Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Whitestone REIT | ' |
Entity Central Index Key | '0001175535 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 21,942,702 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Real estate assets, at cost | ' | ' |
Property | $483,379,000 | $409,669,000 |
Accumulated depreciation | -62,737,000 | -53,920,000 |
Total real estate assets | 420,642,000 | 355,749,000 |
Cash and cash equivalents | 9,506,000 | 6,544,000 |
Marketable securities | 873,000 | 1,403,000 |
Escrows and acquisition deposits | 6,129,000 | 6,672,000 |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 9,169,000 | 7,947,000 |
Related party receivable | 0 | 652,000 |
Unamortized lease commissions and loan costs | 5,564,000 | 4,160,000 |
Prepaid expenses and other assets | 2,749,000 | 2,244,000 |
Total assets | 454,632,000 | 385,371,000 |
Liabilities: | ' | ' |
Notes payable | 266,260,000 | 190,608,000 |
Accounts payable and accrued expenses | 13,505,000 | 13,824,000 |
Tenants' security deposits | 3,360,000 | 3,024,000 |
Dividends and distributions payable | 5,109,000 | 5,028,000 |
Total liabilities | 288,234,000 | 212,484,000 |
Commitments and contingencies: | 0 | 0 |
Equity: | ' | ' |
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of September 30, 2013 and December 31, 2012 | 0 | 0 |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 17,341,947 and 16,943,098 issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 17,000 | 16,000 |
Additional paid-in capital | 231,001,000 | 224,237,000 |
Accumulated deficit | -69,879,000 | -57,830,000 |
Accumulated other comprehensive loss | -68,000 | -392,000 |
Total Whitestone REIT shareholders' equity | 161,071,000 | 166,031,000 |
Noncontrolling interest in subsidiary | 5,327,000 | 6,856,000 |
Total equity | 166,398,000 | 172,887,000 |
Total liabilities and equity | $454,632,000 | $385,371,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred shares, par value per share (in dollars per share) | $0.00 | $0.00 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common shares, par value per share (in dollars per share) | $0.00 | $0.00 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 17,341,947 | 16,943,098 |
Common shares, outstanding (in shares) | 17,341,947 | 16,943,098 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property revenues | ' | ' | ' | ' |
Rental revenues | $12,594 | $8,992 | $35,407 | $25,643 |
Other revenues | 3,697 | 2,626 | 9,548 | 7,388 |
Total property revenues | 16,291 | 11,618 | 44,955 | 33,031 |
Property expenses | ' | ' | ' | ' |
Property operation and maintenance | 4,145 | 2,969 | 10,558 | 8,080 |
Real estate taxes | 2,673 | 1,629 | 6,483 | 4,442 |
Total property expenses | 6,818 | 4,598 | 17,041 | 12,522 |
Other expenses (income) | ' | ' | ' | ' |
General and administrative | 2,722 | 1,888 | 7,682 | 5,392 |
Depreciation and amortization | 3,450 | 2,683 | 9,783 | 7,256 |
Interest expense | 2,602 | 2,244 | 7,664 | 6,324 |
Interest, dividend and other investment income | -26 | -121 | -114 | -274 |
Total other expenses | 8,748 | 6,694 | 25,015 | 18,698 |
Income before loss on sale or disposal of assets and income taxes | 725 | 326 | 2,899 | 1,811 |
Provision for income taxes | -90 | -77 | -227 | -212 |
Loss on sale or disposal of assets | 0 | -77 | -48 | -105 |
Net income | 635 | 172 | 2,624 | 1,494 |
Less: Net income attributable to noncontrolling interests | 21 | 9 | 91 | 99 |
Net income attributable to Whitestone REIT | 614 | 163 | 2,533 | 1,395 |
Basic Earnings Per Share: | ' | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.04 | $0.01 | $0.15 | $0.11 |
Diluted Earnings Per Share: | ' | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.03 | $0.01 | $0.15 | $0.11 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 17,036 | 13,842 | 16,916 | 12,409 |
Diluted (in shares) | 17,331 | 13,961 | 17,156 | 12,526 |
Distributions declared per common share / OP unit (in dollars per share) | $0.28 | $0.28 | $0.86 | $0.86 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net income | 635 | 172 | 2,624 | 1,494 |
Other comprehensive gain (loss) | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedging activities | -331 | -9 | 162 | -9 |
Unrealized gain (loss) on available-for-sale marketable securities | -39 | 92 | 176 | 891 |
Comprehensive income | 265 | 255 | 2,962 | 2,376 |
Less: Comprehensive income attributable to noncontrolling interests | 8 | 14 | 103 | 158 |
Comprehensive income attributable to Whitestone REIT | $257 | $241 | $2,859 | $2,218 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance, at Dec. 31, 2012 | $172,887 | $16 | $224,237 | ($57,830) | ($392) | $166,031 | $6,856 |
Beginning Balance (in units), at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 685,000 |
Beginning Balance (in shares), at Dec. 31, 2012 | 16,943,098 | 16,943,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Exchange of noncontrolling interest OP units for common shares (in shares) | ' | 113,000 | ' | ' | ' | ' | 113,000 |
Exchange of noncontrolling interest OP units for common shares | 0 | 1 | 1,132 | ' | -2 | 1,131 | -1,131 |
Exchange offer costs | -23 | ' | -23 | ' | ' | -23 | ' |
Issuance of common shares - ATM Program, net of offering costs (in shares) | ' | 282,000 | ' | ' | ' | ' | ' |
Issuance of common shares - ATM Program, net of offering costs | 4,184 | ' | 4,184 | ' | ' | 4,184 | ' |
Issuance of shares under dividend reinvestment plan (in shares) | ' | 5,000 | ' | ' | ' | ' | ' |
Issuance of shares under dividend reinvestment plan | 72 | ' | 72 | ' | ' | 72 | ' |
Share-based compensation (in shares) | ' | -1,000 | ' | ' | ' | ' | ' |
Share-based compensation | 1,399 | ' | 1,399 | ' | ' | 1,399 | ' |
Distributions | -15,083 | ' | ' | -14,582 | ' | -14,582 | -501 |
Unrealized gain on change in fair value of available-for-sale marketable securities | 176 | ' | ' | ' | 170 | 170 | 6 |
Unrealized gain on change in value of cash flow hedge | 162 | ' | ' | ' | 156 | 156 | 6 |
Net income | 2,624 | ' | ' | 2,533 | ' | 2,533 | 91 |
Ending Balance, at Sep. 30, 2013 | $166,398 | $17 | $231,001 | ($69,879) | ($68) | $161,071 | $5,327 |
Ending Balance (in units), at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 572,000 |
Ending Balance (in shares), at Sep. 30, 2013 | 17,341,947 | 17,342,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $2,624 | $1,494 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 9,783 | 7,255 |
Amortization of deferred loan costs | 823 | 1,064 |
Amortization of notes payable discount | 387 | 86 |
Gain on sale of marketable securities | -41 | -110 |
Loss on sale or disposal of assets | -48 | -105 |
Bad debt expense | 1,431 | 720 |
Share-based compensation | 1,501 | 384 |
Changes in operating assets and liabilities: | ' | ' |
Escrows and acquisition deposits | 886 | 29 |
Accrued rents and accounts receivable | -2,653 | -1,876 |
Related party receivable | 652 | 0 |
Unamortized lease commissions | -993 | -674 |
Prepaid expenses and other assets | 336 | 630 |
Accounts payable and accrued expenses | -393 | 200 |
Tenants' security deposits | 336 | 614 |
Net cash provided by operating activities | 14,727 | 9,921 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | -58,403 | -79,400 |
Additions to real estate | -3,925 | -9,297 |
Investments in marketable securities | 0 | -750 |
Proceeds from sales of marketable securities | 747 | 5,509 |
Net cash used in investing activities | -61,581 | -83,938 |
Cash flows from financing activities: | ' | ' |
Distributions paid to common shareholders | -14,504 | -10,543 |
Distributions paid to OP unit holders | -528 | -783 |
Proceeds from issuance of common shares, net of offering costs | 4,184 | 58,679 |
Payments of exchange offer costs | -23 | -249 |
Proceeds from notes payable | 47,150 | 0 |
Proceeds from revolving credit facility, net | 73,400 | 33,956 |
Repayments of notes payable | -57,936 | -2,853 |
Payments of loan origination costs | -1,927 | -1,546 |
Net cash provided by financing activities | 49,816 | 76,661 |
Net increase in cash and cash equivalents | 2,962 | 2,644 |
Cash and cash equivalents at beginning of period | 6,544 | 5,695 |
Cash and cash equivalents at end of period | 9,506 | ' |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 6,950 | 5,250 |
Cash paid for taxes | 237 | 225 |
Non cash investing and financing activities: | ' | ' |
Disposal of fully depreciated real estate | 194 | 523 |
Financed insurance premiums | 883 | 856 |
Value of shares issued under dividend reinvestment plan | 72 | 68 |
Debt assumed with acquisitions of real estate | 11,100 | 9,166 |
Interest supplement assumed with acquisition of real estate | 932 | 0 |
Acquired interest rate swap | 0 | 1,901 |
Debt discount on acquired note payable | 0 | -1,329 |
Accrued offering costs | 15 | 85 |
Value of common shares exchanged for OP units | 1,132 | 6,224 |
Change in fair value of available-for-sale securities | 176 | 891 |
Change in fair value of cash flow hedge | $162 | ($9) |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Interim Financial Statements | ' |
INTERIM FINANCIAL STATEMENTS | |
The consolidated financial statements included in this report are unaudited; however, amounts presented in the consolidated balance sheet as of December 31, 2012 are derived from our audited consolidated financial statements as of that date. The unaudited financial statements as of September 30, 2013 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information on a basis consistent with the annual audited consolidated financial statements and with the instructions to Form 10-Q. | |
The consolidated financial statements presented herein reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position of Whitestone and our subsidiaries as of September 30, 2013, and the results of operations for the three and nine month periods ended September 30, 2013 and 2012, the consolidated statements of changes in equity for the nine month period ended September 30, 2013 and cash flows for the nine month periods ended September 30, 2013 and 2012. All of these adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results expected for a full year. The statements should be read in conjunction with the audited consolidated financial statements and the notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
Business. Whitestone was formed as a real estate investment trust ("REIT"), pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland REIT formed for the sole purpose of the reorganization and the conversion of each of our outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of September 30, 2013 and December 31, 2012, Whitestone owned and operated 55 and 51 commercial properties, respectively, in and around Houston, Dallas, San Antonio, Chicago and Phoenix. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of September 30, 2013 and December 31, 2012, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the "common shares") and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone. | |
Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. | |
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. | |
Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. During 2012, we reclassified the amortization of our loan fees, previously classified as depreciation and amortization expenses, to interest expense for all periods presented. As of June 27, 2012, prior period Class A and Class B common shares have been consolidated into a single class of common shares. See Note 10 for additional discussion related to the reclassification of our Class A and Class B common shares. | |
Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's ("FASB") Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures." Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. No available-for-sale marketable securities were sold during the three months ended September 30, 2013, and we recognized gains on the sale of marketable securities of approximately $78,000 during the three months ended September 30, 2012. We recognized gains on the sale of marketable securities of approximately $41,000 and $110,000 for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, our investment in available-for-sale marketable securities was approximately $873,000, which includes an aggregate unrealized loss of approximately $233,000. | |
Derivative Instruments and Hedging Activities. On March 8, 2013, we, through our Operating Partnership, entered into an interest rate swap with U.S. Bank National Association that fixed the LIBOR portion of our $50 million term loan under our unsecured credit facility at 0.84%. See Note 6 for additional information regarding our credit facility. The swap will begin on January 7, 2014 and will mature on February 3, 2017. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. As of September 30, 2013, the fair value of our cash flow hedge was $12,000. For the three and nine months ended September 30, 2013, we recognized $314,000 as other comprehensive losses and $11,000 as other comprehensive gains, respectively. For the three and nine months ended September 30, 2013, we did not recognize any portion of the cash flow hedge into earnings because we are not required to make cash settlements until 2014. | |
On August 8, 2012, as part of our acquisition of Paradise Plaza (see Note 14), we assumed a $9.2 million variable rate note (see Note 6). The note included an interest rate swap that had a fixed interest rate of 5.72%. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, is recognized directly in earnings. As of September 30, 2013, the fair value of our cash flow hedge was $1.3 million. For the three and nine months ended September 30, 2013, we recognized $17,000 as other comprehensive losses and $151,000 as other comprehensive gains, respectively. For the three and nine months ended September 30, 2013, we recognized $87,000 and $263,000 as interest expense, respectively. For the three and nine months ended September 30, 2012, we recognized $9,000 as other comprehensive losses. We did not recognize any portion of the cash flow hedge into earnings for the three and nine months ended September 30, 2012. | |
As of September 30, 2013, we consider our cash flow hedges to be highly effective. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. | |
Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges, primarily interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction, are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended September 30, 2013, approximately $28,000 and $27,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2013, approximately $97,000 and $76,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended September 30, 2012, approximately $47,000 and $50,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2012, approximately $135,000 and $113,000 in interest and real estate taxes, respectively, were capitalized. | |
Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $834,000 and $118,000 in share-based compensation for the three months ended September 30, 2013 and 2012, respectively, and we recognized $1,501,000 and $384,000 in share-based compensation for the nine months ended September 30, 2013 and 2012, respectively. | |
Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity. | |
See our Annual Report on Form 10-K for the year ended December 31, 2012 for further discussion on significant accounting policies. | |
Recent Accounting Pronouncements. In February 2013, the FASB issued guidance requiring entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This guidance was effective prospectively for reporting periods beginning on or after December 15, 2012. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
MARKETABLE SECURITIES | |||||||||||||||||
All of our marketable securities were classified as available-for-sale securities as of September 30, 2013 and December 31, 2012. Available-for-sale securities consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,106 | $ | — | $ | (233 | ) | $ | 873 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (233 | ) | $ | 873 | ||||||||
31-Dec-12 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,811 | $ | — | $ | (408 | ) | $ | 1,403 | ||||||||
Total available-for-sale securities | $ | 1,811 | $ | — | $ | (408 | ) | $ | 1,403 | ||||||||
During the three months ended September 30, 2013, no available-for-sale securities were sold, and during the three months ended September 30, 2012, available-for-sale securities were sold for total proceeds of $1,583,000. During the nine months ended September 30, 2013, available-for-sale securities were sold for total proceeds of $747,000. The gross realized gains and losses on these sales during the nine months ended September 30, 2013 were $44,000 and $3,000, respectively. During the nine months ended September 30, 2012, available-for-sale securities were sold for total proceeds of $5,509,000. The gross realized gains and losses on the sales during the nine months ended September 30, 2012 totaled $152,000 and $42,000, respectively. |
Accrued_Rents_and_Accounts_Rec
Accrued Rents and Accounts Receivable, Net | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accrued Rent and Accounts Receivable, Net | ' | ||||||||
ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET | |||||||||
Accrued rents and accounts receivable, net consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Tenant receivables | $ | 5,892 | $ | 3,536 | |||||
Accrued rents and other recoveries | 6,788 | 6,696 | |||||||
Allowance for doubtful accounts | (3,511 | ) | (2,285 | ) | |||||
Total | $ | 9,169 | $ | 7,947 | |||||
Unamortized_Leasing_Commission
Unamortized Leasing Commissions and Loan Costs | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Unamortized Leasing Comissions and Loan Costs | ' | ||||||||
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | |||||||||
Costs which have been deferred consist of the following (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Leasing commissions | $ | 6,383 | $ | 5,530 | |||||
Deferred financing cost | 6,500 | 4,574 | |||||||
Total cost | 12,883 | 10,104 | |||||||
Less: leasing commissions accumulated amortization | (3,452 | ) | (2,899 | ) | |||||
Less: deferred financing cost accumulated amortization | (3,867 | ) | (3,045 | ) | |||||
Total cost, net of accumulated amortization | $ | 5,564 | $ | 4,160 | |||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure | ' | ||||||||
DEBT | |||||||||
Certain subsidiaries of Whitestone are the borrowers under various financing arrangements. These subsidiaries are separate legal entities and their respective assets and credit are not available to satisfy the debt of Whitestone or any of its other subsidiaries. | |||||||||
Debt consisted of the following as of the dates indicated (in thousands): | |||||||||
Description | September 30, 2013 | December 31, 2012 | |||||||
Fixed rate notes | |||||||||
$1.1 million 4.71% Note, due December 31, 2013 | $ | 1,087 | $ | 1,087 | |||||
$20.2 million 4.2805% Note, due June 6, 2023 (1) | 20,200 | 13,850 | |||||||
$3.0 million 6.00% Note, due March 31, 2021 (2) | 2,914 | 2,943 | |||||||
$10.0 million 6.04% Note, due March 1, 2014 | 8,998 | 9,142 | |||||||
$1.5 million 6.50% Note, due March 1, 2014 | 1,423 | 1,444 | |||||||
$11.2 million 6.52% Note, due September 1, 2015 | 10,487 | 10,609 | |||||||
$21.4 million 6.53% Notes, due October 1, 2013 (3) | — | 18,865 | |||||||
$24.5 million 6.56% Note, due October 1, 2013 (3) | — | 23,135 | |||||||
$9.9 million 6.63% Notes, due March 1, 2014 | 8,690 | 8,925 | |||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (4) | 7,869 | 7,854 | |||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,972 | — | |||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | — | |||||||
$0.9 million 2.97% Note, due November 28, 2013 | 163 | 15 | |||||||
Floating rate notes | |||||||||
Unsecured credit facility, LIBOR plus 1.75% to 2.50%, due February 3, 2017 (5) | 142,400 | 69,000 | |||||||
$26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | 23,107 | 23,739 | |||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | 10,500 | — | |||||||
$ | 266,260 | $ | 190,608 | ||||||
(1) | Promissory note had an original balance of $14.1 million and an interest rate of 5.695%, due in 2013, which was refinanced in May 2013. See below for further discussion of the Pinnacle Note. | ||||||||
(2) | The 6.00% interest rate is fixed through March 30, 2016. On March 31, 2016, the interest rate will reset to the rate of interest for a five-year balloon note with a thirty-year amortization as published by the Federal Home Loan Bank. | ||||||||
(3) | This promissory note was paid in full in August 2013. | ||||||||
(4) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||
(5) | We have entered into an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured revolving credit facility at 0.84%. The swap will begin on January 7, 2014 and will mature on February 3, 2017. | ||||||||
On September 26, 2013, we, operating through our subsidiary, Whitestone Uptown Tower, LLC, a Delaware limited liability company ("Whitestone Uptown"), entered into a $16.5 million promissory note (the "Uptown Note"), with a fixed interest rate of 4.97% payable to Morgan Stanley Capital Holdings LLC and a maturity of September 26, 2023. Proceeds from the Uptown Note were used to repay a portion of our unsecured revolving credit facility. | |||||||||
On September 24, 2013, we, operating through our subsidiary, Whitestone Terravita Marketplace, LLC, a Delaware limited liability company ("Whitestone Terravita"), entered into a $10.5 million promissory note (the "Terravita Note"), with an applicable interest rate of LIBOR plus 2.00%, payable to Bank of America, N.A. and a maturity of September 24, 2018. Proceeds from the Terravita Note were used to repay a portion of our unsecured revolving credit facility. | |||||||||
The Terravita Note is a non-recourse loan secured by Whitestone Terravita's Terravita Marketplace property, located in Scottsdale, Arizona, and a limited guarantee by the Operating Partnership. In conjunction with the Terravita Note, a deed of trust was executed by Whitestone Terravita that contains customary terms and conditions, including representations, warranties and covenants by Whitestone Terravita that include, without limitation, assignment of rents, warranty of title, insurance requirements and maintenance, use and management of the property. | |||||||||
On June 19, 2013, we assumed a $11.1 million promissory note as part of our acquisition of Mercado at Scottsdale Ranch (see Note 14). The 5.87% fixed interest rate note matures on August 16, 2016. In conjunction with our acquisition, we received an interest rate supplement from the seller in the amount of $932,000, which we will accrete into expense over the life of the note. As a result of the supplement, the imputed interest rate is 3.052%, which we consider to be an appropriate market rate. | |||||||||
On May 31, 2013, we, operating through our subsidiary, Whitestone Pinnacle of Scottsdale, LLC, a Delaware limited liability company ("Whitestone Pinnacle"), refinanced our $14.1 million promissory note, with an applicable interest rate of 5.695% and a maturity of June 1, 2013, with a $20.2 million promissory note (the "Pinnacle Note") payable to Cantor Commercial Real Estate Lending, L.P. with an applicable interest rate of 4.2805%, and a maturity of June 6, 2023. | |||||||||
The Pinnacle Note is a non-recourse loan secured by Whitestone Pinnacle's Pinnacle of Scottsdale property, located in Scottsdale, Arizona, and a limited guarantee by Whitestone. In conjunction with the Pinnacle Note, a deed of trust was executed by Whitestone Pinnacle that contains customary terms and conditions, including representations, warranties and covenants by Whitestone Pinnacle that include, without limitation, assignment of rents, warranty of title, insurance requirements and maintenance, use and management of the property. | |||||||||
As of September 30, 2013, our $123.7 million in secured debt was collateralized by 22 properties with a carrying value of $163.8 million. Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of the rents and leases associated with those properties. As of September 30, 2013, we were in compliance with all loan covenants. | |||||||||
On February 4, 2013, we, through our Operating Partnership, entered into an unsecured credit facility (the “Facility”) with the lenders party thereto, with BMO Capital Markets and Wells Fargo Securities, LLC, as co-lead arrangers and joint book runners, Bank of Montreal, as administrative agent (the "Agent"), Wells Fargo Bank, National Association, as syndication agent, and U.S. Bank National Association, as documentation agent. The Facility amended and restated our previous unsecured credit facility. We plan to use the Facility for property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and retenanting of properties in our portfolio. | |||||||||
In addition to a $125 million unsecured borrowing capacity under the revolving loan, the Facility also includes a $50 million term loan and permits the Operating Partnership to increase the borrowing capacity under the Facility to a total of $225 million, upon the satisfaction of certain conditions. The Facility will mature on February 3, 2017, and provides that the Operating Partnership may extend the maturity date for one year subject to certain conditions, including the payment of an extension fee. | |||||||||
Borrowings under the Facility accrue interest (at the Operating Partnership's option) at a Base Rate or an Adjusted LIBOR plus an applicable margin based upon our then-existing leverage. Base Rate means the higher of: (a) the Agent's prime commercial rate, (b) the sum of (i) average rate quoted the Agent by two or more federal funds brokers selected by the Agent for sale to the Agent at face value of federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus (ii) 0.5%, and (c) the LIBOR rate for such day plus 1.00%. Adjusted LIBOR means LIBOR divided by one minus the Eurodollar Reserve Percentage. The Eurodollar Reserve Percentage means the maximum reserve percentage at which reserves are imposed by the Board of Governors of the Federal Reserve System on eurocurrency liabilities. | |||||||||
We are the guarantor for funds borrowed by the Operating Partnership under the Facility. The Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization and extraordinary items) to fixed charges and maintenance of net worth. The Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. As of September 30, 2013, we were in compliance with all covenants. | |||||||||
As of September 30, 2013, $142.4 million was drawn on the Facility, and our remaining borrowing capacity was $32.6 million, assuming that we use proceeds of the Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. Proceeds from the Facility were used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and retenanting of properties in our portfolio and working capital. | |||||||||
Scheduled maturities of our outstanding debt as of September 30, 2013 were as follows (in thousands): | |||||||||
Year | Amount Due | ||||||||
2013 | $ | 24,601 | |||||||
2014 | 19,504 | ||||||||
2015 | 11,026 | ||||||||
2016 | 12,126 | ||||||||
2017 | 151,185 | ||||||||
Thereafter | 47,818 | ||||||||
Total | $ | 266,260 | |||||||
We have approximately $25 million of debt maturing in December 2013. The refinancing of this debt is currently in progress and expected to be completed by year end. We also have availability under our Facility should we be unable to obtain similar or better financing of this debt from our current lenders or new lenders. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||
Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to noncontrolling interests by our weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to noncontrolling interests by the weighted average number of common shares including any dilutive unvested restricted shares. | |||||||||||||||||
Certain of our performance-based restricted common shares are considered participating securities that require the use of the two-class method for the computation of basic and diluted earnings per share. During the three months ended September 30, 2013 and 2012, 577,362 and 786,191 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive, and during the nine months ended September 30, 2013 and 2012, 604,905 and 886,407 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. | |||||||||||||||||
For the three months ended September 30, 2013 and 2012, distributions of $44,000 and $45,000, respectively, were made to holders of certain restricted common shares, $34,000 and $40,000, respectively, of which were charged against earnings. For the nine months ended September 30, 2013 and 2012, distributions of $134,000 and $148,000, respectively, were made to holders of certain restricted common shares, $102,000 and $137,000, respectively, of which were charged against earnings. See Note 11 for information related to restricted common shares under the 2008 Plan. | |||||||||||||||||
Three Months Ended | Nine Months | ||||||||||||||||
Ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 635 | $ | 172 | $ | 2,624 | $ | 1,494 | |||||||||
Less: Net income attributable to noncontrolling interests | (21 | ) | (9 | ) | (91 | ) | (99 | ) | |||||||||
Distributions paid on unvested restricted shares | (10 | ) | (5 | ) | (32 | ) | (11 | ) | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 604 | $ | 158 | $ | 2,501 | $ | 1,384 | |||||||||
Denominator: | |||||||||||||||||
Weighted average number of common shares - basic | 17,036 | 13,842 | 16,916 | 12,409 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Unvested restricted shares | 295 | 119 | 240 | 117 | |||||||||||||
Weighted average number of common shares - dilutive | 17,331 | 13,961 | 17,156 | 12,526 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.11 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.01 | $ | 0.15 | $ | 0.11 | |||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
No provision for federal income taxes has been made because we intend to and believe we qualify as a REIT under the provisions of the Internal Revenue Code (the "Code") and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. Our shareholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our shareholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates. | |
During 2010, we discovered that we may have inadvertently violated the “5% asset test,” as set forth in Section 856(c)(4)(B)(iii)(I) of the Code, for the quarter ended March 31, 2009 as a result of utilizing a certain cash management arrangement with a commercial bank. If our investment in a commercial paper investment sweep account through such cash management agreement is not treated as cash, and is instead treated as a security of a single issuer for purposes of the “5% asset test,” then we failed the “5% asset test” for the first quarter of our 2009 taxable year. We believe, however, that if we failed the “5% asset test,” our failure would be considered due to reasonable cause and not willful neglect and, therefore, we would not be disqualified as a REIT for our 2009 taxable year. We would be, however, subject to certain reporting requirements and a tax equal to the greater of $50,000 or 35% of the net income from the commercial paper investment account during the period in which we failed to satisfy the “5% asset test.” The amount of such tax is $50,000, and we paid such tax on April 27, 2010. | |
If the Internal Revenue Service were to assert that we failed the “5% asset test” for the first quarter of our 2009 taxable year and that such failure was not due to reasonable cause, and the courts were to sustain that position, our status as a REIT would terminate as of December 31, 2008. We would not be eligible to again elect REIT status until our 2014 taxable year. Consequently, we would be subject to federal income tax on our taxable income at regular corporate rates without the benefit of the dividends-paid deduction, and our cash available for distributions to shareholders would be reduced. | |
Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. | |
We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% for us) to the profit margin, which generally will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. For the three months ended September 30, 2013 and 2012, we recognized $67,000 and $61,000 in margin tax provision, respectively, and for the nine months ended September 30, 2013 and 2012, we recognized $191,000 and $184,000, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
Executive Relocation. On July 9, 2010, upon the unanimous recommendation of our Compensation Committee, we entered into an arrangement with Mr. Mastandrea, our Chairman and Chief Executive Officer, with respect to the disposition of his residence in Cleveland, Ohio. Mr. Mastandrea listed the residence in the second half of 2007 and has had to pay for security, taxes, insurance and maintenance expenses related to the residence. Under the relocation arrangement as amended on August 9, 2012, we agreed to pay Mr. Mastandrea the shortfall, if any, in the amount realized from the sale of the Cleveland residence, below $2,450,000, plus tax on the amount of such payment at the maximum federal income tax rate. The amount of the shortfall was to be paid in a combination of cash and common shares at the market value of the shares, as determined upon agreement between Mr. Mastandrea and the Compensation Committee. | |
In addition, the arrangement required us to continue paying the previously agreed upon cost of housing expenses for the Mastandrea family in Houston, Texas for a period of one year following the date of sale of the residence. We had previously agreed to reimburse Mr. Mastandrea for out-of-pocket moving costs including packing, temporary storage, transportation and moving supplies. | |
On December 21, 2012, Mr. Mastandrea sold the residence to a third party for a price of $1,125,000. Pursuant to the relocation arrangement, we paid cash of $1,325,000, representing the shortfall of the amount realized from the sale of the property, and $852,000, which represented moving expenses and closing costs incurred by Mr. Mastandrea and federal taxes. No common shares were issued. The total expense incurred by us of $2,177,000 is shown separately in our consolidated financial statements for the year ended December 31, 2012. In addition, we issued a note receivable for $975,000 to the buyer. The note bears interest at a rate of 4.5% and matures on December 31, 2013. As a result of this transaction, we also recorded a related party receivable of $652,000 for the year ended December 31, 2012, which represents the federal income tax withholding not deducted from our payment to Mr. Mastandrea. On January 14, 2013, we received the $652,000 and paid it to the federal government on behalf of Mr. Mastandrea. |
Equity
Equity | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Equity | ' | ||||||||||||||||||||
EQUITY | |||||||||||||||||||||
Reclassification of Common Shares | |||||||||||||||||||||
On June 27, 2012, we filed with the State Department of Assessments and Taxation of Maryland amendments to our declaration of trust that (i) reclassified each issued and unissued Class A common share of beneficial interest, par value $0.001 per share (the "Class A common shares") into one Class B common share of beneficial interest, par value $0.001 per share (the "Class B common shares") and (ii) changed the designation of all of the Class B common shares to “common shares.” The amendment setting forth the reclassification of the Class A common shares into Class B common shares was approved by our shareholders at the 2012 annual meeting of shareholders held on May 22, 2012. The amendment approving the redesignation of the Class B common shares to common shares was approved by our board of trustees and did not require shareholder approval. | |||||||||||||||||||||
Common Shares | |||||||||||||||||||||
Following the reclassification of our common shares on June 27, 2012, as described above, under our declaration of trust, as amended, we have authority to issue up to 400,000,000 common shares of beneficial interest, $0.001 par value per share, and up to 50,000,000 preferred shares of beneficial interest, $0.001 par value per share. | |||||||||||||||||||||
Equity Offerings | |||||||||||||||||||||
On June 19, 2013, we entered into five equity distribution agreements for an at-the-market distribution program. Pursuant to the terms and conditions of the agreements, we can issue and sell up to an aggregate of $50 million of our common shares. Actual sales will depend on a variety of factors to be determined by us from time to time, including (among others) market conditions, the trading price of our common shares, capital needs and our determinations of the appropriate sources of funding for us, and will be made in transactions that will be deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. We have no obligation to sell any of our common shares, and could at any time suspend offers under the agreements or terminate the agreements. During the three months ended September 30, 2013, we sold 282,239 common shares under the equity distribution program, with net proceeds to us of approximately $4.2 million. In connection with such sales, we paid compensation of $0.2 million to the sales agents. We had not sold any common shares under the equity distribution program as of June 30, 2013. | |||||||||||||||||||||
On August 28, 2012, we completed the sale of 4,830,000 common shares, $0.001 par value per share, including 630,000 common shares pursuant to the exercise of the underwriters' over-allotment option, at a price to the public of $12.80 per share. Total net proceeds from the offering, including over-allotment shares, and after deducting the underwriting discount and offering expenses, were approximately $58.7 million, which we used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and/or re-tenanting of properties in our portfolio, working capital and other general purposes. | |||||||||||||||||||||
Operating Partnership Units | |||||||||||||||||||||
Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of September 30, 2013, we owned a 96.8% interest in the Operating Partnership. | |||||||||||||||||||||
Limited partners in the Operating Partnership holding OP units have the right to convert their OP units into cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to holders of Whitestone common shares. As of September 30, 2013 and December 31, 2012, there were 17,793,526 and 17,507,771 OP units outstanding, respectively. We owned 17,221,124 and 16,822,285 OP units as of September 30, 2013 and December 31, 2012, respectively. The balance of the OP units is owned by third parties, including certain of our trustees. Our weighted average share ownership in the Operating Partnership was approximately 96.6% and 94.6% for the three months ended September 30, 2013 and 2012, respectively, and 96.6% and 93.4% for the nine months ended September 30, 2013 and 2012, respectively. During the three and nine months ended September 30, 2013, 7,480 and 113,084 OP units, respectively were redeemed for 7,480 and 113,084 common shares, respectively. There were no OP units redeemed during the three and nine months ended September 30, 2012. | |||||||||||||||||||||
Distributions | |||||||||||||||||||||
The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2012 and the nine months ended September 30, 2013 (in thousands, except per share/unit data): | |||||||||||||||||||||
Common Shares (1) | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2013 | |||||||||||||||||||||
Third Quarter | $ | 0.285 | $ | 4,865 | $ | 0.285 | $ | 165 | $ | 5,030 | |||||||||||
Second Quarter | 0.285 | 4,832 | 0.285 | 169 | 5,001 | ||||||||||||||||
First Quarter | 0.285 | 4,807 | 0.285 | 194 | 5,001 | ||||||||||||||||
Total | $ | 0.855 | $ | 14,504 | $ | 0.855 | $ | 528 | $ | 15,032 | |||||||||||
2012 | |||||||||||||||||||||
Fourth Quarter | $ | 0.285 | $ | 4,781 | $ | 0.285 | $ | 221 | $ | 5,002 | |||||||||||
Third Quarter | 0.285 | 3,859 | 0.285 | 224 | 4,083 | ||||||||||||||||
Second Quarter | 0.285 | 3,362 | 0.285 | 258 | 3,620 | ||||||||||||||||
First Quarter | 0.285 | 3,322 | 0.285 | 301 | 3,623 | ||||||||||||||||
Total | $ | 1.14 | $ | 15,324 | $ | 1.14 | $ | 1,004 | $ | 16,328 | |||||||||||
(1) | Effective June 27, 2012, each outstanding Class A common share was reclassified into one Class B common share, and the Class B common shares were redesignated as "common shares." | ||||||||||||||||||||
New York Stock Exchange Listing | |||||||||||||||||||||
On June 29, 2012, we transferred the listing of our common shares to the New York Stock Exchange under our existing ticker symbol "WSR." As a result of the transfer, we voluntarily delisted our common shares from the NYSE MKT LLC (“NYSE MKT”) effective June 28, 2012. | |||||||||||||||||||||
Exchange Offers | |||||||||||||||||||||
On May 10, 2012, we commenced an exchange offer to exchange Class B common shares on a one-for-one basis for (i) up to 867,789 outstanding Class A common shares; and (ii) up to 453,642 outstanding OP units. The exchange offer expired on June 8, 2012, and 426,986 Class A common shares and 121,156 OP units were accepted for exchange. |
Incentive_Share_Plan
Incentive Share Plan | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Employee Incentive Share Plan | ' | ||||||||||||||
INCENTIVE SHARE PLAN | |||||||||||||||
On July 29, 2008, our shareholders approved the 2008 Plan. On December 22, 2010, our board of trustees amended the 2008 Plan to allow for awards in or related to Class B common shares pursuant to the 2008 Plan. On June 27, 2012, our Class B common shares were redesignated as "common shares." The 2008 Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units, which may be converted into cash or, at our option, common shares of Whitestone. The maximum aggregate number of common shares that may be issued under the 2008 Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of shares that may be issued under the 2008 Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than shares and/or OP units issued to or held by Whitestone). | |||||||||||||||
The Compensation Committee of our board of trustees administers the 2008 Plan, except with respect to awards to non-employee trustees, for which the 2008 Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. | |||||||||||||||
A summary of the share-based incentive plan activity as of and for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
Shares | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2013 | 534,920 | $ | 12.53 | ||||||||||||
Granted | 298,333 | 15.59 | |||||||||||||
Vested | (12,932 | ) | 14.88 | ||||||||||||
Forfeited | (47,069 | ) | 13.07 | ||||||||||||
Non-vested at September 30, 2013 | 773,252 | $ | 13.64 | ||||||||||||
Available for grant at September 30, 2013 | 1,679,596 | ||||||||||||||
(1) | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. | ||||||||||||||
A summary of our non-vested and vested shares activity for the nine months ended September 30, 2013 and years ended December 31, 2012, 2011 and 2010 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Non-Vested Shares Issued | Weighted Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Nine months ended September 30, 2013 | 298,333 | $ | 15.59 | (12,932 | ) | $ | 192 | ||||||||
Year ended December 31, 2012 | 99,700 | 13.03 | (16,208 | ) | 223 | ||||||||||
Year ended December 31, 2011 | — | — | (5,169 | ) | 80 | ||||||||||
Year ended December 31, 2010 | 31,858 | 14.09 | (55,699 | ) | 695 | ||||||||||
Total compensation recognized in earnings for share-based payments was $834,000 and $118,000 for the three months ended September 30, 2013 and 2012, respectively, and $1,501,000 and $384,000 for the nine months ended September 30, 2013 and 2012, respectively. Taking into account the acquisitions that occurred during the nine months ended September 30, 2013 and the year ended December 31, 2012 (see Note 14), we expect additional performance-based shares to vest due to the achievement of certain Company-wide performance goals. As a result, as of September 30, 2013, there was approximately $2,669,000 in unrecognized compensation cost related to outstanding non-vested performance-based shares, which is expected to vest over a weighted average period of 14 months and approximately $70,000 in unrecognized compensation cost related to outstanding non-vested time-based shares, which is expected to be recognized over a weighted average period of approximately 22 months. | |||||||||||||||
On August 2, 2013, our Compensation Committee approved a company-wide annual cash bonus program for our employees and including our named executive officers ("NEOs"). The program will make employees eligible for annual cash bonuses based on achievement of defined financial and operational goals by us and their individual business units. The goals include occupancy percentage, revenues, property net operating income and funds from operations. The bonus percentages range from 15% to 25% of annual base salaries for the NEOs. As of September 30, 2013, we do not expect to achieve any of the defined financial or operational goals and have not recognized any expense related to the bonus program. |
Grants_to_Trustees
Grants to Trustees | 9 Months Ended |
Sep. 30, 2013 | |
Grants to Trustees [Abstract] | ' |
Grants To Trustees | ' |
GRANTS TO TRUSTEES | |
On September 16, 2013, each of our five independent trustees was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our five independent trustees had a grant date fair value of $14.52 per share. On January 31, 2013, two of our independent trustees elected to receive a total of 1,172 common shares with a grant date fair value of $14.50 in lieu of cash for board fees. The fair value of the shares granted during the nine months ended September 30, 2013 was determined using quoted prices available on the date of grant. |
Segment_Information
Segment Information | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
SEGMENT INFORMATION | |
Historically, our management has not differentiated results of operations by property type or location and, therefore, does not present segment information. |
Real_Estate
Real Estate | 9 Months Ended |
Sep. 30, 2013 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure | ' |
REAL ESTATE | |
Property Acquisitions. On June 28, 2013, we acquired Anthem Marketplace, a property that meets our Community Centered Property strategy, for approximately $23.3 million in cash and net prorations. The 113,293 square foot property was 100% leased at the time of purchase and is located in Phoenix, Arizona. In the same purchase, we also acquired an adjacent development pad site of 0.83 acres. | |
On June 19, 2013, we acquired Mercado at Scottsdale Ranch, a property that meets our Community Centered Property strategy, for approximately $21.3 million, including the assumption of a $11.1 million non-recourse loan, a $0.9 million interest rate supplement and cash of $9.3 million. The 118,730 square foot property was 100% leased at the time of purchase and is located in Scottsdale, Arizona. | |
On March 28, 2013, we acquired Headquarters Village Shopping Center, a property that meets our Community Centered Property strategy, for approximately $25.7 million in cash and net prorations. The 89,134 square foot property was 100% leased at the time of purchase and is located in Plano, Texas. | |
On December 28, 2012, we acquired the Shops at Pecos Ranch, a property that meets our Community Centered Property strategy, for approximately $19.0 million in cash and net prorations. The 78,767 square foot property was 100% leased at the time of purchase and is located in Chandler, Arizona, a suburb of Phoenix. | |
On September 21, 2012, we acquired Village Square at Dana Park, a property that meets our Community Centered Property strategy, for approximately $46.5 million in cash and net prorations. The 310,979 square foot property was 71% leased at the time of purchase and is located in the Mesa submarket of Phoenix, Arizona. In the same purchase, we also acquired an adjacent development parcel of 4.7 acres for approximately $4.0 million in cash. | |
On September 21, 2012, we acquired Fountain Square, a property that meets our Community Centered Property strategy, for approximately $15.4 million in cash and net prorations. The 118,209 square foot property was 76% leased at the time of purchase and is located in Scottsdale, Arizona. | |
On August 8, 2012, we acquired Paradise Plaza, a property that meets our Community Centered Property strategy, for approximately $16.3 million, including the assumption of a $9.2 million non-recourse loan, and cash of $7.1 million. The 125,898 square foot property was 100% leased at the time of purchase and is located in Paradise Valley, Arizona, a suburb of Phoenix. | |
On May 29, 2012, we acquired the Shops at Pinnacle Peak, a property that meets our Community Centered Property strategy, for approximately $6.4 million in cash and net prorations. The 41,530 square foot property was 76% leased at the time of purchase and is located in North Scottsdale, Arizona. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On October 1, 2013, we reached an agreement, resolving a year-long co-tenancy dispute with an existing tenant that occupies an aggregate of 54,000 square feet in our Phoenix and Houston markets. The resolution of the dispute will result in the tenant returning to market rental rates and allowing us to add two high-quality tenants, who are expected to occupy approximately 65,000 square feet in the centers by December 31, 2013. | |
On October 7, 2013, we acquired Fountain Hills Plaza, a property that meets our Community Centered Property strategy, for approximately $20.6 million in cash and net prorations. The 111,289 square foot property was 87% leased at the time of purchase and is located in Fountain Hills, Arizona, a suburb of Phoenix. | |
On October 8, 2013, we completed the sale of 4,000,000 common shares, $0.001 par value per share, and on October 28, 2013, upon the underwriters' exercise of the over-allotment option, we completed the sale of 600,000 additional common shares, at a price to the public of $13.54 per share. Total net proceeds from the offering, including the over-allotment shares, and after deducting the underwriting discount and offering expenses, were approximately $59.4 million, which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership intends to use the net proceeds from this offering for general corporate purposes, which may include acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures (including tenant improvements), the expansion, redevelopment and/or re-tenanting of properties in our portfolio, working capital and other general purposes. | |
On October 17, 2013, we acquired a 2.50 acre parcel for $2.8 million in cash and net prorations. The parcel is located in Spring, Texas, a suburb of Houston, and is contiguous to our Corporate Park Woodland property. | |
On October 30, 2013, we, operating through our subsidiary, Whitestone Terravita Marketplace LLC, entered into an interest rate swap with Bank of America, N.A. that fixed the LIBOR portion of our $10.5 million loan at 1.5475%. The swap began on November 1, 2013 and will mature on September 24, 2018. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in the comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Consolidation | ' |
Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of September 30, 2013 and December 31, 2012, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the "common shares") and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone. | |
Basis of Accounting | ' |
Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. During 2012, we reclassified the amortization of our loan fees, previously classified as depreciation and amortization expenses, to interest expense for all periods presented. As of June 27, 2012, prior period Class A and Class B common shares have been consolidated into a single class of common shares. See Note 10 for additional discussion related to the reclassification of our Class A and Class B common shares. | |
Marketable Securities | ' |
Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's ("FASB") Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification ("ASC") 820, "Fair Value Measurements and Disclosures." Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. No available-for-sale marketable securities were sold during the three months ended September 30, 2013, and we recognized gains on the sale of marketable securities of approximately $78,000 during the three months ended September 30, 2012. We recognized gains on the sale of marketable securities of approximately $41,000 and $110,000 for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, our investment in available-for-sale marketable securities was approximately $873,000, which includes an aggregate unrealized loss of approximately $233,000. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities. On March 8, 2013, we, through our Operating Partnership, entered into an interest rate swap with U.S. Bank National Association that fixed the LIBOR portion of our $50 million term loan under our unsecured credit facility at 0.84%. See Note 6 for additional information regarding our credit facility. The swap will begin on January 7, 2014 and will mature on February 3, 2017. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. As of September 30, 2013, the fair value of our cash flow hedge was $12,000. For the three and nine months ended September 30, 2013, we recognized $314,000 as other comprehensive losses and $11,000 as other comprehensive gains, respectively. For the three and nine months ended September 30, 2013, we did not recognize any portion of the cash flow hedge into earnings because we are not required to make cash settlements until 2014. | |
On August 8, 2012, as part of our acquisition of Paradise Plaza (see Note 14), we assumed a $9.2 million variable rate note (see Note 6). The note included an interest rate swap that had a fixed interest rate of 5.72%. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, is recognized directly in earnings. As of September 30, 2013, the fair value of our cash flow hedge was $1.3 million. For the three and nine months ended September 30, 2013, we recognized $17,000 as other comprehensive losses and $151,000 as other comprehensive gains, respectively. For the three and nine months ended September 30, 2013, we recognized $87,000 and $263,000 as interest expense, respectively. For the three and nine months ended September 30, 2012, we recognized $9,000 as other comprehensive losses. We did not recognize any portion of the cash flow hedge into earnings for the three and nine months ended September 30, 2012. | |
As of September 30, 2013, we consider our cash flow hedges to be highly effective. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. | |
Development Properties | ' |
Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges, primarily interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction, are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended September 30, 2013, approximately $28,000 and $27,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2013, approximately $97,000 and $76,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended September 30, 2012, approximately $47,000 and $50,000 in interest expense and real estate taxes, respectively, were capitalized, and for the nine months ended September 30, 2012, approximately $135,000 and $113,000 in interest and real estate taxes, respectively, were capitalized. | |
Share-Based Compensation | ' |
Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $834,000 and $118,000 in share-based compensation for the three months ended September 30, 2013 and 2012, respectively, and we recognized $1,501,000 and $384,000 in share-based compensation for the nine months ended September 30, 2013 and 2012, respectively. | |
Noncontrolling Interests | ' |
Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In February 2013, the FASB issued guidance requiring entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This guidance was effective prospectively for reporting periods beginning on or after December 15, 2012. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-Sale Securities | ' | ||||||||||||||||
All of our marketable securities were classified as available-for-sale securities as of September 30, 2013 and December 31, 2012. Available-for-sale securities consisted of the following (in thousands): | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,106 | $ | — | $ | (233 | ) | $ | 873 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (233 | ) | $ | 873 | ||||||||
31-Dec-12 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,811 | $ | — | $ | (408 | ) | $ | 1,403 | ||||||||
Total available-for-sale securities | $ | 1,811 | $ | — | $ | (408 | ) | $ | 1,403 | ||||||||
Accrued_Rents_and_Accounts_Rec1
Accrued Rents and Accounts Receivable, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accrued Rent and Accounts Receivable, Net | ' | ||||||||
Accrued rents and accounts receivable, net consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Tenant receivables | $ | 5,892 | $ | 3,536 | |||||
Accrued rents and other recoveries | 6,788 | 6,696 | |||||||
Allowance for doubtful accounts | (3,511 | ) | (2,285 | ) | |||||
Total | $ | 9,169 | $ | 7,947 | |||||
Unamortized_Leasing_Commission1
Unamortized Leasing Commissions and Loan Costs (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Unamortized Leasing Comissions and Loan Costs | ' | ||||||||
Costs which have been deferred consist of the following (in thousands): | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
Leasing commissions | $ | 6,383 | $ | 5,530 | |||||
Deferred financing cost | 6,500 | 4,574 | |||||||
Total cost | 12,883 | 10,104 | |||||||
Less: leasing commissions accumulated amortization | (3,452 | ) | (2,899 | ) | |||||
Less: deferred financing cost accumulated amortization | (3,867 | ) | (3,045 | ) | |||||
Total cost, net of accumulated amortization | $ | 5,564 | $ | 4,160 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Debt consisted of the following as of the dates indicated (in thousands): | |||||||||
Description | September 30, 2013 | December 31, 2012 | |||||||
Fixed rate notes | |||||||||
$1.1 million 4.71% Note, due December 31, 2013 | $ | 1,087 | $ | 1,087 | |||||
$20.2 million 4.2805% Note, due June 6, 2023 (1) | 20,200 | 13,850 | |||||||
$3.0 million 6.00% Note, due March 31, 2021 (2) | 2,914 | 2,943 | |||||||
$10.0 million 6.04% Note, due March 1, 2014 | 8,998 | 9,142 | |||||||
$1.5 million 6.50% Note, due March 1, 2014 | 1,423 | 1,444 | |||||||
$11.2 million 6.52% Note, due September 1, 2015 | 10,487 | 10,609 | |||||||
$21.4 million 6.53% Notes, due October 1, 2013 (3) | — | 18,865 | |||||||
$24.5 million 6.56% Note, due October 1, 2013 (3) | — | 23,135 | |||||||
$9.9 million 6.63% Notes, due March 1, 2014 | 8,690 | 8,925 | |||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (4) | 7,869 | 7,854 | |||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,972 | — | |||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | — | |||||||
$0.9 million 2.97% Note, due November 28, 2013 | 163 | 15 | |||||||
Floating rate notes | |||||||||
Unsecured credit facility, LIBOR plus 1.75% to 2.50%, due February 3, 2017 (5) | 142,400 | 69,000 | |||||||
$26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | 23,107 | 23,739 | |||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | 10,500 | — | |||||||
$ | 266,260 | $ | 190,608 | ||||||
(1) | Promissory note had an original balance of $14.1 million and an interest rate of 5.695%, due in 2013, which was refinanced in May 2013. See below for further discussion of the Pinnacle Note. | ||||||||
(2) | The 6.00% interest rate is fixed through March 30, 2016. On March 31, 2016, the interest rate will reset to the rate of interest for a five-year balloon note with a thirty-year amortization as published by the Federal Home Loan Bank. | ||||||||
(3) | This promissory note was paid in full in August 2013. | ||||||||
(4) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||
(5) | We have entered into an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured revolving credit facility at 0.84%. The swap will begin on January 7, 2014 and will mature on February 3, 2017. | ||||||||
Schedule of Maturities of Debt | ' | ||||||||
Scheduled maturities of our outstanding debt as of September 30, 2013 were as follows (in thousands): | |||||||||
Year | Amount Due | ||||||||
2013 | $ | 24,601 | |||||||
2014 | 19,504 | ||||||||
2015 | 11,026 | ||||||||
2016 | 12,126 | ||||||||
2017 | 151,185 | ||||||||
Thereafter | 47,818 | ||||||||
Total | $ | 266,260 | |||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
Three Months Ended | Nine Months | ||||||||||||||||
Ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 635 | $ | 172 | $ | 2,624 | $ | 1,494 | |||||||||
Less: Net income attributable to noncontrolling interests | (21 | ) | (9 | ) | (91 | ) | (99 | ) | |||||||||
Distributions paid on unvested restricted shares | (10 | ) | (5 | ) | (32 | ) | (11 | ) | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 604 | $ | 158 | $ | 2,501 | $ | 1,384 | |||||||||
Denominator: | |||||||||||||||||
Weighted average number of common shares - basic | 17,036 | 13,842 | 16,916 | 12,409 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Unvested restricted shares | 295 | 119 | 240 | 117 | |||||||||||||
Weighted average number of common shares - dilutive | 17,331 | 13,961 | 17,156 | 12,526 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.11 | |||||||||
Diluted: | |||||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.03 | $ | 0.01 | $ | 0.15 | $ | 0.11 | |||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Distributions | ' | ||||||||||||||||||||
The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2012 and the nine months ended September 30, 2013 (in thousands, except per share/unit data): | |||||||||||||||||||||
Common Shares (1) | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2013 | |||||||||||||||||||||
Third Quarter | $ | 0.285 | $ | 4,865 | $ | 0.285 | $ | 165 | $ | 5,030 | |||||||||||
Second Quarter | 0.285 | 4,832 | 0.285 | 169 | 5,001 | ||||||||||||||||
First Quarter | 0.285 | 4,807 | 0.285 | 194 | 5,001 | ||||||||||||||||
Total | $ | 0.855 | $ | 14,504 | $ | 0.855 | $ | 528 | $ | 15,032 | |||||||||||
2012 | |||||||||||||||||||||
Fourth Quarter | $ | 0.285 | $ | 4,781 | $ | 0.285 | $ | 221 | $ | 5,002 | |||||||||||
Third Quarter | 0.285 | 3,859 | 0.285 | 224 | 4,083 | ||||||||||||||||
Second Quarter | 0.285 | 3,362 | 0.285 | 258 | 3,620 | ||||||||||||||||
First Quarter | 0.285 | 3,322 | 0.285 | 301 | 3,623 | ||||||||||||||||
Total | $ | 1.14 | $ | 15,324 | $ | 1.14 | $ | 1,004 | $ | 16,328 | |||||||||||
(1) | Effective June 27, 2012, each outstanding Class A common share was reclassified into one Class B common share, and the Class B common shares were redesignated as "common shares." |
Incentive_Share_Plan_Tables
Incentive Share Plan (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Schedule of Share-Based Incentive Plan Activity | ' | ||||||||||||||
A summary of the share-based incentive plan activity as of and for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
Shares | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2013 | 534,920 | $ | 12.53 | ||||||||||||
Granted | 298,333 | 15.59 | |||||||||||||
Vested | (12,932 | ) | 14.88 | ||||||||||||
Forfeited | (47,069 | ) | 13.07 | ||||||||||||
Non-vested at September 30, 2013 | 773,252 | $ | 13.64 | ||||||||||||
Available for grant at September 30, 2013 | 1,679,596 | ||||||||||||||
(1) | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. | ||||||||||||||
Schedule of Nonvested and Vested Shares Activity | ' | ||||||||||||||
A summary of our non-vested and vested shares activity for the nine months ended September 30, 2013 and years ended December 31, 2012, 2011 and 2010 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Non-Vested Shares Issued | Weighted Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Nine months ended September 30, 2013 | 298,333 | $ | 15.59 | (12,932 | ) | $ | 192 | ||||||||
Year ended December 31, 2012 | 99,700 | 13.03 | (16,208 | ) | 223 | ||||||||||
Year ended December 31, 2011 | — | — | (5,169 | ) | 80 | ||||||||||
Year ended December 31, 2010 | 31,858 | 14.09 | (55,699 | ) | 695 | ||||||||||
Interim_Financial_Statements_D
Interim Financial Statements (Details) | 1 Months Ended | ||
Jul. 31, 2004 | Sep. 30, 2013 | Dec. 31, 2012 | |
Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | ||
CommercialProperties | CommercialProperties | ||
Real Estate Properties [Line Items] | ' | ' | ' |
Reorganization and conversion, number of common shares (in shares) | 1.42857 | ' | ' |
Number of commercial properties (in commercial properties) | ' | 55 | 51 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 08, 2013 | Aug. 08, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||
Paradise Plaza [Member] | Paradise Plaza [Member] | Paradise Plaza [Member] | Paradise Plaza [Member] | |||||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion basis for common shares to OP units | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on the sale of marketable securities | $0 | $78,000 | $41,000 | $110,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in available-for-sale marketable securities | 873,000 | ' | 873,000 | ' | 1,403,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate unrealized loss on available-for-sale marketable securities | -233,000 | ' | -233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | 0.84% | 5.72% | ' | ' | ' | ' | ' |
Fair value of cash flow hedge | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,300,000 | ' | 1,300,000 |
Cash flow hedge losses recognized as other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | -314,000 | 11,000 | 17,000 | -9,000 | 151,000 |
Portion of cash flow hedge recognized into earnings | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 |
Interest expense | 2,602,000 | 2,244,000 | 7,664,000 | 6,324,000 | ' | ' | ' | ' | ' | 87,000 | ' | 263,000 |
Interest expense capitalized | 28,000 | 47,000 | 97,000 | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate tax capitalized | 27,000 | 50,000 | 76,000 | 113,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | $834,000 | $118,000 | $1,501,000 | $384,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Amortized Cost | $1,106 | ' | $1,106 | ' | $1,811 |
Gains in Accumulated Other Comprehensive Income | 0 | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Income | -233 | ' | -233 | ' | -408 |
Estimated Fair Value | 873 | ' | 873 | ' | 1,403 |
Proceeds from sales of marketable securities | 0 | 1,583 | 747 | 5,509 | ' |
Gross realized gains on sale of marketable securities | ' | ' | 44 | 152 | ' |
Gross realized losses on sale of marketable securities | ' | ' | -3 | -42 | ' |
Real Estate Common Stock [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Amortized Cost | 1,106 | ' | 1,106 | ' | 1,811 |
Gains in Accumulated Other Comprehensive Income | 0 | ' | 0 | ' | 0 |
Losses in Accumulated Other Comprehensive Income | -233 | ' | -233 | ' | -408 |
Estimated Fair Value | $873 | ' | $873 | ' | $1,403 |
Accrued_Rents_and_Accounts_Rec2
Accrued Rents and Accounts Receivable, Net (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Tenant receivables | $5,892 | $3,536 |
Accrued rents and other recoveries | 6,788 | 6,696 |
Allowance for doubtful accounts | -3,511 | -2,285 |
Total | $9,169 | $7,947 |
Unamortized_Leasing_Commission2
Unamortized Leasing Commissions and Loan Costs (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Leasing commissions | $6,383 | $5,530 |
Deferred financing cost | 6,500 | 4,574 |
Total cost | 12,883 | 10,104 |
Less: leasing commissions accumulated amortization | -3,452 | -2,899 |
Less: deferred financing cost accumulated amortization | -3,867 | -3,045 |
Total cost, net of accumulated amortization | $5,564 | $4,160 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 04, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | ||||||||||||||||||
Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Interest Rate Swap [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | |||||||||||||||||||||
4.71% Note Due 2013 [Member] | 4.71% Note Due 2013 [Member] | 4.2805% Note Due 2023 [Member] | 4.2805% Note Due 2023 [Member] | 6.00% Note Due 2021 [Member] | 6.00% Note Due 2021 [Member] | 6.00% Note Due 2021 [Member] | 6.04% Note Due 2014 [Member] | 6.04% Note Due 2014 [Member] | 6.50% Note Due 2014 [Member] | 6.50% Note Due 2014 [Member] | 6.52% Note Due 2015 [Member] | 6.52% Note Due 2015 [Member] | 6.53% Percent Notes Due 2013 [Member] | 6.53% Percent Notes Due 2013 [Member] | 6.56% Note Due 2013 [Member] | 6.56% Note Due 2013 [Member] | 6.63% Notes Due 2014 [Member] | 6.63% Notes Due 2014 [Member] | Prime Rate Less 2.00% Due 2017 [Member] | Prime Rate Less 2.00% Due 2017 [Member] | 5.87% Note Due 2016 [Member] | 5.87% Note Due 2016 [Member] | 4.97% Note Due 2023 [Member] | 4.97% Note Due 2023 [Member] | 2.97% Notes Due 2012 [Member] | 2.97% Notes Due 2012 [Member] | 5.695% Note Due 2013 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 2.86% Note Due 2013 [Member] | LIBOR Plus 2.86% Note Due 2013 [Member] | LIBOR Plus 2.86% Note Due 2013 [Member] | LIBOR Plus 2.86% Note Due 2013 [Member] | LIBOR Plus 2.00% Percent Note Due 2018 [Member] | LIBOR Plus 2.00% Percent Note Due 2018 [Member] | LIBOR Plus 2.00% Percent Note Due 2018 [Member] | LIBOR Plus 2.00% Percent Note Due 2018 [Member] | Prime Rate Less 2.00% Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | ||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Notes payable | $266,260,000 | $190,608,000 | $1,087,000 | $1,087,000 | $20,200,000 | [1] | $13,850,000 | [1] | $2,914,000 | [2] | ' | $2,943,000 | [2] | $8,998,000 | $9,142,000 | $1,423,000 | $1,444,000 | $10,487,000 | $10,609,000 | $0 | [3] | $18,865,000 | [3] | $0 | [3] | $23,135,000 | [3] | $8,690,000 | $8,925,000 | $7,869,000 | [4] | $7,854,000 | [4] | $11,972,000 | $0 | $16,450,000 | $0 | $163,000 | $15,000 | ' | $142,400,000 | [5] | $69,000,000 | [5] | ' | ' | ' | ' | ' | ' | $23,107,000 | $23,739,000 | ' | ' | $10,500,000 | $0 | ' | ' | ' | ' | ' | ' | ||||||
Stated interest rate | ' | ' | 4.71% | 4.71% | 4.28% | [1] | 4.28% | [1] | 6.00% | [2] | 6.00% | 6.00% | [2] | 6.04% | 6.04% | 6.50% | 6.50% | 6.52% | 6.52% | 6.53% | [3] | 6.53% | [3] | 6.56% | [3] | 6.56% | [3] | 6.63% | 6.63% | ' | ' | 5.87% | 5.87% | 4.97% | 4.97% | 2.97% | 2.97% | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.72% | ' | 0.84% | ' | ||||||||||
Face amount of debt | ' | ' | $1,100,000 | $1,100,000 | $20,200,000 | [1] | $20,200,000 | [1] | $3,000,000 | [2] | ' | $3,000,000 | [2] | $10,000,000 | $10,000,000 | $1,500,000 | $1,500,000 | $11,200,000 | $11,200,000 | $21,400,000 | [3] | $21,400,000 | [3] | $24,500,000 | [3] | $24,500,000 | [3] | $9,900,000 | $9,900,000 | $9,200,000 | [4] | $9,200,000 | [4] | $0 | $0 | $0 | $0 | $0 | $0 | $14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $26,900,000 | ' | ' | $0 | $10,500,000 | ' | $50,000,000 | $50,000,000 | ' | ||||||||
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime | [4] | 'Prime | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | [5] | 'LIBOR | [5] | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | 'LIBOR | ||||||||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | [4] | 2.00% | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | [5] | 1.75% | [5] | 2.50% | [5] | 2.50% | [5] | ' | ' | 2.86% | 2.86% | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ||||||||||||
Term of balloon note after interest rate reset | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Term of amortization on balloon note after interest rate reset | ' | ' | ' | ' | ' | ' | '30 years | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
[1] | Promissory note had an original balance of $14.1 million and an interest rate of 5.695%, due in 2013, which was refinanced in May 2013. See below for further discussion of the Pinnacle Note. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The 6.00% interest rate is fixed through March 30, 2016. On March 31, 2016, the interest rate will reset to the rate of interest for a five-year balloon note with a thirty-year amortization as published by the Federal Home Loan Bank. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | This promissory note was paid in full in August 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | We have entered into an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured revolving credit facility at 0.84%. The swap will begin on January 7, 2014 and will mature on February 3, 2017. |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Feb. 04, 2013 | Feb. 04, 2013 | Feb. 04, 2013 | Sep. 26, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Feb. 04, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 19, 2013 | 31-May-13 | 31-May-13 | |
CollateralizedProperties | Facility [Member] | Facility [Member] | Term Loan [Member] | Uptown Note [Member] | Terravita Note [Member] | Terravita Note [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | LIBOR Plus 1.75% to 2.75% Percent Unsecured Line of Credit Due 2017 [Member] | Debt Maturing in 2013 [Member] | Mercado at Scottsdale Ranch [Member] | Pinnacle of Scottsdale [Member] | Pinnacle of Scottsdale [Member] | |||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Facility [Member] | Facility [Member] | Term Loan [Member] | Term Loan [Member] | Pinnacle Note [Member] | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | $50,000,000 | $16,500,000 | $10,500,000 | ' | ' | ' | $50,000,000 | ' | ' | $11,100,000 | $14,100,000 | $20,200,000 |
Stated interest rate | ' | ' | ' | ' | ' | ' | 4.97% | ' | ' | ' | ' | 0.84% | ' | ' | 5.87% | 5.70% | 4.28% |
Interest supplement assumed with acquisition of real estate | 932,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 932,000 | ' | ' |
Imputed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' |
Secured debt | 123,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of collateralized properties (in collateralized properties) | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of collateralized properties | 163,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility, expanded maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | 'Base Rate | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,600,000 | ' | ' | ' | ' | ' | ' | ' |
Notes payable | $266,260,000 | ' | $190,608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2013 | $24,601 | ' |
2014 | 19,504 | ' |
2015 | 11,026 | ' |
2016 | 12,126 | ' |
2017 | 151,185 | ' |
Thereafter | 47,818 | ' |
Total | $266,260 | $190,608 |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Numerator: | ' | ' | ' | ' |
Net income | $635,000 | $172,000 | $2,624,000 | $1,494,000 |
Less: Net income attributable to noncontrolling interests | -21,000 | -9,000 | -91,000 | -99,000 |
Distributions paid on unvested restricted shares | -10,000 | -5,000 | -32,000 | -11,000 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | 604,000 | 158,000 | 2,501,000 | 1,384,000 |
Denominator: | ' | ' | ' | ' |
Weighted average number of common shares - basic (in shares) | 17,036,000 | 13,842,000 | 16,916,000 | 12,409,000 |
Effect of dilutive securities: | ' | ' | ' | ' |
Unvested restricted shares (in shares) | 295,000 | 119,000 | 240,000 | 117,000 |
Weighted average number of common shares - dilutive (in shares) | 17,331,000 | 13,961,000 | 17,156,000 | 12,526,000 |
Basic: | ' | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.03 | $0.01 | $0.15 | $0.11 |
Diluted: | ' | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.04 | $0.01 | $0.15 | $0.11 |
OP Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
OP units excluded from diluted earnings per share because their effect would be anti-dilutive | 577,362 | 786,191 | 604,905 | 886,407 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Distributions to holders of certain restricted common shares | 44,000 | 45,000 | 134,000 | 148,000 |
Distributions to holders of certain restricted common shares charged against earnings | $34,000 | $40,000 | $102,000 | $137,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Apr. 27, 2010 | Dec. 31, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Internal Revenue Service (IRS) [Member] | Texas [Member] | Texas [Member] | Texas [Member] | Texas [Member] | ||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' |
Minimum amount of tax penalty | ' | $50,000 | ' | ' | ' | ' |
Minimum amount of tax penalty, percentage | ' | 35.00% | ' | ' | ' | ' |
Tax paid as a result of violation of 5% asset test | 50,000 | ' | ' | ' | ' | ' |
Applicable tax rate used to determine state margin tax | ' | ' | ' | ' | 1.00% | ' |
Standard deduction rate used to determine state margin tax | ' | ' | ' | ' | 30.00% | ' |
Margin tax provision recognized | ' | ' | $67,000 | $61,000 | $191,000 | $184,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 21, 2012 | Jul. 09, 2010 | Dec. 31, 2012 |
Executive Officer [Member] | Executive Officer [Member] | Executive Officer [Member] | Four Point Five Percent Due December 2013 [Member] | |||
Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Sale of residence, shortfall threshold | ' | ' | ' | ' | $2,450,000 | ' |
Term of payment of housing expenses after sale of residence | ' | ' | ' | ' | '1 year | ' |
Executive Relocation, Sale of Residence, Amount | ' | ' | ' | 1,125,000 | ' | ' |
Executive Relocation, Sale of Residence, Shortfall Paid In Cash | ' | ' | ' | 1,325,000 | ' | ' |
Executive Relocation, Sale of Residence, Expenses Paid In Cash | ' | ' | ' | 852,000 | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | 2,177,000 | ' | ' | ' |
Notes Receivable, Related Parties | ' | ' | ' | ' | ' | 975,000 |
Stated interest rate | ' | ' | ' | ' | ' | 4.50% |
Related party receivable | $0 | $652,000 | ' | ' | ' | ' |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Aug. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 19, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 27, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 08, 2012 | 10-May-12 | 10-May-12 | Jun. 08, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 10-May-12 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 28, 2012 | Jun. 27, 2012 | Jun. 27, 2012 | ||||||||||
Common Stock [Member] | Common Stock [Member] | Preferred Stock [Member] | OP Units [Member] | OP Units [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Third Exchange Offer [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Portion Attributable to Over-Allotment Option [Member] | Common Class B [Member] | Common Class A [Member] | ||||||||||||||||||
Common Stock [Member] | Common Stock [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Class A [Member] | Common Class A [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | |||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common shares, authorized (in shares) | ' | 400,000,000 | ' | 400,000,000 | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common shares, par value per share (in dollars per share) | $0.00 | $0.00 | ' | $0.00 | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | |||||||||
Preferred shares, shares authorized (in shares) | ' | 50,000,000 | ' | 50,000,000 | ' | ' | 50,000,000 | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Preferred shares, par value per share (in dollars per share) | ' | $0.00 | ' | $0.00 | ' | ' | $0.00 | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Equity distribution agreements, authorized amount | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Shares sold under equity distribution program | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from equity distribution program | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Compensation to sales agents | ' | ' | ' | 23,000 | 249,000 | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common shares, issued (in shares) | 4,830,000 | 17,341,947 | ' | 17,341,947 | ' | ' | 16,943,098 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 630,000 | ' | ' | |||||||||
Share price of equity offering | $12.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Proceeds from issuance of common shares, net of offering costs | 58,700,000 | ' | ' | 4,184,000 | 58,679,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Ownership interest in operating partnership | ' | ' | ' | 96.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Conversion basis for common shares to OP units | ' | 1 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
OP units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,793,526 | 17,507,771 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 453,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
OP units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,221,124 | 16,822,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Weighted-average share ownership in operating partnership | ' | 96.60% | 94.60% | 96.60% | 93.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Cash distribution paid (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | [1] | $0.28 | [1] | $0.28 | [1] | $0.28 | [1] | $0.28 | [1] | $0.28 | [1] | $0.28 | [1] | $0.86 | [1] | $1.14 | [1] | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.86 | $1.14 | ' | ' | ' |
Cash distribution paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,030,000 | $5,001,000 | $5,002,000 | $4,083,000 | $3,623,000 | $5,001,000 | $3,620,000 | $15,032,000 | $16,328,000 | $4,865,000 | [1] | $4,807,000 | [1] | $4,781,000 | [1] | $3,859,000 | [1] | $3,322,000 | [1] | $4,832,000 | [1] | $3,362,000 | [1] | $14,504,000 | [1] | $15,324,000 | [1] | $165,000 | $194,000 | $221,000 | $224,000 | $301,000 | $169,000 | $258,000 | $528,000 | $1,004,000 | ' | ' | ' |
Common stock exchange offer, conversion basis for one share or unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Common shares, outstanding (in shares) | ' | 17,341,947 | ' | 17,341,947 | ' | ' | 16,943,098 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 867,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Conversion of stock, shares converted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,480 | 113,084 | 426,986 | ' | ' | 121,156 | 7,480 | 0 | 113,084 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Effective June 27, 2012, each outstanding Class A common share was reclassified into one Class B common share, and the Class B common shares were redesignated as "common shares." |
Incentive_Share_Plan_Narrative
Incentive Share Plan (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 02, 2013 | Aug. 02, 2013 |
2008 Long-Term Equity Incentive Ownership Plan [Member] | Performance Shares [Member] | Non-Vested Time Based Shares [Member] | Minimum [Member] | Maximum [Member] | |||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | 2008 Long-Term Equity Incentive Ownership Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of maximum number of shares issued under plan to aggregate shares | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' |
Share-based compensation | $834 | $118 | $1,501 | $384 | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | $2,669 | $70 | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | '14 months | ' | ' | ' |
Unrecognized compensation cost, period for recognition | ' | ' | ' | ' | '22 months | ' | ' | ' | ' |
Bonus percentage | ' | ' | ' | ' | ' | ' | ' | 15.00% | 25.00% |
Incentive_Share_Plan_Schedule_
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) (2008 Long-Term Equity Incentive Ownership Plan [Member], USD $) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
2008 Long-Term Equity Incentive Ownership Plan [Member] | ' | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ||
Shares, Non-vested (in shares) | 534,920 | ' | ' | ' | ||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $12.53 | [1] | ' | ' | ' | |
Shares, Granted (in shares) | 298,333 | 99,700 | 0 | 31,858 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $15.59 | [1] | $13.03 | $0 | $14.09 | |
Shares, Vested (in shares) | -12,932 | -16,208 | -5,169 | -55,699 | ||
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | $14.88 | [1] | ' | ' | ' | |
Shares, Forfeited (in shares) | -47,069 | ' | ' | ' | ||
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | $13.07 | [1] | ' | ' | ' | |
Shares, Non-vested (in shares) | 773,252 | 534,920 | ' | ' | ||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $13.64 | [1] | $12.53 | [1] | ' | ' |
Shares, Available for grant (in shares) | 1,679,596 | ' | ' | ' | ||
[1] | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. |
Incentive_Share_Plan_Schedule_1
Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) (2008 Long-Term Equity Incentive Ownership Plan [Member], USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
2008 Long-Term Equity Incentive Ownership Plan [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Shares, Granted, Non-Vested Shares Isused (in shares) | 298,333 | 99,700 | 0 | 31,858 | |
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $15.59 | [1] | $13.03 | $0 | $14.09 |
Shares, Vested (in shares) | -12,932 | -16,208 | -5,169 | -55,699 | |
Shares Vested, Total Vest-Date Fair Value | $192 | $223 | $80 | $695 | |
[1] | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. |
Grants_to_Trustees_Details
Grants to Trustees (Details) (Individual Trustee Grant Agreements [Member], Stock Options [Member], USD $) | 0 Months Ended | |
Sep. 16, 2013 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of independent trustees (in trustees) | 5 | 2 |
Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock granted to each trustee (in shares) | 1,500 | 1,172 |
Restricted stock granted to trustees, vested in period (in shares) | 7,500 | ' |
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $14.52 | $14.50 |
Real_Estate_Details
Real Estate (Details) (USD $) | 9 Months Ended | 0 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 28, 2013 | Jun. 19, 2013 | Mar. 28, 2013 | Dec. 28, 2012 | Sep. 21, 2012 | Sep. 21, 2012 | Sep. 21, 2012 | Aug. 08, 2012 | 29-May-12 | Jun. 19, 2013 | Aug. 08, 2012 | |
Anthem Marketplace [Member] | Mercado at Scottsdale Ranch [Member] | Headquarters Village Shopping Center [Member] | Shops at Pecos Ranch [Member] | Village Square at Dana Park [Member] | Village Square at Dana Park Adjacent Parcel [Member] | Fountain Square [Member] | Paradise Plaza [Member] | Shops at Pinnacle Peak [Member] | Interest Rate Supplement [Member] | Prime Rate Less 2.00% Due 2017 [Member] | |||
sqft | sqft | sqft | sqft | sqft | acre | sqft | sqft | sqft | Mercado at Scottsdale Ranch [Member] | Floating Rate Notes [Member] | |||
acre | Paradise Plaza [Member] | ||||||||||||
Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire property | $58,403,000 | $79,400,000 | $23,300,000 | $9,300,000 | $25,700,000 | $19,000,000 | $46,500,000 | $4,000,000 | $15,400,000 | $7,100,000 | $6,400,000 | ' | ' |
Gross leasable area (in square feet) | ' | ' | 113,293 | 118,730 | 89,134 | 78,767 | 310,979 | ' | 118,209 | 125,898 | 41,530 | ' | ' |
Property percentage occupied | ' | ' | 100.00% | 100.00% | 100.00% | 100.00% | 71.00% | ' | 76.00% | 100.00% | 76.00% | ' | ' |
Area of land (in acres) | ' | ' | 0.83 | ' | ' | ' | ' | 4.7 | ' | ' | ' | ' | ' |
Property acquisitions, purchase price | ' | ' | ' | 21,300,000 | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' |
Face amount of debt | ' | ' | ' | $11,100,000 | ' | ' | ' | ' | ' | ' | ' | $900,000 | $9,200,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Aug. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 27, 2012 | Aug. 28, 2012 | Sep. 24, 2013 | Sep. 24, 2013 | Oct. 09, 2013 | Oct. 09, 2013 | Oct. 30, 2013 | Oct. 30, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 07, 2013 | Oct. 17, 2013 | |
Portion Attributable to Over-Allotment Option [Member] | Terravita Note [Member] | Terravita Note [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Portion Attributable to Over-Allotment Option [Member] | Terravita Note [Member] | Terravita Note [Member] | Co-Tenancy Dispute [Member] | Co-Tenancy Resolution [Member] | Fountain Hills Plaza [Member] | Corporate Park Woodland Adjacent Parcel [Member] | |||||||||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | sqft | sqft | sqft | acre | |||||||||||
Interest Rate Swap [Member] | Tenants | |||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross leasable area (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | 65,000 | 111,289 | ' |
Number of tenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Payments to acquire property | ' | $58,403,000 | $79,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,600,000 | $2,800,000 |
Property percentage occupied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.00% | ' |
Common shares, issued (in shares) | 4,830,000 | 17,341,947 | ' | 16,943,098 | ' | 630,000 | ' | ' | 4,000,000 | 600,000 | ' | ' | ' | ' | ' | ' |
Share price of equity offering | $12.80 | ' | ' | ' | ' | ' | ' | ' | $13.54 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common shares, net of offering costs | 58,700,000 | 4,184,000 | 58,679,000 | ' | ' | ' | ' | ' | 59,400,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares, par value per share (in dollars per share) | $0.00 | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' |
Area of land (in acres) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | $10,500,000 | ' | ' | ' | $10,500,000 | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 1.55% | ' | ' | ' | ' |