Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | One North 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 | 2022 | ||
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 | $ 6,244.2 | ||
Entity Common Stock, Shares Outstanding | 132,211,367 | ||
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, 2022 | ||
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 | 2022 | ||
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 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 238 |
Auditor Location | Chicago, Illinois |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment in Real Estate: | ||
Land | $ 1,646,179 | $ 1,387,198 |
Buildings and Improvements | 3,442,957 | 3,020,221 |
Construction in Progress | 253,903 | 239,025 |
Less: Accumulated Depreciation | (921,480) | (868,296) |
Net Investment in Real Estate | 4,421,559 | 3,778,148 |
Operating Lease Right-of-Use Assets | 24,580 | 24,927 |
Cash and Cash Equivalents | 133,244 | 58,591 |
Restricted Cash | 11,874 | 189 |
Tenant Accounts Receivable | 7,135 | 5,104 |
Investment in Joint Ventures | 8,822 | 36,049 |
Deferred Rent Receivable | 122,918 | 98,727 |
Deferred Leasing Intangibles, Net | 24,090 | 21,316 |
Prepaid Expenses and Other Assets, Net | 200,100 | 156,047 |
Total Assets | 4,954,322 | 4,179,098 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 10,299 | 79,674 |
Senior Unsecured Notes, Net | 993,742 | 993,021 |
Unsecured Term Loans, Net | 919,260 | 458,325 |
Unsecured Credit Facility | 143,000 | 79,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 178,879 | 153,096 |
Operating Lease Liabilities | 22,266 | 22,592 |
Deferred Leasing Intangibles, Net | 15,152 | 9,252 |
Rents Received in Advance and Security Deposits | 100,166 | 98,588 |
Dividends and Distributions Payable | 41,259 | 37,178 |
Total Liabilities | 2,424,023 | 1,930,726 |
Commitments and Contingencies (see Note 14) | ||
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 132,141,503 and 131,747,725 shares issued and outstanding) | 1,321 | 1,317 |
Additional Paid-in Capital | 2,401,334 | 2,376,026 |
Retained Earnings (Accumulated Deficit) | 23,131 | |
Retained Earnings (Distributions in Excess of Accumulated Earnings) | (178,293) | |
Accumulated Other Comprehensive Income (Loss) | 33,412 | (4,238) |
Total First Industrial Realty Trust, Inc.'s Equity | 2,459,198 | 2,194,812 |
Noncontrolling Interests | 71,101 | 53,560 |
Total Equity | 2,530,299 | 2,248,372 |
Total Liabilities and Equity/Partners' Capital | 4,954,322 | 4,179,098 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 1,646,179 | 1,387,198 |
Buildings and Improvements | 3,442,957 | 3,020,221 |
Construction in Progress | 253,903 | 239,025 |
Less: Accumulated Depreciation | (921,480) | (868,296) |
Net Investment in Real Estate | 4,421,559 | 3,778,148 |
Operating Lease Right-of-Use Assets | 24,580 | 24,927 |
Cash and Cash Equivalents | 133,244 | 58,591 |
Restricted Cash | 11,874 | 189 |
Tenant Accounts Receivable | 7,135 | 5,104 |
Investment in Joint Ventures | 8,822 | 36,049 |
Deferred Rent Receivable | 122,918 | 98,727 |
Deferred Leasing Intangibles, Net | 24,090 | 21,316 |
Prepaid Expenses and Other Assets, Net | 209,381 | 165,282 |
Total Assets | 4,963,603 | 4,188,333 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 10,299 | 79,674 |
Senior Unsecured Notes, Net | 993,742 | 993,021 |
Unsecured Term Loans, Net | 919,260 | 458,325 |
Unsecured Credit Facility | 143,000 | 79,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 178,879 | 153,096 |
Operating Lease Liabilities | 22,266 | 22,592 |
Deferred Leasing Intangibles, Net | 15,152 | 9,252 |
Rents Received in Advance and Security Deposits | 100,166 | 98,588 |
Dividends and Distributions Payable | 41,259 | 37,178 |
Total Liabilities | 2,424,023 | 1,930,726 |
Commitments and Contingencies (see Note 14) | ||
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
General Partner Units (132,141,503 and 131,747,725 units outstanding) | 2,395,601 | 2,175,549 |
Limited Partners Units (3,055,766 and 2,935,203 units outstanding) | 95,015 | 81,435 |
Accumulated Other Comprehensive Income (Loss) | 34,186 | (4,331) |
Total First Industrial L.P.'s Partners' Capital | 2,524,802 | 2,252,653 |
Noncontrolling Interests | 14,778 | 4,954 |
Total Partners' Capital | 2,539,580 | 2,257,607 |
Total Liabilities and Equity/Partners' Capital | $ 4,963,603 | $ 4,188,333 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 225,000,000 |
Common Stock, shares issued | 132,141,503 | 131,747,725 |
Common Stock, shares outstanding | 132,141,503 | 131,747,725 |
Net Investment in Real Estate | $ 4,421,559 | $ 3,778,148 |
Mortgage Loans Payable, Net | $ 10,299 | $ 79,674 |
First Industrial, L.P. | ||
General Partner Units, units outstanding | 132,141,503 | 131,747,725 |
Limited Partner Units, units outstanding | 3,055,766 | 2,935,203 |
Net Investment in Real Estate | $ 4,421,559 | $ 3,778,148 |
Mortgage Loans Payable, Net | 10,299 | 79,674 |
Other Real Estate Partnerships | ||
Net Investment in Real Estate | $ 313,245 | $ 277,984 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Lease Revenue | $ 532,237 | $ 473,236 | $ 437,543 |
Joint Venture Fees | 1,322 | 321 | 590 |
Other Revenue | 6,370 | 2,733 | 9,895 |
Total Revenues | 539,929 | 476,290 | 448,028 |
Expenses: | |||
Property Expenses | 143,663 | 131,300 | 119,195 |
General and Administrative | 33,972 | 34,610 | 32,848 |
Joint Venture Development Services Expense | 909 | 0 | 0 |
Depreciation and Other Amortization | 147,420 | 130,953 | 129,638 |
Total Expenses | 325,964 | 296,863 | 281,681 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 128,268 | 150,310 | 86,751 |
Interest Expense | (49,013) | (44,103) | (51,293) |
Amortization of Debt Issuance Costs | (3,187) | (3,423) | (3,428) |
Total Other Income (Expense) | 76,068 | 102,784 | 32,030 |
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax Provision | 290,033 | 282,211 | 198,377 |
Equity in Income (Loss) of Joint Ventures | 114,942 | (161) | 4,200 |
Income Tax Provision | (23,363) | (4,879) | (2,408) |
Net Income | 381,612 | 277,171 | 200,169 |
Less: Net Income Attributable to the Noncontrolling Interests | (22,478) | (6,174) | (4,180) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 359,134 | $ 270,997 | $ 195,989 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
Weighted Average Shares/Units Outstanding - Basic | 132,024 | 129,688 | 127,711 |
Weighted Average Shares / Units Outstanding - Diluted | 132,103 | 129,775 | 127,904 |
First Industrial, L.P. | |||
Revenues | |||
Lease Revenue | $ 532,237 | $ 473,236 | $ 437,543 |
Joint Venture Fees | 1,322 | 321 | 590 |
Other Revenue | 6,370 | 2,733 | 9,895 |
Total Revenues | 539,929 | 476,290 | 448,028 |
Expenses: | |||
Property Expenses | 143,663 | 131,300 | 119,195 |
General and Administrative | 33,972 | 34,610 | 32,848 |
Joint Venture Development Services Expense | 909 | 0 | 0 |
Depreciation and Other Amortization | 147,420 | 130,953 | 129,638 |
Total Expenses | 325,964 | 296,863 | 281,681 |
Other Income (Expense): | |||
Gain on Sale of Real Estate | 128,268 | 150,310 | 86,751 |
Interest Expense | (49,013) | (44,103) | (51,293) |
Amortization of Debt Issuance Costs | (3,187) | (3,423) | (3,428) |
Total Other Income (Expense) | 76,068 | 102,784 | 32,030 |
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax Provision | 290,033 | 282,211 | 198,377 |
Equity in Income (Loss) of Joint Ventures | 114,942 | (161) | 4,200 |
Income Tax Provision | (23,363) | (4,879) | (2,408) |
Net Income | 381,612 | 277,171 | 200,169 |
Less: Net Income Attributable to the Noncontrolling Interests | (14,093) | (133) | (235) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 367,519 | $ 277,038 | $ 199,934 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.73 | $ 2.10 | $ 1.54 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
Weighted Average Shares/Units Outstanding - Basic | 134,229 | 131,740 | 129,752 |
Weighted Average Shares / Units Outstanding - Diluted | 134,681 | 132,237 | 130,127 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income | $ 381,612 | $ 277,171 | $ 200,169 |
Acceleration of Derivative Instruments | 0 | 0 | 201 |
Mark-to-Market Gain (Loss) on Derivative Instruments | 38,107 | 12,567 | (10,906) |
Amortization of Derivative Instruments | (410) | (410) | (410) |
Comprehensive Income | 420,129 | 290,148 | 189,874 |
Comprehensive Income Attributable to Noncontrolling Interests | (23,366) | (6,464) | (3,964) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | 396,763 | 283,684 | 185,910 |
First Industrial, L.P. | |||
Net Income | 381,612 | 277,171 | 200,169 |
Acceleration of Derivative Instruments | 0 | 0 | 201 |
Mark-to-Market Gain (Loss) on Derivative Instruments | 38,107 | 12,567 | (10,906) |
Amortization of Derivative Instruments | (410) | (410) | (410) |
Comprehensive Income | 420,129 | 290,148 | 189,874 |
Comprehensive Income Attributable to Noncontrolling Interests | (14,093) | (133) | (235) |
Comprehensive Income Attributable to Common Stockholders/Unitholders | $ 406,036 | $ 290,015 | $ 189,639 |
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) Retained Earnings | Accumulated Other Comprehensive (Loss) Income | 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 (Loss) Income | First Industrial, L.P. Noncontrolling Interests |
Beginning Balance at Dec. 31, 2019 | $ 1,798,263 | $ 1,270 | $ 2,140,847 | $ (370,835) | $ (6,883) | $ 33,864 | |||||
Beginning Balance at Dec. 31, 2019 | $ 1,808,284 | $ 1,750,656 | $ 63,618 | $ (7,013) | $ 1,023 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital | |||||||||||
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 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital | |||||||||||
Net Income | 277,171 | 270,997 | 6,174 | 277,171 | 270,855 | 6,183 | 133 | ||||
Other Comprehensive Income (Loss) | 12,977 | 12,687 | 290 | 12,977 | 12,977 | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 145,468 | 25 | 145,443 | 145,468 | 145,468 | ||||||
Stock Based Compensation Activity | 9,051 | 1 | 1,825 | (2,294) | 9,519 | ||||||
Stock Based Compensation Activity | 9,051 | (468) | 9,519 | ||||||||
Common Stock Dividends and Unit Distributions | (143,643) | (140,702) | (2,941) | ||||||||
Unit Distributions | (143,643) | (140,702) | (2,941) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 1 | 1,760 | (1,761) | 0 | 1,761 | (1,761) | ||||
Reallocation—Additional Paid-in Capital | 0 | 2,307 | (2,307) | ||||||||
Contributions from Noncontrolling Interests | 28 | 28 | 64 | 64 | |||||||
Distributions to Noncontrolling Interests | (171) | (171) | |||||||||
Reallocation—Other Comprehensive Income | 0 | 28 | (28) | ||||||||
Ending Balance at Dec. 31, 2021 | 2,248,372 | 1,317 | 2,376,026 | (178,293) | (4,238) | 53,560 | |||||
Ending Balance at Dec. 31, 2021 | 2,257,607 | 2,175,549 | 81,435 | (4,331) | 4,954 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital | |||||||||||
Net Income | 381,612 | 359,134 | 22,478 | 381,612 | 359,045 | 8,474 | 14,093 | ||||
Other Comprehensive Income (Loss) | 38,517 | 37,629 | 888 | 38,517 | 38,517 | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 12,746 | 2 | 12,744 | 12,746 | 12,746 | ||||||
Stock Based Compensation Activity | 13,343 | 1 | 3,526 | (1,483) | 11,299 | ||||||
Stock Based Compensation Activity | 13,343 | 2,044 | 11,299 | ||||||||
Common Stock Dividends and Unit Distributions | (159,976) | (156,227) | (3,749) | ||||||||
Unit Distributions | (159,976) | (156,227) | (3,749) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 1 | 2,443 | (2,444) | 0 | 2,444 | (2,444) | ||||
Reallocation—Additional Paid-in Capital | 0 | 6,595 | (6,595) | ||||||||
Contributions from Noncontrolling Interests | 103 | 103 | 242 | 242 | |||||||
Distributions to Noncontrolling Interests | (4,418) | (4,418) | (4,511) | (4,511) | |||||||
Reallocation—Other Comprehensive Income | 0 | 21 | (21) | ||||||||
Ending Balance at Dec. 31, 2022 | $ 2,530,299 | $ 1,321 | $ 2,401,334 | $ 23,131 | $ 33,412 | $ 71,101 | |||||
Ending Balance at Dec. 31, 2022 | $ 2,539,580 | $ 2,395,601 | $ 95,015 | $ 34,186 | $ 14,778 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends/Distributions Per Share/Unit | $ 1.18 | $ 1.08 | $ 1 |
First Industrial, L.P. | |||
Dividends/Distributions Per Share/Unit | $ 1.18 | $ 1.08 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | $ 381,612 | $ 277,171 | $ 200,169 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 119,477 | 107,876 | 102,533 | |
Amortization of Debt Issuance Costs | 3,187 | 3,423 | 3,428 | |
Other Amortization, Including Equity Based Compensation | 32,845 | 31,181 | 35,231 | |
Equity in (Income) Loss of Joint Ventures | (114,942) | 161 | (4,200) | |
Distributions from Joint Ventures | 118,034 | 0 | 4,279 | |
Gain on Sale of Real Estate | [1] | (128,268) | (150,310) | (86,751) |
Gain on Involuntary Conversion | (1,495) | 0 | (6,476) | |
Straight-line Rental Income and Expense, Net | (25,962) | (16,081) | (8,973) | |
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (4,852) | (472) | 3,861 | |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 31,307 | 13,946 | (2,671) | |
Net Cash Provided by Operating Activities | 410,943 | 266,895 | 240,430 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (305,326) | (352,922) | (220,223) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (522,368) | (314,084) | (198,496) | |
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 175,409 | 234,726 | 203,864 | |
Increase in Escrow Deposits | 450 | 4,461 | 14,950 | |
Proceeds from Involuntary Conversion | 1,495 | 0 | 6,476 | |
Contributions to and Investments in Joint Ventures | (5,616) | (1,550) | (42,744) | |
Distributions from Joint Ventures | 29,356 | 21,407 | 19,938 | |
Other Investing Activity | (1,608) | 61 | (5,603) | |
Net Cash Used in Investing Activities | (629,108) | (416,823) | (251,738) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (5,265) | (6,452) | (3,363) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 12,823 | 145,760 | 78,718 | |
Tax Paid on Vested Equity Compensation | (2,942) | (5,126) | (5,944) | |
Common Stock Dividends and Unit Distributions Paid | (155,333) | (139,710) | (127,338) | |
Contributions from Noncontrolling Interests | 103 | 28 | 4,321 | |
Distributions to Noncontrolling Interests | (4,418) | 0 | 0 | |
Repayments on Mortgage Loans Payable | (69,465) | (64,450) | (30,146) | |
Proceeds from Senior Unsecured Notes | 0 | 0 | 300,000 | |
Proceeds from Unsecured Term Loans | 465,000 | 0 | 0 | |
Proceeds from Unsecured Credit Facility | 720,000 | 289,000 | 247,000 | |
Repayments on Unsecured Credit Facility | (656,000) | (210,000) | (405,000) | |
Net Cash Provided by Financing Activities | 304,503 | 9,050 | 58,248 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 86,338 | (140,878) | 46,940 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 58,780 | 199,658 | 152,718 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 145,118 | 58,780 | 199,658 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized | 46,445 | 44,184 | 48,849 | |
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment | 16,298 | 12,140 | 6,847 | |
Income Taxes Paid | 3,760 | 3,366 | 1,573 | |
Cash Paid for Operating Lease Liabilities | 3,444 | 3,261 | 2,821 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 949 | 819 | 1,341 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 41,259 | 37,178 | 33,703 | |
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: | ||||
Assumption of Other Assets in Connection with the Acquisition of Real Estate | 0 | 3,611 | 0 | |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 2,115 | 1,990 | 18,579 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 86,456 | 82,526 | 34,008 | |
Tenant Improvements Funded by Tenant | 610 | 28,559 | 0 | |
Write-off of Fully Depreciated Assets | (35,716) | (36,799) | (45,302) | |
Noncontrolling Interests | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 22,478 | 6,174 | 4,180 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,444) | (1,761) | (2,090) | |
Common Stock | ||||
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 1 | 1 | 2 | |
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 | 2,443 | 1,760 | 2,088 | |
First Industrial, L.P. | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 381,612 | 277,171 | 200,169 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||
Depreciation | 119,477 | 107,876 | 102,533 | |
Amortization of Debt Issuance Costs | 3,187 | 3,423 | 3,428 | |
Other Amortization, Including Equity Based Compensation | 32,845 | 31,181 | 35,231 | |
Equity in (Income) Loss of Joint Ventures | (114,942) | 161 | (4,200) | |
Distributions from Joint Ventures | 118,034 | 0 | 4,279 | |
Gain on Sale of Real Estate | (128,268) | (150,310) | (86,751) | |
Gain on Involuntary Conversion | (1,495) | 0 | (6,476) | |
Straight-line Rental Income and Expense, Net | (25,962) | (16,081) | (8,973) | |
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (4,898) | (337) | 4,512 | |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 31,307 | 13,946 | (2,671) | |
Net Cash Provided by Operating Activities | 410,897 | 267,030 | 241,081 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Acquisitions of Real Estate | (305,326) | (352,922) | (220,223) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (522,368) | (314,084) | (198,496) | |
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 175,409 | 234,726 | 203,864 | |
Increase in Escrow Deposits | 450 | 4,461 | 14,950 | |
Proceeds from Involuntary Conversion | 1,495 | 0 | 6,476 | |
Contributions to and Investments in Joint Ventures | (5,616) | (1,550) | (42,744) | |
Distributions from Joint Ventures | 29,356 | 21,407 | 19,938 | |
Other Investing Activity | (1,608) | 61 | (5,603) | |
Net Cash Used in Investing Activities | (629,108) | (416,823) | (251,738) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Financing and Equity Issuance Costs | (5,265) | (6,452) | (3,363) | |
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units | 12,823 | 145,760 | 78,718 | |
Tax Paid on Vested Equity Compensation | (2,942) | (5,126) | (5,944) | |
Common Stock Dividends and Unit Distributions Paid | (155,333) | (139,710) | (127,338) | |
Contributions from Noncontrolling Interests | 242 | 64 | 4,401 | |
Distributions to Noncontrolling Interests | (4,511) | (171) | (731) | |
Repayments on Mortgage Loans Payable | (69,465) | (64,450) | (30,146) | |
Proceeds from Senior Unsecured Notes | 0 | 0 | 300,000 | |
Proceeds from Unsecured Term Loans | 465,000 | 0 | 0 | |
Proceeds from Unsecured Credit Facility | 720,000 | 289,000 | 247,000 | |
Repayments on Unsecured Credit Facility | (656,000) | (210,000) | (405,000) | |
Net Cash Provided by Financing Activities | 304,549 | 8,915 | 57,597 | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 86,338 | (140,878) | 46,940 | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 58,780 | 199,658 | 152,718 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | 145,118 | 58,780 | 199,658 | |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||
Interest Paid, Net of Interest Expense Capitalized | 46,445 | 44,184 | 48,849 | |
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment | 16,298 | 12,140 | 6,847 | |
Income Taxes Paid | 3,760 | 3,366 | 1,573 | |
Cash Paid for Operating Lease Liabilities | 3,444 | 3,261 | 2,821 | |
Supplemental Schedule of Non-Cash Operating Activities: | ||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 949 | 819 | 1,341 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||
Dividends and Distributions Payable | 41,259 | 37,178 | 33,703 | |
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: | ||||
Assumption of Other Assets in Connection with the Acquisition of Real Estate | 0 | 3,611 | 0 | |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 2,115 | 1,990 | 18,579 | |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 86,456 | 82,526 | 34,008 | |
Tenant Improvements Funded by Tenant | 610 | 28,559 | 0 | |
Write-off of Fully Depreciated Assets | (35,716) | (36,799) | (45,302) | |
First Industrial, L.P. | Limited Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 8,474 | 6,183 | 4,189 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,444) | (1,761) | (2,090) | |
First Industrial, L.P. | General Partner Units | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Income | 359,045 | 270,855 | 195,745 | |
Exchange of Limited Partner Units for Common Stock/General Partner Units | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 2,444 | $ 1,761 | $ 2,090 | |
[1] (B) Gross proceeds and gain on sale of real estate include the sale of one land parcel for each of the years ended December 31, 2022 and 2021. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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 97.7% and 97.8% ownership interest ("General Partner Units") at December 31, 2022 and 2021, respectively. The Operating Partnership also conducts operations through several 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 2.3% and 2.2% at December 31, 2022 and 2021, 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 an equity interest in, and provide various services to a joint venture (the "Joint Venture"), through a wholly-owned TRS of the Operating Partnership. The Joint Venture, like previous joint venture arrangements, is accounted for under the equity method of accounting and the operating data associated with the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information. 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, 2022, we owned 426 industrial properties located in 18 states, containing an aggregate of approximately 65.3 million square feet of gross leasable area ("GLA"). Of the 426 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, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements at December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021 and 2020 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, 2022 and 2021, and the reported amounts of revenues and expenses for each of the years ended December 31, 2022, 2021 and 2020. 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. We maintain cash and cash equivalents in banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. We have not realized any losses of such cash investments or accounts and mitigate risk by using nationally recognized banking institutions. 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 or will be returned to us after the mandatory time period has expired. 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 equal to the amount in which carrying value exceeds 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 to development projects from the point we begin undergoing activity necessary to get the development ready for its intended use. Interest is capitalized using the weighted average borrowing rate during the construction period. Upon substantial completion, we reclassify construction in progress to building and tenant improvements and commence depreciation. Depreciation expense is computed using the straight-line method based on the following useful lives: Years Buildings and Improvements 3 to 50 Land Improvements 1 to 25 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 fully 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 $ 19,373 $ 15,428 Above Market Leases 1,319 1,621 Below Market Ground Lease Obligation 1,462 1,507 Tenant Relationships 1,936 2,760 Total Included in Total Assets, Net of $28,590 and $24,933 of Accumulated Amortization $ 24,090 $ 21,316 Below Market Leases $ 15,152 $ 9,252 Total Included in Total Liabilities, Net of $18,004 and $15,040 of Accumulated Amortization $ 15,152 $ 9,252 Amortization expense related to in-place leases and tenant relationships was $6,098, $4,498 and $8,201 for the years ended December 31, 2022, 2021 and 2020, respectively. For the years ended December 31, 2022, 2021 and 2020, lease revenue increased by $2,679, $1,442 and $1,962, respectively, 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, 2022 as follows: Estimated Estimated Net 2023 $ 6,127 $ 3,746 2024 $ 4,449 $ 3,074 2025 $ 3,265 $ 2,283 2026 $ 2,316 $ 1,613 2027 $ 1,540 $ 1,196 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 joint venture arrangements. 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) or recognized, either in whole or in part, during the period that real estate assets are sold from the Joint Venture. We account for our interests in the Joint Ventures using the hypothetical liquidation at book value model. Under this method, we record our Equity in Income (Loss) of Joint Ventures based on our proportionate share of the Joint Venture's earnings based on our ownership interest, after giving effect to incentive fees which we are entitled to receive. We classify distributions received from equity method investments using the cumulative earnings approach. In general, distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceed cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. On a periodic basis, management assesses whether there are any indicators that the value of our investments in joint venture arrangements 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 an 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, 2022 and 2021 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, 2022, 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 the Joint Venture that is accounted for under the equity method of accounting. Our ownership interest in the Joint Venture is held through a partnership with a third party ("Joint Venture Partnership"). We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership, which holds an aggregate 49% interest in the Joint Venture 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. We recognize fees received from tenants to fully terminate their lease prior to the contractual end date on a straight-line basis from the notification date through the revised lease end date. 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. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. We exclude from property expenses certain lessor costs, such as real estate taxes, that the we contractually require the tenant to pay directly to a third party on our behalf. The amounts paid directly to third parties by tenants for lessor costs are also excluded from lease revenues. 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 information available at lease commencement to estimate an appropriate incremental borrowing rate on a fully-collateralized basis to determine 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 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 record 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 through December 31, 2024 as reference rate reform activities occur. We 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. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Reclassifications Joint Venture Fees for the years ended December 31, 2021 and 2020 have been reclassified from the Other Revenue |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2022, 2021 and 2020. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. 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, 2022, 2021 or 2020. Year Ended December 31, 2022 2021 2020 Number of Industrial Properties Acquired 11 4 8 GLA (in millions) 0.5 0.2 1.5 Purchase Price of Industrial Properties Acquired $ 137,126 $ 38,727 $ 154,410 Purchase Price of Income Producing Land Parcels Acquired (A) 56,525 — — Purchase Price of Land Parcels Acquired (B) 105,486 302,223 69,617 Total Purchase Price (C) $ 299,137 $ 340,950 $ 224,027 (A) For the year ended December 31, 2022, includes $11,676, $1,577, $3,850 and ($4,950) allocated to building improvements/construction in progress, other assets, in-place leases and below market leases, respectively. (B) For the year ended December 31, 2021, includes $3,857, $1,434 and $183 allocated to building improvements/construction in progress, other assets and in-place leases, respectively. (C) Purchase price excludes closing costs. 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, 2022 and 2021: Year Ended December 31, 2022 2021 Land $ 252,158 $ 309,475 Building and Improvements/Construction in Progress 43,685 28,839 Other Assets 2,975 1,663 In-Place Leases 9,246 973 Above Market Leases 23 — Below Market Leases (8,950) — Total Purchase Price $ 299,137 $ 340,950 Sales The following table summarizes our property and land dispositions for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Number of Industrial Properties Sold (A) 9 29 29 GLA (in millions) (B) 2.2 2.9 1.9 Gross Proceeds from the Sale of Real Estate (B) $ 178,340 $ 243,407 $ 153,351 Gain on Sale of Real Estate (B) $ 128,268 $ 150,310 $ 86,751 (A) Included as one industrial property for each of the years ended December 31, 2021 and 2020 was the sale of multiple industrial condominium units. (B) Gross proceeds and gain on sale of real estate include the sale of one land parcel for each of the years ended December 31, 2022 and 2021. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity December 31, 2022 December 31, 2021 Mortgage Loans Payable, Gross $ 10,299 $ 79,764 4.17% 4.17% 8/1/2028 Unamortized Debt Issuance Costs — (90) Mortgage Loans Payable, Net $ 10,299 $ 79,674 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 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (4,777) (5,491) Unamortized Discounts (52) (59) Senior Unsecured Notes, Net $ 993,742 $ 993,021 Unsecured Term Loans, Gross 2015 Unsecured Term Loan — 260,000 N/A N/A N/A 2021 Unsecured Term Loan (A) 200,000 200,000 1.84% N/A 7/7/2026 2022 Unsecured Term Loan (A) 425,000 — 3.64% N/A 10/18/2027 2022 Unsecured Term Loan II (A)(B) 300,000 — 4.88% N/A 8/12/2025 Subtotal $ 925,000 $ 460,000 Unamortized Debt Issuance Costs (5,740) (1,675) Unsecured Term Loans, Net $ 919,260 $ 458,325 Unsecured Credit Facility (C) $ 143,000 $ 79,000 5.16% N/A 7/7/2025 (A) The interest rate at December 31, 2022 includes the impact of derivative instruments in which we entered to effectively convert the variable rate to a fixed rate. See Note 12. (B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions. (C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $3,285 and $4,577 as of December 31, 2022 and 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . Mortgage Loans Payable, Net During the years ended December 31, 2022 and 2021, we paid off mortgage loans in the amount of $67,973 and $60,471, respectively. As of December 31, 2022, mortgage loans payable are collateralized by industrial properties with a net carrying value of $31,772. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2022. 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. 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 August 12, 2022, we entered into a three-year, $300,000 unsecured term loan (the "2022 Unsecured Term Loan II") of which the entire principal was borrowed on November 1, 2022. The 2022 Unsecured Term Loan II matures in August 2025, unless we extend the term, at our election, pursuant to two, one-year extension options, subject to certain conditions. At December 31, 2022, the 2022 Unsecured Term Loan II requires interest-only payments and bears interest at a variable rate based on daily SOFR, plus a 0.10% SOFR adjustment, plus 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, during the year ended December 31, 2022, we entered into interest rate swaps with an aggregate notional value of $300,000 that lock the SOFR rate at 3.93% commencing December 1, 2022. The all-in interest rate at December 31, 2022 is 4.88%. $150,000 of the notional amount of the interest rate swaps matures in December 2025 and $150,000 of the notional amount of the remaining interest rate swaps matures in August 2027. See Note 12 for additional information. On April 18, 2022, we entered into a five-year, $425,000 unsecured term loan (the "2022 Unsecured Term Loan"). The 2022 Unsecured Term Loan matures in October 2027. At December 31, 2022, the 2022 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on the one-month SOFR, plus a 0.10% SOFR adjustment, plus 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, during the year ended December 31, 2022, we entered into interest rate swaps with an aggregate notional value of $425,000 that lock the SOFR rate at 2.69% commencing October 3, 2022. The all-in interest rate at December 31, 2022 is 3.64%. The interest rate swaps mature September 30, 2027. See Note 12 for additional information. Our $200,000 unsecured term loan (the "2021 Unsecured Term Loan", and together with the 2022 Unsecured Term Loan II and the 2022 Unsecured Term Loan, the "Unsecured Term Loans") matures on July 7, 2026. At December 31, 2022, the 2021 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on LIBOR plus 85 basis points. The interest rate is subject to adjustment based on our leverage and investment grade rating. Additionally, we have interest rate swaps with an aggregate notional value of $200,000 that lock the LIBOR rate at 0.99% and mature in February 2026. The all-in interest rate at December 31, 2022 is 1.84%. See Note 12 for additional information. We may request the borrowing capacity under the 2021 Unsecured Term Loan to be increased to $460,000, subject to certain restrictions. Unsecured Credit Facility Our $750,000 revolving credit agreement (the "Unsecured Credit Facility") matures on July 7, 2025, unless extended at our option pursuant to two six-month extension options, subject to certain conditions. At December 31, 2022, the Unsecured Credit Facility requires interest-only payments and bears interest at a variable rate based on LIBOR plus 77.5 basis points and a facility fee of 15 basis points. The interest rate and facility fee are each subject to adjustment based on our leverage and investment grade rating. We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000, subject to certain restrictions. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of December 31, and thereafter: Amount 2023 $ 320 2024 335 2025 443,349 2026 200,364 2027 556,449 Thereafter 876,053 Total $ 2,076,870 The Unsecured Credit Facility, our 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 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, 2022. 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, 2022 and 2021, the fair value of our indebtedness was as follows: December 31, 2022 December 31, 2021 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 10,299 $ 9,765 $ 79,764 $ 81,700 Senior Unsecured Notes, Net 998,519 883,444 998,512 1,070,067 Unsecured Term Loans 925,000 909,187 460,000 460,486 Unsecured Credit Facility 143,000 143,000 79,000 79,000 Total $ 2,076,818 $ 1,945,396 $ 1,617,276 $ 1,691,253 (A) The carrying amounts include unamortized 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, 2022 | |
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, 2022 December 31, 2021 ASSETS Assets: Net Investment in Real Estate $ 313,245 $ 277,984 Operating Lease Right-of-Use Assets 13,000 13,087 Cash and Cash Equivalents 2,915 9,126 Deferred Rent Receivable 13,261 10,984 Prepaid Expenses and Other Assets, Net 12,919 9,480 Total Assets $ 355,340 $ 320,661 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Accounts Payable, Accrued Expenses and Other Liabilities $ 18,148 $ 9,496 Operating Lease Liabilities 10,249 10,277 Rents Received in Advance and Security Deposits 7,917 7,470 Partners' Capital 319,026 293,418 Total Liabilities and Partners' Capital $ 355,340 $ 320,661 Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Since we own our interest in the Joint Venture through a partnership with a third party and we hold the power to direct the activities that most significantly impact the economic performance of the partnership, we consolidate the partnership and reflect our partner's 6% interest in the Joint Venture within the financial statements. Additionally, we owned a 49% interest in a joint venture that sold its remaining acres of land and ceased operations during the year ended December 31, 2021 (the "Former Joint Venture" together with the Joint Venture, the "Joint Ventures"). The Joint Ventures were formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. Under the operating agreements for the Joint Ventures, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture. During the years ended December 31, 2022 and 2021, we earned fees of $1,717 and $407, respectively, from the Joint Ventures related to asset management and development services we provided to the Joint Ventures, of which we deferred recognition of $395 and $86, respectively, due to our economic interest in the Joint Ventures. During the year ended December 31, 2022, we incurred fees of $909 related to third-party development management services associated with the Joint Venture. At December 31, 2022 and 2021, we had a receivable from the Joint Ventures of $34 and $56, respectively. Net income of the Joint Ventures for the years ended December 31, 2022 and 2021 was $171,511 and $14,905, respectively. Included in net income during the year ended December 31, 2022 is gain on sale of real estate of $171,671 related to the sale of 391 acres of land for which our economic share of the gain on sale was $84,119. Included in net income during the year ended December 31, 2021 is gain on sale of real estate of $15,160 related to the sale of 138 net acres of land from the Former Joint Venture for which our economic share of the gain on sale was $7,142. However, since the Company was the purchaser of the 138 net acres, we netted our portion of gain on sale against the basis of the land acquired. For the year ended December 31, 2022, we earned incentive fees of $31,308 from the Joint Venture, which are reflected in the Equity In Income of Joint Ventures line item in the consolidated statement of operations. For the year ended December 31, 2021, we earned incentive fees of $3,024 from the Former Joint Venture, which were netted against the basis of the real estate acquired from the Former Joint Venture. The Joint Venture has three buildings under development comprising an aggregate 1.8 million square feet (the "Project") at December 31, 2022. During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third party lender (the "Joint Venture Loan"). As of December 31, 2022, the balance of the Joint Venture Loan is $9,037, exclusive of $1,188 of debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $210,300 and the Joint Venture is using a third-party contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees. 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. Also, 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, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership | 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 Our ownership interest in the Joint Venture is held through a 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 partnership. As a result, we consolidate the partnership and reflect the third party's interest in the partnership that invests in the Joint Venture as a Noncontrolling Interest. For the year ended December 31, 2022, our partner's share of the partnership's income was $14,003 and was reflected in the Equity in Income (Loss) of Joint Ventures and the Net Income Attributable to the Noncontrolling Interests line items in the Consolidated Statements of Operations. The Noncontrolling Interests line item in the Consolidated Balance Sheets includes $14,018 that is our third party partner's interest at December 31, 2022. 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, 2022, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $147,471 or by issuing 3,055,766 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, 2022 and 2021, 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, 2022: Shares of General Partner and Limited Partner Units Outstanding Balance at December 31, 2019 126,994,478 129,417,222 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 1,842,281 1,842,281 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 464,975 Vesting of Service Awards and Performance Units (as defined in Note 11) 107,752 107,752 Repurchase and Retirement of Service Awards and Performance Units (65,709) (67,676) Conversion of Limited Partner Units (A) 172,610 — Balance at December 31, 2020 129,051,412 131,764,554 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 2,513,758 2,513,758 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 337,685 Vesting of Service Awards and Performance Units (as defined in Note 11) 133,803 133,803 Repurchase and Retirement of Service Awards and Performance Units (55,201) (66,872) Conversion of Limited Partner Units (A) 103,953 — Balance at December 31, 2021 131,747,725 134,682,928 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 218,230 218,230 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 280,081 Vesting of Service Awards and Performance Units (as defined Note 11) 49,964 49,964 Repurchase and Retirement of Service Awards and Performance Units (13,437) (33,934) Conversion of Limited Partner Units (A) 139,021 — Balance at December 31, 2022 132,141,503 135,197,269 (A) For the years ended December 31, 2022, 2021 and 2020, 139,021, 103,953 and 172,610 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $2,444, $1,761 and $2,090, respectively, of noncontrolling interest to the Company's equity. 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 years ended December 31, 2022, 2021 and 2020, we issued 218,230, 2,513,758 and 1,842,281 shares of the Company's common stock under the ATM, respectively, which resulted in $12,823, $145,760 and $78,718 of net proceeds, respectively, and payment of compensation to certain sales agents of $130, $1,472 and $795, respectively. Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years: 2022 2021 2020 Common Stock/Operating Partnership Units $ 159,976 $ 143,643 $ 130,943 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income (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, 2022 and 2021: Derivative Instruments Total for Operating Partnership Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total for Company Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Income Before Reclassifications 6,146 6,146 (262) 5,884 Amounts Reclassified from Accumulated Other Comprehensive Loss 6,831 6,831 — 6,831 Net Current Period Other Comprehensive Income 12,977 12,977 (262) 12,715 Balance as of December 31, 2021 $ (4,331) $ (4,331) $ 93 $ (4,238) Other Comprehensive Income Before Reclassifications 39,021 39,021 (867) 38,154 Amounts Reclassified from Accumulated Other Comprehensive Income (504) (504) — (504) Net Current Period Other Comprehensive Income 38,517 38,517 (867) 37,650 Balance as of December 31, 2022 $ 34,186 $ 34,186 $ (774) $ 33,412 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, 2022, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive (Income) Loss Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 410 410 410 Interest Expense Net Settlement (Receipts) Payments to our Counterparties (914) 6,421 6,516 Interest Expense Acceleration of 2020 Swap (as defined in Note 12) — — 201 General & Administrative $ (504) $ 6,831 $ 7,127 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 amounts on the 2021 Swaps, the 2022 Swaps and the 2022 Swaps II (as defined in Note 12) will also be reclassified to net income. |
Earnings Per Share _ Unit (EPS
Earnings Per Share / Unit (EPS / EPU) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 359,134 $ 270,997 $ 195,989 Net Income Allocable to Participating Securities (348) (299) (314) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 358,786 $ 270,698 $ 195,675 Denominator (In Thousands): Weighted Average Shares - Basic 132,024 129,688 127,711 Effect of Dilutive Securities: Performance Units (See Note 11) 79 87 193 Weighted Average Shares - Diluted 132,103 129,775 127,904 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 2.72 $ 2.09 $ 1.53 The computation of basic and diluted EPU of the Operating Partnership is presented below: Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 367,519 $ 277,038 $ 199,934 Net Income Allocable to Participating Securities (877) (770) (662) Net Income Available to Unitholders $ 366,642 $ 276,268 $ 199,272 Denominator (In Thousands): Weighted Average Units - Basic 134,229 131,740 129,752 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance Units and certain Performance RLP Units (See Note 11) 452 497 375 Weighted Average Units - Diluted 134,681 132,237 130,127 Basic EPU: Net Income Available to Unitholders $ 2.73 $ 2.10 $ 1.54 Diluted EPU: Net Income Available to Unitholders $ 2.72 $ 2.09 $ 1.53 At December 31, 2022, 2021 and 2020, participating securities for the Company include 143,080, 147,937 and 211,920, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2022, 2021, and 2020, participating securities for the Operating Partnership include 336,030, 378,548 and 444,407, 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, 2022 | |
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, 2022, 2021 and 2020, 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 for the years ended December 31, 2022, 2021 and 2020 is comprised of the following: Year Ended December 31, 2022 2021 2020 Current: Federal $ (226) $ (2,458) $ (3,659) State (356) (1,936) (1,718) Deferred: Federal (19,154) (454) 2,969 State (3,627) (31) — Total Income Tax Provision $ (23,363) $ (4,879) $ (2,408) Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Basis Difference - Real Estate $ 1,603 $ 332 Section 163(j) Interest Limitation 551 316 Other - Temporary Differences 263 243 Total Deferred Income Tax Assets, Net of Allowance $ 2,417 $ 891 Deferred Income - Investment in Joint Venture $ (24,340) $ — Other - Temporary Differences (299) (332) Total Deferred Income Tax Liabilities $ (24,639) $ (332) Total Net Deferred Income Tax (Liabilities) Assets $ (22,222) $ 559 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, 2022, 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 2019 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2022, 2021 and 2020. Federal Income Tax Treatment of Common Dividends For the years ended December 31, 2022, 2021 and 2020, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2022 As a 2021 As a 2020 As a Ordinary Income (A) $ 1.0720 90.85 % $ 0.9928 91.93 % $ 0.5800 58.00 % Unrecaptured Section 1250 Capital Gain 0.0060 0.51 % 0.0060 0.55 % 0.2576 25.76 % Other Capital Gain (B) 0.0168 1.42 % 0.0128 1.19 % 0.1624 16.24 % Qualified Dividend 0.0852 7.22 % 0.0684 6.33 % — 0.00 % $ 1.1800 100.00 % $ 1.0800 100.00 % $ 1.0000 100.00 % (A) For the years ended December 31, 2022, 2021 and 2020, the Code Section 199A dividend is equal to the total ordinary income dividend. (B) For the year ended December 31, 2022, Section 1061 of the Code related to Capital Gains for One Year Amounts was 52.0% and for Three Year Amounts was 12.6%. 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, 2022 | |
Leases [Abstract] | |
Leases | Leases Lessee Disclosures We are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of less than one year to six years and our ground leases have remaining terms of 32 years to 49 years. For the year ended December 31, 2022, we recognized $3,458 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, 2022, and thereafter: 2023 $ 2,771 2024 2,643 2025 2,423 2026 1,952 2027 1,549 Thereafter 55,975 Total Lease Payments 67,313 Less Imputed Interest (A) (45,047) Total $ 22,266 (A) Calculated using the discount rate for each lease. As of December 31, 2022, our weighted average remaining lease term for the Operating Leases is 38.5 years and the weighted average discount rate is 7.2%. A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise the options. Lessor Disclosures Our properties and certain land parcels are leased to tenants and classified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases that commenced prior to December 31, 2022 are approximately as follows: 2023 $ 406,903 2024 374,301 2025 337,512 2026 289,469 2027 231,940 Thereafter 551,171 Total $ 2,191,296 |
Long-Term Compensation
Long-Term Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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 in which officers, certain employees and the Company's independent directors are eligible to participate (the "Stock Incentive Plan"). Among other forms of allowed awards, awards made under the Stock Incentive Plan during the three years ended December 31, 2022 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, 2022, awards covering 2.5 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, 2022, 2021 and 2020, the Company granted 35,867, 58,568, and 59,263 performance units ("Performance Units"), respectively, to certain employees. In addition, the Company granted 208,454, 263,621 and 322,477 RLP Units, respectively, for the years ended December 31, 2022, 2021 and 2020, 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 each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for awards issued in 2022 is three years and compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measurement period, vested Performance Units convert into shares of common stock. The participant is also entitled to dividend equivalents for shares or 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, 2022, 2021 and 2020, had fair value of $7,266, $7,162, and $7,883, 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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Expected dividend yield 1.75 % 2.49 % 2.22 % Expected volatility - range used 19.89% - 28.74% 29.00% - 37.18% 16.25% - 17.56% Expected volatility - weighted average 24.91 % 32.44 % 16.97 % Risk-free interest rate 0.22% - 1.21% 0.02% - 0.19% 1.63% - 1.68% Performance Award transactions for the year ended December 31, 2022 are summarized as follows: Performance Units Weighted Performance RLP Units Weighted Outstanding at December 31, 2021 142,498 $ 19.47 724,425 $ 19.45 Issued 35,867 $ 29.74 208,454 $ 29.74 Forfeited (2,117) $ 21.42 (12,803) $ 20.65 Vested (31,167) $ 12.45 (180,646) $ 13.54 Outstanding at December 31, 2022 145,081 $ 23.49 739,430 $ 23.78 Service Based Awards During the years ended December 31, 2022, 2021 and 2020, the Company awarded 78,482, 67,127, and 80,387 of restricted stock units ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 2022, 2021 and 2020, the Company awarded 57,907, 51,525 and 119,596 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, 2022, 2021 and 2020 had fair value of $8,032, $5,195 and $8,641, respectively. Service Award transactions for the year ended December 31, 2022 are summarized as follows: Service Units Weighted Service RLP Units Weighted Outstanding at December 31, 2021 147,937 $ 41.95 158,169 $ 41.60 Issued 78,482 $ 57.60 57,907 $ 60.64 Forfeited (1,752) $ 48.94 — $ — Vested (81,587) $ 40.27 (97,069) $ 40.38 Outstanding at December 31, 2022 143,080 $ 51.41 119,007 $ 51.85 Compensation Expense Related to Long-Term Compensation For the years ended December 31, 2022, 2021 and 2020, we recognized $15,722, $13,719 and $12,931, 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 $3,605, $2,405 and $2,030 for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022, we had $10,566 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 0.91 years. Retirement Eligibility 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, we recognize expense for 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who 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, 2022, 2021 and 2020, total expense related to matching contributions was $1,314, $1,186 and $977, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
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. We entered into interest rate swaps to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Term Loans. We have three interest rate swaps with an aggregate notional value of $200,000 that fix the one-month LIBOR rate at 0.99% and mature on February 2, 2026 (the "2021 Swaps"). We also had six interest rate swaps, with an aggregate notional value of $260,000, that fixed the one-month LIBOR rate at a weighted average rate of 1.79% and matured on September 12, 2022 (the "2015 Swaps"). During the year ended December 31, 2022, we entered into eight interest rate swaps (the "2022 Swaps") with an aggregate notional value of $425,000 to manage our exposure to changes in the one-month SOFR rate related to our 2022 Unsecured Term Loan. The 2022 Swaps commenced October 3, 2022 and fix the one-month SOFR rate at 2.69% and mature on September 30, 2027. We have designated the 2022 Swaps as cash flow hedges. Additionally, during the year ended December 31, 2022, we entered into seven interest rate swaps (the "2022 Swaps II") with an aggregate notional value of $300,000 to manage our exposure to changes in the adjusted daily simple SOFR rate related to our 2022 Unsecured Term Loan II. The 2022 Swaps II commenced December 1, 2022 and fix the daily simple SOFR rate at 3.93%. $150,000 of the 2022 Swaps II's notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 Swaps II's notional value matures on August 1, 2027. We have designated the 2022 Swaps II as cash flow hedges. 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, matured on April 1, 2021, had a notional value of $150,000 and fixed 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 was no longer expected to be probable to occur. 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, 2022, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial assets and liabilities related to the 2015 Swaps, the 2021 Swaps, the 2022 Swaps and the 2022 Swaps II, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of December 31, 2022 and 2021: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2022 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 17,976 — $ 17,976 — 2022 Swaps $ 19,057 — $ 19,057 — Liabilities: 2022 II Swaps $ (253) — $ (253) — Fair Value at December 31, 2021 Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 1,341 — $ 1,341 — Liabilities: 2015 Swaps $ (2,668) — $ (2,668) — There was no ineffectiveness recorded on the 2015 Swaps, the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the year ended December 31, 2022. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2015 Swaps, the 2021 Swaps, the 2022 Swaps and the 2022 II 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 2015 Swaps, the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsAt December 31, 2022 and 2021, the Operating Partnership had receivable balances of $9,285 and $9,239, respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, we had outstanding letters of credit and performance bonds in the aggregate amount of $22,612. 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, 2022, we had 14 industrial properties totaling approximately 3.6 million square feet of GLA under construction. The estimated total investment associated with these properties, as of December 31, 2022, is approximately $556,200 (unaudited). Of this amount, approximately $263,100 (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, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsFrom January 1, 2023 to February 15, 2023, we acquired one industrial building for a purchase price of $6,000, excluding transaction costs. |
Schedule III_ Real Estate and A
Schedule III: Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) Properties (In thousands) Atlanta 1650 Highway 155 McDonough, GA $ — $ 779 $ 4,544 $ (724) $ 345 $ 4,254 $ 4,599 $ 3,021 1994 4051 Southmeadow Parkway Atlanta, GA — 726 4,130 1,593 726 5,723 6,449 3,740 1994 4071 Southmeadow Parkway Atlanta, GA — 750 4,460 2,182 828 6,564 7,392 4,224 1994 4081 Southmeadow Parkway Atlanta, GA — 1,012 5,918 2,397 1,157 8,170 9,327 5,221 1994 5570 Tulane Drive Atlanta, GA — 527 2,984 1,229 546 4,194 4,740 2,502 1996 955 Cobb Place Kennesaw, GA — 780 4,420 1,068 804 5,464 6,268 3,269 1997 1005 Sigman Road Conyers, GA — 566 3,134 911 574 4,037 4,611 2,163 1999 2050 East Park Drive Conyers, GA — 452 2,504 711 459 3,208 3,667 1,720 1999 3060 South Park Boulevard Ellenwood, GA — 1,600 12,464 3,478 1,604 15,938 17,542 8,196 2003 175 Greenwood Industrial Parkway McDonough, GA — 1,550 — 8,134 1,550 8,134 9,684 3,533 2004 5095 Phillip Lee Drive Atlanta, GA — 735 3,627 (198) 740 3,424 4,164 3,162 2005 6514 Warren Drive Norcross, GA — 510 1,250 191 513 1,438 1,951 839 2005 6544 Warren Drive Norcross, GA — 711 2,310 411 715 2,717 3,432 1,697 2005 5356 E. Ponce De Leon Avenue Stone Mountain, GA — 604 3,888 1,093 610 4,975 5,585 3,624 2005 5390 E. Ponce De Leon Avenue Stone Mountain, GA — 397 1,791 543 402 2,329 2,731 1,560 2005 1755 Enterprise Drive Buford, GA — 712 2,118 26 716 2,140 2,856 1,189 2006 4555 Atwater Court Buford, GA — 881 3,550 449 885 3,995 4,880 2,176 2006 80 Liberty Industrial Parkway McDonough, GA — 756 3,695 (1,212) 467 2,772 3,239 1,391 2007 596 Bonnie Valentine Way Pendergrass, GA — 2,580 21,730 2,514 2,594 24,230 26,824 8,528 2007 5055 Oakley Industrial Boulevard Fairburn, GA — 8,514 — 166 8,680 — 8,680 — 2008 11415 Old Roswell Road Alpharetta, GA — 2,403 1,912 464 2,428 2,351 4,779 1,269 2008 1281 Highway 155 S. McDonough, GA — 2,501 — 17,232 2,502 17,231 19,733 3,393 2016 4955 Oakley Industrial Boulevard Fairburn, GA — 3,650 — 34,386 3,661 34,375 38,036 3,040 2019 Baltimore/Washington D.C. 16522 Hunters Green Parkway Hagerstown, MD — 1,390 13,104 6,966 1,863 19,597 21,460 7,799 2003 22520 Randolph Drive Dulles, VA — 3,200 8,187 216 3,208 8,395 11,603 3,335 2004 22630 Dulles Summit Court Dulles, VA — 2,200 9,346 (871) 2,206 8,469 10,675 3,498 2004 11204 McCormick Road Hunt Valley, MD — 1,017 3,132 216 1,038 3,327 4,365 2,218 2005 11110 Pepper Road Hunt Valley, MD — 918 2,529 666 938 3,175 4,113 2,072 2005 10709 Gilroy Road Hunt Valley, MD — 913 2,705 175 913 2,880 3,793 2,305 2005 10707 Gilroy Road Hunt Valley, MD — 1,111 3,819 886 1,136 4,680 5,816 3,369 2005 38 Loveton Circle Sparks, MD — 1,648 2,151 (192) 1,690 1,917 3,607 1,385 2005 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 1225 Bengies Road Baltimore, MD — 2,640 270 12,539 2,823 12,626 15,449 4,854 2008 100 Tyson Drive Winchester, VA — 2,320 — 11,126 2,401 11,045 13,446 4,305 2007 400 Old Post Road Aberdeen, MD — 3,411 17,144 420 3,411 17,564 20,975 5,023 2015 500 Old Post Road Aberdeen, MD — 8,289 30,533 5,143 8,289 35,676 43,965 9,118 2015 5300 & 5315 Nottingham Drive White Marsh, MD — 12,075 41,008 19,591 12,081 60,593 72,674 6,752 2020 5301 Nottingham Drive White Marsh, MD — 4,952 12,511 2,849 4,978 15,334 20,312 1,596 2020 Central/Eastern Pennsylvania 401 Russell Drive Middletown, PA — 262 857 2,064 287 2,896 3,183 2,473 1994 2700 Commerce Drive Middletown, PA — 196 997 878 206 1,865 2,071 1,735 1994 2701 Commerce Drive Middletown, PA — 141 859 1,399 164 2,235 2,399 1,897 1994 2780 Commerce Drive Middletown, PA — 113 743 1,295 209 1,942 2,151 1,774 1994 350 Old Silver Spring Road Mechanicsburg, PA — 510 2,890 6,393 541 9,252 9,793 5,142 1997 14 McFadden Road Palmer, PA — 600 1,349 (305) 625 1,019 1,644 497 2004 431 Railroad Avenue Shiremanstown, PA — 1,293 7,164 2,914 1,341 10,030 11,371 6,951 2005 6951 Allentown Boulevard Harrisburg, PA — 585 3,176 202 601 3,362 3,963 1,841 2005 2801 Red Lion Road Philadelphia, PA — 950 5,916 192 964 6,094 7,058 4,139 2005 1351 Eisenhower Boulevard, Bldg. 1 Harrisburg, PA — 382 2,343 (297) 387 2,041 2,428 1,029 2006 1351 Eisenhower Boulevard, Bldg. 2 Harrisburg, PA — 436 1,587 (322) 443 1,258 1,701 637 2006 200 Cascade Drive, Bldg. 1 Allentown, PA — 2,133 17,562 3,808 2,769 20,734 23,503 10,504 2007 200 Cascade Drive, Bldg. 2 Allentown, PA — 310 2,268 160 316 2,422 2,738 1,075 2007 1490 Dennison Circle Carlisle, PA — 1,500 — 12,961 2,341 12,120 14,461 4,596 2008 298 First Avenue Gouldsboro, PA — 7,022 — 59,058 7,019 59,061 66,080 20,827 2008 225 Cross Farm Lane York, PA — 4,718 — 25,361 4,715 25,364 30,079 9,146 2008 2455 Boulevard of Generals Norristown, PA — 1,200 4,800 344 1,226 5,118 6,344 3,011 2008 105 Steamboat Boulevard Manchester, PA — 4,085 14,464 (1,524) 4,070 12,955 17,025 4,248 2012 20 Leo Lane York County, PA — 6,884 — 27,488 6,889 27,483 34,372 6,163 2013 3895 Eastgate Boulevard, Bldg A Easton, PA — 4,855 — 17,605 4,388 18,072 22,460 3,190 2015 3895 Eastgate Boulevard, Bldg B Easton, PA — 3,459 — 12,843 3,128 13,174 16,302 2,348 2015 112 Bordnersville Road Jonestown, PA — 13,702 — 41,431 13,724 41,409 55,133 6,726 2018 122 Bordnersville Road Jonestown, PA — 3,165 — 14,631 3,171 14,625 17,796 1,623 2018 2021 Woodhaven Road Philadelphia, PA — 2,059 — 9,936 2,087 9,908 11,995 640 2020 1960 Weaversville Road Allentown, PA — 2,196 — 11,513 2,196 11,513 13,709 — 2022 2771 N. Market Street Elizabethtown, PA — 50,789 — 64,592 50,789 64,592 115,381 654 2022 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) Chicago 720-730 Landwehr Drive Northbrook, IL — 521 2,982 1,376 521 4,358 4,879 2,563 1994 1385 101st Street Lemont, IL — 967 5,554 1,942 968 7,495 8,463 4,678 1994 2300 Windsor Court Addison, IL — 688 3,943 872 696 4,807 5,503 3,194 1994 305-311 Era Drive Northbrook, IL — 200 1,154 1,158 205 2,307 2,512 1,252 1994 800 Business Drive Mount Prospect, IL — 631 3,493 328 666 3,786 4,452 2,112 2000 580 Slawin Court Mount Prospect, IL — 233 1,292 (80) 162 1,283 1,445 692 2000 1005 101st Street Lemont, IL — 1,200 6,643 1,679 1,220 8,302 9,522 4,322 2001 175 Wall Street Glendale Heights, IL — 427 2,363 767 433 3,124 3,557 1,530 2002 251 Airport Road North Aurora, IL — 983 — 6,780 983 6,780 7,763 3,357 2002 400 Crossroads Parkway Bolingbrook, IL — 1,178 9,453 3,136 1,181 12,586 13,767 5,865 2005 7801 W. Industrial Drive Forest Park, IL — 1,215 3,020 1,459 1,220 4,474 5,694 3,002 2005 725 Kimberly Drive Carol Stream, IL — 793 1,395 5 801 1,392 2,193 878 2005 2900 W. 166th Street Markham, IL — 1,132 4,293 (1,288) 1,134 3,003 4,137 1,146 2007 555 W. Algonquin Road Arlington Heights, IL — 574 741 2,326 579 3,062 3,641 1,481 2007 1501 Oakton Street Elk Grove Village, IL — 3,369 6,121 96 3,482 6,104 9,586 2,982 2008 16500 W. 103rd Street Woodridge, IL — 744 2,458 529 762 2,969 3,731 1,776 2008 8505 50th Street Kenosha, WI — 3,212 — 37,245 4,296 36,161 40,457 14,885 2008 4100 Rock Creek Boulevard Joliet, IL — 4,476 16,061 1,311 4,476 17,372 21,848 6,521 2013 10100 58th Place Kenosha, WI — 4,201 17,604 (2,005) 4,201 15,599 19,800 4,270 2013 401 Airport Road North Aurora, IL — 534 1,957 (147) 534 1,810 2,344 472 2014 3737 84th Avenue Somers, WI — 1,943 — 24,116 1,943 24,116 26,059 4,261 2016 81 Paragon Drive Romeoville, IL — 1,787 7,252 1,101 1,788 8,352 10,140 2,014 2016 10680 88th Avenue Pleasant Prairie, WI — 1,376 4,757 — 1,376 4,757 6,133 1,038 2017 8725 31st Street Somers, WI — 2,133 — 26,102 2,134 26,101 28,235 4,069 2017 3500 Channahon Road Joliet, IL — 2,595 — 18,560 2,598 18,557 21,155 3,027 2017 1998 Melissa Lane Aurora, IL — 2,401 9,970 748 2,400 10,719 13,119 1,501 2019 8630 31st Street Somers, WI — 1,784 — 32,642 1,784 32,642 34,426 — 2022 Cincinnati 4700-4750 Creek Road Blue Ash, OH — 1,080 6,118 1,523 1,109 7,612 8,721 4,690 1996 4436 Muhlhauser Road Hamilton, OH — 630 — 5,769 630 5,769 6,399 3,014 2002 4438 Muhlhauser Road Hamilton, OH — 779 — 6,557 779 6,557 7,336 3,203 2002 9345 Princeton-Glendale Road Westchester, OH — 818 1,648 480 840 2,106 2,946 1,474 2006 9525 Glades Drive Westchester, OH — 347 1,323 285 355 1,600 1,955 993 2007 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 9774-9792 Windisch Road Westchester, OH — 392 1,744 215 394 1,957 2,351 793 2007 9808-9830 Windisch Road Westchester, OH — 395 2,541 (43) 397 2,496 2,893 923 2007 9842-9862 Windisch Road Westchester, OH — 506 3,148 (323) 508 2,823 3,331 1,004 2007 9872-9898 Windisch Road Westchester, OH — 546 3,039 153 548 3,190 3,738 1,141 2007 9902-9922 Windisch Road Westchester, OH — 623 4,003 (657) 627 3,342 3,969 1,333 2007 Dallas/Ft. Worth 2406-2416 Walnut Ridge Dallas, TX — 178 1,006 1,177 172 2,189 2,361 949 1997 2401-2419 Walnut Ridge Dallas, TX — 148 839 600 142 1,445 1,587 668 1997 900-906 Great Southwest Parkway Arlington, TX — 237 1,342 882 270 2,191 2,461 1,140 1997 3000 West Commerce Street Dallas, TX — 456 2,584 910 469 3,481 3,950 2,052 1997 816 111th Street Arlington, TX — 251 1,421 235 258 1,649 1,907 978 1997 1602-1654 Terre Colony Court Dallas, TX — 458 2,596 927 468 3,513 3,981 1,800 2000 2220 Merritt Drive Garland, TX — 352 1,993 302 316 2,331 2,647 1,139 2000 2485-2505 Merritt Drive Garland, TX — 431 2,440 495 443 2,923 3,366 1,498 2000 2110 Hutton Drive Carrolton, TX — 374 2,117 (188) 255 2,048 2,303 1,044 2001 2025 McKenzie Drive Carrolton, TX — 437 2,478 526 442 2,999 3,441 1,533 2001 2019 McKenzie Drive Carrolton, TX — 502 2,843 843 507 3,681 4,188 1,779 2001 2029-2035 McKenzie Drive Carrolton, TX — 306 1,870 997 306 2,867 3,173 1,263 2001 2015 McKenzie Drive Carrolton, TX — 510 2,891 671 516 3,556 4,072 1,744 2001 2009 McKenzie Drive Carrolton, TX — 476 2,699 537 481 3,231 3,712 1,651 2001 900-1100 Avenue S Grand Prairie, TX — 623 3,528 1,111 629 4,633 5,262 2,228 2002 Plano Crossing Business Park Plano, TX — 1,961 11,112 913 1,981 12,005 13,986 5,937 2002 825-827 Avenue H Arlington, TX — 600 3,006 1,092 604 4,094 4,698 2,331 2004 1013-31 Avenue M Grand Prairie, TX — 300 1,504 317 302 1,819 2,121 1,105 2004 1172-84 113th Street Grand Prairie, TX — 700 3,509 (84) 704 3,421 4,125 1,900 2004 1200-16 Avenue H Arlington, TX — 600 2,846 808 604 3,650 4,254 1,885 2004 1322-66 W. North Carrier Parkway Grand Prairie, TX — 1,000 5,012 1,328 1,006 6,334 7,340 3,621 2004 2401-2407 Centennial Drive Arlington, TX — 600 2,534 710 604 3,240 3,844 2,013 2004 3111 West Commerce Street Dallas, TX — 1,000 3,364 1,088 1,011 4,441 5,452 2,710 2004 13800 Senlac Drive Farmers Branch, TX — 823 4,042 (149) 825 3,891 4,716 2,056 2005 801-831 S. Great Southwest Parkway Grand Prairie, TX — 2,581 16,556 2,368 2,586 18,919 21,505 14,413 2005 801 Heinz Way Grand Prairie, TX — 599 3,327 446 601 3,771 4,372 2,628 2005 901-937 Heinz Way Grand Prairie, TX — 493 2,758 51 481 2,821 3,302 2,142 2005 3301 Century Circle Irving, TX — 760 3,856 (123) 771 3,722 4,493 1,748 2007 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 3901 W. Miller Road Garland, TX — 1,912 — 14,414 1,947 14,379 16,326 5,064 2008 1251 North Cockrell Hill Road Dallas, TX — 2,064 — 14,689 1,073 15,680 16,753 3,490 2015 1171 North Cockrell Hill Road Dallas, TX — 1,215 — 10,982 632 11,565 12,197 2,570 2015 3996 Scientific Drive Arlington, TX — 1,301 — 7,094 1,349 7,046 8,395 1,289 2015 750 Gateway Boulevard Coppell, TX — 1,452 4,679 80 1,452 4,759 6,211 1,247 2015 2250 East Bardin Road Arlington, TX — 1,603 — 10,164 1,603 10,164 11,767 1,656 2016 2001 Midway Road Lewisville, TX — 3,963 — 13,106 3,963 13,106 17,069 1,336 2019 2025 Midway Road Lewisville, TX — 2,243 — 8,413 2,243 8,413 10,656 1,539 2019 5300 Mountain Creek Dallas, TX — 4,675 — 48,002 4,779 47,898 52,677 4,588 2019 3700 Sandshell Drive Fort Worth, TX — 1,892 — 9,867 1,901 9,858 11,759 1,442 2019 1901 Midway Road Lewisville, TX — 7,519 — 24,451 7,514 24,456 31,970 2,239 2020 2051 Midway Road Lewisville, TX — 1,353 — 14,118 1,421 14,050 15,471 497 2022 2075 Midway Road Lewisville, TX — 2,785 — 17,129 2,841 17,073 19,914 467 2022 Denver 4785 Elati Street Denver, CO — 173 981 417 175 1,396 1,571 753 1997 4770 Fox Street Denver, CO — 132 750 325 134 1,073 1,207 614 1997 3851-3871 Revere Street Denver, CO — 361 2,047 345 368 2,385 2,753 1,449 1997 4570 Ivy Street Denver, CO — 219 1,239 244 221 1,481 1,702 883 1997 5855 Stapleton Drive North Denver, CO — 288 1,630 243 291 1,870 2,161 1,120 1997 5885 Stapleton Drive North Denver, CO — 376 2,129 356 381 2,480 2,861 1,497 1997 5977 North Broadway Denver, CO — 268 1,518 728 271 2,243 2,514 1,181 1997 5952-5978 North Broadway Denver, CO — 414 2,346 799 422 3,137 3,559 1,917 1997 4721 Ironton Street Denver, CO — 232 1,313 972 236 2,281 2,517 1,242 1997 7003 E. 47th Ave Drive Denver, CO — 441 2,689 4 441 2,693 3,134 1,700 1997 9500 West 49th Street - A Wheatridge, CO — 283 1,625 218 287 1,839 2,126 1,119 1997 9500 West 49th Street - B Wheatridge, CO — 225 1,272 236 227 1,506 1,733 925 1997 9500 West 49th Street - C Wheatridge, CO — 600 3,409 252 601 3,660 4,261 2,246 1997 9500 West 49th Street - D Wheatridge, CO — 246 1,537 146 247 1,682 1,929 988 1997 451-591 East 124th Avenue Thornton, CO — 383 2,145 807 383 2,952 3,335 1,547 1997 11701 East 53rd Avenue Denver, CO — 416 2,355 291 422 2,640 3,062 1,621 1997 5401 Oswego Street Denver, CO — 273 1,547 225 278 1,767 2,045 1,095 1997 445 Bryant Street Denver, CO — 1,829 10,219 3,132 1,829 13,351 15,180 7,539 1998 12055 E. 49th Avenue/4955 Peoria Denver, CO — 298 1,688 614 305 2,295 2,600 1,315 1998 4940-4950 Paris Street Denver, CO — 152 861 273 156 1,130 1,286 665 1998 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 7367 South Revere Parkway Centennial, CO — 926 5,124 1,647 934 6,763 7,697 3,819 1998 8020 Southpark Circle Littleton, CO — 739 — 3,227 781 3,185 3,966 1,625 2000 8810 W. 116th Circle Broomfield, CO — 312 — 1,640 370 1,582 1,952 810 2001 8820 W. 116th Circle Broomfield, CO — 338 1,918 313 372 2,197 2,569 1,114 2003 8835 W. 116th Circle Broomfield, CO — 1,151 6,523 1,706 1,304 8,076 9,380 3,831 2003 18150 E. 32nd Place Aurora, CO — 563 3,188 234 572 3,413 3,985 1,740 2004 3400 Fraser Street Aurora, CO — 616 3,593 402 620 3,991 4,611 1,860 2005 7005 E. 46th Avenue Drive Denver, CO — 512 2,025 211 517 2,231 2,748 1,265 2005 4001 Salazar Way Frederick, CO — 1,271 6,508 (519) 1,276 5,984 7,260 2,637 2006 5909-5915 N. Broadway Denver, CO — 495 1,268 632 500 1,895 2,395 1,207 2006 1815-1957 South 4650 West Salt Lake City, UT — 1,707 10,873 (424) 1,713 10,443 12,156 4,865 2006 21301 E. 33rd Drive Aurora, CO — 2,860 8,202 748 2,859 8,951 11,810 2,573 2017 21110 E. 31st Circle Aurora, CO — 1,564 7,047 6 1,564 7,053 8,617 759 2019 22300 E. 26th Avenue Aurora, CO — 4,881 — 39,415 4,890 39,406 44,296 5,754 2019 3350 Odessa Way Aurora, CO — 1,596 4,531 230 1,596 4,761 6,357 234 2021 22600 E. 26th Avenue Aurora, CO — 1,501 — 42,892 1,483 42,910 44,393 358 2022 8000 E. 96th Avenue Henderson, CO — 7,086 403 19,839 7,086 20,242 27,328 — 2022 Detroit 1624 Meijer Drive Troy, MI — 236 1,406 898 373 2,167 2,540 2,083 1994 1972 Meijer Drive Troy, MI — 315 1,301 787 372 2,031 2,403 1,929 1994 1826 Northwood Drive Troy, MI — 55 208 472 103 632 735 574 1994 1864 Northwood Drive Troy, MI — 57 190 489 107 629 736 586 1994 2791 Research Drive Rochester Hills, MI — 557 2,731 732 560 3,460 4,020 3,281 1994 2870 Technology Drive Rochester Hills, MI — 275 1,262 369 279 1,627 1,906 1,569 1994 2900 Technology Drive Rochester Hills, MI — 214 977 723 219 1,695 1,914 1,416 1994 2930 Technology Drive Rochester Hills, MI — 131 594 459 138 1,046 1,184 925 1994 2950 Technology Drive Rochester Hills, MI — 178 819 305 185 1,117 1,302 1,062 1994 23014 Commerce Drive Farmington Hills, MI — 39 203 189 56 375 431 359 1994 23093 Commerce Drive Farmington Hills, MI — 211 1,024 1,005 295 1,945 2,240 1,748 1994 32975 Capitol Avenue Livonia, MI — 135 748 (26) 77 780 857 449 1998 47711 Clipper Street Plymouth Township, MI — 539 2,983 499 575 3,446 4,021 2,091 1998 12874 Westmore Avenue Livonia, MI — 137 761 (252) 58 588 646 399 1998 980 Chicago Road Troy, MI — 206 1,141 352 220 1,479 1,699 877 1998 1935-55 Enterprise Drive Rochester Hills, MI — 1,285 7,144 1,085 1,371 8,143 9,514 4,893 1998 5500 Enterprise Court Warren, MI — 675 3,737 1,143 721 4,834 5,555 2,752 1998 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 4872 S. Lapeer Road Lake Orion Twsp, MI — 1,342 5,441 838 1,412 6,209 7,621 3,441 1999 28435 Automation Boulevard Wixom, MI — 621 — 3,938 628 3,931 4,559 1,593 2004 32200 N. Avis Drive Madison Heights, MI — 503 3,367 (921) 195 2,754 2,949 1,331 2005 100 Kay Industrial Drive Orion Township, MI — 677 2,018 272 685 2,282 2,967 1,695 2005 42555 Merrill Road Sterling Heights, MI — 1,080 2,300 3,636 1,090 5,926 7,016 3,551 2006 Houston 3351 Rauch Street Houston, TX — 272 1,541 610 278 2,145 2,423 1,216 1997 3801-3851 Yale Street Houston, TX — 413 2,343 1,400 425 3,731 4,156 2,069 1997 3337-3347 Rauch Street Houston, TX — 227 1,287 654 233 1,935 2,168 1,065 1997 8505 N. Loop East Freeway Houston, TX — 439 2,489 996 449 3,475 3,924 1,946 1997 4749-4799 Eastpark Drive Houston, TX — 594 3,368 1,541 611 4,892 5,503 2,708 1997 4851 Homestead Road Houston, TX — 491 2,782 2,362 504 5,131 5,635 2,719 1997 3365-3385 Rauch Street Houston, TX — 284 1,611 770 290 2,375 2,665 1,236 1997 5050 Campbell Road Houston, TX — 461 2,610 1,011 470 3,612 4,082 2,152 1997 4300 Pine Timbers Street Houston, TX — 489 2,769 1,478 499 4,237 4,736 2,216 1997 2500-2530 Fairway Park Drive Houston, TX — 766 4,342 2,591 792 6,907 7,699 3,499 1997 6550 Long Point Road Houston, TX — 362 2,050 944 370 2,986 3,356 1,767 1997 1815 Turning Basin Drive Houston, TX — 487 2,761 2,587 531 5,304 5,835 2,672 1997 1819 Turning Basin Drive Houston, TX — 231 1,308 1,687 251 2,975 3,226 1,309 1997 1805 Turning Basin Drive Houston, TX — 564 3,197 2,284 616 5,429 6,045 3,060 1997 11505 State Highway 225 LaPorte City, TX — 940 4,675 (69) 940 4,606 5,546 2,132 2005 1500 E. Main Street LaPorte City, TX — 201 1,328 (91) 204 1,234 1,438 1,222 2005 7230-7238 Wynnwood Lane Houston, TX — 254 764 238 259 997 1,256 795 2007 7240-7248 Wynnwood Lane Houston, TX — 271 726 299 276 1,020 1,296 766 2007 7250-7260 Wynnwood Lane Houston, TX — 200 481 1,501 203 1,979 2,182 1,334 2007 6400 Long Point Road Houston, TX — 188 898 138 188 1,036 1,224 687 2007 4526 N. Sam Houston Parkway Houston, TX — 5,307 — 79 5,386 — 5,386 — 2008 7967 Blankenship Drive Houston, TX — 307 1,166 220 307 1,386 1,693 788 2010 4800 West Greens Road Houston, TX — 3,350 — 17,085 3,312 17,123 20,435 5,702 2014 611 East Sam Houston Parkway S. Pasadena, TX — 1,970 7,431 1,377 2,013 8,765 10,778 2,223 2015 619 East Sam Houston Parkway S. Pasadena, TX — 2,879 11,713 148 2,876 11,864 14,740 2,336 2015 6913 Guhn Road Houston, TX — 1,367 — 7,375 1,367 7,375 8,742 1,052 2018 607 East Sam Houston Parkway Pasedena, TX — 2,076 11,674 372 2,076 12,046 14,122 1,396 2018 615 East Sam Houston Parkway Pasedena, TX — 4,265 11,983 (129) 4,265 11,854 16,119 1,695 2018 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 2737 W. Grand Parkway N. Katy, TX — 2,885 — 10,932 2,885 10,932 13,817 833 2019 2747 W. Grand Parkway N. Katy, TX — 2,885 — 13,325 2,885 13,325 16,210 1,164 2019 Miami 4700 NW 15th Avenue Fort Lauderdale, FL — 908 1,883 303 912 2,182 3,094 1,186 2007 4710 NW 15th Avenue Fort Lauderdale, FL — 830 2,722 315 834 3,033 3,867 1,262 2007 4720 NW 15th Avenue Fort Lauderdale, FL — 937 2,455 552 942 3,002 3,944 1,378 2007 4740 NW 15th Avenue Fort Lauderdale, FL — 1,107 3,111 342 1,112 3,448 4,560 1,477 2007 4750 NW 15th Avenue Fort Lauderdale, FL — 947 3,079 924 951 3,999 4,950 1,543 2007 4800 NW 15th Avenue Fort Lauderdale, FL — 1,092 3,308 123 1,097 3,426 4,523 1,488 2007 6891 NW 74th Street Medley, FL — 857 3,428 4,146 864 7,567 8,431 3,485 2007 1351 NW 78th Avenue Doral, FL — 3,111 4,634 53 3,111 4,687 7,798 1,317 2016 2500 NW 19th Street Pompano Beach, FL — 6,213 11,117 1,982 6,213 13,099 19,312 2,906 2017 6301 Lyons Road Coconut Creek, FL — 5,703 — 10,070 5,714 10,059 15,773 791 2020 1501 NW 64th Street Fort Lauderdale, FL — — — 9,615 — 9,615 9,615 617 2021 6499 NW 12th Avenue Fort Lauderdale, FL — — — 14,568 — 14,568 14,568 947 2021 6320 NW 12th Avenue Fort Lauderdale, FL — — — 11,743 — 11,743 11,743 808 2021 8801 NW 87th Avenue Medley, FL — 15,052 — 24,154 14,982 24,224 39,206 864 2021 9001 NW 87th Avenue Medley, FL — 7,737 — 12,639 7,682 12,694 20,376 445 2021 8404 NW 90th Street Medley, FL — 11,606 — 18,010 11,588 18,028 29,616 570 2021 1200 NW 15th Street Pompano Beach, FL — 8,771 — 10,680 8,788 10,663 19,451 352 2021 5301 W. Copans Road Land Margate, FL — 8,679 — 13,392 8,697 13,374 22,071 52 2022 1801 North Andrews Pompano Beach, FL — 24,133 285 6 24,109 315 24,424 108 2022 11601 NW 107th Street Miami, FL — 9,112 10,131 — 9,112 10,131 19,243 170 2022 Minneapolis/St. Paul 12155 Nicollet Avenue Burnsville, MN — 286 — 1,951 288 1,949 2,237 1,256 1995 5775 12th Avenue Shakopee, MN — 590 — 5,781 590 5,781 6,371 2,610 1998 1157 Valley Park Drive Shakopee, MN — 760 — 7,787 888 7,659 8,547 3,999 1999 1087 Park Place Shakopee, MN — 1,195 4,891 643 1,198 5,531 6,729 2,326 2005 5391 12th Avenue SE Shakopee, MN — 1,392 8,149 1,517 1,395 9,663 11,058 3,791 2005 4701 Valley Industrial Boulevard S. Shakopee, MN — 1,296 7,157 452 1,299 7,606 8,905 4,375 2005 7035 Winnetka Avenue North Brooklyn Park, MN — 1,275 — 7,411 1,343 7,343 8,686 3,036 2007 139 Eva Street St. Paul, MN — 2,132 3,105 (286) 2,175 2,776 4,951 1,268 2008 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 21900 Dodd Boulevard Lakeville, MN — 2,289 7,952 2,843 2,289 10,795 13,084 2,134 2010 375 Rivertown Drive Woodbury, MN — 2,635 8,157 369 2,635 8,526 11,161 2,740 2014 935 Aldrin Drive Eagan, MN — 2,096 7,884 716 2,096 8,600 10,696 2,341 2014 7050 Winnetka Avenue North Brooklyn Park, MN — 1,623 — 7,619 1,634 7,608 9,242 1,635 2014 7051 West Broadway Avenue Brooklyn Park, MN — 1,275 — 5,829 1,279 5,825 7,104 1,174 2014 Nashville 1931 Air Lane Drive Nashville, TN — 489 2,785 747 493 3,528 4,021 2,026 1997 4640 Cummings Park Nashville, TN — 360 2,040 664 365 2,699 3,064 1,436 1999 1740 River Hills Drive Nashville, TN — 848 4,383 2,214 888 6,557 7,445 3,679 2005 211 Ellery Court Nashville, TN — 606 3,192 97 616 3,279 3,895 1,433 2007 130 Maddox Road Mt. Juliet, TN — 1,778 — 24,118 1,778 24,118 25,896 8,529 2008 1281 Couchville Pike Mt. Juliet, TN — 2,620 — 50,934 1,295 52,259 53,554 769 2022 400 Maddox Road Mt. Juliet, TN — 3,880 — 26,826 810 29,896 30,706 251 2022 New Jersey 14 World's Fair Drive Franklin, NJ — 483 2,735 903 503 3,618 4,121 2,203 1997 12 World's Fair Drive Franklin, NJ — 572 3,240 913 593 4,132 4,725 2,467 1997 22 World's Fair Drive Franklin, NJ — 364 2,064 596 375 2,649 3,024 1,603 1997 26 World's Fair Drive Franklin, NJ — 361 2,048 710 377 2,742 3,119 1,591 1997 24 World's Fair Drive Franklin, NJ — 347 1,968 498 362 2,451 2,813 1,457 1997 20 World's Fair Drive Somerset, NJ — 9 — 2,724 691 2,042 2,733 1,063 1999 45 Route 46 Pine Brook, NJ — 969 5,491 1,119 978 6,601 7,579 3,586 2000 43 Route 46 Pine Brook, NJ — 474 2,686 611 479 3,292 3,771 1,729 2000 39 Route 46 Pine Brook, NJ — 260 1,471 537 262 2,006 2,268 938 2000 26 Chapin Road Pine Brook, NJ — 956 5,415 687 965 6,093 7,058 3,276 2000 30 Chapin Road Pine Brook, NJ — 960 5,440 575 970 6,005 6,975 3,249 2000 20 Hook Mountain Road Pine Brook, NJ — 1,507 8,542 2,197 1,534 10,712 12,246 5,615 2000 30 Hook Mountain Road Pine Brook, NJ — 389 2,206 539 396 2,738 3,134 1,438 2000 16 Chapin Road Pine Brook, NJ — 885 5,015 817 901 5,816 6,717 3,021 2000 20 Chapin Road Pine Brook, NJ — 1,134 6,426 784 1,154 7,190 8,344 3,837 2000 2500 Main Street Sayreville, NJ — 944 — 4,862 944 4,862 5,806 2,248 2002 2400 Main Street Sayreville, NJ — 996 — 5,790 996 5,790 6,786 2,572 2003 7851 Airport Highway Pennsauken, NJ — 160 508 328 162 834 996 548 2003 309-313 Pierce Street Somerset, NJ — 1,300 4,628 788 1,309 5,407 6,716 2,729 2004 400 Cedar Lane Florence Township, NJ — 9,730 — 26,223 9,730 26,223 35,953 4,644 2016 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 301 Bordentown-Hedding Road Bordentown, NJ — 3,983 15,881 32 3,984 15,912 19,896 3,080 2017 302 Bordentown-Hedding Road Bordentown, NJ — 2,738 8,190 384 2,738 8,574 11,312 1,559 2018 304 Bordentown-Hedding Road Bordentown, NJ — 3,684 — 7,954 3,688 7,950 11,638 642 2019 445 Rising Sun Road Bordentown, NJ — 8,578 760 20,755 8,578 21,515 30,093 136 2022 Northern California 8649 Kiefer Boulevard Sacramento, CA — 4,376 — 57 4,433 — 4,433 — 2008 18501 W. Stanford Road Tracy, CA — 12,966 — 194 13,160 — 13,160 — 2008 27403 Industrial Boulevard Hayward, CA — 3,440 1,848 577 3,440 2,425 5,865 538 2020 4160-4170 Business Center Drive Fremont, CA — 4,897 4,206 878 4,897 5,084 9,981 642 2020 4200 Business Center Drive Fremont, CA — 5,112 3,829 23 5,158 3,806 8,964 466 2020 22950 Clawiter Road Hayward, CA — 3,312 2,023 1,959 3,312 3,982 7,294 175 2020 42650 Osgood Road Fremont, CA — 4,183 3,930 104 4,183 4,034 8,217 181 2021 2085 Burroughs Avenue San Leandro, CA — 5,764 7,263 880 5,764 8,143 13,907 481 2021 24200 Clawiter Road Hayward, CA — 11,446 3,707 36 11,449 3,740 15,189 231 2022 14951 Catalina Street San Leandro, CA — 4,690 3,527 22 4,683 3,556 8,239 86 2022 Orlando 6301 Hazeltine National Drive Orlando, FL — 909 4,613 542 920 5,144 6,064 2,607 2005 6005 24th Street East Bradenton, FL — 6,377 — 57 6,434 — 6,434 — 2008 8751 Skinner Court Orlando, FL — 1,691 7,249 20 1,692 7,268 8,960 1,631 2016 4473 Shader Road Orlando, FL — 2,094 10,444 63 2,094 10,507 12,601 2,273 2016 550 Gills Drive Orlando, FL — 1,321 6,176 19 1,321 6,195 7,516 1,098 2017 450 Gills Drive Orlando, FL — 1,031 6,406 (23) 1,031 6,383 7,414 896 2017 4401 Shader Road Orlando, FL — 1,037 7,116 4 1,037 7,120 8,157 914 2018 770 Gills Drive Orlando, FL — 851 5,195 (36) 851 5,159 6,010 474 2019 2234 West Taft Vineland Road Orlando, FL — 1,748 9,635 380 1,750 10,013 11,763 563 2021 Phoenix 1045 South Edward Drive Tempe, AZ — 390 2,160 879 396 3,033 3,429 1,472 1999 50 South 56th Street Chandler, AZ — 1,206 3,218 642 1,252 3,814 5,066 1,694 2004 245 W. Lodge Drive Tempe, AZ — 898 3,066 (2,160) 362 1,442 1,804 672 2007 1590 E. Riverview Drive Phoenix, AZ — 1,293 5,950 123 1,292 6,074 7,366 2,084 2008 14131 N. Rio Vista Boulevard Peoria, AZ — 2,563 9,388 (344) 2,563 9,044 11,607 3,198 2008 8716 W. Ludlow Drive Peoria, AZ — 2,709 10,970 343 2,709 11,313 14,022 4,127 2008 3815 W. Washington Street Phoenix, AZ — 1,675 4,514 (244) 1,719 4,226 5,945 1,488 2008 9180 W. Buckeye Road Tolleson, AZ — 1,904 6,805 2,984 1,923 9,770 11,693 3,616 2008 8644 West Ludlow Drive Peoria, AZ — 1,726 7,216 — 1,726 7,216 8,942 2,101 2014 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 8606 West Ludlow Drive Peoria, AZ — 956 2,668 123 956 2,791 3,747 856 2014 8679 West Ludlow Drive Peoria, AZ — 672 2,791 — 672 2,791 3,463 830 2014 94th Avenue & Buckeye Road Tolleson, AZ — 4,315 — 16,254 4,315 16,254 20,569 3,001 2015 16560 W. Sells Drive Goodyear, AZ — 6,259 — 31,413 6,271 31,401 37,672 6,267 2018 16951 W. Camelback Road Goodyear, AZ — 1,805 — 5,374 1,805 5,374 7,179 434 2019 3600 North Cotton Lane Goodyear, AZ — 5,660 — 43,128 5,659 43,129 48,788 3,968 2020 3350 North Cotton Lane Goodyear, AZ — 6,373 31,198 2,816 6,373 34,014 40,387 2,862 2020 4580 N. Pebble Creek Parkway Goodyear, AZ — 8,714 — 59,670 8,777 59,607 68,384 2,119 2022 Seattle 1901 Raymond Avenue SW Renton, WA — 4,458 2,659 872 4,594 3,395 7,989 1,476 2008 19014 64th Avenue South Kent, WA — 1,990 3,979 1,050 2,042 4,977 7,019 2,744 2008 18640 68th Avenue South Kent, WA — 1,218 1,950 260 1,258 2,170 3,428 1,286 2008 621 37th Street NW Auburn, WA — 6,403 — 104 6,507 — 6,507 — 2008 6407 S. 210th Street Kent, WA — 1,737 3,508 (92) 1,737 3,416 5,153 534 2018 1402 Puyallup Street Sumner, WA — 3,766 4,457 443 3,766 4,900 8,666 566 2018 22718 58th Place Kent, WA — 1,446 2,388 159 1,447 2,546 3,993 454 2019 14302 24th Street East Sumner, WA — 2,643 — 9,989 2,643 9,989 12,632 1,528 2019 1508 Valentine Avenue Pacific, WA — 18,790 3,051 — 18,786 3,055 21,841 103 2022 10920 Steele Street Lakewood, WA — 6,706 16 17,080 6,706 17,096 23,802 135 2022 20320 80th Avenue South Kent, WA — 4,136 1,072 15 4,136 1,087 5,223 29 2022 Southern California 1944 Vista Bella Way Rancho Dominguez, CA — 1,746 3,148 865 1,822 3,937 5,759 2,406 2005 2000 Vista Bella Way Rancho Dominguez, CA — 817 1,673 450 853 2,087 2,940 1,289 2005 2835 East Ana Street Rancho Dominguez, CA — 1,682 2,750 791 1,772 3,451 5,223 1,975 2005 665 N. Baldwin Park Boulevard City of Industry, CA — 2,124 5,219 3,556 2,143 8,756 10,899 3,774 2006 27801 Avenue Scott Santa Clarita, CA — 2,890 7,020 1,147 2,902 8,155 11,057 3,981 2006 2610 & 2660 Columbia Street Torrance, CA — 3,008 5,826 2,082 3,031 7,885 10,916 3,765 2006 433 Alaska Avenue Torrance, CA — 681 168 995 684 1,160 1,844 296 2006 2325 Camino Vida Roble Carlsbad, CA — 1,441 1,239 574 1,446 1,808 3,254 890 2006 2335 Camino Vida Roble Carlsbad, CA — 817 762 136 821 894 1,715 497 2006 2345 Camino Vida Roble Carlsbad, CA — 562 456 42 565 495 1,060 295 2006 2355 Camino Vida Roble Carlsbad, CA — 481 365 216 483 579 1,062 283 2006 2365 Camino Vida Roble Carlsbad, CA — 1,098 630 147 1,102 773 1,875 389 2006 2375 Camino Vida Roble Carlsbad, CA — 1,210 874 176 1,214 1,046 2,260 641 2006 FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. Initial Cost Costs Gross Amount Carried Year Building Address Location (a) Land Buildings and Land Buildings and Total (b) (In thousands) 6451 El Camino Real Carlsbad, CA — 2,885 1,931 1,097 2,895 3,018 5,913 1,631 2006 13100 Gregg Street Poway, CA — 1,040 4,160 626 1,073 4,753 5,826 2,791 2007 21730-21748 Marilla Street Chatsworth, CA — 2,585 3,210 300 2,608 3,487 6,095 1,856 2007 8015 Paramount Boulevard Pico Rivera, CA — 3,616 3,902 (510) 3,657 3,351 7,008 1,935 2007 3365 E. Slauson Avenue Vernon, CA — 2,367 3,243 (559) 2,396 2,655 5,051 1,533 2007 3015 East Ana Street Rancho Dominguez, CA — 19,678 9,321 17,588 20,144 26,443 46,587 8,347 2007 1250 Rancho Conejo Boulevard Thousand Oaks, CA — 1,435 779 103 1,441 876 2,317 522 2007 1260 Rancho Conejo Boulevard Thousand Oaks, CA — 1,353 722 (599) 675 801 1,476 338 2007 1270 Rancho Conejo Boulevard Thousand Oaks, CA — 1,224 716 (2) 1,229 709 1,938 444 2007 100 West Sinclair Street Perris, CA — 4,894 3,481 (5,060) 1,819 1,496 3,315 807 2007 777 190th Street Gardena, CA — 13,533 — 4,327 13,534 4,326 17,860 1,529 2007 14050 Day Street Moreno Valley, CA — 2,538 2,538 258 2,565 2,769 5,334 1,422 2008 12925 Marlay Avenue Fontana, CA — 6,072 7,891 (44) 6,090 7,829 13,919 5,555 2008 18201-18291 Santa Fe Avenue Rancho Dominguez, CA — 6,720 — 8,812 6,897 8,635 15,532 3,252 2008 1011 Rancho Conejo Boulevard Thousand Oaks, CA — 7,717 2,518 (201) 7,752 2,282 10,034 1,558 2008 20700 Denker Avenue Torrance, CA — 5,767 2,538 1,049 5,964 3,389 9,353 2,029 2008 18408 Laurel Park Road Rancho Dominguez, CA — 2,850 2,850 907 2,874 3,733 6,607 2,044 2008 2175 Cactus Road East San Diego, CA — 5,958 — 8,720 6,025 8,653 14,678 2,690 2008 2175 Cactus Road West San Diego, CA — 10 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements at December 31, 2022 and 2021 and for each of the years ended December 31, 2022, 2021 and 2020 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, 2022 and 2021, and the reported amounts of revenues and expenses for each of the years ended December 31, 2022, 2021 and 2020. 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. We maintain cash and cash equivalents in banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. We have not realized any losses of such cash investments or accounts and mitigate risk by using nationally recognized banking institutions. |
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 or will be returned to us after the mandatory time period has expired. 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 equal to the amount in which carrying value exceeds 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 to development projects from the point we begin undergoing activity necessary to get the development ready for its intended use. Interest is capitalized using the weighted average borrowing rate during the construction period. Upon substantial completion, we reclassify construction in progress to building and tenant improvements and commence depreciation. Depreciation expense is computed using the straight-line method based on the following useful lives: Years Buildings and Improvements 3 to 50 Land Improvements 1 to 25 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 fully 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 $ 19,373 $ 15,428 Above Market Leases 1,319 1,621 Below Market Ground Lease Obligation 1,462 1,507 Tenant Relationships 1,936 2,760 Total Included in Total Assets, Net of $28,590 and $24,933 of Accumulated Amortization $ 24,090 $ 21,316 Below Market Leases $ 15,152 $ 9,252 Total Included in Total Liabilities, Net of $18,004 and $15,040 of Accumulated Amortization $ 15,152 $ 9,252 Amortization expense related to in-place leases and tenant relationships was $6,098, $4,498 and $8,201 for the years ended December 31, 2022, 2021 and 2020, respectively. For the years ended December 31, 2022, 2021 and 2020, lease revenue increased by $2,679, $1,442 and $1,962, respectively, 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, 2022 as follows: Estimated Estimated Net 2023 $ 6,127 $ 3,746 2024 $ 4,449 $ 3,074 2025 $ 3,265 $ 2,283 2026 $ 2,316 $ 1,613 2027 $ 1,540 $ 1,196 |
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 joint venture arrangements. 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) or recognized, either in whole or in part, during the period that real estate assets are sold from the Joint Venture. We account for our interests in the Joint Ventures using the hypothetical liquidation at book value model. Under this method, we record our Equity in Income (Loss) of Joint Ventures based on our proportionate share of the Joint Venture's earnings based on our ownership interest, after giving effect to incentive fees which we are entitled to receive. |
Noncontrolling Interests | Noncontrolling Interests Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 2022 and 2021 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, 2022, 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 the Joint Venture that is accounted for under the equity method of accounting. Our ownership interest in the Joint Venture is held through a partnership with a third party ("Joint Venture Partnership"). We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership, which holds an aggregate 49% interest in the Joint Venture 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. We recognize fees received from tenants to fully terminate their lease prior to the contractual end date on a straight-line basis from the notification date through the revised lease end date. |
Property Expenses | Property ExpensesProperty 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. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. We exclude from property expenses certain lessor costs, such as real estate taxes, that the we contractually require the tenant to pay directly to a third party on our behalf. The amounts paid directly to third parties by tenants for lessor costs are also excluded from lease revenues. |
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 information available at lease commencement to estimate an appropriate incremental borrowing rate on a fully-collateralized basis to determine 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 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. |
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 AdoptedIn 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 through December 31, 2024 as reference rate reform activities occur. We 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. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Reclassifications | Reclassifications Joint Venture Fees for the years ended December 31, 2021 and 2020 have been reclassified from the Other Revenue |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 3 to 50 Land Improvements 1 to 25 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 $ 19,373 $ 15,428 Above Market Leases 1,319 1,621 Below Market Ground Lease Obligation 1,462 1,507 Tenant Relationships 1,936 2,760 Total Included in Total Assets, Net of $28,590 and $24,933 of Accumulated Amortization $ 24,090 $ 21,316 Below Market Leases $ 15,152 $ 9,252 Total Included in Total Liabilities, Net of $18,004 and $15,040 of Accumulated Amortization $ 15,152 $ 9,252 |
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, 2022 as follows: Estimated Estimated Net 2023 $ 6,127 $ 3,746 2024 $ 4,449 $ 3,074 2025 $ 3,265 $ 2,283 2026 $ 2,316 $ 1,613 2027 $ 1,540 $ 1,196 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Summary of Industrial Property Acquisitions | The following table summarizes our acquisition of industrial properties and land parcels for the years ended December 31, 2022, 2021 and 2020. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. 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, 2022, 2021 or 2020. Year Ended December 31, 2022 2021 2020 Number of Industrial Properties Acquired 11 4 8 GLA (in millions) 0.5 0.2 1.5 Purchase Price of Industrial Properties Acquired $ 137,126 $ 38,727 $ 154,410 Purchase Price of Income Producing Land Parcels Acquired (A) 56,525 — — Purchase Price of Land Parcels Acquired (B) 105,486 302,223 69,617 Total Purchase Price (C) $ 299,137 $ 340,950 $ 224,027 (A) For the year ended December 31, 2022, includes $11,676, $1,577, $3,850 and ($4,950) allocated to building improvements/construction in progress, other assets, in-place leases and below market leases, respectively. (B) For the year ended December 31, 2021, includes $3,857, $1,434 and $183 allocated to building improvements/construction in progress, other assets and in-place leases, respectively. (C) Purchase price excludes closing costs. |
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, 2022 and 2021: Year Ended December 31, 2022 2021 Land $ 252,158 $ 309,475 Building and Improvements/Construction in Progress 43,685 28,839 Other Assets 2,975 1,663 In-Place Leases 9,246 973 Above Market Leases 23 — Below Market Leases (8,950) — Total Purchase Price $ 299,137 $ 340,950 |
Summary of Industrial Property Dispositions | The following table summarizes our property and land dispositions for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 Number of Industrial Properties Sold (A) 9 29 29 GLA (in millions) (B) 2.2 2.9 1.9 Gross Proceeds from the Sale of Real Estate (B) $ 178,340 $ 243,407 $ 153,351 Gain on Sale of Real Estate (B) $ 128,268 $ 150,310 $ 86,751 (A) Included as one industrial property for each of the years ended December 31, 2021 and 2020 was the sale of multiple industrial condominium units. (B) Gross proceeds and gain on sale of real estate include the sale of one land parcel for each of the years ended December 31, 2022 and 2021. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity December 31, 2022 December 31, 2021 Mortgage Loans Payable, Gross $ 10,299 $ 79,764 4.17% 4.17% 8/1/2028 Unamortized Debt Issuance Costs — (90) Mortgage Loans Payable, Net $ 10,299 $ 79,674 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 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (4,777) (5,491) Unamortized Discounts (52) (59) Senior Unsecured Notes, Net $ 993,742 $ 993,021 Unsecured Term Loans, Gross 2015 Unsecured Term Loan — 260,000 N/A N/A N/A 2021 Unsecured Term Loan (A) 200,000 200,000 1.84% N/A 7/7/2026 2022 Unsecured Term Loan (A) 425,000 — 3.64% N/A 10/18/2027 2022 Unsecured Term Loan II (A)(B) 300,000 — 4.88% N/A 8/12/2025 Subtotal $ 925,000 $ 460,000 Unamortized Debt Issuance Costs (5,740) (1,675) Unsecured Term Loans, Net $ 919,260 $ 458,325 Unsecured Credit Facility (C) $ 143,000 $ 79,000 5.16% N/A 7/7/2025 (A) The interest rate at December 31, 2022 includes the impact of derivative instruments in which we entered to effectively convert the variable rate to a fixed rate. See Note 12. (B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions. (C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $3,285 and $4,577 as of December 31, 2022 and 2021, 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 discounts and debt issuance costs, for the next five years as of December 31, and thereafter: Amount 2023 $ 320 2024 335 2025 443,349 2026 200,364 2027 556,449 Thereafter 876,053 Total $ 2,076,870 |
Summary of Indebtedness at Estimated Fair Value | At December 31, 2022 and 2021, the fair value of our indebtedness was as follows: December 31, 2022 December 31, 2021 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 10,299 $ 9,765 $ 79,764 $ 81,700 Senior Unsecured Notes, Net 998,519 883,444 998,512 1,070,067 Unsecured Term Loans 925,000 909,187 460,000 460,486 Unsecured Credit Facility 143,000 143,000 79,000 79,000 Total $ 2,076,818 $ 1,945,396 $ 1,617,276 $ 1,691,253 (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 ASSETS Assets: Net Investment in Real Estate $ 313,245 $ 277,984 Operating Lease Right-of-Use Assets 13,000 13,087 Cash and Cash Equivalents 2,915 9,126 Deferred Rent Receivable 13,261 10,984 Prepaid Expenses and Other Assets, Net 12,919 9,480 Total Assets $ 355,340 $ 320,661 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Accounts Payable, Accrued Expenses and Other Liabilities $ 18,148 $ 9,496 Operating Lease Liabilities 10,249 10,277 Rents Received in Advance and Security Deposits 7,917 7,470 Partners' Capital 319,026 293,418 Total Liabilities and Partners' Capital $ 355,340 $ 320,661 |
Stockholders_ Equity of the C_2
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: Shares of General Partner and Limited Partner Units Outstanding Balance at December 31, 2019 126,994,478 129,417,222 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 1,842,281 1,842,281 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 464,975 Vesting of Service Awards and Performance Units (as defined in Note 11) 107,752 107,752 Repurchase and Retirement of Service Awards and Performance Units (65,709) (67,676) Conversion of Limited Partner Units (A) 172,610 — Balance at December 31, 2020 129,051,412 131,764,554 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 2,513,758 2,513,758 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 337,685 Vesting of Service Awards and Performance Units (as defined in Note 11) 133,803 133,803 Repurchase and Retirement of Service Awards and Performance Units (55,201) (66,872) Conversion of Limited Partner Units (A) 103,953 — Balance at December 31, 2021 131,747,725 134,682,928 Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below) 218,230 218,230 Issuance of Service Awards and Performance Awards (as defined in Note 11) — 280,081 Vesting of Service Awards and Performance Units (as defined Note 11) 49,964 49,964 Repurchase and Retirement of Service Awards and Performance Units (13,437) (33,934) Conversion of Limited Partner Units (A) 139,021 — Balance at December 31, 2022 132,141,503 135,197,269 |
Summary of Dividends/Distributions | The following table summarizes dividends/distributions accrued during the past three years: 2022 2021 2020 Common Stock/Operating Partnership Units $ 159,976 $ 143,643 $ 130,943 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of 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, 2022 and 2021: Derivative Instruments Total for Operating Partnership Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total for Company Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Income Before Reclassifications 6,146 6,146 (262) 5,884 Amounts Reclassified from Accumulated Other Comprehensive Loss 6,831 6,831 — 6,831 Net Current Period Other Comprehensive Income 12,977 12,977 (262) 12,715 Balance as of December 31, 2021 $ (4,331) $ (4,331) $ 93 $ (4,238) Other Comprehensive Income Before Reclassifications 39,021 39,021 (867) 38,154 Amounts Reclassified from Accumulated Other Comprehensive Income (504) (504) — (504) Net Current Period Other Comprehensive Income 38,517 38,517 (867) 37,650 Balance as of December 31, 2022 $ 34,186 $ 34,186 $ (774) $ 33,412 |
Reclassification Out of Accumulated Other Comprehensive Income (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, 2022, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive (Income) Loss Accumulated Other Comprehensive (Income) Loss Components Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments 410 410 410 Interest Expense Net Settlement (Receipts) Payments to our Counterparties (914) 6,421 6,516 Interest Expense Acceleration of 2020 Swap (as defined in Note 12) — — 201 General & Administrative $ (504) $ 6,831 $ 7,127 Total |
Earnings Per Share _ Unit (EP_2
Earnings Per Share / Unit (EPS / EPU) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 359,134 $ 270,997 $ 195,989 Net Income Allocable to Participating Securities (348) (299) (314) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 358,786 $ 270,698 $ 195,675 Denominator (In Thousands): Weighted Average Shares - Basic 132,024 129,688 127,711 Effect of Dilutive Securities: Performance Units (See Note 11) 79 87 193 Weighted Average Shares - Diluted 132,103 129,775 127,904 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 2.72 $ 2.09 $ 1.53 |
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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 367,519 $ 277,038 $ 199,934 Net Income Allocable to Participating Securities (877) (770) (662) Net Income Available to Unitholders $ 366,642 $ 276,268 $ 199,272 Denominator (In Thousands): Weighted Average Units - Basic 134,229 131,740 129,752 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: Performance Units and certain Performance RLP Units (See Note 11) 452 497 375 Weighted Average Units - Diluted 134,681 132,237 130,127 Basic EPU: Net Income Available to Unitholders $ 2.73 $ 2.10 $ 1.54 Diluted EPU: Net Income Available to Unitholders $ 2.72 $ 2.09 $ 1.53 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Provision) Benefit | The components of the income tax provision for the years ended December 31, 2022, 2021 and 2020 is comprised of the following: Year Ended December 31, 2022 2021 2020 Current: Federal $ (226) $ (2,458) $ (3,659) State (356) (1,936) (1,718) Deferred: Federal (19,154) (454) 2,969 State (3,627) (31) — Total Income Tax Provision $ (23,363) $ (4,879) $ (2,408) |
Deferred Tax Assets (Liabilities) | Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Basis Difference - Real Estate $ 1,603 $ 332 Section 163(j) Interest Limitation 551 316 Other - Temporary Differences 263 243 Total Deferred Income Tax Assets, Net of Allowance $ 2,417 $ 891 Deferred Income - Investment in Joint Venture $ (24,340) $ — Other - Temporary Differences (299) (332) Total Deferred Income Tax Liabilities $ (24,639) $ (332) Total Net Deferred Income Tax (Liabilities) Assets $ (22,222) $ 559 |
Federal Income Tax Treatment of Common Dividends | For the years ended December 31, 2022, 2021 and 2020, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows: 2022 As a 2021 As a 2020 As a Ordinary Income (A) $ 1.0720 90.85 % $ 0.9928 91.93 % $ 0.5800 58.00 % Unrecaptured Section 1250 Capital Gain 0.0060 0.51 % 0.0060 0.55 % 0.2576 25.76 % Other Capital Gain (B) 0.0168 1.42 % 0.0128 1.19 % 0.1624 16.24 % Qualified Dividend 0.0852 7.22 % 0.0684 6.33 % — 0.00 % $ 1.1800 100.00 % $ 1.0800 100.00 % $ 1.0000 100.00 % (A) For the years ended December 31, 2022, 2021 and 2020, the Code Section 199A dividend is equal to the total ordinary income dividend. (B) For the year ended December 31, 2022, Section 1061 of the Code related to Capital Gains for One Year Amounts was 52.0% and for Three Year Amounts was 12.6%. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, and thereafter: 2023 $ 2,771 2024 2,643 2025 2,423 2026 1,952 2027 1,549 Thereafter 55,975 Total Lease Payments 67,313 Less Imputed Interest (A) (45,047) Total $ 22,266 (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 that commenced prior to December 31, 2022 are approximately as follows: 2023 $ 406,903 2024 374,301 2025 337,512 2026 289,469 2027 231,940 Thereafter 551,171 Total $ 2,191,296 |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 Expected dividend yield 1.75 % 2.49 % 2.22 % Expected volatility - range used 19.89% - 28.74% 29.00% - 37.18% 16.25% - 17.56% Expected volatility - weighted average 24.91 % 32.44 % 16.97 % Risk-free interest rate 0.22% - 1.21% 0.02% - 0.19% 1.63% - 1.68% |
Summary of Performance Award Transactions | Performance Award transactions for the year ended December 31, 2022 are summarized as follows: Performance Units Weighted Performance RLP Units Weighted Outstanding at December 31, 2021 142,498 $ 19.47 724,425 $ 19.45 Issued 35,867 $ 29.74 208,454 $ 29.74 Forfeited (2,117) $ 21.42 (12,803) $ 20.65 Vested (31,167) $ 12.45 (180,646) $ 13.54 Outstanding at December 31, 2022 145,081 $ 23.49 739,430 $ 23.78 |
Summary of Service Award Transactions | Service Award transactions for the year ended December 31, 2022 are summarized as follows: Service Units Weighted Service RLP Units Weighted Outstanding at December 31, 2021 147,937 $ 41.95 158,169 $ 41.60 Issued 78,482 $ 57.60 57,907 $ 60.64 Forfeited (1,752) $ 48.94 — $ — Vested (81,587) $ 40.27 (97,069) $ 40.38 Outstanding at December 31, 2022 143,080 $ 51.41 119,007 $ 51.85 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial assets and liabilities related to the 2015 Swaps, the 2021 Swaps, the 2022 Swaps and the 2022 Swaps II, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of December 31, 2022 and 2021: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2022 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 17,976 — $ 17,976 — 2022 Swaps $ 19,057 — $ 19,057 — Liabilities: 2022 II Swaps $ (253) — $ (253) — Fair Value at December 31, 2021 Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 1,341 — $ 1,341 — Liabilities: 2015 Swaps $ (2,668) — $ (2,668) — |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Millions | 12 Months Ended | |
Dec. 31, 2022 ft² State Property | Dec. 31, 2021 | |
Organization [Line Items] | ||
Number of industrial properties owned | Property | 426 | |
Number of states in which industrial properties are located | State | 18 | |
Gross leasable area (GLA) of industrial properties owned | ft² | 65.3 | |
Ownership [Member] | ||
Organization [Line Items] | ||
Company's ownership interest | 97.70% | 97.80% |
Limited partners' ownership interest in the Operating Partnership | 2.30% | 2.20% |
Other Real Estate Partnerships | Ownership [Member] | ||
Organization [Line Items] | ||
Company's ownership interest | 100% | |
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships | 99% | |
General partners' minimum ownership interest in the Other Real Estate Partnerships | 0.01% | |
Joint Ventures | ||
Organization [Line Items] | ||
Number of industrial properties owned | Property | 3 | |
Gross leasable area (GLA) of industrial properties owned | ft² | 1.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Maturity of liquid investments | three months or less | ||
Minimum percentage of taxable income to be distributed | 90% | ||
Joint Venture I | |||
Finite-Lived Intangible Assets [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43% | ||
Joint Ventures | |||
Finite-Lived Intangible Assets [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 6,098 | $ 4,498 | $ 8,201 |
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 2,679 | $ 1,442 | $ 1,962 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 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 | 1 year |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 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, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | $ 24,090 | $ 21,316 |
Total deferred leasing intangibles, net, included in total liabilities | 15,152 | 9,252 |
Total accumulated amortization of deferred leasing intangibles included in total assets | 28,590 | 24,933 |
Total accumulated amortization of deferred leasing intangibles included in total liabilities | 18,004 | 15,040 |
In-Place Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 19,373 | 15,428 |
Above Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,319 | 1,621 |
Below Market Ground Lease Obligation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,462 | 1,507 |
Tenant Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total assets | 1,936 | 2,760 |
Below Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total deferred leasing intangibles, net, included in total liabilities | $ 15,152 | $ 9,252 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Deferred Leasing Intangibles (Phantoms) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Total accumulated amortization of deferred leasing intangibles included in total assets | $ 28,590 | $ 24,933 |
Total accumulated amortization of deferred leasing intangibles included in total liabilities | $ 18,004 | $ 15,040 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
In-Place Leases and Tenant Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 6,098 | $ 4,498 | $ 8,201 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2023 | 6,127 | ||
2024 | 4,449 | ||
2025 | 3,265 | ||
2026 | 2,316 | ||
2027 | 1,540 | ||
Above and Below Market Leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | 2,679 | $ 1,442 | $ 1,962 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2023 | 3,746 | ||
2024 | 3,074 | ||
2025 | 2,283 | ||
2026 | 1,613 | ||
2027 | $ 1,196 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ft² Property | Dec. 31, 2021 USD ($) ft² Property | Dec. 31, 2020 USD ($) ft² Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 426 | |||
Gross leasable area (GLA) of industrial properties | ft² | 65.3 | |||
Proceeds from sale of real estate | [1] | $ 178,340 | $ 243,407 | $ 153,351 |
Gain on sale of real estate | [1] | $ 128,268 | $ 150,310 | $ 86,751 |
Acquisition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | 11 | 4 | 8 | |
Gross leasable area (GLA) of industrial properties | ft² | 0.5 | 0.2 | 1.5 | |
Purchase Price of Industrial Properties Acquired | $ 137,126 | $ 38,727 | $ 154,410 | |
Purchase Price of Income Producing Land | 56,525 | 0 | 0 | |
Purchase Price of Land Parcels Acquired | 105,486 | 302,223 | 69,617 | |
Total Purchase Price of Industrial Properties and Land Parcels Acquired | $ 299,137 | $ 340,950 | $ 224,027 | |
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | Property | [2] | 9 | 29 | 29 |
Gross leasable area (GLA) of industrial properties | ft² | 2.2 | 2.9 | 1.9 | |
Number of Land Parcels | Property | 1 | |||
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 one land parcel for each of the years ended December 31, 2022 and 2021. (A) Included as one industrial property for each of the years ended December 31, 2021 and 2020 was 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, 2022 USD ($) ft² Property | Dec. 31, 2021 USD ($) ft² Property | Dec. 31, 2020 USD ($) ft² Property | |
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 426 | ||
Gross leasable area (GLA) of industrial properties | ft² | 65.3 | ||
Buildings and Improvements | $ 3,442,957 | $ 3,020,221 | |
Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 11 | 4 | 8 |
Gross leasable area (GLA) of industrial properties | ft² | 0.5 | 0.2 | 1.5 |
Purchase Price of Industrial Properties Acquired | $ 137,126 | $ 38,727 | $ 154,410 |
Purchase Price of Income Producing Land | 56,525 | 0 | 0 |
Purchase Price of Land Parcels Acquired | 105,486 | 302,223 | 69,617 |
Total Purchase Price of Industrial Properties and Land Parcels Acquired | 299,137 | 340,950 | $ 224,027 |
Buildings and Improvements | 43,685 | 28,839 | |
Other Assets | 2,975 | 1,663 | |
Income Producing Land Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Buildings and Improvements | 11,676 | ||
Other Assets | 1,577 | ||
Finite-lived Intangible Assets Acquired | 3,850 | ||
Acquired Finite-lived Intangible Liabilities, Fair Value | $ 4,950 | ||
Land Acquisition Activity | |||
Real Estate Properties [Line Items] | |||
Buildings and Improvements | 3,857 | ||
Other Assets | 1,434 | ||
Finite-lived Intangible Assets Acquired | $ 183 |
Investment in Real Estate - Sum
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate [Line Items] | |||
Land | $ 1,646,179 | $ 1,387,198 | |
Buildings and Improvements | 3,442,957 | 3,020,221 | |
Acquisition Activity | |||
Real Estate [Line Items] | |||
Land | 252,158 | 309,475 | |
Buildings and Improvements | 43,685 | 28,839 | |
Other Assets | 2,975 | 1,663 | |
Total Purchase Price of Industrial Properties and Land Parcels Acquired | 299,137 | 340,950 | $ 224,027 |
Acquisition Activity | In-Place Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (9,246) | (973) | |
Acquisition Activity | Above Market Leases | |||
Real Estate [Line Items] | |||
Acquired finite lived intangible assets, fair value | (23) | 0 | |
Acquisition Activity | Below Market Leases | |||
Real Estate [Line Items] | |||
Acquired Finite-lived Intangible Liabilities, Fair Value | $ (8,950) | $ 0 |
Investment in Real Estate Inv_2
Investment in Real Estate Investment in Real Estate - Summary of Industrial Property Dispositions (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) ft² Property | Dec. 31, 2021 USD ($) ft² Property | Dec. 31, 2020 USD ($) ft² Property | ||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 426 | |||
Gross leasable area (GLA) of industrial properties | ft² | 65.3 | |||
Proceeds from sale of real estate | $ | [1] | $ 178,340 | $ 243,407 | $ 153,351 |
Gain on sale of real estate | $ | [1] | $ 128,268 | $ 150,310 | $ 86,751 |
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | [2] | 9 | 29 | 29 |
Gross leasable area (GLA) of industrial properties | ft² | 2.2 | 2.9 | 1.9 | |
Number of Land Parcels | 1 | |||
Partial Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 1 | |||
[1] (B) Gross proceeds and gain on sale of real estate include the sale of one land parcel for each of the years ended December 31, 2022 and 2021. (A) Included as one industrial property for each of the years ended December 31, 2021 and 2020 was the sale of multiple industrial condominium units. |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 2,076,870 | |
Unsecured Credit Facility | 143,000 | $ 79,000 |
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% | |
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% | |
Maturity Date | Feb. 15, 2030 | |
2030 II Private Placement Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 100,000 | $ 100,000 |
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 | $ 200,000 |
Interest Rate | 2.84% | |
Effective Interest Rate | 2.84% | 2.84% |
Maturity Date | Sep. 17, 2032 | |
2015 Unsecured Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 0 | $ 260,000 |
2021 Unsecured Term Loan (A) | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 200,000 | 200,000 |
Interest Rate | 1.84% | |
Maturity Date | Jul. 07, 2026 | |
2022 Unsecured Term Loan (A) | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 425,000 | 0 |
Interest Rate | 3.64% | |
Maturity Date | Oct. 18, 2027 | |
2022 Unsecured Term Loan II (A)(B) | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 300,000 | 0 |
Interest Rate | 4.88% | |
Maturity Date | Aug. 12, 2025 | |
Mortgage Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 10,299 | 79,764 |
Unamortized Debt Issuance Costs | 0 | (90) |
Long-term Debt | $ 10,299 | 79,674 |
Interest Rate | 4.17% | |
Effective Interest Rate | 4.17% | |
Maturity Date | Aug. 01, 2028 | |
Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 998,571 | 998,571 |
Unamortized Debt Issuance Costs | (4,777) | (5,491) |
Unamortized Discounts | (52) | (59) |
Long-term Debt | 993,742 | 993,021 |
Unsecured Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 925,000 | 460,000 |
Unamortized Debt Issuance Costs | (5,740) | (1,675) |
Long-term Debt | 919,260 | 458,325 |
Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Costs | (3,285) | (4,577) |
Unsecured Credit Facility | $ 143,000 | $ 79,000 |
Interest Rate | 5.16% | |
Maturity Date | Jul. 07, 2025 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) extension | Dec. 31, 2021 USD ($) | Aug. 12, 2022 USD ($) | Apr. 18, 2022 USD ($) | Jul. 07, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 2,076,870 | ||||
2030 II Private Placement Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 100,000 | $ 100,000 | |||
Effective Interest Rate | 2.74% | 2.74% | |||
Interest Rate | 2.74% | ||||
2032 Private Placement Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 200,000 | $ 200,000 | |||
Effective Interest Rate | 2.84% | 2.84% | |||
Interest Rate | 2.84% | ||||
2022 Unsecured Term Loan II (A)(B) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 300,000 | $ 0 | |||
Unsecured term loan, face amount | $ 300,000 | ||||
Interest Rate | 4.88% | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
Extension Period | 1 year | ||||
Number of Extensions | extension | 2 | ||||
2022 II Swaps | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 300,000 | ||||
Swaps, Average Fixed Interest Rate | 3.93% | ||||
2022 II Swaps Due December 2025 | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 150,000 | ||||
2022 II Swaps Due August 2027 | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | 150,000 | ||||
2022 Unsecured Term Loan (A) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 425,000 | 0 | |||
Unsecured term loan, face amount | $ 425,000 | ||||
Interest Rate | 3.64% | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
2022 Swaps | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 425,000 | ||||
Swaps, Average Fixed Interest Rate | 2.69% | ||||
2021 Unsecured Term Loan (A) | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 200,000 | 200,000 | |||
Unsecured term loan, face amount | $ 200,000 | ||||
Interest Rate | 1.84% | ||||
Term Loan Borrowing Capacity | $ 460,000 | ||||
Debt instrument, interest rate terms | LIBOR plus 85 basis points | ||||
2021 Swaps | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 200,000 | ||||
Swaps, Average Fixed Interest Rate | 0.99% | ||||
Mortgage Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense | $ 0 | 90 | |||
Extinguishment of debt, amount | 67,973 | 60,471 | |||
Net carrying value of industrial properties collateralized by mortgage loans | 31,772 | ||||
Long-term Debt, Gross | $ 10,299 | 79,764 | |||
Effective Interest Rate | 4.17% | ||||
Interest Rate | 4.17% | ||||
Unsecured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized Debt Issuance Expense | $ 3,285 | $ 4,577 | |||
Interest Rate | 5.16% | ||||
Line of Credit Facility, current borrowing capacity | $ 750,000 | ||||
Line of Credit Facility, interest rate description | LIBOR plus 77.5 basis points | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||
Line of Credit Facility, additional borrowings capacity | $ 1,000,000 | ||||
Extension Period | 6 months | ||||
Number of Extensions | extension | 2 |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 320 |
2024 | 335 |
2025 | 443,349 |
2026 | 200,364 |
2027 | 556,449 |
Thereafter | 876,053 |
Total | $ 2,076,870 |
Indebtedness - Summary of Ind_2
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | $ 9,765 | $ 81,700 |
Senior Unsecured Notes, Net | 883,444 | 1,070,067 |
Unsecured Term Loans | 909,187 | 460,486 |
Unsecured Credit Facility | 143,000 | 79,000 |
Total | 1,945,396 | 1,691,253 |
Carrying Amount (A) | ||
Debt Instrument [Line Items] | ||
Mortgage Loans Payable, Net | 10,299 | 79,764 |
Senior Unsecured Notes, Net | 998,519 | 998,512 |
Unsecured Term Loans | 925,000 | 460,000 |
Unsecured Credit Facility | 143,000 | 79,000 |
Total | $ 2,076,818 | $ 1,617,276 |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Net Investment in Real Estate | $ 4,421,559 | $ 3,778,148 |
Operating Lease Right-of-Use Assets | 24,580 | 24,927 |
Cash and Cash Equivalents | 133,244 | 58,591 |
Deferred Rent Receivable | 122,918 | 98,727 |
Prepaid Expenses and Other Assets, Net | 200,100 | 156,047 |
Total Assets | 4,954,322 | 4,179,098 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Accounts Payable, Accrued Expenses and Other Liabilities | 178,879 | 153,096 |
Operating Lease Liabilities | 22,266 | 22,592 |
Rents Received in Advance and Security Deposits | 100,166 | 98,588 |
Total Liabilities and Equity/Partners' Capital | 4,954,322 | 4,179,098 |
Other Real Estate Partnerships | ||
ASSETS | ||
Net Investment in Real Estate | 313,245 | 277,984 |
Operating Lease Right-of-Use Assets | 13,000 | 13,087 |
Cash and Cash Equivalents | 2,915 | 9,126 |
Deferred Rent Receivable | 13,261 | 10,984 |
Prepaid Expenses and Other Assets, Net | 12,919 | 9,480 |
Total Assets | 355,340 | 320,661 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Accounts Payable, Accrued Expenses and Other Liabilities | 18,148 | 9,496 |
Operating Lease Liabilities | 10,249 | 10,277 |
Rents Received in Advance and Security Deposits | 7,917 | 7,470 |
Partners' Capital | 319,026 | 293,418 |
Total Liabilities and Equity/Partners' Capital | $ 355,340 | $ 320,661 |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) ft² Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) | |
Variable Interest Entity [Line Items] | |||
Joint Venture Development Services Expense | $ 909 | $ 0 | $ 0 |
Number of industrial properties owned | Property | 426 | ||
Gross leasable area (GLA) of industrial properties owned | ft² | 65.3 | ||
Net Investment in Real Estate | $ 4,421,559 | 3,778,148 | |
Joint Venture I | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 43% | ||
Joint Ventures | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49% | ||
Asset Management Fee | $ 1,717 | 407 | |
Property Management Fee Deferred | 395 | 86 | |
Joint Venture Development Services Expense | 909 | ||
Receivable balance due from joint venture | 34 | 56 | |
Net Income of the Joint Ventures | 171,511 | 14,905 | |
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 171,671 | $ 15,160 | |
Number of Acres | Property | 391 | 138 | |
Economic Share of Gain (Loss) on Joint Venture Sale | $ 84,119 | $ 7,142 | |
Incentive Fee | $ 31,308 | $ 3,024 | |
Number of industrial properties owned | Property | 3 | ||
Gross leasable area (GLA) of industrial properties owned | ft² | 1.8 | ||
Long-Term Construction Loan | $ 149,514 | ||
Loans Payable | 9,037 | ||
Unamortized Debt Issuance Expense | 1,188 | ||
Net Investment in Real Estate | $ 210,300 | ||
Former Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 14, 2020 | |
Class of Stock [Line Items] | ||||
Operating Partnership, aggregate cash payment | $ 147,471 | |||
Operating Partnership, shares | 3,055,766 | |||
Preferred Stock, Shares Authorized | 10,000,000 | |||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 0 | $ 0 | $ 0 | |
Net proceeds from the issuance of common stock | 12,823 | 145,760 | 78,718 | |
Equity in Income (Loss) of Joint Ventures | 114,942 | $ (161) | $ 4,200 | |
Joint Ventures | ||||
Class of Stock [Line Items] | ||||
Equity in Income (Loss) of Joint Ventures | 14,003 | |||
Noncontrolling Interest in Joint Ventures | $ 14,018 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Units converted to common stock | 139,021 | 103,953 | 172,610 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 2,444 | $ 1,761 | $ 2,090 | |
ATM [Member] | ||||
Class of Stock [Line Items] | ||||
Issuance of Common Stock/Contribution of General Partner Units | 218,230 | 2,513,758 | 1,842,281 | |
Net proceeds from the issuance of common stock | $ 12,823 | $ 145,760 | $ 78,718 | |
Commission To Sales Agent | 130 | 1,472 | 795 | |
First Industrial, L.P. | ||||
Class of Stock [Line Items] | ||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | |
Net proceeds from the issuance of common stock | 12,823 | 145,760 | 78,718 | |
Equity in Income (Loss) of Joint Ventures | 114,942 | (161) | 4,200 | |
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 | $ (2,444) | $ (1,761) | $ (2,090) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 131,747,725 | ||
Common Stock/Units, Outstanding, Ending Balance | 132,141,503 | 131,747,725 | |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 131,747,725 | 129,051,412 | 126,994,478 |
Issuance of Common Stock/Contribution of General Partner Units | 218,230 | 2,513,758 | 1,842,281 |
Issuance of Restricted Stock/Awards | 0 | 0 | 0 |
Vesting of Performance Units | 49,964 | 133,803 | 107,752 |
Repurchase and Retirement of Restricted Stock/Awards | (13,437) | (55,201) | (65,709) |
Conversion of Limited Partner Units | 139,021 | 103,953 | 172,610 |
Common Stock/Units, Outstanding, Ending Balance | 132,141,503 | 131,747,725 | 129,051,412 |
First Industrial, L.P. | Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Common Stock/Units, Outstanding, Beginning Balance | 134,682,928 | 131,764,554 | 129,417,222 |
Issuance of Common Stock/Contribution of General Partner Units | 218,230 | 2,513,758 | 1,842,281 |
Issuance of Restricted Stock/Awards | 280,081 | 337,685 | 464,975 |
Vesting of Performance Units | 49,964 | 133,803 | 107,752 |
Repurchase and Retirement of Restricted Stock/Awards | (33,934) | (66,872) | (67,676) |
Conversion of Limited Partner Units | 0 | 0 | 0 |
Common Stock/Units, Outstanding, Ending Balance | 135,197,269 | 134,682,928 | 131,764,554 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 159,976 | $ 143,643 | $ 130,943 |
Common Stock / Operating Partnership Units | |||
Class of Stock [Line Items] | |||
Total Common Stock Dividends / Unit Distributions | $ 159,976 | $ 143,643 | $ 130,943 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Changes in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 2,248,372 | $ 1,947,320 |
Ending Balance | 2,530,299 | 2,248,372 |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,331) | (17,308) |
Other Comprehensive Income (Loss), Before Reclassifications | 39,021 | 6,146 |
Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | (504) | 6,831 |
Net Current Period Other Comprehensive Income (Loss) | 38,517 | 12,977 |
Ending Balance | 34,186 | (4,331) |
Comprehensive Income (Loss) Attributable to Noncontrolling Interest of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 93 | 355 |
Other Comprehensive Income (Loss), Before Reclassifications | (867) | (262) |
Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | 0 | 0 |
Net Current Period Other Comprehensive Income (Loss) | (867) | (262) |
Ending Balance | (774) | 93 |
Accumulated Other Comprehensive Income (Loss) of the Company | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,238) | (16,953) |
Other Comprehensive Income (Loss), Before Reclassifications | 38,154 | 5,884 |
Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | (504) | 6,831 |
Net Current Period Other Comprehensive Income (Loss) | 37,650 | 12,715 |
Ending Balance | 33,412 | (4,238) |
First Industrial, L.P. | Accumulated Other Comprehensive Income/Loss of the Operating Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,331) | (17,308) |
Other Comprehensive Income (Loss), Before Reclassifications | 39,021 | 6,146 |
Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss | (504) | 6,831 |
Net Current Period Other Comprehensive Income (Loss) | 38,517 | 12,977 |
Ending Balance | $ 34,186 | $ (4,331) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Acceleration of 2020 Swap | $ 33,972 | $ 34,610 | $ 32,848 |
Total | 76,068 | 102,784 | 32,030 |
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 | 410 | 410 |
Interest Expense - Settlement (Receipts) Payments | (914) | 6,421 | 6,516 |
Acceleration of 2020 Swap | 0 | 0 | 201 |
Total | $ (504) | $ 6,831 | $ 7,127 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 359,134 | $ 270,997 | $ 195,989 |
Net Income Allocable to Participating Securities | (348) | (299) | (314) |
Net Income Available to Common Stockholders / Unitholders | $ 358,786 | $ 270,698 | $ 195,675 |
Denominator: | |||
Weighted Average Shares/Units - Basic | 132,024 | 129,688 | 127,711 |
Performance Units/Performance Units and certain Performance RLP Units | 79 | 87 | 193 |
Weighted Average Shares / Units - Diluted | 132,103 | 129,775 | 127,904 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
First Industrial, L.P. | |||
Numerator: | |||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 367,519 | $ 277,038 | $ 199,934 |
Net Income Allocable to Participating Securities | (877) | (770) | (662) |
Net Income Available to Common Stockholders / Unitholders | $ 366,642 | $ 276,268 | $ 199,272 |
Denominator: | |||
Weighted Average Shares/Units - Basic | 134,229 | 131,740 | 129,752 |
Performance Units/Performance Units and certain Performance RLP Units | 452 | 497 | 375 |
Weighted Average Shares / Units - Diluted | 134,681 | 132,237 | 130,127 |
Basic Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.73 | $ 2.10 | $ 1.54 |
Diluted Earnings Per Share / Unit: | |||
Net Income Available to Common Stockholders/Unitholders | $ 2.72 | $ 2.09 | $ 1.53 |
Earnings Per Share _ Unit (EP_4
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Service Awards/Service Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 143,080 | 147,937 | |
Service Awards/Service Units | Management | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 143,080 | 147,937 | 211,920 |
First Industrial, L.P. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested Service Awards / Performance Awards | 336,030 | 378,548 | 444,407 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Benefit (Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ (226) | $ (2,458) | $ (3,659) |
State | (356) | (1,936) | (1,718) |
Deferred: | |||
Federal | (19,154) | (454) | 2,969 |
State | (3,627) | (31) | 0 |
Income Tax (Provision) Benefit | $ (23,363) | $ (4,879) | $ (2,408) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Property, Plant and Equipment | $ 1,603 | $ 332 |
Deferred Tax Assets Interest Limitation | 551 | 316 |
Deferred Tax Assets, Other | 263 | 243 |
Deferred Tax Assets, Net of Valuation Allowance | 2,417 | 891 |
Deferred Tax Liabilities, Tax Deferred Income | (24,340) | 0 |
Deferred Tax Liabilities, Other | (299) | (332) |
Deferred Tax Liabilities, Gross | (24,639) | (332) |
Deferred Tax Liabilities, Net | $ (22,222) | |
Deferred Tax Assets, Net | $ 559 |
Income Taxes - Federal Income T
Income Taxes - Federal Income Tax Treatment of Common Dividends (Details) - Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax [Line Items] | |||
Ordinary Income (A) | $ 1.0720 | $ 0.9928 | $ 0.5800 |
Unrecaptured Section 1250 Capital Gain | 0.0060 | 0.0060 | 0.2576 |
Other Capital Gain (B) | 0.0168 | 0.0128 | 0.1624 |
Qualified Dividend | 0.0852 | 0.0684 | 0 |
Distributions Per Common Share | $ 1.1800 | $ 1.0800 | $ 1 |
Ordinary Income as a Percentage of Distributions | 90.85% | 91.93% | 58% |
Unrecaptured Section 1250 Gain as a Percentage of Distributions | 0.51% | 0.55% | 25.76% |
Capital Gain as a Percentage of Distributions | 1.42% | 1.19% | 16.24% |
Qualified Dividend as a Percentage Of Distributions | 7.22% | 6.33% | 0% |
Common Distributions Percentage | 100% | 100% | 100% |
Capital Gains as Percentage for One Year | 52% | ||
Capital Gains as Percentage for the Three Year | 12.60% |
Lessee Disclosures (Details)
Lessee Disclosures (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |
Remaining Ground Lease Terms, Minimum | 32 years |
Remaining Ground Lease Terms, Maximum | 49 years |
Operating Lease Expense | $ 3,458 |
Operating Lease, Weighted Average Remaining Lease Term | 38 years 6 months |
Lessee, Weighted Average Discount Rate | 7.20% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining Lease Terms for Office Leases | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining Lease Terms for Office Leases | 6 years |
Lessee Disclosures - Operating
Lessee Disclosures - Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
2023 | $ 2,771 | |
2024 | 2,643 | |
2025 | 2,423 | |
2026 | 1,952 | |
2027 | 1,549 | |
Thereafter | 55,975 | |
Total Lease Payments | 67,313 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (45,047) | |
Operating Lease Liabilities | $ 22,266 | $ 22,592 |
Lessor Disclosures - Future Min
Lessor Disclosures - Future Minimum Rental Receipts (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor, Operating Lease, Payments to be Received, Fiscal Year Maturity [Abstract] | |
2023 | $ 406,903 |
2024 | 374,301 |
2025 | 337,512 |
2026 | 289,469 |
2027 | 231,940 |
Thereafter | 551,171 |
Total | $ 2,191,296 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available under the Stock Incentive Plan | 2,500,000 | ||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 15,722 | $ 13,719 | $ 12,931 |
Share-based Payment Arrangement, Amount Capitalized | 3,605 | 2,405 | 2,030 |
Unrecognized compensation related to unvested Performance Awards | $ 10,566 | ||
Weighted average period of unrecognized compensation expected to be recognized | 10 months 28 days | ||
Matching contributions in 401(k)/profit sharing plan | $ 1,314 | $ 1,186 | $ 977 |
Management | Performance Awards/Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 35,867 | 58,568 | 59,263 |
Fair Value of Performance Awards/Service Awards issued | $ 7,266 | $ 7,162 | $ 7,883 |
Management | Performance RLP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 208,454 | 263,621 | 322,477 |
Management | Service Awards/Service Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance Units/RLP Unit Awards issued | 78,482 | 67,127 | 80,387 |
Fair Value of Performance Awards/Service Awards issued | $ 8,032 | $ 5,195 | $ 8,641 |
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 | 57,907 | 51,525 | 119,596 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1.75% | 2.49% | 2.22% |
Expected volatility - weighted average | 24.91% | 32.44% | 16.97% |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 19.89% | 29% | 16.25% |
Risk-free interest rate | 0.22% | 0.02% | 1.63% |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility - range used | 28.74% | 37.18% | 17.56% |
Risk-free interest rate | 1.21% | 0.19% | 1.68% |
Long-Term Compensation - Summar
Long-Term Compensation - Summary of Performance Award and Service Award Transactions (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
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 | 142,498 |
Issued, Awards | shares | 35,867 |
Forfeited, Awards | shares | (2,117) |
Vested, Awards | shares | (31,167) |
Outstanding, Ending Balance, Awards | shares | 145,081 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 19.47 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 29.74 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 21.42 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 12.45 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 23.49 |
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 | 724,425 |
Issued, Awards | shares | 208,454 |
Forfeited, Awards | shares | (12,803) |
Vested, Awards | shares | (180,646) |
Outstanding, Ending Balance, Awards | shares | 739,430 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 19.45 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 29.74 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 20.65 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 13.54 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 23.78 |
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 | 147,937 |
Issued, Awards | shares | 78,482 |
Forfeited, Awards | shares | (1,752) |
Vested, Awards | shares | (81,587) |
Outstanding, Ending Balance, Awards | shares | 143,080 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 41.95 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 57.60 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 48.94 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 40.27 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 51.41 |
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 | 158,169 |
Issued, Awards | shares | 57,907 |
Forfeited, Awards | shares | 0 |
Vested, Awards | shares | (97,069) |
Outstanding, Ending Balance, Awards | shares | 119,007 |
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares | $ 41.60 |
Issued, Weighted Average Grant Date Fair Value | $ / shares | 60.64 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 0 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 40.38 |
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares | $ 51.85 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 12, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
2022 Swaps | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 425,000 | ||
Swaps, Average Fixed Interest Rate | 2.69% | ||
2022 II Swaps | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 300,000 | ||
Swaps, Average Fixed Interest Rate | 3.93% | ||
2022 II Swaps Due December 2025 | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 150,000 | ||
2022 II Swaps Due August 2027 | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 150,000 | ||
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% | ||
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% | ||
2022 Swaps | |||
Derivative [Line Items] | |||
Swaps, Number of Instruments Held | 8 | ||
Derivative, Notional Amount | $ 425,000 | ||
Description of Variable Rate Basis | one-month SOFR | ||
Swaps, Average Fixed Interest Rate | 2.69% | ||
2022 II Swaps | |||
Derivative [Line Items] | |||
Swaps, Number of Instruments Held | 7 | ||
Derivative, Notional Amount | $ 300,000 | ||
Description of Variable Rate Basis | adjusted daily simple SOFR | ||
Swaps, Average Fixed Interest Rate | 3.93% | ||
2022 II Swaps Due December 2025 | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 150,000 | ||
2022 II Swaps Due August 2027 | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 150,000 | ||
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, 2022 | Dec. 31, 2021 |
2021 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | $ 17,976 | $ 1,341 |
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, Asset, Fair Value | 0 | 0 |
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 17,976 | 1,341 |
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 0 | 0 |
2015 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (2,668) | |
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | 0 | |
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (2,668) | |
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | $ 0 | |
2022 Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 19,057 | |
2022 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 0 | |
2022 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 19,057 | |
2022 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Asset, Fair Value | 0 | |
2022 II Swaps | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (253) | |
2022 II 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 | |
2022 II Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | (253) | |
2022 II Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | ||
Fair Value On Recurring Basis [Line Items] | ||
Hedging Instrument, Liability, Fair Value | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 9,285 | $ 9,239 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions | Dec. 31, 2022 USD ($) ft² Property |
Other Commitments [Line Items] | |
Outstanding amount of letters of credit and performance bonds in the aggregate | $ 22,612 |
Number of industrial properties | Property | 426 |
Gross leasable area (GLA) of industrial properties | ft² | 65.3 |
Development Activity | |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 14 |
Gross leasable area (GLA) of industrial properties | ft² | 3.6 |
Estimated total investment | $ 556,200 |
Estimated total investment remaining to be funded | $ 263,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 15, 2023 USD ($) Property | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) Property | |
Subsequent Event [Line Items] | ||||
Number of industrial properties | 426 | |||
Acquisition Activity | ||||
Subsequent Event [Line Items] | ||||
Number of industrial properties | 11 | 4 | 8 | |
Total Purchase Price of Industrial Properties and Land Parcels Acquired | $ | $ 299,137 | $ 340,950 | $ 224,027 | |
Subsequent Events | Acquisition Activity | ||||
Subsequent Event [Line Items] | ||||
Number of industrial properties | 1 | |||
Total Purchase Price of Industrial Properties and Land Parcels Acquired | $ | $ 6,000 |
Schedule III_ Real Estate and_2
Schedule III: Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,299 | |||
Land | 1,654,627 | |||
Buildings and Improvements | 1,417,535 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,270,877 | |||
Land | 1,646,179 | |||
Buildings and Improvements | 3,696,860 | |||
Total | 5,343,039 | |||
(b) Accumulated Depreciation 12/31/2022 | 921,480 | $ 868,296 | $ 839,349 | $ 804,780 |
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 | (724) | |||
Land | 345 | |||
Buildings and Improvements | 4,254 | |||
Total | 4,599 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,021 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,740 | |||
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 | 2,182 | |||
Land | 828 | |||
Buildings and Improvements | 6,564 | |||
Total | 7,392 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,224 | |||
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 | 2,397 | |||
Land | 1,157 | |||
Buildings and Improvements | 8,170 | |||
Total | 9,327 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,221 | |||
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 | 1,229 | |||
Land | 546 | |||
Buildings and Improvements | 4,194 | |||
Total | 4,740 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,502 | |||
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 | 1,068 | |||
Land | 804 | |||
Buildings and Improvements | 5,464 | |||
Total | 6,268 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,269 | |||
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 | 911 | |||
Land | 574 | |||
Buildings and Improvements | 4,037 | |||
Total | 4,611 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,163 | |||
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 | 711 | |||
Land | 459 | |||
Buildings and Improvements | 3,208 | |||
Total | 3,667 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,720 | |||
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 | 3,478 | |||
Land | 1,604 | |||
Buildings and Improvements | 15,938 | |||
Total | 17,542 | |||
(b) Accumulated Depreciation 12/31/2022 | 8,196 | |||
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 | 8,134 | |||
Land | 1,550 | |||
Buildings and Improvements | 8,134 | |||
Total | 9,684 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,533 | |||
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 | (198) | |||
Land | 740 | |||
Buildings and Improvements | 3,424 | |||
Total | 4,164 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,162 | |||
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 | 191 | |||
Land | 513 | |||
Buildings and Improvements | 1,438 | |||
Total | 1,951 | |||
(b) Accumulated Depreciation 12/31/2022 | 839 | |||
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 | 411 | |||
Land | 715 | |||
Buildings and Improvements | 2,717 | |||
Total | 3,432 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,697 | |||
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 | 1,093 | |||
Land | 610 | |||
Buildings and Improvements | 4,975 | |||
Total | 5,585 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,624 | |||
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 | 543 | |||
Land | 402 | |||
Buildings and Improvements | 2,329 | |||
Total | 2,731 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,560 | |||
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 | 26 | |||
Land | 716 | |||
Buildings and Improvements | 2,140 | |||
Total | 2,856 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,189 | |||
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 | 449 | |||
Land | 885 | |||
Buildings and Improvements | 3,995 | |||
Total | 4,880 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,176 | |||
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 | (1,212) | |||
Land | 467 | |||
Buildings and Improvements | 2,772 | |||
Total | 3,239 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,391 | |||
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 | 2,514 | |||
Land | 2,594 | |||
Buildings and Improvements | 24,230 | |||
Total | 26,824 | |||
(b) Accumulated Depreciation 12/31/2022 | 8,528 | |||
5055 Oakley Industrial Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,514 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 166 | |||
Land | 8,680 | |||
Buildings and Improvements | 0 | |||
Total | 8,680 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | 464 | |||
Land | 2,428 | |||
Buildings and Improvements | 2,351 | |||
Total | 4,779 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,269 | |||
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 | 17,232 | |||
Land | 2,502 | |||
Buildings and Improvements | 17,231 | |||
Total | 19,733 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,393 | |||
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 | 34,386 | |||
Land | 3,661 | |||
Buildings and Improvements | 34,375 | |||
Total | 38,036 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,040 | |||
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 | 6,966 | |||
Land | 1,863 | |||
Buildings and Improvements | 19,597 | |||
Total | 21,460 | |||
(b) Accumulated Depreciation 12/31/2022 | 7,799 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,335 | |||
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 | (871) | |||
Land | 2,206 | |||
Buildings and Improvements | 8,469 | |||
Total | 10,675 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,498 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,218 | |||
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 | 666 | |||
Land | 938 | |||
Buildings and Improvements | 3,175 | |||
Total | 4,113 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,072 | |||
10709 Gilroy Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 913 | |||
Buildings and Improvements | 2,705 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 175 | |||
Land | 913 | |||
Buildings and Improvements | 2,880 | |||
Total | 3,793 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,305 | |||
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 | 886 | |||
Land | 1,136 | |||
Buildings and Improvements | 4,680 | |||
Total | 5,816 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,369 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,385 | |||
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 | 12,539 | |||
Land | 2,823 | |||
Buildings and Improvements | 12,626 | |||
Total | 15,449 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,854 | |||
100 Tyson Drive [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 | 11,126 | |||
Land | 2,401 | |||
Buildings and Improvements | 11,045 | |||
Total | 13,446 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,305 | |||
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 | 420 | |||
Land | 3,411 | |||
Buildings and Improvements | 17,564 | |||
Total | 20,975 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,023 | |||
500 Old Post Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,289 | |||
Buildings and Improvements | 30,533 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,143 | |||
Land | 8,289 | |||
Buildings and Improvements | 35,676 | |||
Total | 43,965 | |||
(b) Accumulated Depreciation 12/31/2022 | 9,118 | |||
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 | 19,591 | |||
Land | 12,081 | |||
Buildings and Improvements | 60,593 | |||
Total | 72,674 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,752 | |||
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 | 2,849 | |||
Land | 4,978 | |||
Buildings and Improvements | 15,334 | |||
Total | 20,312 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,596 | |||
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 | 2,064 | |||
Land | 287 | |||
Buildings and Improvements | 2,896 | |||
Total | 3,183 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,473 | |||
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 | 878 | |||
Land | 206 | |||
Buildings and Improvements | 1,865 | |||
Total | 2,071 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,735 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,897 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,774 | |||
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 | 6,393 | |||
Land | 541 | |||
Buildings and Improvements | 9,252 | |||
Total | 9,793 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,142 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 497 | |||
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 | 2,914 | |||
Land | 1,341 | |||
Buildings and Improvements | 10,030 | |||
Total | 11,371 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,951 | |||
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 | 202 | |||
Land | 601 | |||
Buildings and Improvements | 3,362 | |||
Total | 3,963 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,841 | |||
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 | 192 | |||
Land | 964 | |||
Buildings and Improvements | 6,094 | |||
Total | 7,058 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,139 | |||
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 | (297) | |||
Land | 387 | |||
Buildings and Improvements | 2,041 | |||
Total | 2,428 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,029 | |||
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 | (322) | |||
Land | 443 | |||
Buildings and Improvements | 1,258 | |||
Total | 1,701 | |||
(b) Accumulated Depreciation 12/31/2022 | 637 | |||
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 | 3,808 | |||
Land | 2,769 | |||
Buildings and Improvements | 20,734 | |||
Total | 23,503 | |||
(b) Accumulated Depreciation 12/31/2022 | 10,504 | |||
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 | 160 | |||
Land | 316 | |||
Buildings and Improvements | 2,422 | |||
Total | 2,738 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,075 | |||
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 | 12,961 | |||
Land | 2,341 | |||
Buildings and Improvements | 12,120 | |||
Total | 14,461 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,596 | |||
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 | 59,058 | |||
Land | 7,019 | |||
Buildings and Improvements | 59,061 | |||
Total | 66,080 | |||
(b) Accumulated Depreciation 12/31/2022 | 20,827 | |||
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 | 25,361 | |||
Land | 4,715 | |||
Buildings and Improvements | 25,364 | |||
Total | 30,079 | |||
(b) Accumulated Depreciation 12/31/2022 | 9,146 | |||
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 | 344 | |||
Land | 1,226 | |||
Buildings and Improvements | 5,118 | |||
Total | 6,344 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,011 | |||
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 | (1,524) | |||
Land | 4,070 | |||
Buildings and Improvements | 12,955 | |||
Total | 17,025 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,248 | |||
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 | 27,488 | |||
Land | 6,889 | |||
Buildings and Improvements | 27,483 | |||
Total | 34,372 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,163 | |||
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 | 17,605 | |||
Land | 4,388 | |||
Buildings and Improvements | 18,072 | |||
Total | 22,460 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,190 | |||
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 | 12,843 | |||
Land | 3,128 | |||
Buildings and Improvements | 13,174 | |||
Total | 16,302 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,348 | |||
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 | 41,431 | |||
Land | 13,724 | |||
Buildings and Improvements | 41,409 | |||
Total | 55,133 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,726 | |||
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 | 14,631 | |||
Land | 3,171 | |||
Buildings and Improvements | 14,625 | |||
Total | 17,796 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,623 | |||
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 | 9,936 | |||
Land | 2,087 | |||
Buildings and Improvements | 9,908 | |||
Total | 11,995 | |||
(b) Accumulated Depreciation 12/31/2022 | 640 | |||
1960 Weaversville Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,196 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,513 | |||
Land | 2,196 | |||
Buildings and Improvements | 11,513 | |||
Total | 13,709 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
2771 N. Market Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 50,789 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 64,592 | |||
Land | 50,789 | |||
Buildings and Improvements | 64,592 | |||
Total | 115,381 | |||
(b) Accumulated Depreciation 12/31/2022 | 654 | |||
720-730 Landwehr Drive [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 | 1,376 | |||
Land | 521 | |||
Buildings and Improvements | 4,358 | |||
Total | 4,879 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,563 | |||
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 | 1,942 | |||
Land | 968 | |||
Buildings and Improvements | 7,495 | |||
Total | 8,463 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,678 | |||
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 | 872 | |||
Land | 696 | |||
Buildings and Improvements | 4,807 | |||
Total | 5,503 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,194 | |||
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 | 1,158 | |||
Land | 205 | |||
Buildings and Improvements | 2,307 | |||
Total | 2,512 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,252 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,112 | |||
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 | (80) | |||
Land | 162 | |||
Buildings and Improvements | 1,283 | |||
Total | 1,445 | |||
(b) Accumulated Depreciation 12/31/2022 | 692 | |||
1005 101st Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,200 | |||
Buildings and Improvements | 6,643 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,679 | |||
Land | 1,220 | |||
Buildings and Improvements | 8,302 | |||
Total | 9,522 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,322 | |||
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 | 767 | |||
Land | 433 | |||
Buildings and Improvements | 3,124 | |||
Total | 3,557 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,530 | |||
251 Airport Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 983 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,780 | |||
Land | 983 | |||
Buildings and Improvements | 6,780 | |||
Total | 7,763 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,357 | |||
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 | 3,136 | |||
Land | 1,181 | |||
Buildings and Improvements | 12,586 | |||
Total | 13,767 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,865 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,002 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 878 | |||
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 | (1,288) | |||
Land | 1,134 | |||
Buildings and Improvements | 3,003 | |||
Total | 4,137 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,146 | |||
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 | 2,326 | |||
Land | 579 | |||
Buildings and Improvements | 3,062 | |||
Total | 3,641 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,481 | |||
1501 Oakton Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,982 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,776 | |||
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 | 37,245 | |||
Land | 4,296 | |||
Buildings and Improvements | 36,161 | |||
Total | 40,457 | |||
(b) Accumulated Depreciation 12/31/2022 | 14,885 | |||
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 | 1,311 | |||
Land | 4,476 | |||
Buildings and Improvements | 17,372 | |||
Total | 21,848 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,521 | |||
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 | (2,005) | |||
Land | 4,201 | |||
Buildings and Improvements | 15,599 | |||
Total | 19,800 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,270 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 472 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,261 | |||
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 | 1,101 | |||
Land | 1,788 | |||
Buildings and Improvements | 8,352 | |||
Total | 10,140 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,014 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,038 | |||
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 | 26,102 | |||
Land | 2,134 | |||
Buildings and Improvements | 26,101 | |||
Total | 28,235 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,069 | |||
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 | 18,560 | |||
Land | 2,598 | |||
Buildings and Improvements | 18,557 | |||
Total | 21,155 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,027 | |||
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 | 748 | |||
Land | 2,400 | |||
Buildings and Improvements | 10,719 | |||
Total | 13,119 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,501 | |||
8630 31st Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,784 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 32,642 | |||
Land | 1,784 | |||
Buildings and Improvements | 32,642 | |||
Total | 34,426 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | 1,523 | |||
Land | 1,109 | |||
Buildings and Improvements | 7,612 | |||
Total | 8,721 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,690 | |||
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 | 5,769 | |||
Land | 630 | |||
Buildings and Improvements | 5,769 | |||
Total | 6,399 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,014 | |||
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 | 6,557 | |||
Land | 779 | |||
Buildings and Improvements | 6,557 | |||
Total | 7,336 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,203 | |||
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 | 480 | |||
Land | 840 | |||
Buildings and Improvements | 2,106 | |||
Total | 2,946 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,474 | |||
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 | 285 | |||
Land | 355 | |||
Buildings and Improvements | 1,600 | |||
Total | 1,955 | |||
(b) Accumulated Depreciation 12/31/2022 | 993 | |||
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 | 215 | |||
Land | 394 | |||
Buildings and Improvements | 1,957 | |||
Total | 2,351 | |||
(b) Accumulated Depreciation 12/31/2022 | 793 | |||
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 | (43) | |||
Land | 397 | |||
Buildings and Improvements | 2,496 | |||
Total | 2,893 | |||
(b) Accumulated Depreciation 12/31/2022 | 923 | |||
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 | (323) | |||
Land | 508 | |||
Buildings and Improvements | 2,823 | |||
Total | 3,331 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,004 | |||
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 | 153 | |||
Land | 548 | |||
Buildings and Improvements | 3,190 | |||
Total | 3,738 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,141 | |||
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 | (657) | |||
Land | 627 | |||
Buildings and Improvements | 3,342 | |||
Total | 3,969 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,333 | |||
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 | 1,177 | |||
Land | 172 | |||
Buildings and Improvements | 2,189 | |||
Total | 2,361 | |||
(b) Accumulated Depreciation 12/31/2022 | 949 | |||
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 | 600 | |||
Land | 142 | |||
Buildings and Improvements | 1,445 | |||
Total | 1,587 | |||
(b) Accumulated Depreciation 12/31/2022 | 668 | |||
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 | 882 | |||
Land | 270 | |||
Buildings and Improvements | 2,191 | |||
Total | 2,461 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,140 | |||
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 | 910 | |||
Land | 469 | |||
Buildings and Improvements | 3,481 | |||
Total | 3,950 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,052 | |||
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 | 235 | |||
Land | 258 | |||
Buildings and Improvements | 1,649 | |||
Total | 1,907 | |||
(b) Accumulated Depreciation 12/31/2022 | 978 | |||
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 | 927 | |||
Land | 468 | |||
Buildings and Improvements | 3,513 | |||
Total | 3,981 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,800 | |||
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 | 302 | |||
Land | 316 | |||
Buildings and Improvements | 2,331 | |||
Total | 2,647 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,139 | |||
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 | 495 | |||
Land | 443 | |||
Buildings and Improvements | 2,923 | |||
Total | 3,366 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,498 | |||
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 | (188) | |||
Land | 255 | |||
Buildings and Improvements | 2,048 | |||
Total | 2,303 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,044 | |||
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 | 526 | |||
Land | 442 | |||
Buildings and Improvements | 2,999 | |||
Total | 3,441 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,533 | |||
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 | 843 | |||
Land | 507 | |||
Buildings and Improvements | 3,681 | |||
Total | 4,188 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,779 | |||
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 | 997 | |||
Land | 306 | |||
Buildings and Improvements | 2,867 | |||
Total | 3,173 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,263 | |||
2015 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 510 | |||
Buildings and Improvements | 2,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 671 | |||
Land | 516 | |||
Buildings and Improvements | 3,556 | |||
Total | 4,072 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,744 | |||
2009 McKenzie Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 476 | |||
Buildings and Improvements | 2,699 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 537 | |||
Land | 481 | |||
Buildings and Improvements | 3,231 | |||
Total | 3,712 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,651 | |||
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 | 1,111 | |||
Land | 629 | |||
Buildings and Improvements | 4,633 | |||
Total | 5,262 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,228 | |||
Plano Crossing Bus. Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,961 | |||
Buildings and Improvements | 11,112 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 913 | |||
Land | 1,981 | |||
Buildings and Improvements | 12,005 | |||
Total | 13,986 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,937 | |||
825-827 Avenue H [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 600 | |||
Buildings and Improvements | 3,006 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,092 | |||
Land | 604 | |||
Buildings and Improvements | 4,094 | |||
Total | 4,698 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,331 | |||
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 | 317 | |||
Land | 302 | |||
Buildings and Improvements | 1,819 | |||
Total | 2,121 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,105 | |||
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 | (84) | |||
Land | 704 | |||
Buildings and Improvements | 3,421 | |||
Total | 4,125 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,900 | |||
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 | 808 | |||
Land | 604 | |||
Buildings and Improvements | 3,650 | |||
Total | 4,254 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,885 | |||
1322-66 W. North Carrier Parkway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,012 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,328 | |||
Land | 1,006 | |||
Buildings and Improvements | 6,334 | |||
Total | 7,340 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,621 | |||
2401-2407 Centennial Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 600 | |||
Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 710 | |||
Land | 604 | |||
Buildings and Improvements | 3,240 | |||
Total | 3,844 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,013 | |||
3111 West Commerce Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings and Improvements | 3,364 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,088 | |||
Land | 1,011 | |||
Buildings and Improvements | 4,441 | |||
Total | 5,452 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,710 | |||
13800 Senlac Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 823 | |||
Buildings and Improvements | 4,042 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (149) | |||
Land | 825 | |||
Buildings and Improvements | 3,891 | |||
Total | 4,716 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,056 | |||
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 | 2,368 | |||
Land | 2,586 | |||
Buildings and Improvements | 18,919 | |||
Total | 21,505 | |||
(b) Accumulated Depreciation 12/31/2022 | 14,413 | |||
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 | 446 | |||
Land | 601 | |||
Buildings and Improvements | 3,771 | |||
Total | 4,372 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,628 | |||
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 | 51 | |||
Land | 481 | |||
Buildings and Improvements | 2,821 | |||
Total | 3,302 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,142 | |||
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 | (123) | |||
Land | 771 | |||
Buildings and Improvements | 3,722 | |||
Total | 4,493 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,748 | |||
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 | 14,414 | |||
Land | 1,947 | |||
Buildings and Improvements | 14,379 | |||
Total | 16,326 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,064 | |||
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 | 14,689 | |||
Land | 1,073 | |||
Buildings and Improvements | 15,680 | |||
Total | 16,753 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,490 | |||
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 | 10,982 | |||
Land | 632 | |||
Buildings and Improvements | 11,565 | |||
Total | 12,197 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,570 | |||
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 | 7,094 | |||
Land | 1,349 | |||
Buildings and Improvements | 7,046 | |||
Total | 8,395 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,289 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,247 | |||
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 | 10,164 | |||
Land | 1,603 | |||
Buildings and Improvements | 10,164 | |||
Total | 11,767 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,656 | |||
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 | 13,106 | |||
Land | 3,963 | |||
Buildings and Improvements | 13,106 | |||
Total | 17,069 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,336 | |||
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 | 8,413 | |||
Land | 2,243 | |||
Buildings and Improvements | 8,413 | |||
Total | 10,656 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,539 | |||
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 | 48,002 | |||
Land | 4,779 | |||
Buildings and Improvements | 47,898 | |||
Total | 52,677 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,588 | |||
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 | 9,867 | |||
Land | 1,901 | |||
Buildings and Improvements | 9,858 | |||
Total | 11,759 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,442 | |||
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 | 24,451 | |||
Land | 7,514 | |||
Buildings and Improvements | 24,456 | |||
Total | 31,970 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,239 | |||
2051 Midway Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,353 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 14,118 | |||
Land | 1,421 | |||
Buildings and Improvements | 14,050 | |||
Total | 15,471 | |||
(b) Accumulated Depreciation 12/31/2022 | 497 | |||
2075 Midway Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,785 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,129 | |||
Land | 2,841 | |||
Buildings and Improvements | 17,073 | |||
Total | 19,914 | |||
(b) Accumulated Depreciation 12/31/2022 | 467 | |||
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 | 417 | |||
Land | 175 | |||
Buildings and Improvements | 1,396 | |||
Total | 1,571 | |||
(b) Accumulated Depreciation 12/31/2022 | 753 | |||
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 | 325 | |||
Land | 134 | |||
Buildings and Improvements | 1,073 | |||
Total | 1,207 | |||
(b) Accumulated Depreciation 12/31/2022 | 614 | |||
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 | 345 | |||
Land | 368 | |||
Buildings and Improvements | 2,385 | |||
Total | 2,753 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,449 | |||
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 | 244 | |||
Land | 221 | |||
Buildings and Improvements | 1,481 | |||
Total | 1,702 | |||
(b) Accumulated Depreciation 12/31/2022 | 883 | |||
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 | 243 | |||
Land | 291 | |||
Buildings and Improvements | 1,870 | |||
Total | 2,161 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,120 | |||
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 | 356 | |||
Land | 381 | |||
Buildings and Improvements | 2,480 | |||
Total | 2,861 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,497 | |||
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 | 728 | |||
Land | 271 | |||
Buildings and Improvements | 2,243 | |||
Total | 2,514 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,181 | |||
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 | 799 | |||
Land | 422 | |||
Buildings and Improvements | 3,137 | |||
Total | 3,559 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,917 | |||
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 | 972 | |||
Land | 236 | |||
Buildings and Improvements | 2,281 | |||
Total | 2,517 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,242 | |||
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 | 4 | |||
Land | 441 | |||
Buildings and Improvements | 2,693 | |||
Total | 3,134 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,700 | |||
9500 West 49th Street - A [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings and Improvements | 1,625 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 218 | |||
Land | 287 | |||
Buildings and Improvements | 1,839 | |||
Total | 2,126 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,119 | |||
9500 West 49th Street - B [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 225 | |||
Buildings and Improvements | 1,272 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 236 | |||
Land | 227 | |||
Buildings and Improvements | 1,506 | |||
Total | 1,733 | |||
(b) Accumulated Depreciation 12/31/2022 | 925 | |||
9500 West 49th Street - C [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 600 | |||
Buildings and Improvements | 3,409 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 252 | |||
Land | 601 | |||
Buildings and Improvements | 3,660 | |||
Total | 4,261 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,246 | |||
9500 West 49th Street - D [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 246 | |||
Buildings and Improvements | 1,537 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 146 | |||
Land | 247 | |||
Buildings and Improvements | 1,682 | |||
Total | 1,929 | |||
(b) Accumulated Depreciation 12/31/2022 | 988 | |||
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 | 807 | |||
Land | 383 | |||
Buildings and Improvements | 2,952 | |||
Total | 3,335 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,547 | |||
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 | 291 | |||
Land | 422 | |||
Buildings and Improvements | 2,640 | |||
Total | 3,062 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,621 | |||
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 | 225 | |||
Land | 278 | |||
Buildings and Improvements | 1,767 | |||
Total | 2,045 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,095 | |||
445 Bryant Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,829 | |||
Buildings and Improvements | 10,219 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,132 | |||
Land | 1,829 | |||
Buildings and Improvements | 13,351 | |||
Total | 15,180 | |||
(b) Accumulated Depreciation 12/31/2022 | 7,539 | |||
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 | 614 | |||
Land | 305 | |||
Buildings and Improvements | 2,295 | |||
Total | 2,600 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,315 | |||
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 | 273 | |||
Land | 156 | |||
Buildings and Improvements | 1,130 | |||
Total | 1,286 | |||
(b) Accumulated Depreciation 12/31/2022 | 665 | |||
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 | 1,647 | |||
Land | 934 | |||
Buildings and Improvements | 6,763 | |||
Total | 7,697 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,819 | |||
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 | 3,227 | |||
Land | 781 | |||
Buildings and Improvements | 3,185 | |||
Total | 3,966 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,625 | |||
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 | 1,640 | |||
Land | 370 | |||
Buildings and Improvements | 1,582 | |||
Total | 1,952 | |||
(b) Accumulated Depreciation 12/31/2022 | 810 | |||
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 | 313 | |||
Land | 372 | |||
Buildings and Improvements | 2,197 | |||
Total | 2,569 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,114 | |||
8835 W. 116th Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,151 | |||
Buildings and Improvements | 6,523 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,706 | |||
Land | 1,304 | |||
Buildings and Improvements | 8,076 | |||
Total | 9,380 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,831 | |||
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 | 234 | |||
Land | 572 | |||
Buildings and Improvements | 3,413 | |||
Total | 3,985 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,740 | |||
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 | 402 | |||
Land | 620 | |||
Buildings and Improvements | 3,991 | |||
Total | 4,611 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,860 | |||
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 | 211 | |||
Land | 517 | |||
Buildings and Improvements | 2,231 | |||
Total | 2,748 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,265 | |||
4001 Salazar Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,271 | |||
Buildings and Improvements | 6,508 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (519) | |||
Land | 1,276 | |||
Buildings and Improvements | 5,984 | |||
Total | 7,260 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,637 | |||
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 | 632 | |||
Land | 500 | |||
Buildings and Improvements | 1,895 | |||
Total | 2,395 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,207 | |||
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 | (424) | |||
Land | 1,713 | |||
Buildings and Improvements | 10,443 | |||
Total | 12,156 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,865 | |||
21301 E. 33rd Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,860 | |||
Buildings and Improvements | 8,202 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 748 | |||
Land | 2,859 | |||
Buildings and Improvements | 8,951 | |||
Total | 11,810 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,573 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 759 | |||
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 | 39,415 | |||
Land | 4,890 | |||
Buildings and Improvements | 39,406 | |||
Total | 44,296 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,754 | |||
3350 Odessa Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,596 | |||
Buildings and Improvements | 4,531 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 230 | |||
Land | 1,596 | |||
Buildings and Improvements | 4,761 | |||
Total | 6,357 | |||
(b) Accumulated Depreciation 12/31/2022 | 234 | |||
22600 E. 26th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,501 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 42,892 | |||
Land | 1,483 | |||
Buildings and Improvements | 42,910 | |||
Total | 44,393 | |||
(b) Accumulated Depreciation 12/31/2022 | 358 | |||
8000 E. 96th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,086 | |||
Buildings and Improvements | 403 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 19,839 | |||
Land | 7,086 | |||
Buildings and Improvements | 20,242 | |||
Total | 27,328 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,083 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,929 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 574 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 586 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,281 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,569 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,416 | |||
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 | 459 | |||
Land | 138 | |||
Buildings and Improvements | 1,046 | |||
Total | 1,184 | |||
(b) Accumulated Depreciation 12/31/2022 | 925 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,062 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 359 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,748 | |||
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 | (26) | |||
Land | 77 | |||
Buildings and Improvements | 780 | |||
Total | 857 | |||
(b) Accumulated Depreciation 12/31/2022 | 449 | |||
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 | 499 | |||
Land | 575 | |||
Buildings and Improvements | 3,446 | |||
Total | 4,021 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,091 | |||
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 | (252) | |||
Land | 58 | |||
Buildings and Improvements | 588 | |||
Total | 646 | |||
(b) Accumulated Depreciation 12/31/2022 | 399 | |||
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 | 352 | |||
Land | 220 | |||
Buildings and Improvements | 1,479 | |||
Total | 1,699 | |||
(b) Accumulated Depreciation 12/31/2022 | 877 | |||
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 | 1,085 | |||
Land | 1,371 | |||
Buildings and Improvements | 8,143 | |||
Total | 9,514 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,893 | |||
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 | 1,143 | |||
Land | 721 | |||
Buildings and Improvements | 4,834 | |||
Total | 5,555 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,752 | |||
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 | 838 | |||
Land | 1,412 | |||
Buildings and Improvements | 6,209 | |||
Total | 7,621 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,441 | |||
28435 Automation Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 621 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3,938 | |||
Land | 628 | |||
Buildings and Improvements | 3,931 | |||
Total | 4,559 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,593 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,331 | |||
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 | 272 | |||
Land | 685 | |||
Buildings and Improvements | 2,282 | |||
Total | 2,967 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,695 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,551 | |||
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 | 610 | |||
Land | 278 | |||
Buildings and Improvements | 2,145 | |||
Total | 2,423 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,216 | |||
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 | 1,400 | |||
Land | 425 | |||
Buildings and Improvements | 3,731 | |||
Total | 4,156 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,069 | |||
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 | 654 | |||
Land | 233 | |||
Buildings and Improvements | 1,935 | |||
Total | 2,168 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,065 | |||
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 | 996 | |||
Land | 449 | |||
Buildings and Improvements | 3,475 | |||
Total | 3,924 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,946 | |||
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 | 1,541 | |||
Land | 611 | |||
Buildings and Improvements | 4,892 | |||
Total | 5,503 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,708 | |||
4851 Homestead Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 491 | |||
Buildings and Improvements | 2,782 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,362 | |||
Land | 504 | |||
Buildings and Improvements | 5,131 | |||
Total | 5,635 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,719 | |||
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 | 770 | |||
Land | 290 | |||
Buildings and Improvements | 2,375 | |||
Total | 2,665 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,236 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,152 | |||
4300 Pine Timbers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 489 | |||
Buildings and Improvements | 2,769 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,478 | |||
Land | 499 | |||
Buildings and Improvements | 4,237 | |||
Total | 4,736 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,216 | |||
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 | 2,591 | |||
Land | 792 | |||
Buildings and Improvements | 6,907 | |||
Total | 7,699 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,499 | |||
6550 Long Point Road [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 | 944 | |||
Land | 370 | |||
Buildings and Improvements | 2,986 | |||
Total | 3,356 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,767 | |||
1815 Turning Basin Dr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 487 | |||
Buildings and Improvements | 2,761 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 2,587 | |||
Land | 531 | |||
Buildings and Improvements | 5,304 | |||
Total | 5,835 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,672 | |||
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 | 1,687 | |||
Land | 251 | |||
Buildings and Improvements | 2,975 | |||
Total | 3,226 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,309 | |||
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 | 2,284 | |||
Land | 616 | |||
Buildings and Improvements | 5,429 | |||
Total | 6,045 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,060 | |||
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 | (69) | |||
Land | 940 | |||
Buildings and Improvements | 4,606 | |||
Total | 5,546 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,132 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,222 | |||
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 | 238 | |||
Land | 259 | |||
Buildings and Improvements | 997 | |||
Total | 1,256 | |||
(b) Accumulated Depreciation 12/31/2022 | 795 | |||
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 | 299 | |||
Land | 276 | |||
Buildings and Improvements | 1,020 | |||
Total | 1,296 | |||
(b) Accumulated Depreciation 12/31/2022 | 766 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,334 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 687 | |||
4526 N Sam Houston Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,307 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 79 | |||
Land | 5,386 | |||
Buildings and Improvements | 0 | |||
Total | 5,386 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | 220 | |||
Land | 307 | |||
Buildings and Improvements | 1,386 | |||
Total | 1,693 | |||
(b) Accumulated Depreciation 12/31/2022 | 788 | |||
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 | 17,085 | |||
Land | 3,312 | |||
Buildings and Improvements | 17,123 | |||
Total | 20,435 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,702 | |||
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 | 1,377 | |||
Land | 2,013 | |||
Buildings and Improvements | 8,765 | |||
Total | 10,778 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,223 | |||
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 | 148 | |||
Land | 2,876 | |||
Buildings and Improvements | 11,864 | |||
Total | 14,740 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,336 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,052 | |||
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 | 372 | |||
Land | 2,076 | |||
Buildings and Improvements | 12,046 | |||
Total | 14,122 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,396 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,695 | |||
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 | 10,932 | |||
Land | 2,885 | |||
Buildings and Improvements | 10,932 | |||
Total | 13,817 | |||
(b) Accumulated Depreciation 12/31/2022 | 833 | |||
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 | 13,325 | |||
Land | 2,885 | |||
Buildings and Improvements | 13,325 | |||
Total | 16,210 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,164 | |||
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 | 303 | |||
Land | 912 | |||
Buildings and Improvements | 2,182 | |||
Total | 3,094 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,186 | |||
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 | 315 | |||
Land | 834 | |||
Buildings and Improvements | 3,033 | |||
Total | 3,867 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,262 | |||
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 | 552 | |||
Land | 942 | |||
Buildings and Improvements | 3,002 | |||
Total | 3,944 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,378 | |||
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 | 342 | |||
Land | 1,112 | |||
Buildings and Improvements | 3,448 | |||
Total | 4,560 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,477 | |||
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 | 924 | |||
Land | 951 | |||
Buildings and Improvements | 3,999 | |||
Total | 4,950 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,543 | |||
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 | 123 | |||
Land | 1,097 | |||
Buildings and Improvements | 3,426 | |||
Total | 4,523 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,488 | |||
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 | 4,146 | |||
Land | 864 | |||
Buildings and Improvements | 7,567 | |||
Total | 8,431 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,485 | |||
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 | 53 | |||
Land | 3,111 | |||
Buildings and Improvements | 4,687 | |||
Total | 7,798 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,317 | |||
2500 N.W. 19th Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,213 | |||
Buildings and Improvements | 11,117 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 1,982 | |||
Land | 6,213 | |||
Buildings and Improvements | 13,099 | |||
Total | 19,312 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,906 | |||
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 | 10,070 | |||
Land | 5,714 | |||
Buildings and Improvements | 10,059 | |||
Total | 15,773 | |||
(b) Accumulated Depreciation 12/31/2022 | 791 | |||
1501 NW 64th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,615 | |||
Land | 0 | |||
Buildings and Improvements | 9,615 | |||
Total | 9,615 | |||
(b) Accumulated Depreciation 12/31/2022 | 617 | |||
6499 NW 12th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 14,568 | |||
Land | 0 | |||
Buildings and Improvements | 14,568 | |||
Total | 14,568 | |||
(b) Accumulated Depreciation 12/31/2022 | 947 | |||
6320 NW 12th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 11,743 | |||
Land | 0 | |||
Buildings and Improvements | 11,743 | |||
Total | 11,743 | |||
(b) Accumulated Depreciation 12/31/2022 | 808 | |||
8801 NW 87th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 15,052 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 24,154 | |||
Land | 14,982 | |||
Buildings and Improvements | 24,224 | |||
Total | 39,206 | |||
(b) Accumulated Depreciation 12/31/2022 | 864 | |||
9001 NW 87th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,737 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 12,639 | |||
Land | 7,682 | |||
Buildings and Improvements | 12,694 | |||
Total | 20,376 | |||
(b) Accumulated Depreciation 12/31/2022 | 445 | |||
8404 NW 90th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,606 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 18,010 | |||
Land | 11,588 | |||
Buildings and Improvements | 18,028 | |||
Total | 29,616 | |||
(b) Accumulated Depreciation 12/31/2022 | 570 | |||
1200 NW 15th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,771 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,680 | |||
Land | 8,788 | |||
Buildings and Improvements | 10,663 | |||
Total | 19,451 | |||
(b) Accumulated Depreciation 12/31/2022 | 352 | |||
5301 W. Copans Road Land | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,679 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 13,392 | |||
Land | 8,697 | |||
Buildings and Improvements | 13,374 | |||
Total | 22,071 | |||
(b) Accumulated Depreciation 12/31/2022 | 52 | |||
1801 North Andrews | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 24,133 | |||
Buildings and Improvements | 285 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6 | |||
Land | 24,109 | |||
Buildings and Improvements | 315 | |||
Total | 24,424 | |||
(b) Accumulated Depreciation 12/31/2022 | 108 | |||
11601 NW 107th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 9,112 | |||
Buildings and Improvements | 10,131 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 9,112 | |||
Buildings and Improvements | 10,131 | |||
Total | 19,243 | |||
(b) Accumulated Depreciation 12/31/2022 | 170 | |||
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 | 1,951 | |||
Land | 288 | |||
Buildings and Improvements | 1,949 | |||
Total | 2,237 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,256 | |||
5775 12th Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 590 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,781 | |||
Land | 590 | |||
Buildings and Improvements | 5,781 | |||
Total | 6,371 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,610 | |||
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 | 7,787 | |||
Land | 888 | |||
Buildings and Improvements | 7,659 | |||
Total | 8,547 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,999 | |||
1087 Park Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,195 | |||
Buildings and Improvements | 4,891 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 643 | |||
Land | 1,198 | |||
Buildings and Improvements | 5,531 | |||
Total | 6,729 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,326 | |||
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 | 1,517 | |||
Land | 1,395 | |||
Buildings and Improvements | 9,663 | |||
Total | 11,058 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,791 | |||
4701 Valley Industrial Blvd S [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,296 | |||
Buildings and Improvements | 7,157 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 452 | |||
Land | 1,299 | |||
Buildings and Improvements | 7,606 | |||
Total | 8,905 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,375 | |||
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 | 7,411 | |||
Land | 1,343 | |||
Buildings and Improvements | 7,343 | |||
Total | 8,686 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,036 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,268 | |||
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 | 2,843 | |||
Land | 2,289 | |||
Buildings and Improvements | 10,795 | |||
Total | 13,084 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,134 | |||
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 | 369 | |||
Land | 2,635 | |||
Buildings and Improvements | 8,526 | |||
Total | 11,161 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,740 | |||
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 | 716 | |||
Land | 2,096 | |||
Buildings and Improvements | 8,600 | |||
Total | 10,696 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,341 | |||
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 | 7,619 | |||
Land | 1,634 | |||
Buildings and Improvements | 7,608 | |||
Total | 9,242 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,635 | |||
7051 West Broadway [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 | 5,829 | |||
Land | 1,279 | |||
Buildings and Improvements | 5,825 | |||
Total | 7,104 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,174 | |||
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 | 747 | |||
Land | 493 | |||
Buildings and Improvements | 3,528 | |||
Total | 4,021 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,026 | |||
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 | 664 | |||
Land | 365 | |||
Buildings and Improvements | 2,699 | |||
Total | 3,064 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,436 | |||
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 | 2,214 | |||
Land | 888 | |||
Buildings and Improvements | 6,557 | |||
Total | 7,445 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,679 | |||
211 Ellery Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 606 | |||
Buildings and Improvements | 3,192 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 97 | |||
Land | 616 | |||
Buildings and Improvements | 3,279 | |||
Total | 3,895 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,433 | |||
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 | 24,118 | |||
Land | 1,778 | |||
Buildings and Improvements | 24,118 | |||
Total | 25,896 | |||
(b) Accumulated Depreciation 12/31/2022 | 8,529 | |||
1281 Couchville Pike | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,620 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 50,934 | |||
Land | 1,295 | |||
Buildings and Improvements | 52,259 | |||
Total | 53,554 | |||
(b) Accumulated Depreciation 12/31/2022 | 769 | |||
400 Maddox Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,880 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 26,826 | |||
Land | 810 | |||
Buildings and Improvements | 29,896 | |||
Total | 30,706 | |||
(b) Accumulated Depreciation 12/31/2022 | 251 | |||
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 | 903 | |||
Land | 503 | |||
Buildings and Improvements | 3,618 | |||
Total | 4,121 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,203 | |||
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 | 913 | |||
Land | 593 | |||
Buildings and Improvements | 4,132 | |||
Total | 4,725 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,467 | |||
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 | 596 | |||
Land | 375 | |||
Buildings and Improvements | 2,649 | |||
Total | 3,024 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,603 | |||
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 | 710 | |||
Land | 377 | |||
Buildings and Improvements | 2,742 | |||
Total | 3,119 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,591 | |||
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 | 498 | |||
Land | 362 | |||
Buildings and Improvements | 2,451 | |||
Total | 2,813 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,457 | |||
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 | 2,724 | |||
Land | 691 | |||
Buildings and Improvements | 2,042 | |||
Total | 2,733 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,063 | |||
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 | 1,119 | |||
Land | 978 | |||
Buildings and Improvements | 6,601 | |||
Total | 7,579 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,586 | |||
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 | 611 | |||
Land | 479 | |||
Buildings and Improvements | 3,292 | |||
Total | 3,771 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,729 | |||
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 | 537 | |||
Land | 262 | |||
Buildings and Improvements | 2,006 | |||
Total | 2,268 | |||
(b) Accumulated Depreciation 12/31/2022 | 938 | |||
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 | 687 | |||
Land | 965 | |||
Buildings and Improvements | 6,093 | |||
Total | 7,058 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,276 | |||
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 | 575 | |||
Land | 970 | |||
Buildings and Improvements | 6,005 | |||
Total | 6,975 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,249 | |||
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 | 2,197 | |||
Land | 1,534 | |||
Buildings and Improvements | 10,712 | |||
Total | 12,246 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,615 | |||
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 | 539 | |||
Land | 396 | |||
Buildings and Improvements | 2,738 | |||
Total | 3,134 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,438 | |||
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 | 817 | |||
Land | 901 | |||
Buildings and Improvements | 5,816 | |||
Total | 6,717 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,021 | |||
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 | 784 | |||
Land | 1,154 | |||
Buildings and Improvements | 7,190 | |||
Total | 8,344 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,837 | |||
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 | 4,862 | |||
Land | 944 | |||
Buildings and Improvements | 4,862 | |||
Total | 5,806 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,248 | |||
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 | 5,790 | |||
Land | 996 | |||
Buildings and Improvements | 5,790 | |||
Total | 6,786 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,572 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 548 | |||
309-313 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 | 788 | |||
Land | 1,309 | |||
Buildings and Improvements | 5,407 | |||
Total | 6,716 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,729 | |||
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 | 26,223 | |||
Land | 9,730 | |||
Buildings and Improvements | 26,223 | |||
Total | 35,953 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,644 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,080 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,559 | |||
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 | 7,954 | |||
Land | 3,688 | |||
Buildings and Improvements | 7,950 | |||
Total | 11,638 | |||
(b) Accumulated Depreciation 12/31/2022 | 642 | |||
445 Rising Sun Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,578 | |||
Buildings and Improvements | 760 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 20,755 | |||
Land | 8,578 | |||
Buildings and Improvements | 21,515 | |||
Total | 30,093 | |||
(b) Accumulated Depreciation 12/31/2022 | 136 | |||
8649 Kiefer Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,376 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 57 | |||
Land | 4,433 | |||
Buildings and Improvements | 0 | |||
Total | 4,433 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
18501 W Stanford Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,966 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 194 | |||
Land | 13,160 | |||
Buildings and Improvements | 0 | |||
Total | 13,160 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | 577 | |||
Land | 3,440 | |||
Buildings and Improvements | 2,425 | |||
Total | 5,865 | |||
(b) Accumulated Depreciation 12/31/2022 | 538 | |||
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 | 878 | |||
Land | 4,897 | |||
Buildings and Improvements | 5,084 | |||
Total | 9,981 | |||
(b) Accumulated Depreciation 12/31/2022 | 642 | |||
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 | 23 | |||
Land | 5,158 | |||
Buildings and Improvements | 3,806 | |||
Total | 8,964 | |||
(b) Accumulated Depreciation 12/31/2022 | 466 | |||
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 | 1,959 | |||
Land | 3,312 | |||
Buildings and Improvements | 3,982 | |||
Total | 7,294 | |||
(b) Accumulated Depreciation 12/31/2022 | 175 | |||
42650 Osgood Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,183 | |||
Buildings and Improvements | 3,930 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 104 | |||
Land | 4,183 | |||
Buildings and Improvements | 4,034 | |||
Total | 8,217 | |||
(b) Accumulated Depreciation 12/31/2022 | 181 | |||
2085 Burroughs Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,764 | |||
Buildings and Improvements | 7,263 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 880 | |||
Land | 5,764 | |||
Buildings and Improvements | 8,143 | |||
Total | 13,907 | |||
(b) Accumulated Depreciation 12/31/2022 | 481 | |||
24200 Clawiter Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,446 | |||
Buildings and Improvements | 3,707 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 36 | |||
Land | 11,449 | |||
Buildings and Improvements | 3,740 | |||
Total | 15,189 | |||
(b) Accumulated Depreciation 12/31/2022 | 231 | |||
14951 Catalina Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,690 | |||
Buildings and Improvements | 3,527 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 22 | |||
Land | 4,683 | |||
Buildings and Improvements | 3,556 | |||
Total | 8,239 | |||
(b) Accumulated Depreciation 12/31/2022 | 86 | |||
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 | 542 | |||
Land | 920 | |||
Buildings and Improvements | 5,144 | |||
Total | 6,064 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,607 | |||
6005 24th Street East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,377 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 57 | |||
Land | 6,434 | |||
Buildings and Improvements | 0 | |||
Total | 6,434 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,631 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,273 | |||
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 | 19 | |||
Land | 1,321 | |||
Buildings and Improvements | 6,195 | |||
Total | 7,516 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,098 | |||
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 | (23) | |||
Land | 1,031 | |||
Buildings and Improvements | 6,383 | |||
Total | 7,414 | |||
(b) Accumulated Depreciation 12/31/2022 | 896 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 914 | |||
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 | (36) | |||
Land | 851 | |||
Buildings and Improvements | 5,159 | |||
Total | 6,010 | |||
(b) Accumulated Depreciation 12/31/2022 | 474 | |||
2234 West Taft Vineland Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,748 | |||
Buildings and Improvements | 9,635 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 380 | |||
Land | 1,750 | |||
Buildings and Improvements | 10,013 | |||
Total | 11,763 | |||
(b) Accumulated Depreciation 12/31/2022 | 563 | |||
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 | 879 | |||
Land | 396 | |||
Buildings and Improvements | 3,033 | |||
Total | 3,429 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,472 | |||
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 | 642 | |||
Land | 1,252 | |||
Buildings and Improvements | 3,814 | |||
Total | 5,066 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,694 | |||
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 | (2,160) | |||
Land | 362 | |||
Buildings and Improvements | 1,442 | |||
Total | 1,804 | |||
(b) Accumulated Depreciation 12/31/2022 | 672 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,084 | |||
14131 N. Rio Vista Blvd [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,563 | |||
Buildings and Improvements | 9,388 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (344) | |||
Land | 2,563 | |||
Buildings and Improvements | 9,044 | |||
Total | 11,607 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,198 | |||
8716 W. Ludlow Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,709 | |||
Buildings and Improvements | 10,970 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 343 | |||
Land | 2,709 | |||
Buildings and Improvements | 11,313 | |||
Total | 14,022 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,127 | |||
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 | (244) | |||
Land | 1,719 | |||
Buildings and Improvements | 4,226 | |||
Total | 5,945 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,488 | |||
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 | 2,984 | |||
Land | 1,923 | |||
Buildings and Improvements | 9,770 | |||
Total | 11,693 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,616 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,101 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 856 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 830 | |||
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 | 16,254 | |||
Land | 4,315 | |||
Buildings and Improvements | 16,254 | |||
Total | 20,569 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,001 | |||
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 | 31,413 | |||
Land | 6,271 | |||
Buildings and Improvements | 31,401 | |||
Total | 37,672 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,267 | |||
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 | 5,374 | |||
Land | 1,805 | |||
Buildings and Improvements | 5,374 | |||
Total | 7,179 | |||
(b) Accumulated Depreciation 12/31/2022 | 434 | |||
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 | 43,128 | |||
Land | 5,659 | |||
Buildings and Improvements | 43,129 | |||
Total | 48,788 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,968 | |||
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 | 2,816 | |||
Land | 6,373 | |||
Buildings and Improvements | 34,014 | |||
Total | 40,387 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,862 | |||
4580 N. Pebble Creek Parkway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,714 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 59,670 | |||
Land | 8,777 | |||
Buildings and Improvements | 59,607 | |||
Total | 68,384 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,119 | |||
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 | 872 | |||
Land | 4,594 | |||
Buildings and Improvements | 3,395 | |||
Total | 7,989 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,476 | |||
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 | 1,050 | |||
Land | 2,042 | |||
Buildings and Improvements | 4,977 | |||
Total | 7,019 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,744 | |||
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 | 260 | |||
Land | 1,258 | |||
Buildings and Improvements | 2,170 | |||
Total | 3,428 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,286 | |||
621 37th Street NW | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,403 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 104 | |||
Land | 6,507 | |||
Buildings and Improvements | 0 | |||
Total | 6,507 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | (92) | |||
Land | 1,737 | |||
Buildings and Improvements | 3,416 | |||
Total | 5,153 | |||
(b) Accumulated Depreciation 12/31/2022 | 534 | |||
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 | 443 | |||
Land | 3,766 | |||
Buildings and Improvements | 4,900 | |||
Total | 8,666 | |||
(b) Accumulated Depreciation 12/31/2022 | 566 | |||
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 | 159 | |||
Land | 1,447 | |||
Buildings and Improvements | 2,546 | |||
Total | 3,993 | |||
(b) Accumulated Depreciation 12/31/2022 | 454 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,528 | |||
1508 Valentine Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 18,790 | |||
Buildings and Improvements | 3,051 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 18,786 | |||
Buildings and Improvements | 3,055 | |||
Total | 21,841 | |||
(b) Accumulated Depreciation 12/31/2022 | 103 | |||
10920 Steele Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,706 | |||
Buildings and Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,080 | |||
Land | 6,706 | |||
Buildings and Improvements | 17,096 | |||
Total | 23,802 | |||
(b) Accumulated Depreciation 12/31/2022 | 135 | |||
20320 80th Avenue South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,136 | |||
Buildings and Improvements | 1,072 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 15 | |||
Land | 4,136 | |||
Buildings and Improvements | 1,087 | |||
Total | 5,223 | |||
(b) Accumulated Depreciation 12/31/2022 | 29 | |||
1944 Vista Bella Way [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,746 | |||
Buildings and Improvements | 3,148 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 865 | |||
Land | 1,822 | |||
Buildings and Improvements | 3,937 | |||
Total | 5,759 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,406 | |||
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 | 450 | |||
Land | 853 | |||
Buildings and Improvements | 2,087 | |||
Total | 2,940 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,289 | |||
2835 East Ana Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,682 | |||
Buildings and Improvements | 2,750 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 791 | |||
Land | 1,772 | |||
Buildings and Improvements | 3,451 | |||
Total | 5,223 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,975 | |||
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 | 3,556 | |||
Land | 2,143 | |||
Buildings and Improvements | 8,756 | |||
Total | 10,899 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,774 | |||
27801 Avenue Scott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,981 | |||
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 | 2,082 | |||
Land | 3,031 | |||
Buildings and Improvements | 7,885 | |||
Total | 10,916 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,765 | |||
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 | 995 | |||
Land | 684 | |||
Buildings and Improvements | 1,160 | |||
Total | 1,844 | |||
(b) Accumulated Depreciation 12/31/2022 | 296 | |||
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 | 574 | |||
Land | 1,446 | |||
Buildings and Improvements | 1,808 | |||
Total | 3,254 | |||
(b) Accumulated Depreciation 12/31/2022 | 890 | |||
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 | 136 | |||
Land | 821 | |||
Buildings and Improvements | 894 | |||
Total | 1,715 | |||
(b) Accumulated Depreciation 12/31/2022 | 497 | |||
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 | 42 | |||
Land | 565 | |||
Buildings and Improvements | 495 | |||
Total | 1,060 | |||
(b) Accumulated Depreciation 12/31/2022 | 295 | |||
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 | 216 | |||
Land | 483 | |||
Buildings and Improvements | 579 | |||
Total | 1,062 | |||
(b) Accumulated Depreciation 12/31/2022 | 283 | |||
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 | 147 | |||
Land | 1,102 | |||
Buildings and Improvements | 773 | |||
Total | 1,875 | |||
(b) Accumulated Depreciation 12/31/2022 | 389 | |||
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 | 176 | |||
Land | 1,214 | |||
Buildings and Improvements | 1,046 | |||
Total | 2,260 | |||
(b) Accumulated Depreciation 12/31/2022 | 641 | |||
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 | 1,097 | |||
Land | 2,895 | |||
Buildings and Improvements | 3,018 | |||
Total | 5,913 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,631 | |||
13100 Gregg Street [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,040 | |||
Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 626 | |||
Land | 1,073 | |||
Buildings and Improvements | 4,753 | |||
Total | 5,826 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,791 | |||
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 | 300 | |||
Land | 2,608 | |||
Buildings and Improvements | 3,487 | |||
Total | 6,095 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,856 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,935 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,533 | |||
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 | 17,588 | |||
Land | 20,144 | |||
Buildings and Improvements | 26,443 | |||
Total | 46,587 | |||
(b) Accumulated Depreciation 12/31/2022 | 8,347 | |||
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 | 103 | |||
Land | 1,441 | |||
Buildings and Improvements | 876 | |||
Total | 2,317 | |||
(b) Accumulated Depreciation 12/31/2022 | 522 | |||
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 | (599) | |||
Land | 675 | |||
Buildings and Improvements | 801 | |||
Total | 1,476 | |||
(b) Accumulated Depreciation 12/31/2022 | 338 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 444 | |||
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 | (5,060) | |||
Land | 1,819 | |||
Buildings and Improvements | 1,496 | |||
Total | 3,315 | |||
(b) Accumulated Depreciation 12/31/2022 | 807 | |||
777 190th Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 13,533 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,327 | |||
Land | 13,534 | |||
Buildings and Improvements | 4,326 | |||
Total | 17,860 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,529 | |||
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 | 258 | |||
Land | 2,565 | |||
Buildings and Improvements | 2,769 | |||
Total | 5,334 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,422 | |||
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 | (44) | |||
Land | 6,090 | |||
Buildings and Improvements | 7,829 | |||
Total | 13,919 | |||
(b) Accumulated Depreciation 12/31/2022 | 5,555 | |||
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 | 8,812 | |||
Land | 6,897 | |||
Buildings and Improvements | 8,635 | |||
Total | 15,532 | |||
(b) Accumulated Depreciation 12/31/2022 | 3,252 | |||
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 | (201) | |||
Land | 7,752 | |||
Buildings and Improvements | 2,282 | |||
Total | 10,034 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,558 | |||
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 | 1,049 | |||
Land | 5,964 | |||
Buildings and Improvements | 3,389 | |||
Total | 9,353 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,029 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,044 | |||
2175 Cactus Road East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,958 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,720 | |||
Land | 6,025 | |||
Buildings and Improvements | 8,653 | |||
Total | 14,678 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,690 | |||
2175 Cactus Road West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 10,373 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 153 | |||
Land | 10,526 | |||
Buildings and Improvements | 0 | |||
Total | 10,526 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
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 | 589 | |||
Land | 8,545 | |||
Buildings and Improvements | 7,728 | |||
Total | 16,273 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,558 | |||
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 | 21,280 | |||
Land | 6,482 | |||
Buildings and Improvements | 28,340 | |||
Total | 34,822 | |||
(b) Accumulated Depreciation 12/31/2022 | 7,992 | |||
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 | 11,083 | |||
Land | 6,382 | |||
Buildings and Improvements | 11,087 | |||
Total | 17,469 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,659 | |||
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 | 21,503 | |||
Land | 32,540 | |||
Buildings and Improvements | 21,499 | |||
Total | 54,039 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,965 | |||
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 | 132 | |||
Land | 0 | |||
Buildings and Improvements | 6,963 | |||
Total | 6,963 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,703 | |||
4710 Guasti Road [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,846 | |||
Buildings and Improvements | 6,564 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (128) | |||
Land | 2,846 | |||
Buildings and Improvements | 6,436 | |||
Total | 9,282 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,667 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 6,740 | |||
13414 South Figueroa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,701 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 6,618 | |||
Land | 1,887 | |||
Buildings and Improvements | 6,432 | |||
Total | 8,319 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,375 | |||
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 | 8,076 | |||
Land | 4,400 | |||
Buildings and Improvements | 8,076 | |||
Total | 12,476 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,346 | |||
3831 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,693 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4,589 | |||
Land | 2,694 | |||
Buildings and Improvements | 4,588 | |||
Total | 7,282 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,295 | |||
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 | 3,881 | |||
Land | 2,792 | |||
Buildings and Improvements | 3,881 | |||
Total | 6,673 | |||
(b) Accumulated Depreciation 12/31/2022 | 691 | |||
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 | 149 | |||
Land | 2,901 | |||
Buildings and Improvements | 2,434 | |||
Total | 5,335 | |||
(b) Accumulated Depreciation 12/31/2022 | 695 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,416 | |||
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 | (377) | |||
Land | 5,034 | |||
Buildings and Improvements | 21,718 | |||
Total | 26,752 | |||
(b) Accumulated Depreciation 12/31/2022 | 4,854 | |||
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 | 11,273 | |||
Land | 1,274 | |||
Buildings and Improvements | 11,273 | |||
Total | 12,547 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,871 | |||
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 | 1,984 | |||
Land | 6,816 | |||
Buildings and Improvements | 6,401 | |||
Total | 13,217 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,666 | |||
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 | 3,550 | |||
Land | 9,381 | |||
Buildings and Improvements | 7,370 | |||
Total | 16,751 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,157 | |||
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 | 140 | |||
Land | 4,275 | |||
Buildings and Improvements | 8,415 | |||
Total | 12,690 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,501 | |||
2777 Loker Avenue West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,599 | |||
Buildings and Improvements | 13,267 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 594 | |||
Land | 7,599 | |||
Buildings and Improvements | 13,861 | |||
Total | 21,460 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,688 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,373 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,836 | |||
3801 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,771 | |||
Land | 2,907 | |||
Buildings and Improvements | 6,151 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 216 | |||
Land | 2,909 | |||
Buildings and Improvements | 6,365 | |||
Total | 9,274 | |||
(b) Accumulated Depreciation 12/31/2022 | 972 | |||
3809 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,944 | |||
Land | 3,140 | |||
Buildings and Improvements | 6,964 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 75 | |||
Land | 3,141 | |||
Buildings and Improvements | 7,038 | |||
Total | 10,179 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,062 | |||
3817 Ocean Ranch Boulevard [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,584 | |||
Land | 5,438 | |||
Buildings and Improvements | 10,278 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 159 | |||
Land | 5,442 | |||
Buildings and Improvements | 10,433 | |||
Total | 15,875 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,599 | |||
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 | 63,296 | |||
Land | 17,066 | |||
Buildings and Improvements | 63,253 | |||
Total | 80,319 | |||
(b) Accumulated Depreciation 12/31/2022 | 8,192 | |||
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 | 2,947 | |||
Land | 1,508 | |||
Buildings and Improvements | 2,947 | |||
Total | 4,455 | |||
(b) Accumulated Depreciation 12/31/2022 | 347 | |||
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 | 11,097 | |||
Land | 3,847 | |||
Buildings and Improvements | 11,097 | |||
Total | 14,944 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,811 | |||
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 | 8,280 | |||
Land | 3,107 | |||
Buildings and Improvements | 8,280 | |||
Total | 11,387 | |||
(b) Accumulated Depreciation 12/31/2022 | 982 | |||
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 | 19,020 | |||
Land | 7,099 | |||
Buildings and Improvements | 19,020 | |||
Total | 26,119 | |||
(b) Accumulated Depreciation 12/31/2022 | 2,953 | |||
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 | 13,837 | |||
Land | 5,423 | |||
Buildings and Improvements | 13,837 | |||
Total | 19,260 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,938 | |||
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 | 5,331 | |||
Land | 1,873 | |||
Buildings and Improvements | 5,331 | |||
Total | 7,204 | |||
(b) Accumulated Depreciation 12/31/2022 | 931 | |||
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 | 327 | |||
Land | 1,813 | |||
Buildings and Improvements | 4,167 | |||
Total | 5,980 | |||
(b) Accumulated Depreciation 12/31/2022 | 416 | |||
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 | 279 | |||
Land | 6,640 | |||
Buildings and Improvements | 8,435 | |||
Total | 15,075 | |||
(b) Accumulated Depreciation 12/31/2022 | 821 | |||
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 | 46 | |||
Land | 1,392 | |||
Buildings and Improvements | 1,578 | |||
Total | 2,970 | |||
(b) Accumulated Depreciation 12/31/2022 | 209 | |||
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 | (20) | |||
Land | 2,130 | |||
Buildings and Improvements | 1,943 | |||
Total | 4,073 | |||
(b) Accumulated Depreciation 12/31/2022 | 279 | |||
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 | 396 | |||
Land | 3,836 | |||
Buildings and Improvements | 3,920 | |||
Total | 7,756 | |||
(b) Accumulated Depreciation 12/31/2022 | 440 | |||
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 | 18,828 | |||
Land | 1,788 | |||
Buildings and Improvements | 18,820 | |||
Total | 20,608 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,531 | |||
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 | |||
(b) Accumulated Depreciation 12/31/2022 | 422 | |||
801-817 E Anaheim Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,712 | |||
Buildings and Improvements | 434 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 5,712 | |||
Buildings and Improvements | 438 | |||
Total | 6,150 | |||
(b) Accumulated Depreciation 12/31/2022 | 326 | |||
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 | 23,310 | |||
Land | 13,402 | |||
Buildings and Improvements | 23,318 | |||
Total | 36,720 | |||
(b) Accumulated Depreciation 12/31/2022 | 1,667 | |||
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 | 4,722 | |||
Land | 1,745 | |||
Buildings and Improvements | 4,722 | |||
Total | 6,467 | |||
(b) Accumulated Depreciation 12/31/2022 | 315 | |||
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 | 8,498 | |||
Land | 3,333 | |||
Buildings and Improvements | 8,498 | |||
Total | 11,831 | |||
(b) Accumulated Depreciation 12/31/2022 | 514 | |||
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 | 6,240 | |||
Land | 12,815 | |||
Buildings and Improvements | 7,890 | |||
Total | 20,705 | |||
(b) Accumulated Depreciation 12/31/2022 | 180 | |||
24665 Nandina Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,016 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17,123 | |||
Land | 4,066 | |||
Buildings and Improvements | 17,073 | |||
Total | 21,139 | |||
(b) Accumulated Depreciation 12/31/2022 | 724 | |||
3125 Wilson Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,328 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 24,222 | |||
Land | 4,328 | |||
Buildings and Improvements | 24,222 | |||
Total | 28,550 | |||
(b) Accumulated Depreciation 12/31/2022 | 556 | |||
680 Columbia Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 936 | |||
Buildings and Improvements | 5,117 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 936 | |||
Buildings and Improvements | 5,121 | |||
Total | 6,057 | |||
(b) Accumulated Depreciation 12/31/2022 | 162 | |||
1458 E. Mission Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,268 | |||
Buildings and Improvements | 4,813 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 3 | |||
Land | 1,267 | |||
Buildings and Improvements | 4,817 | |||
Total | 6,084 | |||
(b) Accumulated Depreciation 12/31/2022 | 115 | |||
1393 E. San Bernardino | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 19,385 | |||
Buildings and Improvements | 308 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 89 | |||
Land | 19,363 | |||
Buildings and Improvements | 419 | |||
Total | 19,782 | |||
(b) Accumulated Depreciation 12/31/2022 | 53 | |||
2755 S. Willow Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 17,155 | |||
Buildings and Improvements | 4,258 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 4 | |||
Land | 17,155 | |||
Buildings and Improvements | 4,262 | |||
Total | 21,417 | |||
(b) Accumulated Depreciation 12/31/2022 | 280 | |||
8410 Arjons Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,757 | |||
Buildings and Improvements | 2,885 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 0 | |||
Land | 3,757 | |||
Buildings and Improvements | 2,885 | |||
Total | 6,642 | |||
(b) Accumulated Depreciation 12/31/2022 | 56 | |||
7666 Formula Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,909 | |||
Buildings and Improvements | 3,549 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | (13) | |||
Land | 6,899 | |||
Buildings and Improvements | 3,546 | |||
Total | 10,445 | |||
(b) Accumulated Depreciation 12/31/2022 | 59 | |||
2042 S. Grove Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 15,358 | |||
Buildings and Improvements | 404 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 17 | |||
Land | 15,358 | |||
Buildings and Improvements | 421 | |||
Total | 15,779 | |||
(b) Accumulated Depreciation 12/31/2022 | 15 | |||
200 West Sinclair Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 14,417 | |||
Buildings and Improvements | 704 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10 | |||
Land | 14,417 | |||
Buildings and Improvements | 714 | |||
Total | 15,131 | |||
(b) Accumulated Depreciation 12/31/2022 | 19 | |||
First Loop Logistics Park Building 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,863 | |||
Buildings and Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,545 | |||
Land | 2,503 | |||
Buildings and Improvements | 7,921 | |||
Total | 10,424 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Loop Logistics Park Building 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,895 | |||
Buildings and Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 8,474 | |||
Land | 2,546 | |||
Buildings and Improvements | 7,841 | |||
Total | 10,387 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Loop Logistics Park Building 3 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,968 | |||
Buildings and Improvements | 19 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,093 | |||
Land | 2,643 | |||
Buildings and Improvements | 8,437 | |||
Total | 11,080 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Loop Logistics Park Building 4 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,685 | |||
Buildings and Improvements | 25 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 10,856 | |||
Land | 3,607 | |||
Buildings and Improvements | 9,959 | |||
Total | 13,566 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Park Miami Building 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,669 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 23,518 | |||
Land | 12,679 | |||
Buildings and Improvements | 23,508 | |||
Total | 36,187 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Park Miami Building 10 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,458 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 18,458 | |||
Land | 11,463 | |||
Buildings and Improvements | 18,453 | |||
Total | 29,916 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Logistics Center @ 283 Building B | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 32,706 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 36,396 | |||
Land | 32,706 | |||
Buildings and Improvements | 36,396 | |||
Total | 69,102 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First 92 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,194 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,785 | |||
Land | 7,195 | |||
Buildings and Improvements | 5,784 | |||
Total | 12,979 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Elm Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,407 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,761 | |||
Land | 5,405 | |||
Buildings and Improvements | 7,763 | |||
Total | 13,168 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Park Miami Building 13 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,262 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 5,912 | |||
Land | 3,263 | |||
Buildings and Improvements | 5,911 | |||
Total | 9,174 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Rider Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,439 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 21,380 | |||
Land | 7,428 | |||
Buildings and Improvements | 21,391 | |||
Total | 28,819 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Wilson Logistics Center II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,594 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 9,800 | |||
Land | 3,594 | |||
Buildings and Improvements | 9,800 | |||
Total | 13,394 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Pioneer Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 26,470 | |||
Buildings and Improvements | 542 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 26,152 | |||
Land | 26,427 | |||
Buildings and Improvements | 26,737 | |||
Total | 53,164 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
First Stockton Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,654 | |||
Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 7,347 | |||
Land | 5,852 | |||
Buildings and Improvements | 9,149 | |||
Total | 15,001 | |||
(b) Accumulated Depreciation 12/31/2022 | 0 | |||
Developments / Land Parcels [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 345,599 | |||
Buildings and Improvements | 6,909 | |||
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | 47,428 | |||
Land | 344,752 | |||
Buildings and Improvements | 55,184 | |||
Total | 399,936 | |||
(b) Accumulated Depreciation 12/31/2022 | $ 0 |
Schedule III_ Real Estate and_3
Schedule III: Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of industrial properties | Property | 426 | |||
Tenant improvements, useful life | Lease Term | |||
Balance, Beginning of Year | $ 4,646,444 | $ 4,109,896 | $ 3,830,209 | |
Acquisition of Real Estate Assets | 312,841 | 347,190 | 247,250 | |
Construction Costs and Improvements | 496,190 | 351,453 | 160,491 | |
Disposition of Real Estate Assets | (90,762) | (139,207) | (109,070) | |
Write-off of Fully Depreciated and Other Assets | (21,674) | (22,888) | (18,984) | |
Balance, End of Year Including Real Estate Held for Sale | 5,343,039 | 4,646,444 | 4,109,896 | |
Real Estate Held for Sale | 0 | [1] | 0 | 22,263 |
Balance, End of Year Excluding Real Estate Held for Sale | 5,343,039 | 4,646,444 | 4,087,633 | |
Balance, Beginning of Year | 868,296 | 839,349 | 804,780 | |
Depreciation for Year | 119,477 | 107,876 | 102,533 | |
Disposition of Assets | (45,246) | (58,055) | (49,390) | |
Write-off of Fully Depreciated and Other Assets | (21,047) | (20,874) | (18,574) | |
Balance, End of Year Including Real Estate Held for Sale | 921,480 | 868,296 | 839,349 | |
Real Estate Held for Sale | 0 | [2] | 0 | 6,956 |
Balance, End of Year Excluding Real Estate Held for Sale | $ 921,480 | $ 868,296 | 832,393 | |
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 | 3 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 | 1 year | |||
Land Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, plant and equipment, useful life | 25 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, 2022 USD ($) |
Real Estate and Accumulated Depreciation [Abstract] | |
Aggregate cost of land and buildings and equipment for federal income tax purpose | $ 4.8 |