12/31/2020 | 1,837 | |||
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 12/31/2020 | 829 | |||
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 | 219 | |||
Land | 394 | |||
Buildings and Improvements | 1,961 | |||
Total | 2,355 | |||
Accumulated Depreciation 12/31/2020 | 713 | |||
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 | 528 | |||
Land | 397 | |||
Buildings and Improvements | 3,067 | |||
Total | 3,464 | |||
Accumulated Depreciation 12/31/2020 | 1,264 | |||
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 | 151 | |||
Land | 508 | |||
Buildings and Improvements | 3,297 | |||
Total | 3,805 | |||
Accumulated Depreciation 12/31/2020 | 1,297 | |||
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 | (252) | |||
Land | 548 | |||
Buildings and Improvements | 2,785 | |||
Total | 3,333 | |||
Accumulated Depreciation 12/31/2020 | 908 | |||
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 | 861 | |||
Land | 627 | |||
Buildings and Improvements | 4,860 | |||
Total | 5,487 | |||
Accumulated Depreciation 12/31/2020 | 2,604 | |||
30311 Emerald Valley Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,304 | |||
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 12/31/2020 | 4,950 | |||
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 | (699) | |||
Land | 475 | |||
Buildings and Improvements | 4,739 | |||
Total | 5,214 | |||
Accumulated Depreciation 12/31/2020 | 2,134 | |||
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 12/31/2020 | 3,709 | |||
7900 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,938 | |||
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 12/31/2020 | 2,703 | |||
7905 Cochran Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,394 | |||
Land | 920 | |||
Buildings and Improvements | 6,174 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 158 | |||
Land | 922 | |||
Buildings and Improvements | 6,330 | |||
Total | 7,252 | |||
Accumulated Depreciation 12/31/2020 | 2,952 | |||
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 | 5,696 | |||
Land | 2,496 | |||
Buildings and Improvements | 12,469 | |||
Total | 14,965 | |||
Accumulated Depreciation 12/31/2020 | 2,878 | |||
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 | 1,199 | |||
Land | 172 | |||
Buildings and Improvements | 2,211 | |||
Total | 2,383 | |||
Accumulated Depreciation 12/31/2020 | 891 | |||
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 | 415 | |||
Land | 142 | |||
Buildings and Improvements | 1,260 | |||
Total | 1,402 | |||
Accumulated Depreciation 12/31/2020 | 700 | |||
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 | 801 | |||
Land | 270 | |||
Buildings and Improvements | 2,110 | |||
Total | 2,380 | |||
Accumulated Depreciation 12/31/2020 | 1,007 | |||
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 | 819 | |||
Land | 469 | |||
Buildings and Improvements | 3,390 | |||
Total | 3,859 | |||
Accumulated Depreciation 12/31/2020 | 1,849 | |||
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 | 486 | |||
Land | 185 | |||
Buildings and Improvements | 1,508 | |||
Total | 1,693 | |||
Accumulated Depreciation 12/31/2020 | 755 | |||
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 | 231 | |||
Land | 258 | |||
Buildings and Improvements | 1,645 | |||
Total | 1,903 | |||
Accumulated Depreciation 12/31/2020 | 887 | |||
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 | 774 | |||
Land | 468 | |||
Buildings and Improvements | 3,360 | |||
Total | 3,828 | |||
Accumulated Depreciation 12/31/2020 | 1,616 | |||
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 | 277 | |||
Land | 316 | |||
Buildings and Improvements | 2,306 | |||
Total | 2,622 | |||
Accumulated Depreciation 12/31/2020 | 998 | |||
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 | 513 | |||
Land | 443 | |||
Buildings and Improvements | 2,941 | |||
Total | 3,384 | |||
Accumulated Depreciation 12/31/2020 | 1,347 | |||
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 | (150) | |||
Land | 255 | |||
Buildings and Improvements | 2,086 | |||
Total | 2,341 | |||
Accumulated Depreciation 12/31/2020 | 954 | |||
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 | 503 | |||
Land | 442 | |||
Buildings and Improvements | 2,976 | |||
Total | 3,418 | |||
Accumulated Depreciation 12/31/2020 | 1,332 | |||
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 | 638 | |||
Land | 507 | |||
Buildings and Improvements | 3,476 | |||
Total | 3,983 | |||
Accumulated Depreciation 12/31/2020 | 1,572 | |||
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 | 589 | |||
Land | 306 | |||
Buildings and Improvements | 2,459 | |||
Total | 2,765 | |||
Accumulated Depreciation 12/31/2020 | 1,138 | |||
2015 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,797 | |||
Land | 510 | |||
Buildings and Improvements | 2,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 662 | |||
Land | 516 | |||
Buildings and Improvements | 3,547 | |||
Total | 4,063 | |||
Accumulated Depreciation 12/31/2020 | 1,560 | |||
2009 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,588 | |||
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 12/31/2020 | 1,470 | |||
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 | 1,081 | |||
Land | 629 | |||
Buildings and Improvements | 4,603 | |||
Total | 5,232 | |||
Accumulated Depreciation 12/31/2020 | 1,946 | |||
Plano Crossing Bus. Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,153 | |||
Land | 1,961 | |||
Buildings and Improvements | 11,112 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 841 | |||
Land | 1,981 | |||
Buildings and Improvements | 11,933 | |||
Total | 13,914 | |||
Accumulated Depreciation 12/31/2020 | 5,282 | |||
825-827 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,167 | |||
Land | 600 | |||
Buildings and Improvements | 3,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,024 | |||
Land | 604 | |||
Buildings and Improvements | 4,026 | |||
Total | 4,630 | |||
Accumulated Depreciation 12/31/2020 | 1,985 | |||
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 | 290 | |||
Land | 302 | |||
Buildings and Improvements | 1,792 | |||
Total | 2,094 | |||
Accumulated Depreciation 12/31/2020 | 949 | |||
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 | (78) | |||
Land | 704 | |||
Buildings and Improvements | 3,427 | |||
Total | 4,131 | |||
Accumulated Depreciation 12/31/2020 | 1,604 | |||
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 | 870 | |||
Land | 604 | |||
Buildings and Improvements | 3,712 | |||
Total | 4,316 | |||
Accumulated Depreciation 12/31/2020 | 1,674 | |||
1322-66 W. North Carrier Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,550 | |||
Land | 1,000 | |||
Buildings and Improvements | 5,012 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,573 | |||
Land | 1,006 | |||
Buildings and Improvements | 6,579 | |||
Total | 7,585 | |||
Accumulated Depreciation 12/31/2020 | 3,293 | |||
2401-2407 Centennial Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,670 | |||
Land | 600 | |||
Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 643 | |||
Land | 604 | |||
Buildings and Improvements | 3,173 | |||
Total | 3,777 | |||
Accumulated Depreciation 12/31/2020 | 1,725 | |||
3111 West Commerce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,921 | |||
Land | 1,000 | |||
Buildings and Improvements | 3,364 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,877 | |||
Land | 1,011 | |||
Buildings and Improvements | 5,230 | |||
Total | 6,241 | |||
Accumulated Depreciation 12/31/2020 | 3,037 | |||
13800 Senlac Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,055 | |||
Land | 823 | |||
Buildings and Improvements | 4,042 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (474) | |||
Land | 825 | |||
Buildings and Improvements | 3,566 | |||
Total | 4,391 | |||
Accumulated Depreciation 12/31/2020 | 1,836 | |||
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 | 1,341 | |||
Land | 2,586 | |||
Buildings and Improvements | 17,892 | |||
Total | 20,478 | |||
Accumulated Depreciation 12/31/2020 | 13,071 | |||
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 | 392 | |||
Land | 601 | |||
Buildings and Improvements | 3,717 | |||
Total | 4,318 | |||
Accumulated Depreciation 12/31/2020 | 2,238 | |||
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 12/31/2020 | 1,891 | |||
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 | (111) | |||
Land | 771 | |||
Buildings and Improvements | 3,734 | |||
Total | 4,505 | |||
Accumulated Depreciation 12/31/2020 | 1,558 | |||
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 | 14,111 | |||
Land | 1,947 | |||
Buildings and Improvements | 14,076 | |||
Total | 16,023 | |||
Accumulated Depreciation 12/31/2020 | 4,256 | |||
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 12/31/2020 | 2,543 | |||
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 12/31/2020 | 1,870 | |||
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 | 8,095 | |||
Land | 1,349 | |||
Buildings and Improvements | 8,047 | |||
Total | 9,396 | |||
Accumulated Depreciation 12/31/2020 | 1,884 | |||
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 12/31/2020 | 902 | |||
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 | 10,134 | |||
Land | 1,603 | |||
Buildings and Improvements | 10,134 | |||
Total | 11,737 | |||
Accumulated Depreciation 12/31/2020 | 1,247 | |||
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 | 11,244 | |||
Land | 3,963 | |||
Buildings and Improvements | 11,244 | |||
Total | 15,207 | |||
Accumulated Depreciation 12/31/2020 | 305 | |||
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 | 8,075 | |||
Land | 2,243 | |||
Buildings and Improvements | 8,075 | |||
Total | 10,318 | |||
Accumulated Depreciation 12/31/2020 | 459 | |||
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 | 47,957 | |||
Land | 4,779 | |||
Buildings and Improvements | 47,853 | |||
Total | 52,632 | |||
Accumulated Depreciation 12/31/2020 | 1,609 | |||
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 | 9,857 | |||
Land | 1,901 | |||
Buildings and Improvements | 9,848 | |||
Total | 11,749 | |||
Accumulated Depreciation 12/31/2020 | 293 | |||
1901 Midway Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,519 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,975 | |||
Land | 7,514 | |||
Buildings and Improvements | 23,980 | |||
Total | 31,494 | |||
Accumulated Depreciation 12/31/2020 | 130 | |||
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 12/31/2020 | 672 | |||
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 | 339 | |||
Land | 134 | |||
Buildings and Improvements | 1,087 | |||
Total | 1,221 | |||
Accumulated Depreciation 12/31/2020 | 591 | |||
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 | 493 | |||
Land | 368 | |||
Buildings and Improvements | 2,533 | |||
Total | 2,901 | |||
Accumulated Depreciation 12/31/2020 | 1,474 | |||
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 | 215 | |||
Land | 220 | |||
Buildings and Improvements | 1,453 | |||
Total | 1,673 | |||
Accumulated Depreciation 12/31/2020 | 783 | |||
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 | 185 | |||
Land | 290 | |||
Buildings and Improvements | 1,813 | |||
Total | 2,103 | |||
Accumulated Depreciation 12/31/2020 | 1,011 | |||
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 | 290 | |||
Land | 380 | |||
Buildings and Improvements | 2,415 | |||
Total | 2,795 | |||
Accumulated Depreciation 12/31/2020 | 1,341 | |||
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 | 509 | |||
Land | 271 | |||
Buildings and Improvements | 2,024 | |||
Total | 2,295 | |||
Accumulated Depreciation 12/31/2020 | 1,113 | |||
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 | 758 | |||
Land | 422 | |||
Buildings and Improvements | 3,096 | |||
Total | 3,518 | |||
Accumulated Depreciation 12/31/2020 | 1,715 | |||
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 | 682 | |||
Land | 236 | |||
Buildings and Improvements | 1,991 | |||
Total | 2,227 | |||
Accumulated Depreciation 12/31/2020 | 932 | |||
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 | 6 | |||
Land | 441 | |||
Buildings and Improvements | 2,695 | |||
Total | 3,136 | |||
Accumulated Depreciation 12/31/2020 | 1,536 | |||
9500 West 49th Street - A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 915 | |||
Land | 283 | |||
Buildings and Improvements | 1,625 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 161 | |||
Land | 287 | |||
Buildings and Improvements | 1,782 | |||
Total | 2,069 | |||
Accumulated Depreciation 12/31/2020 | 1,022 | |||
9500 West 49th Street - B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 770 | |||
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 12/31/2020 | 837 | |||
9500 West 49th Street - C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,937 | |||
Land | 600 | |||
Buildings and Improvements | 3,409 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 370 | |||
Land | 601 | |||
Buildings and Improvements | 3,778 | |||
Total | 4,379 | |||
Accumulated Depreciation 12/31/2020 | 2,178 | |||
9500 West 49th Street - D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 852 | |||
Land | 246 | |||
Buildings and Improvements | 1,537 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 145 | |||
Land | 247 | |||
Buildings and Improvements | 1,681 | |||
Total | 1,928 | |||
Accumulated Depreciation 12/31/2020 | 897 | |||
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 | 830 | |||
Land | 383 | |||
Buildings and Improvements | 2,975 | |||
Total | 3,358 | |||
Accumulated Depreciation 12/31/2020 | 1,396 | |||
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 | 311 | |||
Land | 422 | |||
Buildings and Improvements | 2,660 | |||
Total | 3,082 | |||
Accumulated Depreciation 12/31/2020 | 1,479 | |||
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 | 248 | |||
Land | 278 | |||
Buildings and Improvements | 1,790 | |||
Total | 2,068 | |||
Accumulated Depreciation 12/31/2020 | 1,000 | |||
445 Bryant Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,213 | |||
Land | 1,829 | |||
Buildings and Improvements | 10,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,362 | |||
Land | 1,829 | |||
Buildings and Improvements | 13,581 | |||
Total | 15,410 | |||
Accumulated Depreciation 12/31/2020 | 7,041 | |||
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 | 530 | |||
Land | 305 | |||
Buildings and Improvements | 2,211 | |||
Total | 2,516 | |||
Accumulated Depreciation 12/31/2020 | 1,192 | |||
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 | 282 | |||
Land | 156 | |||
Buildings and Improvements | 1,139 | |||
Total | 1,295 | |||
Accumulated Depreciation 12/31/2020 | 602 | |||
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 | 1,761 | |||
Land | 934 | |||
Buildings and Improvements | 6,877 | |||
Total | 7,811 | |||
Accumulated Depreciation 12/31/2020 | 3,531 | |||
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 | 3,219 | |||
Land | 781 | |||
Buildings and Improvements | 3,177 | |||
Total | 3,958 | |||
Accumulated Depreciation 12/31/2020 | 1,453 | |||
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 | 1,662 | |||
Land | 370 | |||
Buildings and Improvements | 1,604 | |||
Total | 1,974 | |||
Accumulated Depreciation 12/31/2020 | 704 | |||
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 | 345 | |||
Land | 372 | |||
Buildings and Improvements | 2,229 | |||
Total | 2,601 | |||
Accumulated Depreciation 12/31/2020 | 1,021 | |||
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 | 912 | |||
Land | 1,304 | |||
Buildings and Improvements | 7,282 | |||
Total | 8,586 | |||
Accumulated Depreciation 12/31/2020 | 3,292 | |||
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 | 200 | |||
Land | 572 | |||
Buildings and Improvements | 3,379 | |||
Total | 3,951 | |||
Accumulated Depreciation 12/31/2020 | 1,583 | |||
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 | (135) | |||
Land | 620 | |||
Buildings and Improvements | 3,454 | |||
Total | 4,074 | |||
Accumulated Depreciation 12/31/2020 | 1,666 | |||
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 | 181 | |||
Land | 517 | |||
Buildings and Improvements | 2,201 | |||
Total | 2,718 | |||
Accumulated Depreciation 12/31/2020 | 1,034 | |||
4001 Salazar Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,143 | |||
Land | 1,271 | |||
Buildings and Improvements | 6,508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (672) | |||
Land | 1,276 | |||
Buildings and Improvements | 5,831 | |||
Total | 7,107 | |||
Accumulated Depreciation 12/31/2020 | 2,322 | |||
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 | 195 | |||
Land | 500 | |||
Buildings and Improvements | 1,458 | |||
Total | 1,958 | |||
Accumulated Depreciation 12/31/2020 | 1,007 | |||
21301 E. 33rd Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,070 | |||
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 12/31/2020 | 1,804 | |||
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 12/31/2020 | 336 | |||
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 | 34,976 | |||
Land | 4,890 | |||
Buildings and Improvements | 34,967 | |||
Total | 39,857 | |||
Accumulated Depreciation 12/31/2020 | 944 | |||
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 12/31/2020 | 554 | |||
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 | 1,006 | |||
Land | 218 | |||
Buildings and Improvements | 1,338 | |||
Total | 1,556 | |||
Accumulated Depreciation 12/31/2020 | 1,234 | |||
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 | 473 | |||
Land | 121 | |||
Buildings and Improvements | 840 | |||
Total | 961 | |||
Accumulated Depreciation 12/31/2020 | 740 | |||
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 12/31/2020 | 2,070 | |||
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 12/31/2020 | 1,894 | |||
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 12/31/2020 | 570 | |||
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 12/31/2020 | 583 | |||
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 12/31/2020 | 4,955 | |||
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 | 732 | |||
Land | 560 | |||
Buildings and Improvements | 3,460 | |||
Total | 4,020 | |||
Accumulated Depreciation 12/31/2020 | 3,043 | |||
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 12/31/2020 | 1,550 | |||
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 12/31/2020 | 1,285 | |||
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 12/31/2020 | 862 | |||
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 12/31/2020 | 994 | |||
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 12/31/2020 | 353 | |||
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 | 282 | |||
Land | 93 | |||
Buildings and Improvements | 615 | |||
Total | 708 | |||
Accumulated Depreciation 12/31/2020 | 544 | |||
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 | 1,005 | |||
Land | 295 | |||
Buildings and Improvements | 1,945 | |||
Total | 2,240 | |||
Accumulated Depreciation 12/31/2020 | 1,717 | |||
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 | 408 | |||
Land | 158 | |||
Buildings and Improvements | 1,097 | |||
Total | 1,255 | |||
Accumulated Depreciation 12/31/2020 | 950 | |||
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 | 372 | |||
Land | 138 | |||
Buildings and Improvements | 858 | |||
Total | 996 | |||
Accumulated Depreciation 12/31/2020 | 788 | |||
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 | 645 | |||
Land | 254 | |||
Buildings and Improvements | 1,573 | |||
Total | 1,827 | |||
Accumulated Depreciation 12/31/2020 | 1,447 | |||
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 12/31/2020 | 413 | |||
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 12/31/2020 | 1,953 | |||
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 12/31/2020 | 414 | |||
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 12/31/2020 | 1,258 | |||
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 12/31/2020 | 383 | |||
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 12/31/2020 | 791 | |||
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 | 1,391 | |||
Land | 1,371 | |||
Buildings and Improvements | 8,449 | |||
Total | 9,820 | |||
Accumulated Depreciation 12/31/2020 | 4,752 | |||
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 | 1,037 | |||
Land | 721 | |||
Buildings and Improvements | 4,728 | |||
Total | 5,449 | |||
Accumulated Depreciation 12/31/2020 | 2,471 | |||
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 12/31/2020 | 1,222 | |||
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 12/31/2020 | 1,064 | |||
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 12/31/2020 | 693 | |||
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 12/31/2020 | 3,197 | |||
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 12/31/2020 | 766 | |||
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 12/31/2020 | 467 | |||
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 | 3,689 | |||
Land | 628 | |||
Buildings and Improvements | 3,682 | |||
Total | 4,310 | |||
Accumulated Depreciation 12/31/2020 | 1,467 | |||
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 12/31/2020 | 1,124 | |||
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 | 266 | |||
Land | 685 | |||
Buildings and Improvements | 2,276 | |||
Total | 2,961 | |||
Accumulated Depreciation 12/31/2020 | 1,445 | |||
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 | 3,636 | |||
Land | 1,090 | |||
Buildings and Improvements | 5,926 | |||
Total | 7,016 | |||
Accumulated Depreciation 12/31/2020 | 3,303 | |||
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 | (211) | |||
Land | 734 | |||
Buildings and Improvements | 1,841 | |||
Total | 2,575 | |||
Accumulated Depreciation 12/31/2020 | 882 | |||
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 | 632 | |||
Land | 278 | |||
Buildings and Improvements | 2,167 | |||
Total | 2,445 | |||
Accumulated Depreciation 12/31/2020 | 1,102 | |||
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 12/31/2020 | 1,891 | |||
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 | 547 | |||
Land | 233 | |||
Buildings and Improvements | 1,828 | |||
Total | 2,061 | |||
Accumulated Depreciation 12/31/2020 | 929 | |||
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 12/31/2020 | 1,721 | |||
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 | 1,253 | |||
Land | 611 | |||
Buildings and Improvements | 4,604 | |||
Total | 5,215 | |||
Accumulated Depreciation 12/31/2020 | 2,534 | |||
4851 Homestead Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,417 | |||
Land | 491 | |||
Buildings and Improvements | 2,782 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,191 | |||
Land | 504 | |||
Buildings and Improvements | 4,960 | |||
Total | 5,464 | |||
Accumulated Depreciation 12/31/2020 | 2,353 | |||
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 | 546 | |||
Land | 290 | |||
Buildings and Improvements | 2,151 | |||
Total | 2,441 | |||
Accumulated Depreciation 12/31/2020 | 1,126 | |||
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 12/31/2020 | 1,964 | |||
4300 Pine Timbers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,028 | |||
Land | 489 | |||
Buildings and Improvements | 2,769 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,076 | |||
Land | 499 | |||
Buildings and Improvements | 3,835 | |||
Total | 4,334 | |||
Accumulated Depreciation 12/31/2020 | 1,955 | |||
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 | 2,020 | |||
Land | 792 | |||
Buildings and Improvements | 6,336 | |||
Total | 7,128 | |||
Accumulated Depreciation 12/31/2020 | 3,152 | |||
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 | 906 | |||
Land | 370 | |||
Buildings and Improvements | 2,948 | |||
Total | 3,318 | |||
Accumulated Depreciation 12/31/2020 | 1,577 | |||
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 | 1,966 | |||
Land | 531 | |||
Buildings and Improvements | 4,683 | |||
Total | 5,214 | |||
Accumulated Depreciation 12/31/2020 | 2,302 | |||
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 | 946 | |||
Land | 251 | |||
Buildings and Improvements | 2,234 | |||
Total | 2,485 | |||
Accumulated Depreciation 12/31/2020 | 1,123 | |||
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 | 2,300 | |||
Land | 616 | |||
Buildings and Improvements | 5,445 | |||
Total | 6,061 | |||
Accumulated Depreciation 12/31/2020 | 2,702 | |||
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 | (163) | |||
Land | 940 | |||
Buildings and Improvements | 4,512 | |||
Total | 5,452 | |||
Accumulated Depreciation 12/31/2020 | 1,869 | |||
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 12/31/2020 | 1,221 | |||
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 | 199 | |||
Land | 259 | |||
Buildings and Improvements | 958 | |||
Total | 1,217 | |||
Accumulated Depreciation 12/31/2020 | 668 | |||
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 | 393 | |||
Land | 276 | |||
Buildings and Improvements | 1,114 | |||
Total | 1,390 | |||
Accumulated Depreciation 12/31/2020 | 701 | |||
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 12/31/2020 | 1,012 | |||
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 12/31/2020 | 580 | |||
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 | 200 | |||
Land | 307 | |||
Buildings and Improvements | 1,366 | |||
Total | 1,673 | |||
Accumulated Depreciation 12/31/2020 | 642 | |||
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 | (691) | |||
Land | 3,717 | |||
Buildings and Improvements | 18,546 | |||
Total | 22,263 | |||
Accumulated Depreciation 12/31/2020 | 6,956 | |||
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 | 17,032 | |||
Land | 3,312 | |||
Buildings and Improvements | 17,070 | |||
Total | 20,382 | |||
Accumulated Depreciation 12/31/2020 | 4,102 | |||
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 12/31/2020 | 1,515 | |||
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 12/31/2020 | 2,103 | |||
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 | 7,375 | |||
Land | 1,367 | |||
Buildings and Improvements | 7,375 | |||
Total | 8,742 | |||
Accumulated Depreciation 12/31/2020 | 494 | |||
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 | 232 | |||
Land | 2,076 | |||
Buildings and Improvements | 11,906 | |||
Total | 13,982 | |||
Accumulated Depreciation 12/31/2020 | 699 | |||
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 | (129) | |||
Land | 4,265 | |||
Buildings and Improvements | 11,854 | |||
Total | 16,119 | |||
Accumulated Depreciation 12/31/2020 | 877 | |||
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 | 8,458 | |||
Land | 2,885 | |||
Buildings and Improvements | 8,458 | |||
Total | 11,343 | |||
Accumulated Depreciation 12/31/2020 | 228 | |||
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 | 9,936 | |||
Land | 2,885 | |||
Buildings and Improvements | 9,936 | |||
Total | 12,821 | |||
Accumulated Depreciation 12/31/2020 | 281 | |||
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 | 331 | |||
Land | 912 | |||
Buildings and Improvements | 2,210 | |||
Total | 3,122 | |||
Accumulated Depreciation 12/31/2020 | 1,016 | |||
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 | 341 | |||
Land | 834 | |||
Buildings and Improvements | 3,059 | |||
Total | 3,893 | |||
Accumulated Depreciation 12/31/2020 | 1,090 | |||
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 | 316 | |||
Land | 942 | |||
Buildings and Improvements | 2,766 | |||
Total | 3,708 | |||
Accumulated Depreciation 12/31/2020 | 1,200 | |||
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 | 333 | |||
Land | 1,112 | |||
Buildings and Improvements | 3,439 | |||
Total | 4,551 | |||
Accumulated Depreciation 12/31/2020 | 1,270 | |||
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 | 400 | |||
Land | 951 | |||
Buildings and Improvements | 3,475 | |||
Total | 4,426 | |||
Accumulated Depreciation 12/31/2020 | 1,311 | |||
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 | 120 | |||
Land | 1,097 | |||
Buildings and Improvements | 3,423 | |||
Total | 4,520 | |||
Accumulated Depreciation 12/31/2020 | 1,283 | |||
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 | 3,854 | |||
Land | 864 | |||
Buildings and Improvements | 7,275 | |||
Total | 8,139 | |||
Accumulated Depreciation 12/31/2020 | 2,899 | |||
12601 &12605 NW 115th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,005 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 200 | |||
Land | 343 | |||
Buildings and Improvements | 862 | |||
Total | 1,205 | |||
Accumulated Depreciation 12/31/2020 | 234 | |||
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 | 39 | |||
Land | 3,111 | |||
Buildings and Improvements | 4,673 | |||
Total | 7,784 | |||
Accumulated Depreciation 12/31/2020 | 994 | |||
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 | (544) | |||
Land | 8,824 | |||
Buildings and Improvements | 11,116 | |||
Total | 19,940 | |||
Accumulated Depreciation 12/31/2020 | 1,442 | |||
6301 Lyons Road [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 | 9,869 | |||
Land | 5,704 | |||
Buildings and Improvements | 9,868 | |||
Total | 15,572 | |||
Accumulated Depreciation 12/31/2020 | 22 | |||
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 12/31/2020 | 2,696 | |||
17005 W. Ryerson Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,952 | |||
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 12/31/2020 | 2,434 | |||
16600 West Glendale Ave [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,515 | |||
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 12/31/2020 | 2,126 | |||
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 12/31/2020 | 6,296 | |||
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 12/31/2020 | 14,380 | |||
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 | 1,151 | |||
Land | 757 | |||
Buildings and Improvements | 5,604 | |||
Total | 6,361 | |||
Accumulated Depreciation 12/31/2020 | 3,401 | |||
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 12/31/2020 | 1,150 | |||
5775 12th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,910 | |||
Land | 590 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,628 | |||
Land | 590 | |||
Buildings and Improvements | 5,628 | |||
Total | 6,218 | |||
Accumulated Depreciation 12/31/2020 | 2,292 | |||
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 | 7,811 | |||
Land | 888 | |||
Buildings and Improvements | 7,683 | |||
Total | 8,571 | |||
Accumulated Depreciation 12/31/2020 | 3,579 | |||
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 12/31/2020 | 1,096 | |||
1087 Park Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,100 | |||
Land | 1,195 | |||
Buildings and Improvements | 4,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 537 | |||
Land | 1,198 | |||
Buildings and Improvements | 5,425 | |||
Total | 6,623 | |||
Accumulated Depreciation 12/31/2020 | 1,950 | |||
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 12/31/2020 | 3,132 | |||
4701 Valley Industrial Blvd S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,309 | |||
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 12/31/2020 | 4,469 | |||
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 | (172) | |||
Land | 665 | |||
Buildings and Improvements | 3,011 | |||
Total | 3,676 | |||
Accumulated Depreciation 12/31/2020 | 1,211 | |||
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 | 7,316 | |||
Land | 1,343 | |||
Buildings and Improvements | 7,248 | |||
Total | 8,591 | |||
Accumulated Depreciation 12/31/2020 | 2,616 | |||
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 12/31/2020 | 1,091 | |||
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 | (866) | |||
Land | 2,289 | |||
Buildings and Improvements | 7,086 | |||
Total | 9,375 | |||
Accumulated Depreciation 12/31/2020 | 2,613 | |||
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 | 1,031 | |||
Land | 2,635 | |||
Buildings and Improvements | 9,188 | |||
Total | 11,823 | |||
Accumulated Depreciation 12/31/2020 | 2,670 | |||
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 | 52 | |||
Land | 2,096 | |||
Buildings and Improvements | 7,936 | |||
Total | 10,032 | |||
Accumulated Depreciation 12/31/2020 | 1,911 | |||
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 12/31/2020 | 1,297 | |||
7051 West Broadway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,142 | |||
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 12/31/2020 | 883 | |||
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 | 581 | |||
Land | 493 | |||
Buildings and Improvements | 3,362 | |||
Total | 3,855 | |||
Accumulated Depreciation 12/31/2020 | 1,816 | |||
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 12/31/2020 | 1,342 | |||
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 | 1,612 | |||
Land | 888 | |||
Buildings and Improvements | 5,955 | |||
Total | 6,843 | |||
Accumulated Depreciation 12/31/2020 | 3,070 | |||
211 Ellery Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,556 | |||
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 12/31/2020 | 1,255 | |||
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 12/31/2020 | 7,239 | |||
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 | 890 | |||
Land | 503 | |||
Buildings and Improvements | 3,605 | |||
Total | 4,108 | |||
Accumulated Depreciation 12/31/2020 | 1,950 | |||
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 | 827 | |||
Land | 593 | |||
Buildings and Improvements | 4,046 | |||
Total | 4,639 | |||
Accumulated Depreciation 12/31/2020 | 2,232 | |||
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 | 610 | |||
Land | 375 | |||
Buildings and Improvements | 2,663 | |||
Total | 3,038 | |||
Accumulated Depreciation 12/31/2020 | 1,442 | |||
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 | 532 | |||
Land | 377 | |||
Buildings and Improvements | 2,564 | |||
Total | 2,941 | |||
Accumulated Depreciation 12/31/2020 | 1,403 | |||
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 | 509 | |||
Land | 362 | |||
Buildings and Improvements | 2,462 | |||
Total | 2,824 | |||
Accumulated Depreciation 12/31/2020 | 1,326 | |||
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 | 2,738 | |||
Land | 691 | |||
Buildings and Improvements | 2,056 | |||
Total | 2,747 | |||
Accumulated Depreciation 12/31/2020 | 953 | |||
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 | 1,166 | |||
Land | 978 | |||
Buildings and Improvements | 6,648 | |||
Total | 7,626 | |||
Accumulated Depreciation 12/31/2020 | 3,197 | |||
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 | 480 | |||
Land | 479 | |||
Buildings and Improvements | 3,161 | |||
Total | 3,640 | |||
Accumulated Depreciation 12/31/2020 | 1,578 | |||
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 | 289 | |||
Land | 262 | |||
Buildings and Improvements | 1,758 | |||
Total | 2,020 | |||
Accumulated Depreciation 12/31/2020 | 871 | |||
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 12/31/2020 | 2,953 | |||
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 | 573 | |||
Land | 970 | |||
Buildings and Improvements | 6,003 | |||
Total | 6,973 | |||
Accumulated Depreciation 12/31/2020 | 2,950 | |||
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 | 2,201 | |||
Land | 1,534 | |||
Buildings and Improvements | 10,716 | |||
Total | 12,250 | |||
Accumulated Depreciation 12/31/2020 | 5,069 | |||
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 | 509 | |||
Land | 396 | |||
Buildings and Improvements | 2,708 | |||
Total | 3,104 | |||
Accumulated Depreciation 12/31/2020 | 1,266 | |||
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 | 692 | |||
Land | 901 | |||
Buildings and Improvements | 5,691 | |||
Total | 6,592 | |||
Accumulated Depreciation 12/31/2020 | 2,775 | |||
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 | 791 | |||
Land | 1,154 | |||
Buildings and Improvements | 7,197 | |||
Total | 8,351 | |||
Accumulated Depreciation 12/31/2020 | 3,437 | |||
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 | 4,511 | |||
Land | 944 | |||
Buildings and Improvements | 4,511 | |||
Total | 5,455 | |||
Accumulated Depreciation 12/31/2020 | 1,983 | |||
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 | 5,528 | |||
Land | 996 | |||
Buildings and Improvements | 5,528 | |||
Total | 6,524 | |||
Accumulated Depreciation 12/31/2020 | 2,222 | |||
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 12/31/2020 | 488 | |||
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 12/31/2020 | 2,365 | |||
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 | 26,224 | |||
Land | 9,730 | |||
Buildings and Improvements | 26,224 | |||
Total | 35,954 | |||
Accumulated Depreciation 12/31/2020 | 3,065 | |||
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 | 32 | |||
Land | 3,984 | |||
Buildings and Improvements | 15,912 | |||
Total | 19,896 | |||
Accumulated Depreciation 12/31/2020 | 1,943 | |||
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 | 384 | |||
Land | 2,738 | |||
Buildings and Improvements | 8,574 | |||
Total | 11,312 | |||
Accumulated Depreciation 12/31/2020 | 812 | |||
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 | 7,950 | |||
Land | 3,688 | |||
Buildings and Improvements | 7,946 | |||
Total | 11,634 | |||
Accumulated Depreciation 12/31/2020 | 243 | |||
27403 Industrial Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,440 | |||
Buildings and Improvements | 1,848 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 174 | |||
Land | 3,440 | |||
Buildings and Improvements | 2,022 | |||
Total | 5,462 | |||
Accumulated Depreciation 12/31/2020 | 164 | |||
4160-4170 Business Center Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,897 | |||
Buildings and Improvements | 4,206 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 298 | |||
Land | 4,897 | |||
Buildings and Improvements | 4,504 | |||
Total | 9,401 | |||
Accumulated Depreciation 12/31/2020 | 145 | |||
4200 Business Center Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,112 | |||
Buildings and Improvements | 3,829 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 75 | |||
Land | 5,158 | |||
Buildings and Improvements | 3,858 | |||
Total | 9,016 | |||
Accumulated Depreciation 12/31/2020 | 137 | |||
22950 Clawiter Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,312 | |||
Buildings and Improvements | 2,023 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 105 | |||
Land | 3,312 | |||
Buildings and Improvements | 2,128 | |||
Total | 5,440 | |||
Accumulated Depreciation 12/31/2020 | 9 | |||
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 | 500 | |||
Land | 920 | |||
Buildings and Improvements | 5,102 | |||
Total | 6,022 | |||
Accumulated Depreciation 12/31/2020 | 2,153 | |||
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 | 20 | |||
Land | 1,692 | |||
Buildings and Improvements | 7,268 | |||
Total | 8,960 | |||
Accumulated Depreciation 12/31/2020 | 1,161 | |||
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 12/31/2020 | 1,598 | |||
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 12/31/2020 | 704 | |||
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 | (42) | |||
Land | 1,031 | |||
Buildings and Improvements | 6,364 | |||
Total | 7,395 | |||
Accumulated Depreciation 12/31/2020 | 555 | |||
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 12/31/2020 | 536 | |||
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 | 7 | |||
Land | 851 | |||
Buildings and Improvements | 5,202 | |||
Total | 6,053 | |||
Accumulated Depreciation 12/31/2020 | 209 | |||
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 | 795 | |||
Land | 396 | |||
Buildings and Improvements | 2,949 | |||
Total | 3,345 | |||
Accumulated Depreciation 12/31/2020 | 1,302 | |||
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 | 1,428 | |||
Land | 1,252 | |||
Buildings and Improvements | 4,600 | |||
Total | 5,852 | |||
Accumulated Depreciation 12/31/2020 | 2,561 | |||
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 | (2,137) | |||
Land | 362 | |||
Buildings and Improvements | 1,465 | |||
Total | 1,827 | |||
Accumulated Depreciation 12/31/2020 | 616 | |||
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 | 123 | |||
Land | 1,292 | |||
Buildings and Improvements | 6,074 | |||
Total | 7,366 | |||
Accumulated Depreciation 12/31/2020 | 1,770 | |||
14131 N. Rio Vista Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,106 | |||
Land | 2,563 | |||
Buildings and Improvements | 9,388 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (406) | |||
Land | 2,563 | |||
Buildings and Improvements | 8,982 | |||
Total | 11,545 | |||
Accumulated Depreciation 12/31/2020 | 2,712 | |||
8716 W. Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,275 | |||
Land | 2,709 | |||
Buildings and Improvements | 10,970 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 511 | |||
Land | 2,709 | |||
Buildings and Improvements | 11,481 | |||
Total | 14,190 | |||
Accumulated Depreciation 12/31/2020 | 3,765 | |||
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 | 323 | |||
Land | 1,719 | |||
Buildings and Improvements | 4,793 | |||
Total | 6,512 | |||
Accumulated Depreciation 12/31/2020 | 1,814 | |||
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 | 2,509 | |||
Land | 1,923 | |||
Buildings and Improvements | 9,295 | |||
Total | 11,218 | |||
Accumulated Depreciation 12/31/2020 | 3,012 | |||
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 12/31/2020 | 1,586 | |||
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 12/31/2020 | 645 | |||
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 12/31/2020 | 627 | |||
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 12/31/2020 | 2,544 | |||
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 | 31,391 | |||
Land | 6,271 | |||
Buildings and Improvements | 31,379 | |||
Total | 37,650 | |||
Accumulated Depreciation 12/31/2020 | 3,180 | |||
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 | 5,372 | |||
Land | 1,805 | |||
Buildings and Improvements | 5,372 | |||
Total | 7,177 | |||
Accumulated Depreciation 12/31/2020 | 166 | |||
3600 North Cotton Lane [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 | 43,396 | |||
Land | 5,659 | |||
Buildings and Improvements | 43,397 | |||
Total | 49,056 | |||
Accumulated Depreciation 12/31/2020 | 1,271 | |||
3350 North Cotton Lane [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,373 | |||
Buildings and Improvements | 31,198 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 6,373 | |||
Buildings and Improvements | 31,198 | |||
Total | 37,571 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
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 | 640 | |||
Land | 4,594 | |||
Buildings and Improvements | 3,163 | |||
Total | 7,757 | |||
Accumulated Depreciation 12/31/2020 | 1,338 | |||
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 | 955 | |||
Land | 2,042 | |||
Buildings and Improvements | 4,882 | |||
Total | 6,924 | |||
Accumulated Depreciation 12/31/2020 | 2,174 | |||
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 | 256 | |||
Land | 1,258 | |||
Buildings and Improvements | 2,166 | |||
Total | 3,424 | |||
Accumulated Depreciation 12/31/2020 | 1,092 | |||
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 12/31/2020 | 384 | |||
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 | 439 | |||
Land | 3,766 | |||
Buildings and Improvements | 4,896 | |||
Total | 8,662 | |||
Accumulated Depreciation 12/31/2020 | 273 | |||
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 | 152 | |||
Land | 1,447 | |||
Buildings and Improvements | 2,539 | |||
Total | 3,986 | |||
Accumulated Depreciation 12/31/2020 | 164 | |||
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 | 9,989 | |||
Land | 2,643 | |||
Buildings and Improvements | 9,989 | |||
Total | 12,632 | |||
Accumulated Depreciation 12/31/2020 | 628 | |||
1944 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,501 | |||
Land | 1,746 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 450 | |||
Land | 1,822 | |||
Buildings and Improvements | 3,522 | |||
Total | 5,344 | |||
Accumulated Depreciation 12/31/2020 | 2,127 | |||
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 | 227 | |||
Land | 853 | |||
Buildings and Improvements | 1,864 | |||
Total | 2,717 | |||
Accumulated Depreciation 12/31/2020 | 1,140 | |||
2835 East Ana Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,997 | |||
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 12/31/2020 | 1,613 | |||
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 | 3,014 | |||
Land | 2,143 | |||
Buildings and Improvements | 8,214 | |||
Total | 10,357 | |||
Accumulated Depreciation 12/31/2020 | 2,895 | |||
27801 Avenue Scott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,176 | |||
Land | 2,890 | |||
Buildings and Improvements | 7,020 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,147 | |||
Land | 2,902 | |||
Buildings and Improvements | 8,155 | |||
Total | 11,057 | |||
Accumulated Depreciation 12/31/2020 | 3,400 | |||
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 | 2,066 | |||
Land | 3,031 | |||
Buildings and Improvements | 7,869 | |||
Total | 10,900 | |||
Accumulated Depreciation 12/31/2020 | 2,791 | |||
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 | 755 | |||
Land | 684 | |||
Buildings and Improvements | 920 | |||
Total | 1,604 | |||
Accumulated Depreciation 12/31/2020 | 140 | |||
2325 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 12/31/2020 | 774 | |||
2335 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 12/31/2020 | 428 | |||
2345 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 562 | |||
Buildings and Improvements | 456 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 159 | |||
Land | 565 | |||
Buildings and Improvements | 612 | |||
Total | 1,177 | |||
Accumulated Depreciation 12/31/2020 | 359 | |||
2355 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 481 | |||
Buildings and Improvements | 365 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 65 | |||
Land | 483 | |||
Buildings and Improvements | 428 | |||
Total | 911 | |||
Accumulated Depreciation 12/31/2020 | 223 | |||
2365 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,098 | |||
Buildings and Improvements | 630 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 132 | |||
Land | 1,102 | |||
Buildings and Improvements | 758 | |||
Total | 1,860 | |||
Accumulated Depreciation 12/31/2020 | 288 | |||
2375 Camino Vida Roble [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,210 | |||
Buildings and Improvements | 874 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 151 | |||
Land | 1,214 | |||
Buildings and Improvements | 1,021 | |||
Total | 2,235 | |||
Accumulated Depreciation 12/31/2020 | 543 | |||
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 | 755 | |||
Land | 2,895 | |||
Buildings and Improvements | 2,676 | |||
Total | 5,571 | |||
Accumulated Depreciation 12/31/2020 | 1,300 | |||
13100 Gregg Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,627 | |||
Land | 1,040 | |||
Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 740 | |||
Land | 1,073 | |||
Buildings and Improvements | 4,867 | |||
Total | 5,940 | |||
Accumulated Depreciation 12/31/2020 | 2,624 | |||
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 | 221 | |||
Land | 2,608 | |||
Buildings and Improvements | 3,408 | |||
Total | 6,016 | |||
Accumulated Depreciation 12/31/2020 | 1,579 | |||
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 12/31/2020 | 1,689 | |||
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 12/31/2020 | 1,339 | |||
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 | 6,554 | |||
Land | 20,144 | |||
Buildings and Improvements | 15,409 | |||
Total | 35,553 | |||
Accumulated Depreciation 12/31/2020 | 6,328 | |||
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 12/31/2020 | 439 | |||
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 | (710) | |||
Land | 675 | |||
Buildings and Improvements | 690 | |||
Total | 1,365 | |||
Accumulated Depreciation 12/31/2020 | 344 | |||
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 12/31/2020 | 379 | |||
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 | (5,238) | |||
Land | 1,819 | |||
Buildings and Improvements | 1,318 | |||
Total | 3,137 | |||
Accumulated Depreciation 12/31/2020 | 806 | |||
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 12/31/2020 | 1,493 | |||
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 12/31/2020 | 5,128 | |||
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 | 9,494 | |||
Land | 6,897 | |||
Buildings and Improvements | 9,317 | |||
Total | 16,214 | |||
Accumulated Depreciation 12/31/2020 | 3,250 | |||
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 12/31/2020 | 1,351 | |||
20700 Denker Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,767 | |||
Buildings and Improvements | 2,538 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 397 | |||
Land | 5,964 | |||
Buildings and Improvements | 2,737 | |||
Total | 8,701 | |||
Accumulated Depreciation 12/31/2020 | 1,683 | |||
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 12/31/2020 | 1,733 | |||
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 | 741 | |||
Land | 8,545 | |||
Buildings and Improvements | 7,880 | |||
Total | 16,425 | |||
Accumulated Depreciation 12/31/2020 | 2,111 | |||
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 | 21,279 | |||
Land | 6,482 | |||
Buildings and Improvements | 28,339 | |||
Total | 34,821 | |||
Accumulated Depreciation 12/31/2020 | 6,382 | |||
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 | 10,993 | |||
Land | 6,382 | |||
Buildings and Improvements | 10,997 | |||
Total | 17,379 | |||
Accumulated Depreciation 12/31/2020 | 2,109 | |||
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 | 21,764 | |||
Land | 32,540 | |||
Buildings and Improvements | 21,760 | |||
Total | 54,300 | |||
Accumulated Depreciation 12/31/2020 | 4,094 | |||
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 | (816) | |||
Land | 0 | |||
Buildings and Improvements | 6,015 | |||
Total | 6,015 | |||
Accumulated Depreciation 12/31/2020 | 1,255 | |||
4710 Guasti Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,718 | |||
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 12/31/2020 | 1,547 | |||
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 12/31/2020 | 5,059 | |||
13414 South Figueroa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,661 | |||
Land | 1,701 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,577 | |||
Land | 1,887 | |||
Buildings and Improvements | 6,391 | |||
Total | 8,278 | |||
Accumulated Depreciation 12/31/2020 | 1,047 | |||
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 | 8,066 | |||
Land | 4,400 | |||
Buildings and Improvements | 8,066 | |||
Total | 12,466 | |||
Accumulated Depreciation 12/31/2020 | 1,679 | |||
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 12/31/2020 | 927 | |||
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 12/31/2020 | 910 | |||
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 12/31/2020 | 640 | |||
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 | (168) | |||
Land | 3,182 | |||
Buildings and Improvements | 10,475 | |||
Total | 13,657 | |||
Accumulated Depreciation 12/31/2020 | 1,779 | |||
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 12/31/2020 | 3,909 | |||
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 | 11,475 | |||
Land | 1,274 | |||
Buildings and Improvements | 11,475 | |||
Total | 12,749 | |||
Accumulated Depreciation 12/31/2020 | 1,468 | |||
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 12/31/2020 | 1,090 | |||
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 | 3,538 | |||
Land | 9,381 | |||
Buildings and Improvements | 7,358 | |||
Total | 16,739 | |||
Accumulated Depreciation 12/31/2020 | 750 | |||
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 12/31/2020 | 1,033 | |||
2777 Loker Avenue West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,926 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,267 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 306 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,573 | |||
Total | 21,172 | |||
Accumulated Depreciation 12/31/2020 | 1,636 | |||
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 12/31/2020 | 1,457 | |||
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 | 2,375 | |||
Land | 9,813 | |||
Buildings and Improvements | 13,329 | |||
Total | 23,142 | |||
Accumulated Depreciation 12/31/2020 | 1,513 | |||
3801 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,895 | |||
Land | 2,907 | |||
Buildings and Improvements | 6,151 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 37 | |||
Land | 2,909 | |||
Buildings and Improvements | 6,186 | |||
Total | 9,095 | |||
Accumulated Depreciation 12/31/2020 | 550 | |||
3809 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,156 | |||
Land | 3,140 | |||
Buildings and Improvements | 6,964 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 73 | |||
Land | 3,141 | |||
Buildings and Improvements | 7,036 | |||
Total | 10,177 | |||
Accumulated Depreciation 12/31/2020 | 619 | |||
3817 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,851 | |||
Land | 5,438 | |||
Buildings and Improvements | 10,278 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 33 | |||
Land | 5,442 | |||
Buildings and Improvements | 10,307 | |||
Total | 15,749 | |||
Accumulated Depreciation 12/31/2020 | 932 | |||
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 | 63,207 | |||
Land | 17,066 | |||
Buildings and Improvements | 63,164 | |||
Total | 80,230 | |||
Accumulated Depreciation 12/31/2020 | 4,126 | |||
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 | 2,978 | |||
Land | 1,508 | |||
Buildings and Improvements | 2,978 | |||
Total | 4,486 | |||
Accumulated Depreciation 12/31/2020 | 200 | |||
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 | 11,185 | |||
Land | 3,847 | |||
Buildings and Improvements | 11,185 | |||
Total | 15,032 | |||
Accumulated Depreciation 12/31/2020 | 1,557 | |||
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 | 8,293 | |||
Land | 3,107 | |||
Buildings and Improvements | 8,293 | |||
Total | 11,400 | |||
Accumulated Depreciation 12/31/2020 | 553 | |||
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 | 19,191 | |||
Land | 7,099 | |||
Buildings and Improvements | 19,191 | |||
Total | 26,290 | |||
Accumulated Depreciation 12/31/2020 | 1,643 | |||
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 | 13,912 | |||
Land | 5,423 | |||
Buildings and Improvements | 13,912 | |||
Total | 19,335 | |||
Accumulated Depreciation 12/31/2020 | 1,020 | |||
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 | 5,371 | |||
Land | 1,873 | |||
Buildings and Improvements | 5,371 | |||
Total | 7,244 | |||
Accumulated Depreciation 12/31/2020 | 506 | |||
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 | 63 | |||
Land | 1,813 | |||
Buildings and Improvements | 3,903 | |||
Total | 5,716 | |||
Accumulated Depreciation 12/31/2020 | 173 | |||
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 | 50 | |||
Land | 6,641 | |||
Buildings and Improvements | 8,205 | |||
Total | 14,846 | |||
Accumulated Depreciation 12/31/2020 | 340 | |||
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 | 1 | |||
Land | 1,392 | |||
Buildings and Improvements | 1,533 | |||
Total | 2,925 | |||
Accumulated Depreciation 12/31/2020 | 92 | |||
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 12/31/2020 | 143 | |||
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 | 294 | |||
Land | 3,836 | |||
Buildings and Improvements | 3,818 | |||
Total | 7,654 | |||
Accumulated Depreciation 12/31/2020 | 172 | |||
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 12/31/2020 | 589 | |||
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 12/31/2020 | 201 | |||
10780 Redwood Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 13,410 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 22,616 | |||
Land | 13,402 | |||
Buildings and Improvements | 22,624 | |||
Total | 36,026 | |||
Accumulated Depreciation 12/31/2020 | 376 | |||
14518 Santa Ana Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,745 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,744 | |||
Land | 1,745 | |||
Buildings and Improvements | 4,744 | |||
Total | 6,489 | |||
Accumulated Depreciation 12/31/2020 | 79 | |||
11253 Redwood Avenue [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 | 8,433 | |||
Land | 3,333 | |||
Buildings and Improvements | 8,433 | |||
Total | 11,766 | |||
Accumulated Depreciation 12/31/2020 | 69 | |||
19302-19400 S Laurel Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,816 | |||
Buildings and Improvements | 1,649 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 891 | |||
Land | 12,815 | |||
Buildings and Improvements | 2,541 | |||
Total | 15,356 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
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 12/31/2020 | 7,635 | |||
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 | 13,786 | |||
Land | 4,228 | |||
Buildings and Improvements | 13,710 | |||
Total | 17,938 | |||
Accumulated Depreciation 12/31/2020 | 4,173 | |||
1908-2000 Innerbelt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,590 | |||
Buildings and Improvements | 9,026 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,775 | |||
Land | 1,591 | |||
Buildings and Improvements | 10,800 | |||
Total | 12,391 | |||
Accumulated Depreciation 12/31/2020 | 6,063 | |||
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 | (10) | |||
Land | 1,713 | |||
Buildings and Improvements | 10,857 | |||
Total | 12,570 | |||
Accumulated Depreciation 12/31/2020 | 4,627 | |||
First Nandina II Logistics Center BTS [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,016 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,682 | |||
Land | 4,066 | |||
Buildings and Improvements | 6,632 | |||
Total | 10,698 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
First 95 Distributions Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,771 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,656 | |||
Land | 8,787 | |||
Buildings and Improvements | 1,640 | |||
Total | 10,427 | |||
Accumulated Depreciation 12/31/2020 | 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 | 6,631 | |||
Land | 0 | |||
Buildings and Improvements | 6,631 | |||
Total | 6,631 | |||
Accumulated Depreciation 12/31/2020 | 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 | 10,231 | |||
Land | 0 | |||
Buildings and Improvements | 10,231 | |||
Total | 10,231 | |||
Accumulated Depreciation 12/31/2020 | 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 | 7,741 | |||
Land | 0 | |||
Buildings and Improvements | 7,741 | |||
Total | 7,741 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
First Park Miami Building 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 14,871 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,362 | |||
Land | 14,801 | |||
Buildings and Improvements | 3,432 | |||
Total | 18,233 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
First Park Miami Building 9 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,645 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,126 | |||
Land | 7,589 | |||
Buildings and Improvements | 2,182 | |||
Total | 9,771 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
First Park Miami Building 11 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,467 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,622 | |||
Land | 11,449 | |||
Buildings and Improvements | 2,640 | |||
Total | 14,089 | |||
Accumulated Depreciation 12/31/2020 | 0 | |||
Developments / Land Parcels [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 245,361 | |||
Buildings and Improvements | 1,062 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 42,590 | |||
Land | 240,689 | |||
Buildings and Improvements | 48,325 | |||
Total | 289,014 | |||
Accumulated Depreciation 12/31/2020 | $ 5,212 |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of industrial properties | Property | 427 | |||
Tenant improvements, useful life | Lease Term | |||
Balance, Beginning of Year | $ 3,830,209 | $ 3,673,644 | $ 3,495,745 | |
Acquisition of Real Estate Assets | 247,250 | 148,660 | 162,769 | |
Construction Costs and Improvements | 160,491 | 289,877 | 190,383 | |
Disposition of Real Estate Assets | (109,070) | (258,639) | (148,408) | |
Impairment of Real Estate | 0 | 0 | (2,756) | |
Write-off of Fully Depreciated and Other Assets | (18,984) | (23,333) | (24,089) | |
Balance, End of Year Including Real Estate Held for Sale | 4,109,896 | 3,830,209 | 3,673,644 | |
Real Estate Held for Sale | 22,263 | [1] | 0 | 0 |
Balance, End of Year Excluding Real Estate Held for Sale | 4,087,633 | 3,830,209 | 3,673,644 | |
Balance, Beginning of Year | 804,780 | 811,784 | 789,919 | |
Depreciation for Year | 102,533 | 98,333 | 94,626 | |
Disposition of Assets | (49,390) | (82,919) | (49,144) | |
Write-off of Fully Depreciated and Other Assets | (18,574) | (22,418) | (23,617) | |
Balance, End of Year Including Real Estate Held for Sale | 839,349 | 804,780 | 811,784 | |
Real Estate Held for Sale | (6,956) | [2] | 0 | 0 |
Balance, End of Year Excluding Real Estate Held for Sale | 832,393 | $ 804,780 | $ 811,784 | |
Real Estate Held for Sale - Other Assets | 454 | |||
Real Estate Held for Sale - Other Assets Accumulated Depreciation | $ 98 | |||
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 | 16 years | |||
[1] | The Real Estate Held for Sale at December 31, 2020 excludes $454 of other assets. | |||
[2] | The Real Estate Held for Sale at December 31, 2020 excludes $98 of accumulated amortization related to the other assets. |
Schedule III_ Real Estate and_4
Schedule III: Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions | Dec. 31, 2020USD ($) |
Real Estate and Accumulated Depreciation [Abstract] | |
Aggregate cost of land and buildings and equipment for federal income tax purpose | $ 4 |