Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 26, 2014 | Jun. 28, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,956,290 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $266,317,350 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate assets, at cost | ' | ' |
Property | $546,274,000 | $409,669,000 |
Accumulated depreciation | -66,008,000 | -53,920,000 |
Total real estate assets | 480,266,000 | 355,749,000 |
Cash and cash equivalents | 6,491,000 | 6,544,000 |
Marketable securities | 877,000 | 1,403,000 |
Escrows and acquisition deposits | 2,095,000 | 6,672,000 |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 9,929,000 | 7,947,000 |
Related party receivable | 0 | 652,000 |
Unamortized lease commissions and loan costs | 6,227,000 | 4,160,000 |
Prepaid expenses and other assets | 2,089,000 | 2,244,000 |
Total assets | 507,974,000 | 385,371,000 |
Liabilities: | ' | ' |
Notes payable | 264,277,000 | 190,608,000 |
Accounts payable and accrued expenses | 12,773,000 | 13,824,000 |
Tenants' security deposits | 3,591,000 | 3,024,000 |
Dividends and distributions payable | 6,418,000 | 5,028,000 |
Total liabilities | 287,059,000 | 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 December 31, 2013 and 2012 | 0 | 0 |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 21,943,700 and 16,943,098 issued and outstanding as of December 31, 2013 and 2012, respectively | 22,000 | 16,000 |
Additional paid-in capital | 291,571,000 | 224,237,000 |
Accumulated other comprehensive loss | -75,721,000 | -57,830,000 |
Accumulated deficit | -54,000 | -392,000 |
Total Whitestone REIT shareholders' equity | 215,818,000 | 166,031,000 |
Noncontrolling interest in subsidiary | 5,097,000 | 6,856,000 |
Total equity | 220,915,000 | 172,887,000 |
Total liabilities and equity | $507,974,000 | $385,371,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity: | ' | ' |
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) | 21,943,700 | 16,943,098 |
Common shares, outstanding (in shares) | 21,943,700 | 16,943,098 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property revenues | ' | ' | ' |
Rental revenues | $48,862 | $36,131 | $27,814 |
Other revenues | 13,283 | 10,423 | 7,101 |
Total property revenues | 62,145 | 46,554 | 34,915 |
Property expenses | ' | ' | ' |
Property operation and maintenance | 14,743 | 11,255 | 8,659 |
Real estate taxes | 8,767 | 6,384 | 4,668 |
Total property expenses | 23,510 | 17,639 | 13,327 |
Other expenses (income) | ' | ' | ' |
General and administrative | 10,912 | 7,616 | 6,648 |
Depreciation and amortization | 13,429 | 10,229 | 7,749 |
Executive relocation expense | 0 | 2,177 | 0 |
Interest expense | 10,150 | 8,732 | 6,344 |
Interest, dividend and other investment income | -136 | -290 | -460 |
Total other expense | 34,355 | 28,464 | 20,281 |
Income before loss on sale or disposal of assets and income taxes | 4,280 | 451 | 1,307 |
Provision for income taxes | -305 | -286 | -225 |
Loss on sale or disposal of assets | -56 | -112 | -146 |
Income before gain on sale of property | 3,919 | 53 | 936 |
Gain on sale of property | 0 | 0 | 397 |
Net income | 3,919 | 53 | 1,333 |
Less: Net income attributable to noncontrolling interests | 125 | 3 | 210 |
Net income attributable to Whitestone REIT | 3,794 | 50 | 1,123 |
Basic Earnings Per Share: | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.21 | $0 | $0.12 |
Diluted Earnings Per Share: | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.20 | $0 | $0.12 |
Weighted average number of common shares outstanding: | ' | ' | ' |
Basic (in shares) | 18,027 | 13,496 | 9,028 |
Diluted (in shares) | 18,273 | 13,613 | 9,042 |
Distributions declared per common share / OP unit (in dollars per share) | $1.14 | $1.14 | $1.14 |
Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net income | 3,919 | 53 | 1,333 |
Other comprehensive gain (loss) | ' | ' | ' |
Unrealized gain on cash flow hedging activities | 173 | 1 | 0 |
Unrealized gain (loss) on available-for-sale marketable securities | 180 | 920 | -1,329 |
Comprehensive income | 4,272 | 974 | 4 |
Less: Comprehensive income attributable to noncontrolling interests | 136 | 57 | 1 |
Comprehensive income attributable to Whitestone REIT | $4,136 | $917 | $3 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Total Shareholders' Equity [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2010 | $84,283 | $62,708 | $5 | $93,357 | ($30,654) | $0 | $21,575 | |
Beginning Balance (in units), at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | 1,815,000 | |
Beginning Balance (in shares), at Dec. 31, 2010 | ' | ' | 5,671,000 | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Issuance of commons shares (in shares) | [1] | ' | ' | 5,310,000 | ' | ' | ' | ' |
Issuance of common shares | [1] | 59,683 | 59,683 | 5 | 59,678 | ' | ' | ' |
Exchange of noncontrolling interest OP units for common shares (in shares) | ' | ' | -454,000 | ' | ' | ' | -454,000 | |
Exchange of noncontrolling interest OP units for common shares | 0 | 4,972 | ' | 4,972 | ' | ' | -4,972 | |
Issuance of common shares under dividend reinvestment plan (in shares) | ' | ' | 3,000 | ' | ' | ' | ' | |
Issuance of common shares under dividend reinvestment plan | 6 | 6 | ' | 6 | ' | ' | ' | |
Share-based compensation | 114 | 114 | ' | 114 | ' | ' | ' | |
Distributions | 13,383 | 11,529 | ' | ' | 11,529 | ' | 1,854 | |
Unrealized gain on change in fair value of cash flow hedge | 0 | ' | ' | ' | ' | ' | ' | |
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | -1,329 | -1,119 | ' | ' | -1,119 | ' | -210 | |
Net income | 1,333 | 1,123 | ' | ' | 1,123 | ' | 210 | |
Ending Balance at Dec. 31, 2011 | 130,707 | 115,958 | 10 | 158,127 | -41,060 | -1,119 | 14,749 | |
Ending Balance (in units), at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | 1,361,000 | |
Ending Balance (in shares), at Dec. 31, 2011 | ' | ' | 11,438,000 | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Issuance of commons shares (in shares) | [2] | ' | ' | 4,830,000 | ' | ' | ' | ' |
Issuance of common shares | [2] | 58,679 | 58,666 | 5 | 58,674 | ' | -13 | 13 |
Exchange of noncontrolling interest OP units for common shares (in shares) | ' | ' | -676,000 | ' | ' | ' | -676,000 | |
Exchange of noncontrolling interest OP units for common shares | 0 | 7,146 | 1 | 7,272 | ' | -127 | -7,146 | |
Exchange offer costs | -479 | -479 | ' | -479 | ' | ' | ' | |
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | ' | ' | ' | ' | ' | ' | |
Issuance of common shares under dividend reinvestment plan | 90 | 90 | ' | 90 | ' | ' | ' | |
Share-based compensation (in shares) | -8,000 | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 553 | 553 | ' | ' | ' | ' | ' | |
Distributions | 17,637 | 16,820 | ' | ' | 16,820 | ' | 817 | |
Unrealized gain on change in fair value of cash flow hedge | 1 | 1 | ' | ' | ' | 1 | ' | |
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | 920 | 866 | ' | ' | ' | 866 | 54 | |
Net income | 53 | 50 | ' | ' | 50 | ' | 3 | |
Ending Balance at Dec. 31, 2012 | 172,887 | 166,031 | 16 | 224,237 | -57,830 | -392 | 6,856 | |
Ending Balance (in units), at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 685,000 | |
Ending Balance (in shares), at Dec. 31, 2012 | 16,943,098 | ' | 16,943,000 | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Issuance of commons shares (in shares) | [3] | ' | ' | 282,000 | ' | ' | ' | ' |
Issuance of common shares | [3] | 4,191 | 4,191 | 0 | 4,191 | ' | 0 | 0 |
Exchange of noncontrolling interest OP units for common shares (in shares) | ' | ' | -123,000 | ' | ' | ' | -123,000 | |
Exchange of noncontrolling interest OP units for common shares | 0 | 1,234 | 1 | 1,236 | ' | -3 | -1,234 | |
Exchange offer costs | -40 | -40 | ' | -40 | ' | ' | ' | |
Issuance of common shares under dividend reinvestment plan (in shares) | ' | ' | 7,000 | ' | ' | ' | ' | |
Issuance of common shares under dividend reinvestment plan | 99 | 99 | ' | 99 | ' | ' | ' | |
Stock Issued During Period, Shares, Other | [4] | ' | ' | 4,600,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | [4] | 59,696 | 59,696 | 5 | 59,691 | ' | ' | ' |
Share-based compensation (in shares) | -11,000 | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 2,157 | 2,157 | ' | 2,157 | ' | ' | ' | |
Distributions | 22,347 | 21,685 | ' | ' | 21,685 | ' | 662 | |
Unrealized gain on change in fair value of cash flow hedge | 173 | 167 | ' | ' | ' | 167 | 6 | |
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | 180 | 174 | ' | ' | ' | 174 | 6 | |
Net income | 3,919 | 3,794 | ' | ' | 3,794 | ' | 125 | |
Ending Balance at Dec. 31, 2013 | $220,915 | $215,818 | $22 | $291,571 | ($75,721) | ($54) | $5,097 | |
Ending Balance (in units), at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 562,000 | |
Ending Balance (in shares), at Dec. 31, 2013 | 21,943,700 | ' | 21,944,000 | ' | ' | ' | ' | |
[1] | Net of offering costs of $4.0 million. | |||||||
[2] | Net of offering costs of $3.1 million. | |||||||
[3] | Net of offering costs of $0.2 million. | |||||||
[4] | Net of offering costs of $2.6 million. |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Overnight Offering [Member] | |
Offering costs | $2.60 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $3,919 | $53 | $1,333 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 13,429 | 10,229 | 7,749 |
Amortization of deferred loan costs | 1,046 | 1,426 | 616 |
Amortization of notes payable discount | 463 | 317 | 0 |
Gain on sale of marketable securities | -41 | -110 | -192 |
Loss (gain) on sale or disposal of assets and properties | 56 | 112 | -251 |
Bad debt expense | 1,658 | 1,004 | 615 |
Share-based compensation | 2,284 | 725 | 310 |
Changes in operating assets and liabilities: | ' | ' | ' |
Escrows and acquisition deposits | 4,920 | -1,104 | -519 |
Accrued rent and accounts receivable | -3,640 | -2,930 | -1,939 |
Related party receivable | 652 | -652 | 0 |
Unamortized lease commissions | -1,221 | -994 | -995 |
Prepaid expenses and other assets | 962 | -525 | 296 |
Accounts payable and accrued expenses | -1,170 | 2,875 | 993 |
Tenants' security deposits | 567 | 792 | 436 |
Net cash provided by operating activities | 23,884 | 11,218 | 8,452 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of real estate | -119,102 | -98,350 | -65,910 |
Additions to real estate | -6,291 | -10,815 | -7,568 |
Proceeds from sale of property | 0 | 0 | 1,567 |
Investments in marketable securities | 0 | -750 | -13,520 |
Proceeds from sales of marketable securities | 747 | 5,508 | 7,252 |
Net cash used in investing activities | -124,646 | -104,407 | -78,179 |
Cash flows from financing activities: | ' | ' | ' |
Distributions paid to common shareholders | -20,294 | -15,324 | -10,045 |
Distributions paid to OP unit holders | -691 | -1,004 | -1,974 |
Proceeds from issuance of common shares, net of offering costs | 63,887 | 58,679 | 59,683 |
Payments of exchange offer costs | -40 | -479 | 0 |
Proceeds from revolving credit facility, net | 65,800 | 58,000 | 11,000 |
Proceeds from notes payable | 105,710 | 0 | 2,905 |
Repayments of notes payable | -110,867 | -4,146 | -3,128 |
Payments of loan origination costs | -2,796 | -1,688 | -610 |
Net cash provided by financing activities | 100,709 | 94,038 | 57,831 |
Net increase (decrease) in cash and cash equivalents | -53 | 849 | -11,896 |
Cash and cash equivalents at beginning of period | 6,544 | 5,695 | 17,591 |
Cash and cash equivalents at end of period | 6,491 | 6,544 | 5,695 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 9,179 | 7,137 | 5,719 |
Cash paid for taxes | 237 | 326 | 215 |
Non cash investing and financing activities: | ' | ' | ' |
Disposal of fully depreciated real estate | 295 | 0 | 238 |
Financed insurance premiums | 883 | 856 | 649 |
Value of shares issued under dividend reinvestment plan | 99 | 90 | 6 |
Acquired interest rate swap | 0 | 1,901 | 0 |
Debt discount on acquired note payable | 0 | -1,329 | 0 |
Value of common shares exchanged for OP units | 1,236 | 7,272 | 4,972 |
Change in fair value of available-for-sale securities | 180 | 920 | -1,329 |
Change in fair value of cash flow hedge | 173 | 1 | 0 |
Debt assumed with acquisitions of real estate | 11,100 | 9,166 | 15,425 |
Interest supplement assumed with acquisition of real estate | $932 | $0 | $0 |
Description_of_Business_and_Na
Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS | ' |
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS | |
Whitestone REIT (“Whitestone”) was formed as a real estate investment trust, 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 real estate investment trust 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” or “WROP” or “OP”), 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 December 31, 2013, 2012 and 2011, we owned and operated 60, 51, and 45 properties, respectively, including retail, warehouse and office properties in and around Houston, Dallas, San Antonio, Chicago and Phoenix. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF 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 December 31, 2013, 2012 and 2011, 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 interest 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 year. 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 percentage of 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. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at 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 year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year 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 general and administrative expenses, to interest expense for all periods presented. On June 27, 2012, our Class A and Class B common shares were consolidated into a single class of common shares. See Note 13 for additional discussion related to the consolidation of Class A and Class B common shares into a single class of common shares. | |
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 $2.3 million, $0.7 million and $0.3 million in share-based compensation expense for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Noncontrolling Interests. Noncontrolling interests are 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 and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. | |
Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. | |
Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2013 and 2012 consisted of demand deposits at commercial banks and brokerage accounts. | |
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. | |
Real Estate | |
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 and loan acquisition costs, 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. Prior to that time, we expense these costs as acquisition expense. For the year ended December 31, 2013, approximately $114,000 and $100,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2012, approximately $176,000 and $147,000 in interest expense and real estate taxes, respectively, were capitalized. No interest or real estate taxes were capitalized for the year ended December 31, 2011. | |
Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. | |
Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. | |
Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2013. | |
Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2013 and 2012, we had an allowance for uncollectible accounts of $3.7 million and $2.3 million, respectively. As of December 31, 2013, 2012 and 2011, we recorded bad debt expense in the amount of $1.7 million, $1.0 million and $0.6 million, respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. | |
Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. | |
Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. As part of the executive relocation arrangement discussed in Note 12, we issued a note receivable for $975,000 to the buyer, with an interest rate of 4.5% and a maturity of December 31, 2013. On December 5, 2013, the note was renewed through June 30, 2014 and bears interest at a rate of 5.2% during the renewal period. | |
Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. | |
State Taxes. 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 considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. We have recorded a margin tax expense of $0.3 million for the Texas Margin Tax for each of the years ended December 31, 2013, and 2012 and $0.2 million for the year ended December 31, 2011. | |
Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $262.0 million and $192.4 million as compared to the book value of approximately $264.3 million and $190.6 million as of December 31, 2013 and 2012, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, "Fair Value Measurements and Disclosures"), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. | |
Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2013 and 2012. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2013 and current estimates of fair value may differ significantly from the amounts presented herein. | |
Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges 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. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. 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. As of December 31, 2013, we consider our cash flow hedges to be highly effective. | |
Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Houston, Dallas, San Antonio, Phoenix and Chicago metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. | |
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. | |
In July 2013, the FASB issued guidance permitting the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 ("Derivatives and Hedging"), in addition to the interest rates on direct Treasury obligations of the U.S. government and LIBOR. This guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. |
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2013, 2012 and 2011. Available-for-sale securities consist of the following (in thousands): | |||||||||||||||||
December 31, 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 | $ | — | $ | (229 | ) | $ | 877 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (229 | ) | $ | 877 | ||||||||
December 31, 2012 | |||||||||||||||||
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 years ended December 31, 2013, 2012 and 2011, available-for-sale securities were sold for total proceeds of $747,000, $5,508,000 and $7,252,000, respectively. The gross realized gains and losses on these sales totaled $44,000 and $3,000, respectively, in 2013, $152,000 and $42,000, respectively, in 2012, and $302,000 and $110,000, respectively, in 2011. For the purpose of determining gross realized gains and losses, the cost of securities sold is based on specific identification. A net unrealized holding loss on available-for-sale securities in the amount of $229,000 and $408,000 for the years ended December 31, 2013 and 2012, respectively, has been included in accumulated other comprehensive income. |
Real_Estate
Real Estate | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate [Abstract] | ' | ||||||||||||
REAL ESTATE | ' | ||||||||||||
REAL ESTATE | |||||||||||||
As of December 31, 2013, we owned 60 commercial properties in the Houston, Dallas, San Antonio, Phoenix and Chicago areas comprised of approximately 5.0 million square feet of gross leasable area. | |||||||||||||
Property Acquisitions. On December 5, 2013, we acquired Market Street at DC Ranch, a property that meets our Community Centered Property strategy, for approximately $37.4 million in cash and net prorations. The 241,280 square foot property was 80% leased at the time of purchase and is located in Scottsdale, Arizona. Revenue and income of $282,000 and $155,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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. At the time of purchase, the parcel had 16,220 square feet and was 63% leased. Revenue and income of $30,000 and $16,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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. Revenue and income of $487,000 and $300,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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. Revenue and income of $1,054,000 and $454,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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. Revenue and income of $1,185,000 and $610,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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. Revenue and income of $2,423,000 and $1,221,000, respectively, have been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
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 Sunset at Pinnacle Peak, formerly 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. | |||||||||||||
On December 28, 2011, we acquired the Shops at Starwood, a property that meets our Community Centered Property strategy, for approximately $15.7 million in cash and net prorations. The 55,385 square foot Class A property was 98% leased at the time of purchase and is located in Frisco, Texas, a northern suburb of Dallas. The Shops at Starwood has a complementary tenant mix of restaurants, fashion boutiques, salons and second-level office space. | |||||||||||||
On December 28, 2011, we acquired Starwood Phase III, a 2.73 acre parcel of undeveloped land adjacent to the Shops at Starwood for approximately $1.9 million, including a non-recourse loan we assumed for $1.4 million, secured by the land, and cash of $0.5 million. The Phase III development site fronts the Dallas North Tollway within the Tollway Overlay District, which grants the highest allowed density of any zoning district. No revenue or income has been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
On December 28, 2011, we acquired Pinnacle of Scottsdale Phase II ("Pinnacle Phase II"), a 4.45 acre parcel of developed land adjacent to Pinnacle for approximately $1.0 million in cash and net prorations. Pinnacle Phase II has approximately 400 linear feet of frontage on Scottsdale Road and the potential for additional retail and office development. No revenue or income has been included in our results of operations for the year ended December 31, 2013 since the date of acquisition. | |||||||||||||
On December 22, 2011, we acquired Phase I of Pinnacle of Scottsdale ("Pinnacle"), a property that meets our Community Centered Property strategy, for approximately $28.8 million, including a non-recourse loan we assumed for $14.1 million that is secured by the property and cash of $14.7 million. The 113,108 square foot Class A property was 100% leased at the time of purchase and is located in North Scottsdale, Arizona. | |||||||||||||
On August 16, 2011, we acquired Ahwatukee Plaza Shopping Center, a property that meets our Community Centered Property strategy, for approximately $9.3 million in cash and net prorations. The 72,650 square foot property was 100% leased at the time of purchase and is located in the Ahwatukee Foothills neighborhood in south Phoenix, Arizona. | |||||||||||||
On August 8, 2011, we acquired Terravita Marketplace, a property that meets our Community Centered Property strategy, for approximately $16.1 million in cash and net prorations. The 102,733 square foot property, inclusive of 51,434 square feet leased to two tenants pursuant to ground leases, was 100% leased at the time of purchase and is located in Scottsdale, Arizona. | |||||||||||||
On June 28, 2011, we acquired Gilbert Tuscany Village, a property that meets our Community Centered Property strategy, for approximately $5.0 million in cash and net prorations. The 49,415 square foot property was 16% leased at the time of purchase and is located in Gilbert, Arizona. | |||||||||||||
On April 13, 2011, we acquired Desert Canyon Shopping Center, a property that meets our Community Centered Property strategy, for approximately $3.7 million in cash and net prorations. The 62,533 square foot property, inclusive of 12,960 square feet leased to two tenants pursuant to ground leases, was 65% leased at the time of purchase and is located in McDowell Mountain Ranch in northern Scottsdale, Arizona. | |||||||||||||
Unaudited pro forma results of operations. The pro forma unaudited results summarized below reflect our consolidated pro forma results of operations as if our acquisitions for the years ended December 31, 2013, 2012 and 2011 were acquired on January 1, 2011 and includes no other material adjustments: | |||||||||||||
INCOME STATEMENT DATA | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating revenue | $ | 70,716 | $ | 68,269 | $ | 66,652 | |||||||
Net income | $ | 6,406 | $ | 5,056 | $ | 9,216 | |||||||
Acquisition costs. Acquisition-related costs of $1,010,000, $698,000 and $666,000 are included in general and administrative expenses in our income statements for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Property dispositions. On July 22, 2011, we sold Greens Road Plaza, located in Houston, Texas, for $1.8 million in cash and net prorations. We have reinvested the proceeds from the sale of the 20,607 square foot property located in northeast Houston in acquisitions of Community Centered Properties in our target markets. As a result of the transaction, we recorded a gain on sale of property of $0.4 million for the year ended December 31, 2011. |
Accrued_Rents_and_Accounts_Rec
Accrued Rents and Accounts Receivable, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
ACCRUED RENTS 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): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Tenant receivables | $ | 5,731 | $ | 3,536 | |||||
Accrued rents and other recoveries | 7,895 | 6,696 | |||||||
Allowance for doubtful accounts | (3,697 | ) | (2,285 | ) | |||||
Totals | $ | 9,929 | $ | 7,947 | |||||
Unamortized_Lease_Commissions_
Unamortized Lease Commissions and Loan Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||||||
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | ' | ||||||||||||
UNAMORTIZED LEASE COMMISSIONS AND LOAN COSTS | |||||||||||||
Costs which have been deferred consist of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Leasing commissions | $ | 6,641 | $ | 5,530 | |||||||||
Deferred financing cost | 5,146 | 4,574 | |||||||||||
Total cost | 11,787 | 10,104 | |||||||||||
Less: leasing commissions accumulated amortization | (3,629 | ) | (2,899 | ) | |||||||||
Less: deferred financing cost accumulated amortization | (1,931 | ) | (3,045 | ) | |||||||||
Total cost, net of accumulated amortization | $ | 6,227 | $ | 4,160 | |||||||||
A summary of expected future amortization of deferred costs is as follows (in thousands): | |||||||||||||
Years Ended December 31, | Leasing Commissions | Deferred Financing Costs | Total | ||||||||||
2014 | $ | 807 | $ | 812 | $ | 1,619 | |||||||
2015 | 641 | 768 | 1,409 | ||||||||||
2016 | 511 | 633 | 1,144 | ||||||||||
2017 | 391 | 239 | 630 | ||||||||||
2018 | 233 | 201 | 434 | ||||||||||
Thereafter | 429 | 562 | 991 | ||||||||||
Total | $ | 3,012 | $ | 3,215 | $ | 6,227 | |||||||
Future_Minimum_Lease_Income
Future Minimum Lease Income | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
FUTURE MINIMUM LEASE INCOME | ' | ||||
FUTURE MINIMUM LEASE INCOME | |||||
We lease the majority of our properties under noncancelable operating leases, which provide for minimum base rents plus, in some instances, contingent rents based upon a percentage of the tenants’ gross receipts. A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2013 is as follows (in thousands): | |||||
Years Ended December 31, | Minimum Future Rents | ||||
2014 | $ | 50,927 | |||
2015 | 41,950 | ||||
2016 | 33,702 | ||||
2017 | 26,480 | ||||
2018 | 18,710 | ||||
Thereafter | 63,823 | ||||
Total | $ | 235,592 | |||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt Disclosure | ' | ||||||||||||||||||||
DEBT | |||||||||||||||||||||
Mortgages and other notes payable consist of the following (in thousands): | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Description | 2013 | 2012 | |||||||||||||||||||
Fixed rate notes | |||||||||||||||||||||
$1.1 million 4.71% Note, due December 31, 2013 | $ | 1,087 | $ | 1,087 | |||||||||||||||||
$20.2 million 4.28% Note, due June 6, 2023 (1) | 20,200 | 13,850 | |||||||||||||||||||
$3.0 million 6.00% Note, due March 31, 2021 (2) | 2,905 | 2,943 | |||||||||||||||||||
$10.0 million 6.04% Note, due March 1, 2014 | — | 9,142 | |||||||||||||||||||
$1.5 million 6.50% Note, due March 1, 2014 | — | 1,444 | |||||||||||||||||||
$11.2 million 6.52% Note, due September 1, 2015 | — | 10,609 | |||||||||||||||||||
$21.4 million 6.53% Notes, due October 1, 2013 | — | 18,865 | |||||||||||||||||||
$24.5 million 6.56% Note, due October 1, 2013 | — | 23,135 | |||||||||||||||||||
$9.9 million 6.63% Notes, due March 1, 2014 | — | 8,925 | |||||||||||||||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | 7,875 | 7,854 | |||||||||||||||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,900 | — | |||||||||||||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (4) | 10,500 | — | |||||||||||||||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | — | |||||||||||||||||||
$37.0 million 3.76% Note, due December 1, 2020 | 37,000 | — | |||||||||||||||||||
$6.5 million 3.80% Note, due January 1, 2019 | 6,500 | — | |||||||||||||||||||
$15.1 million 4.99% Note, due January 6, 2024 | 15,060 | — | |||||||||||||||||||
$50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (5) | 50,000 | — | |||||||||||||||||||
$0.7 million 2.97% Note, due November 28, 2013 | — | 15 | |||||||||||||||||||
Floating rate notes | |||||||||||||||||||||
Unsecured credit facility, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | 84,800 | 69,000 | |||||||||||||||||||
$26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | — | 23,739 | |||||||||||||||||||
$ | 264,277 | $ | 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) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||||||||||||||
(4) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% 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 credit facility at 0.84%. The swap began on January 7, 2014. | ||||||||||||||||||||
Our mortgage debt was collateralized by 19 operating properties as of December 31, 2013 with a combined net book value of $161.1 million and 27 operating properties as of December 31, 2012 with a combined net book value of $161.8 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 the assignment of certain rents and leases associated with those properties. | |||||||||||||||||||||
On December 23, 2013, we, operating through our subsidiary, Whitestone Woodlake Plaza, LLC, a Delaware limited liability company, entered into a $6.5 million promissory note (the "Woodlake Note"), with a fixed interest rate of 3.80% payable to Western Reserve Life Assurance Company of Ohio and a maturity of January 1, 2019. Proceeds from the Woodlake Note were used to repay a portion of our unsecured revolving credit facility. | |||||||||||||||||||||
On December 16, 2013, we, operating through our subsidiary, Whitestone Anthem Marketplace, LLC, a Delaware limited liability company, entered into a $15.1 million promissory note (the "Anthem Note"), with a fixed interest rate of 4.99% payable to Citigroup Global Markets Realty Corporation and a maturity of January 6, 2024. Proceeds from the Anthem Note were used to repay a portion of our unsecured revolving credit facility. | |||||||||||||||||||||
On November 26, 2013, we, operating through our subsidiary, Whitestone Industrial-Office LLC, a Texas limited liability company ("Whitestone Industrial"), entered into a $37.0 million promissory note (the "Industrial Note"), with a fixed interest rate of 3.76% payable to Jackson Life National Insurance Company and a maturity of December 1, 2020. Proceeds from the Industrial Note were used to repay our existing $26.9 million floating rate loan that matured on December 1, 2013. The remainder of the proceeds were used to pay off approximately $10.1 million in fixed rate indebtedness maturing in 2014. | |||||||||||||||||||||
The Industrial Note is a non-recourse loan secured by Whitestone Industrial's nine properties, including Corporate Park Woodland, Holly Hall Industrial Park, Interstate 10 Warehouse, Main Park, Plaza Park, Westbelt Plaza, Westgate Service Center, Corporate Park West and Dairy Ashford. | |||||||||||||||||||||
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 8). 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. | |||||||||||||||||||||
The Pinnacle Note contains events of default that include, among other things, non-payment and default under the deed of trust. Upon occurrence of an event of default, the lender is entitled to accelerate all obligations of Whitestone Pinnacle. The lender will also be entitled to receive the entire unpaid balance and unpaid interest at a default rate. | |||||||||||||||||||||
On February 4, 2013, we, through our Operating Partnership, entered into an unsecured credit facility (the “2013 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 2013 Facility amended and restated our previous unsecured credit facility. We plan to use the 2013 Facility for property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and re-tenanting of properties in our portfolio. | |||||||||||||||||||||
In addition to a $125 million unsecured borrowing capacity under the revolving loan, the 2013 Facility also includes a $50 million term loan and permits the Operating Partnership to increase the borrowing capacity under the 2013 Facility to a total of $225 million, upon the satisfaction of certain conditions. The 2013 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 2013 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 2013 Facility. The 2013 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 2013 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. | |||||||||||||||||||||
On August 8, 2012, we assumed a $9.2 million variable rate note as part of our acquisition of Paradise Plaza (See Note 4). The variable rate is based on the prime rate less 2.00% and matures on December 29, 2017. We consider the variable rate to be below-market and have imputed an interest rate of 4.13%, which we consider to be an appropriate market rate. As a result, we recorded a discount on the note of $1.3 million, which will amortize into interest expense over the life of the loan. See Note 9 for a discussion of the interest rate swap included with this note. | |||||||||||||||||||||
On December 22, 2011, we, through our subsidiary, Whitestone Pinnacle, assumed a promissory note in the amount of $14.1 million payable to U.S. Bank National Association with an applicable interest rate of 5.965% per annum. Monthly payments of $91,073 began on January 1, 2012 and continue thereafter on the first day of each calendar month until maturity on June 1, 2013. As discussed above, this note was refinanced and replaced with the Pinnacle Note maturing on June 6, 2023. | |||||||||||||||||||||
On December 28, 2011, we, operating through our subsidiary, Whitestone Shops at Starwood-Phase III LLC, a Delaware limited liability company ("Whitestone Starwood"), assumed a promissory note (the "Starwood Note") in the amount of $1.4 million payable to Sovereign Bank, with an applicable interest rate of 5.0% per annum. Monthly payments of $5,780 became due on January 1, 2012 and continued thereafter on the first day of each calendar month until December 31, 2012. On December 28, 2012, we extended the term of the Starwood Note through December 31, 2013. Under the terms of the extension, we made a principal payment in the amount of $300,000 plus approximately $52,000 in prepaid interest, an effective interest rate of 4.71% per annum. The interest was recorded as an asset and will be amortized into expense over the life of the loan. | |||||||||||||||||||||
The Starwood Note is a non-recourse loan secured by Whitestone Starwood's future development of the land parcel adjacent to our Shops at Starwood property, located in Frisco, Texas, and a limited guarantee by Whitestone. In conjunction with the Starwood Note, a deed of trust was executed by Whitestone Starwood which contains customary terms and conditions, including representations, warranties and covenants by Whitestone Starwood that include, without limitation, assignment of rents, warranty of title, insurance requirements and maintenance, use and management of the properties. | |||||||||||||||||||||
The Starwood Note contains events of default that include, among other things, non-payment and default under the deed of trust. Upon occurrence of an event of default, the lender is entitled to accelerate all obligations of Whitestone Starwood. The lender will also be entitled to receive the entire unpaid balance and unpaid interest at a default rate. | |||||||||||||||||||||
As of December 31, 2013, $134.8 million was drawn on the 2013 Facility, and our remaining borrowing capacity was $40.2 million, assuming that we use proceeds of the 2013 Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. | |||||||||||||||||||||
Certain other of our loans are subject to customary covenants. As of December 31, 2013, we were in compliance with all loan covenants. | |||||||||||||||||||||
Annual maturities of notes payable as of December 31, 2013 are due during the following years: | |||||||||||||||||||||
Amount Due | |||||||||||||||||||||
Year | (in thousands) | ||||||||||||||||||||
2014 | $ | 2,499 | |||||||||||||||||||
2015 | 1,866 | ||||||||||||||||||||
2016 | 13,277 | ||||||||||||||||||||
2017 | 144,972 | ||||||||||||||||||||
2018 | 11,911 | ||||||||||||||||||||
Thereafter | 89,752 | ||||||||||||||||||||
Total | $ | 264,277 | |||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||
As of December 31, 2013, we had the following contractual obligations: | |||||||||||||||||||||
Payment due by period (in thousands) | |||||||||||||||||||||
Less than 1 | 1 - 3 years | 3 - 5 years | More than | ||||||||||||||||||
Total | year (2014) | (2015 - 2016) | (2017 - 2018) | 5 years | |||||||||||||||||
Contractual Obligations | (after 2018) | ||||||||||||||||||||
Long-Term Debt - Principal | $ | 264,277 | $ | 2,499 | $ | 15,143 | $ | 156,883 | $ | 89,752 | |||||||||||
Long-Term Debt - Fixed Interest | 41,066 | 6,367 | 12,493 | 8,916 | 13,290 | ||||||||||||||||
Long-Term Debt - Variable Interest (1) | 5,909 | 1,928 | 3,675 | 306 | — | ||||||||||||||||
Unsecured credit facility - Unused commitment fee (2) | 404 | 101 | 202 | 101 | — | ||||||||||||||||
Operating Lease Obligations | 135 | 41 | 60 | 34 | — | ||||||||||||||||
Total | $ | 311,791 | $ | 10,936 | $ | 31,573 | $ | 166,240 | $ | 103,042 | |||||||||||
(1) | As of December 31, 2013, we had one loan totaling $84.8 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.75% to LIBOR plus 2.50%, which reflects our new interest rates under our 2013 Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2013, of 0.17%. | ||||||||||||||||||||
(2) | The unused commitment fees on our unsecured credit facility, payable quarterly, are based on the average daily unused amount of our unsecured credit facility. The fees are 0.25% for facility usage greater than 50% or 0.35% for facility usage less than 50%. The information in the table above reflects our projected obligations for our unsecured credit facility based on our December 31, 2013 balance of $134.8 million. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivatives and Hedging Activities | ' | ||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | |||||||||||
The fair value of our interest rate swaps is as follows (in thousands): | |||||||||||
Balance Sheet Location | Estimated Fair Value | ||||||||||
Interest rate swaps: | |||||||||||
31-Dec-13 | Accounts payable and accrued expenses | $ | 1,231 | ||||||||
31-Dec-12 | Accounts payable and accrued expenses | $ | 1,756 | ||||||||
On November 1, 2013, we, through our subsidiary, Whitestone Terravita, entered into an interest rate swap with Bank of America, N.A. that fixed the LIBOR portion of our $10.5 million term loan at 1.55%. See Note 8 for additional information regarding the Terravita Note. 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 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. | |||||||||||
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 $50.0 million term loan under our unsecured credit facility at 0.84%. See Note 8 for additional information regarding our credit facility. The swap began 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. | |||||||||||
On August 8, 2012, as part of our acquisition of Paradise Plaza (see Note 4), we assumed a $9.2 million variable rate note (see Note 8). 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. | |||||||||||
A summary of our interest rate swap activity is as follows (in thousands): | |||||||||||
Year Ended | Amount Recognized as Comprehensive Income (Loss) | Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings (1) | ||||||||
2013 | $ | 173 | Interest expense | $ | (363 | ) | |||||
2012 | $ | 1 | Interest expense | $ | (146 | ) | |||||
2011 | $ | — | Interest expense | $ | — | ||||||
(1) | Amounts represent the effective portions of our interest rate swaps. We did not recognize any ineffective portion of our interest rate swaps in earnings for the years ended December 31, 2013, 2012 and 2011. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 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 non-controlling 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 non-controlling 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, which require the use of the two-class method for the computation of basic and diluted earnings per share. During the years ended December 31, 2013, 2012 and 2011, 595,782, 848,284 and 1,705,198 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, distributions of $177,000, $194,000 and $213,000, respectively, were made to the holders of certain restricted common shares, $127,000, $172,000 and $196,000 of which were charged against earnings, respectively. See Note 14 for information related to restricted common shares under the 2008 Plan. | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 3,919 | $ | 53 | $ | 1,333 | |||||||
Less: Net income attributable to noncontrolling interests | (125 | ) | (3 | ) | (210 | ) | |||||||
Distributions paid on unvested restricted shares | (50 | ) | (22 | ) | (17 | ) | |||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 3,744 | $ | 28 | $ | 1,106 | |||||||
Denominator: | |||||||||||||
Weighted average number of common shares - basic | 18,027 | 13,496 | 9,028 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Unvested restricted shares | 246 | 117 | 14 | ||||||||||
Weighted average number of common shares - dilutive | 18,273 | 13,613 | 9,042 | ||||||||||
Earnings Per Share: | |||||||||||||
Basic: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.21 | $ | 0 | $ | 0.12 | |||||||
Diluted: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.2 | $ | 0 | $ | 0.12 | |||||||
Federal_Income_Taxes
Federal Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
FEDERAL INCOME TAXES | ' | |||||||||
FEDERAL INCOME TAXES | ||||||||||
Federal income taxes are not provided because we intend to and believe we qualify as a REIT under the provisions of the Internal Revenue 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. | ||||||||||
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. | ||||||||||
For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Ordinary income (unaudited) | 38.5 | % | 34.1 | % | 24.4 | % | ||||
Return of capital (unaudited) | 61.3 | % | 65.2 | % | 66.1 | % | ||||
Capital gain distributions (unaudited) | 0.2 | % | 0.7 | % | 6.5 | % | ||||
Unrecaptured section 1250 gain (unaudited) | — | % | — | % | 3 | % | ||||
Total | 100 | % | 100 | % | 100 | % |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 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. In addition, we issued a note receivable for $975,000 to the buyer, with an interest rate of 4.5% and a maturity of December 31, 2013. On December 5, 2013, the note was renewed through June 30, 2014 and bears interest at a rate of 5.2% during the renewal period. As a result of this transaction, we also recorded a related party receivable of $652,000, which represents the federal income tax withholding not deducted from our payment to Mr. Mastandrea. Subsequent to December 31, 2012, we received the $652,000 and paid it to the federal government on behalf of Mr. Mastandrea. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
EQUITY | ' | ||||||||||||||||||||
EQUITY | |||||||||||||||||||||
Under our declaration of trust, as amended, we have authority to issue up to 400 million common shares of beneficial interest, $0.001 par value per share, and up to 50 million preferred shares of beneficial interest, $0.001 par value per share. | |||||||||||||||||||||
Reclassification of common shares and transfer of listing | |||||||||||||||||||||
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. 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 effective June 28, 2012. | |||||||||||||||||||||
Equity Offerings | |||||||||||||||||||||
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 $59.7 million, which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from this offering for general corporate purposes, which included 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 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. For the year ended December 31, 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. | |||||||||||||||||||||
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. | |||||||||||||||||||||
On May 10, 2011, we completed a public offering of 5,310,000 common shares, including 310,000 common shares pursuant to the exercise of the underwriters' over-allotment option at a public offering price of $12.00 per share. Net proceeds, after payment of underwriting commissions and transaction costs, were approximately $59.7 million. We used the net proceeds to acquire properties in our target markets and to redevelop and re-tenant our existing properties, as well as for general corporate purposes. | |||||||||||||||||||||
Exchange Offers | |||||||||||||||||||||
On May 10, 2012, we commenced a third 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 "Third Exchange Offer"). The Third Exchange Offer expired on June 8, 2012, and 426,986 Class A common shares and 121,156 OP units were accepted for change. | |||||||||||||||||||||
On December 9, 2011, we commenced a second offer to exchange common shares on a one-for-one basis for up to 453,642 outstanding OP units (the “Second Exchange Offer”). The Second Exchange Offer expired on January 11, 2012, and 453,580 OP units were accepted for exchange. | |||||||||||||||||||||
On September 2, 2011, we commenced an offer to exchange common shares on a one-for-one basis for up to 453,642 outstanding OP units (the “First Exchange Offer”). The First Exchange Offer expired on October 3, 2011, and 453,642 OP units were accepted for exchange. | |||||||||||||||||||||
Operating Partnership Units | |||||||||||||||||||||
Substantially all of our business is conducted through the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2013, we owned a 97.5% interest in the Operating Partnership. | |||||||||||||||||||||
Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for 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 Whitestone common shares. As of December 31, 2013 and December 31, 2012, there were 22,384,970 and 17,507,771 OP units outstanding, respectively. We owned 21,822,878 and 16,822,285 OP units as of December 31, 2013 and December 31, 2012, respectively. The balance of the OP units is owned by third parties, including certain trustees. Our weighted-average share ownership in the Operating Partnership was approximately 96.8%, 94.1% and 84.2% for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
On October 9, 2012, we filed with the SEC a prospectus supplement covering the issuance of up to 786,191 of our common shares of beneficial interest, par value $0.001 per share, to certain holders of OP units. The OP units may be issued to the extent that OP unit holders tender their OP units for redemption in accordance with the terms of the limited partnership agreement of the Operating Partnership and we elect, in our sole discretion, to issue common shares to the tendering OP unit holders. The prospectus supplement supplements a base prospectus, dated July 25, 2012, relating to our effective shelf registration statement of Form S-3 (File No. 333-182667). During the years ended December 31, 2013 and 2012, 123,394 and 100,705 OP units, respectively, were redeemed for an equal number of common shares. | |||||||||||||||||||||
Distributions | |||||||||||||||||||||
The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): | |||||||||||||||||||||
Common Shares | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distribution Per Common Share | Total Amount Paid | Distribution Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2013 | |||||||||||||||||||||
Fourth Quarter | $ | 0.285 | $ | 5,790 | $ | 0.285 | $ | 163 | $ | 5,953 | |||||||||||
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 | $ | 1.14 | $ | 20,294 | $ | 1.14 | $ | 691 | $ | 20,985 | |||||||||||
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 | |||||||||||
Incentive_Share_Plan
Incentive Share Plan | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
INCENTIVE SHARE PLAN | ' | ||||||||||||||
INCENTIVE SHARE PLAN | |||||||||||||||
On July 29, 2008, our shareholders approved the 2008 Long-Term Equity Incentive Ownership Plan (the “Plan”). On December 22, 2010, our board of trustees amended the Plan to allow for the issuance of common shares pursuant to the Plan. The Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units. The maximum aggregate number of common shares that may be issued under the 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 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 units issued to or held by Whitestone). | |||||||||||||||
The Compensation Committee of our board of trustees administers the Plan, except with respect to awards to non-employee trustees, for which the 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. | |||||||||||||||
On January 6, 2009, the Compensation Committee, pursuant to the Plan, granted to certain of our officers restricted common shares and restricted common share units subject to certain restrictions. The restricted common shares and restricted common share units will vest upon achieving certain performance goals (as specified in the award agreement). The grantee is the record owner of the restricted common shares and has all rights of a shareholder with respect to the restricted common shares, including the right to vote the restricted common shares and to receive distributions with respect to the restricted common shares. The grantee has no rights of a shareholder with respect to the restricted common share units, including no right to vote the restricted common share units and no right to receive current distributions with respect to the restricted common share units until the restricted common share units are fully vested and convertible to common shares of Whitestone. | |||||||||||||||
A summary of the share-based incentive plan activity as of and for the year ended December 31, 2013 is as follows: | |||||||||||||||
Shares | Weighted-Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2013 | 534,920 | $ | 12.53 | ||||||||||||
Granted | 328,005 | 15.43 | |||||||||||||
Vested | (15,270 | ) | 14.69 | ||||||||||||
Forfeited | (87,944 | ) | 12.94 | ||||||||||||
Non-vested at December 31, 2013 | 759,711 | $ | 13.69 | ||||||||||||
Available for grant at December 31, 2013 | 2,348,221 | ||||||||||||||
(1) | The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. | ||||||||||||||
A summary of our nonvested and vested shares activity for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Year Ended | Non-Vested Shares Issued | Weighted-Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | |||||||||||
(in thousands) | |||||||||||||||
2013 | 328,005 | $ | 15.43 | (15,270 | ) | $ | 224 | ||||||||
2012 | 99,700 | $ | 13.03 | (16,208 | ) | $ | 223 | ||||||||
2011 | — | $ | — | (5,169 | ) | $ | 80 | ||||||||
Total compensation recognized in earnings for share-based payments for the years ended December 31, 2013, 2012 and 2011 was $2.3 million, $0.7 million and $0.3 million, respectively. Taking into account the acquisitions occurring during the years ended December 31, 2013 and 2012 (see Note 4), we expect additional performance-based shares to vest due to the achievement of certain Company-wide performance goals. As a result, as of December 31, 2013, there was approximately $1.9 million in unrecognized compensation cost related to outstanding nonvested performance-based and time-based shares that are expected to be recognized over a weighted-average period of approximately 13 months. |
Grants_to_Trustees
Grants to Trustees | 12 Months Ended |
Dec. 31, 2013 | |
Grants to Trustees [Abstract] | ' |
GRANTS TO TRUSTEES | ' |
GRANTS TO TRUSTEES | |
On September 16, 2013, each of our four independent trustees and one trustee emeritus was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our 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 year ended December 31, 2013 was determined using quoted prices available on the date of grant. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
We are a participant in various legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we believe that the final outcome of these matters will not have a material effect on our financial position, results of operations, or cash flows. |
Segment_Information
Segment Information | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
SEGMENT INFORMATION | ' |
SEGMENT INFORMATION | |
Our management historically has not differentiated by property types and therefore does not present segment information. |
Select_Quarterly_Financial_Dat
Select Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
SELECT QUARTERLY FINANCIAL DATA (unaudited) | ' | ||||||||||||||||
SELECT QUARTERLY FINANCIAL DATA (unaudited) | |||||||||||||||||
The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 13,869 | $ | 14,795 | $ | 16,291 | $ | 17,190 | |||||||||
Net income attributable to Whitestone REIT | 949 | 970 | 614 | 1,261 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.06 | $ | 0.06 | $ | 0.04 | $ | 0.06 | |||||||||
Diluted - Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | 0.06 | 0.06 | 0.03 | 0.06 | |||||||||||||
2012 | |||||||||||||||||
Revenues | $ | 10,426 | $ | 10,987 | $ | 11,618 | $ | 13,523 | |||||||||
Net income (loss) attributable to Whitestone REIT | 793 | 431 | 163 | (1,337 | ) | ||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.07 | $ | 0.04 | $ | 0.01 | $ | (0.08 | ) | ||||||||
Diluted - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | 0.07 | 0.04 | 0.01 | (0.08 | ) | ||||||||||||
(1) | The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at | Charged to | Deductions | Balance at | ||||||||||||||
Beginning | Costs and | from | End of | ||||||||||||||
Description | of Year | Expense | Reserves | Year | |||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended December 31, 2013 | $ | 2,285 | $ | 1,658 | $ | (246 | ) | $ | 3,697 | ||||||||
Year ended December 31, 2012 | 1,366 | 1,004 | (85 | ) | 2,285 | ||||||||||||
Year ended December 31, 2011 | 1,304 | 615 | (553 | ) | 1,366 | ||||||||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | ' | ||||||||||||||||||||||||||||
Costs Capitalized Subsequent | Gross Amount at which Carried at | ||||||||||||||||||||||||||||
Initial Cost (in thousands) | to Acquisition (in thousands) | End of Period (in thousands)(1) (2) | |||||||||||||||||||||||||||
Building and | Improvements | Carrying | Building and | ||||||||||||||||||||||||||
Property Name | Land | Improvements | (net) | Costs | Land | Improvements | Total | ||||||||||||||||||||||
Retail Communities: | |||||||||||||||||||||||||||||
Ahwatukee Plaza | $ | 5,126 | $ | 4,086 | $ | 83 | $ | — | $ | 5,126 | $ | 4,169 | $ | 9,295 | |||||||||||||||
Anthem Marketplace | 4,790 | 17,973 | 1 | — | 4,790 | 17,974 | 22,764 | ||||||||||||||||||||||
Bellnott Square | 1,154 | 4,638 | 290 | — | 1,154 | 4,928 | 6,082 | ||||||||||||||||||||||
Bissonnet Beltway | 415 | 1,947 | 453 | — | 415 | 2,400 | 2,815 | ||||||||||||||||||||||
Centre South | 481 | 1,596 | 719 | — | 481 | 2,315 | 2,796 | ||||||||||||||||||||||
The Citadel | 472 | 1,777 | 2,408 | — | 472 | 4,185 | 4,657 | ||||||||||||||||||||||
Desert Canyon | 1,976 | 1,704 | 344 | — | 1,976 | 2,048 | 4,024 | ||||||||||||||||||||||
Gilbert Tuscany Village | 1,767 | 3,233 | 700 | — | 1,767 | 3,933 | 5,700 | ||||||||||||||||||||||
Holly Knight | 320 | 1,293 | 158 | — | 320 | 1,451 | 1,771 | ||||||||||||||||||||||
Headquarters Village | 7,171 | 18,439 | (21 | ) | — | 7,171 | 18,418 | 25,589 | |||||||||||||||||||||
Kempwood Plaza | 733 | 1,798 | 1,178 | — | 733 | 2,976 | 3,709 | ||||||||||||||||||||||
Lion Square | 1,546 | 4,289 | 2,363 | — | 1,546 | 6,652 | 8,198 | ||||||||||||||||||||||
The Marketplace at Central | 1,305 | 5,324 | 706 | — | 1,305 | 6,030 | 7,335 | ||||||||||||||||||||||
Mercado at Scottsdale Ranch | 8,728 | 12,560 | 109 | — | 8,728 | 12,669 | 21,397 | ||||||||||||||||||||||
Paradise Plaza | 6,155 | 10,221 | 68 | — | 6,155 | 10,289 | 16,444 | ||||||||||||||||||||||
Pinnacle of Scottsdale | 6,648 | 22,466 | 702 | — | 6,648 | 23,168 | 29,816 | ||||||||||||||||||||||
Providence | 918 | 3,675 | 679 | — | 918 | 4,354 | 5,272 | ||||||||||||||||||||||
Shaver | 184 | 633 | 12 | — | 184 | 645 | 829 | ||||||||||||||||||||||
Shops at Pecos Ranch | 3,781 | 15,123 | 114 | — | 3,781 | 15,237 | 19,018 | ||||||||||||||||||||||
Shops at Starwood | 4,093 | 11,487 | 42 | — | 4,093 | 11,529 | 15,622 | ||||||||||||||||||||||
South Richey | 778 | 2,584 | 1,844 | — | 778 | 4,428 | 5,206 | ||||||||||||||||||||||
Spoerlein Commons | 2,340 | 7,296 | 295 | — | 2,340 | 7,591 | 9,931 | ||||||||||||||||||||||
SugarPark Plaza | 1,781 | 7,125 | 834 | — | 1,781 | 7,959 | 9,740 | ||||||||||||||||||||||
Sunridge | 276 | 1,186 | 301 | — | 276 | 1,487 | 1,763 | ||||||||||||||||||||||
Sunset at Pinnacle Peak (3) | 3,610 | 2,734 | 146 | — | 3,610 | 2,880 | 6,490 | ||||||||||||||||||||||
Terravita Marketplace | 7,171 | 9,392 | 365 | — | 7,171 | 9,757 | 16,928 | ||||||||||||||||||||||
Torrey Square | 1,981 | 2,971 | 1,356 | — | 1,981 | 4,327 | 6,308 | ||||||||||||||||||||||
Town Park | 850 | 2,911 | 252 | — | 850 | 3,163 | 4,013 | ||||||||||||||||||||||
Webster Pointe | 720 | 1,150 | 271 | — | 720 | 1,421 | 2,141 | ||||||||||||||||||||||
Westchase | 423 | 1,751 | 2,778 | — | 423 | 4,529 | 4,952 | ||||||||||||||||||||||
Windsor Park | 2,621 | 10,482 | 7,151 | — | 2,621 | 17,633 | 20,254 | ||||||||||||||||||||||
$ | 80,314 | $ | 193,844 | $ | 26,701 | $ | — | $ | 80,314 | $ | 220,545 | $ | 300,859 | ||||||||||||||||
Office/Flex Communities: | |||||||||||||||||||||||||||||
Brookhill | $ | 186 | $ | 788 | $ | 376 | $ | — | $ | 186 | $ | 1,164 | $ | 1,350 | |||||||||||||||
Corporate Park Northwest | 1,534 | 6,306 | 1,359 | — | 1,534 | 7,665 | 9,199 | ||||||||||||||||||||||
Corporate Park West | 2,555 | 10,267 | 1,149 | — | 2,555 | 11,416 | 13,971 | ||||||||||||||||||||||
Corporate Park Woodland | 652 | 5,330 | 742 | — | 652 | 6,072 | 6,724 | ||||||||||||||||||||||
Dairy Ashford | 226 | 1,211 | 133 | — | 226 | 1,344 | 1,570 | ||||||||||||||||||||||
Holly Hall Industrial Park | 608 | 2,516 | 388 | — | 608 | 2,904 | 3,512 | ||||||||||||||||||||||
Interstate 10 Warehouse | 208 | 3,700 | 570 | — | 208 | 4,270 | 4,478 | ||||||||||||||||||||||
Main Park | 1,328 | 2,721 | 642 | — | 1,328 | 3,363 | 4,691 | ||||||||||||||||||||||
Plaza Park | 902 | 3,294 | 1,211 | — | 902 | 4,505 | 5,407 | ||||||||||||||||||||||
Westbelt Plaza | 568 | 2,165 | 842 | — | 568 | 3,007 | 3,575 | ||||||||||||||||||||||
Westgate Service Center | 672 | 2,776 | 600 | — | 672 | 3,376 | 4,048 | ||||||||||||||||||||||
$ | 9,439 | $ | 41,074 | $ | 8,012 | $ | — | $ | 9,439 | $ | 49,086 | $ | 58,525 | ||||||||||||||||
Costs Capitalized Subsequent | Gross Amount at which Carried at | ||||||||||||||||||||||||||||
Initial Cost (in thousands) | to Acquisition (in thousands) | End of Period (in thousands)(1) (2) | |||||||||||||||||||||||||||
Building and | Improvements | Carrying | Building and | ||||||||||||||||||||||||||
Property Name | Land | Improvements | (net) | Costs | Land | Improvements | Total | ||||||||||||||||||||||
Office Communities: | |||||||||||||||||||||||||||||
9101 LBJ Freeway | $ | 1,597 | $ | 6,078 | $ | 1,537 | $ | — | $ | 1,597 | $ | 7,615 | $ | 9,212 | |||||||||||||||
Featherwood | 368 | 2,591 | 635 | — | 368 | 3,226 | 3,594 | ||||||||||||||||||||||
Pima Norte | 1,086 | 7,162 | 1,427 | 517 | 1,086 | 9,106 | 10,192 | ||||||||||||||||||||||
Royal Crest | 509 | 1,355 | 192 | — | 509 | 1,547 | 2,056 | ||||||||||||||||||||||
Uptown Tower | 1,621 | 15,551 | 3,792 | — | 1,621 | 19,343 | 20,964 | ||||||||||||||||||||||
Woodlake Plaza | 1,107 | 4,426 | 1,343 | — | 1,107 | 5,769 | 6,876 | ||||||||||||||||||||||
Zeta Building | 636 | 1,819 | 356 | — | 636 | 2,175 | 2,811 | ||||||||||||||||||||||
$ | 6,924 | $ | 38,982 | $ | 9,282 | $ | 517 | $ | 6,924 | $ | 48,781 | $ | 55,705 | ||||||||||||||||
Total Operating Portfolio | $ | 96,677 | $ | 273,900 | $ | 43,995 | $ | 517 | $ | 96,677 | $ | 318,412 | $ | 415,089 | |||||||||||||||
Corporate Park Woodland II | $ | 2,758 | $ | — | $ | — | $ | — | $ | 2,758 | $ | — | $ | 2,758 | |||||||||||||||
Fountain Hills Plaza | 5,113 | 15,340 | — | — | 5,113 | 15,340 | 20,453 | ||||||||||||||||||||||
Fountain Square | 5,573 | 9,828 | 811 | — | 5,573 | 10,639 | 16,212 | ||||||||||||||||||||||
Market Street at DC Ranch | 9,710 | 26,779 | (140 | ) | — | 9,710 | 26,639 | 36,349 | |||||||||||||||||||||
Village Square at Dana Park | 8,495 | 37,870 | 411 | — | 8,495 | 38,281 | 46,776 | ||||||||||||||||||||||
Total - Development Portfolio | $ | 31,649 | $ | 89,817 | $ | 1,082 | $ | — | $ | 31,649 | $ | 90,899 | $ | 122,548 | |||||||||||||||
Anthem Marketplace | $ | 204 | $ | — | $ | — | $ | — | $ | 204 | $ | — | $ | 204 | |||||||||||||||
Dana Park Development | 4,000 | — | — | — | 4,000 | — | 4,000 | ||||||||||||||||||||||
Fountain Hills | 277 | — | — | — | 277 | — | 277 | ||||||||||||||||||||||
Market Street at DC Ranch | 704 | — | — | — | 704 | — | 704 | ||||||||||||||||||||||
Pinnacle Phase II | 1,000 | — | 77 | 280 | 1,000 | 357 | 1,357 | ||||||||||||||||||||||
Shops at Starwood Phase III | 1,818 | — | 5 | 272 | 1,818 | 277 | 2,095 | ||||||||||||||||||||||
Total - Property Held for Development | $ | 8,003 | $ | — | $ | 82 | $ | 552 | $ | 8,003 | $ | 634 | $ | 8,637 | |||||||||||||||
Grand Totals | $ | 136,329 | $ | 363,717 | $ | 45,159 | $ | 1,069 | $ | 136,329 | $ | 409,945 | $ | 546,274 | |||||||||||||||
Accumulated Depreciation | Date of | Date | Depreciation | ||||||||||||||||||||||||||
Property Name | Encumbrances | (in thousands) | Construction | Acquired | Life | ||||||||||||||||||||||||
Retail Communities: | |||||||||||||||||||||||||||||
Ahwatukee Plaza | $ | 250 | 8/16/11 | 5-39 years | |||||||||||||||||||||||||
Anthem Marketplace | -4 | 230 | 6/28/13 | 5-39 years | |||||||||||||||||||||||||
Bellnott Square | 1,608 | 1/1/02 | 5-39 years | ||||||||||||||||||||||||||
Bissonnet Beltway | 1,405 | 1/1/99 | 5-39 years | ||||||||||||||||||||||||||
Centre South | 996 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
The Citadel | 417 | 9/28/10 | 5-39 years | ||||||||||||||||||||||||||
Desert Canyon | 188 | 4/13/11 | 5-39 years | ||||||||||||||||||||||||||
Gilbert Tuscany Village | 355 | 6/28/11 | 5-39 years | ||||||||||||||||||||||||||
Holly Knight | 844 | 8/1/00 | 5-39 years | ||||||||||||||||||||||||||
Headquarters Village | 355 | 3/28/13 | 5-39 years | ||||||||||||||||||||||||||
Kempwood Plaza | 1,551 | 2/2/99 | 5-39 years | ||||||||||||||||||||||||||
Lion Square | 2,528 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
The Marketplace at Central | 486 | 11/1/10 | 5-39 years | ||||||||||||||||||||||||||
Mercado at Scottsdale Ranch | -5 | 170 | 6/19/13 | 5-39 years | |||||||||||||||||||||||||
Paradise Plaza | -6 | 371 | 8/8/12 | 5-39 years | |||||||||||||||||||||||||
Pinnacle of Scottsdale | -7 | 1,247 | 12/22/11 | 5-39 years | |||||||||||||||||||||||||
Providence | 1,641 | 3/30/01 | 5-39 years | ||||||||||||||||||||||||||
Shaver | 329 | 12/17/99 | 5-39 years | ||||||||||||||||||||||||||
Shops at Pecos Ranch | 389 | 12/28/12 | 5-39 years | ||||||||||||||||||||||||||
Shops at Starwood | 591 | 12/28/11 | 5-39 years | ||||||||||||||||||||||||||
South Richey | 1,318 | 8/25/99 | 5-39 years | ||||||||||||||||||||||||||
Spoerlein Commons | 1,045 | 1/16/09 | 5-39 years | ||||||||||||||||||||||||||
SugarPark Plaza | 1,956 | 9/8/04 | 5-39 years | ||||||||||||||||||||||||||
Sunridge | 572 | 1/1/02 | 5-39 years | ||||||||||||||||||||||||||
Sunset at Pinnacle Peak | 113 | 5/29/12 | 5-39 years | ||||||||||||||||||||||||||
Terravita Marketplace | -8 | 621 | 8/8/11 | 5-39 years | |||||||||||||||||||||||||
Torrey Square | 1,883 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
Town Park | 1,610 | 1/1/99 | 5-39 years | ||||||||||||||||||||||||||
Webster Pointe | 683 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
Westchase | 1,217 | 1/1/02 | 5-39 years | ||||||||||||||||||||||||||
Windsor Park | 3,877 | 12/16/03 | 5-39 years | ||||||||||||||||||||||||||
$ | 30,846 | ||||||||||||||||||||||||||||
Office/Flex Communities: | |||||||||||||||||||||||||||||
Brookhill | $ | 361 | 1/1/02 | 5-39 years | |||||||||||||||||||||||||
Corporate Park Northwest | 2,681 | 1/1/02 | 5-39 years | ||||||||||||||||||||||||||
Corporate Park West | -9 | 3,961 | 1/1/02 | 5-39 years | |||||||||||||||||||||||||
Corporate Park Woodland | -9 | 2,765 | 11/1/00 | 5-39 years | |||||||||||||||||||||||||
Dairy Ashford | -9 | 605 | 1/1/99 | 5-39 years | |||||||||||||||||||||||||
Holly Hall Industrial Park | -9 | 937 | 1/1/02 | 5-39 years | |||||||||||||||||||||||||
Interstate 10 Warehouse | -9 | 2,423 | 1/1/99 | 5-39 years | |||||||||||||||||||||||||
Main Park | -9 | 1,478 | 1/1/99 | 5-39 years | |||||||||||||||||||||||||
Plaza Park | -9 | 2,004 | 1/1/00 | 5-39 years | |||||||||||||||||||||||||
Westbelt Plaza | -9 | 1,584 | 1/1/99 | 5-39 years | |||||||||||||||||||||||||
Westgate Service Center | -9 | 1,195 | 1/1/02 | 5-39 years | |||||||||||||||||||||||||
$ | 19,994 | ||||||||||||||||||||||||||||
Accumulated Depreciation | Date of | Date | Depreciation | ||||||||||||||||||||||||||
Property Name | Encumbrances | (in thousands) | Construction | Acquired | Life | ||||||||||||||||||||||||
Office Communities: | |||||||||||||||||||||||||||||
9101 LBJ Freeway | $ | 2,196 | 8/10/05 | 5-39 years | |||||||||||||||||||||||||
Featherwood | -10 | 1,398 | 1/1/00 | 5-39 years | |||||||||||||||||||||||||
Pima Norte | 1,264 | 10/4/07 | 5-39 years | ||||||||||||||||||||||||||
Royal Crest | 637 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
Uptown Tower | -11 | 5,184 | 11/22/05 | 5-39 years | |||||||||||||||||||||||||
Woodlake Plaza | -12 | 1,813 | 3/14/05 | 5-39 years | |||||||||||||||||||||||||
Zeta Building | 939 | 1/1/00 | 5-39 years | ||||||||||||||||||||||||||
$ | 13,431 | ||||||||||||||||||||||||||||
Total Operating Portfolio | $ | 64,271 | |||||||||||||||||||||||||||
Corporate Park Woodland II | $ | — | 10/17/13 | 5-39 years | |||||||||||||||||||||||||
Fountain Hills Plaza | 1,246 | 10/7/13 | 5-39 years | ||||||||||||||||||||||||||
Fountain Square | 95 | 9/21/12 | 5-39 years | ||||||||||||||||||||||||||
Market Street at DC Ranch | 347 | 12/5/13 | 5-39 years | ||||||||||||||||||||||||||
Village Square at Dana Park | 49 | 9/21/12 | 5-39 years | ||||||||||||||||||||||||||
Total - Development Portfolio | $ | 1,737 | |||||||||||||||||||||||||||
Anthem Marketplace | $ | — | 6/28/13 | Land - Not Depreciated | |||||||||||||||||||||||||
Dana Park Development | — | 9/21/12 | Land - Not Depreciated | ||||||||||||||||||||||||||
Fountain Hills | — | 10/7/13 | Land - Not Depreciated | ||||||||||||||||||||||||||
Market Street at DC Ranch | — | 12/5/13 | Land - Not Depreciated | ||||||||||||||||||||||||||
Pinnacle Phase II | — | 12/28/11 | Land - Not Depreciated | ||||||||||||||||||||||||||
Shops at Starwood Phase III | -13 | — | 12/28/11 | Land - Not Depreciated | |||||||||||||||||||||||||
Total - Property Held For Development | $ | — | |||||||||||||||||||||||||||
Grand Total | $ | 66,008 | |||||||||||||||||||||||||||
-1 | Reconciliations of total real estate carrying value for the three years ended December 31, follows: | ||||||||||||||||||||||||||||
( in thousands) | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 409,669 | $ | 292,360 | $ | 204,954 | |||||||||||||||||||||||
Additions during the period: | |||||||||||||||||||||||||||||
Acquisitions | 130,731 | 107,392 | 82,030 | ||||||||||||||||||||||||||
Improvements | 6,292 | 12,798 | 7,568 | ||||||||||||||||||||||||||
137,023 | 120,190 | 89,598 | |||||||||||||||||||||||||||
Deductions - cost of real estate sold or retired | (418 | ) | (2,881 | ) | (2,192 | ) | |||||||||||||||||||||||
Balance at close of period | $ | 546,274 | $ | 409,669 | $ | 292,360 | |||||||||||||||||||||||
(2) | The aggregate cost of real estate (in thousands) for federal income tax purposes is $569,902. | ||||||||||||||||||||||||||||
(3) | Formerly known as Shops at Pinnacle Peak. | ||||||||||||||||||||||||||||
(4) | This property secures a $15.1 million mortgage note. | ||||||||||||||||||||||||||||
(5) | This property secures a $11.1 million mortgage note. | ||||||||||||||||||||||||||||
(6) | This property secures a $9.2 million mortgage note. | ||||||||||||||||||||||||||||
(7) | This property secures a $14.1 million mortgage note. | ||||||||||||||||||||||||||||
(8) | This property secures a $10.5 million mortgage note. | ||||||||||||||||||||||||||||
(9) | These properties secure a $37.0 million mortgage note. | ||||||||||||||||||||||||||||
(10) | This property secures a $3.0 million mortgage note. | ||||||||||||||||||||||||||||
(11) | This property secures a $16.5 million mortgage note. | ||||||||||||||||||||||||||||
(12) | This property secures a $6.5 million mortgage note. | ||||||||||||||||||||||||||||
(13) | This property secures a $1.1 million mortgage note. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 December 31, 2013, 2012 and 2011, 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 interest 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 year. 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 percentage of 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. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at 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 year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year 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 general and administrative expenses, to interest expense for all periods presented. On June 27, 2012, our Class A and Class B common shares were consolidated into a single class of common shares. See Note 13 for additional discussion related to the consolidation of Class A and Class B common shares into a single class of common shares. | |
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. | |
Noncontrolling Interests | ' |
Noncontrolling Interests. Noncontrolling interests are 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 and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. | |
Revenue Recognition | ' |
Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2013 and 2012 consisted of demand deposits at commercial banks and brokerage accounts. | |
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. | |
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 and loan acquisition costs, 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. Prior to that time, we expense these costs as acquisition expense. | |
Acquired Properties and Acquired Lease Intangibles | ' |
Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. | |
Depreciation | ' |
Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. | |
Impairment | ' |
Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2013. | |
Accrued Rents and Accounts Receivable | ' |
Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2013 and 2012, we had an allowance for uncollectible accounts of $3.7 million and $2.3 million, respectively. As of December 31, 2013, 2012 and 2011, we recorded bad debt expense in the amount of $1.7 million, $1.0 million and $0.6 million, respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. | |
Unamortized Lease Commissions and Loan Costs | ' |
Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. | |
Prepaids and Other Assets, Policy | ' |
Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. | |
Federal Income and State Taxes | ' |
Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. | |
State Taxes. 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 considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $262.0 million and $192.4 million as compared to the book value of approximately $264.3 million and $190.6 million as of December 31, 2013 and 2012, respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, "Fair Value Measurements and Disclosures"), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. | |
Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2013 and 2012. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2013 and current estimates of fair value may differ significantly from the amounts presented herein. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges 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. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. 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. As of December 31, 2013, we consider our cash flow hedges to be highly effective. | |
Concentration of Risk | ' |
Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Houston, Dallas, San Antonio, Phoenix and Chicago metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. | |
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. | |
In July 2013, the FASB issued guidance permitting the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815 ("Derivatives and Hedging"), in addition to the interest rates on direct Treasury obligations of the U.S. government and LIBOR. This guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-Sale Securities | ' | ||||||||||||||||
Available-for-sale securities consist of the following (in thousands): | |||||||||||||||||
December 31, 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 | $ | — | $ | (229 | ) | $ | 877 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (229 | ) | $ | 877 | ||||||||
December 31, 2012 | |||||||||||||||||
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 | ||||||||
Real_Estate_Tables
Real Estate (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate [Abstract] | ' | ||||||||||||
Schedule of pro forma results of operations | ' | ||||||||||||
The pro forma unaudited results summarized below reflect our consolidated pro forma results of operations as if our acquisitions for the years ended December 31, 2013, 2012 and 2011 were acquired on January 1, 2011 and includes no other material adjustments: | |||||||||||||
INCOME STATEMENT DATA | Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating revenue | $ | 70,716 | $ | 68,269 | $ | 66,652 | |||||||
Net income | $ | 6,406 | $ | 5,056 | $ | 9,216 | |||||||
Accrued_Rents_and_Accounts_Rec1
Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Tenant receivables | $ | 5,731 | $ | 3,536 | |||||
Accrued rents and other recoveries | 7,895 | 6,696 | |||||||
Allowance for doubtful accounts | (3,697 | ) | (2,285 | ) | |||||
Totals | $ | 9,929 | $ | 7,947 | |||||
Unamortized_Lease_Commissions_1
Unamortized Lease Commissions and Loan Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Leasing commissions | $ | 6,641 | $ | 5,530 | |||||||||
Deferred financing cost | 5,146 | 4,574 | |||||||||||
Total cost | 11,787 | 10,104 | |||||||||||
Less: leasing commissions accumulated amortization | (3,629 | ) | (2,899 | ) | |||||||||
Less: deferred financing cost accumulated amortization | (1,931 | ) | (3,045 | ) | |||||||||
Total cost, net of accumulated amortization | $ | 6,227 | $ | 4,160 | |||||||||
Schedule of Expected Future Amortization of Deferred Costs | ' | ||||||||||||
A summary of expected future amortization of deferred costs is as follows (in thousands): | |||||||||||||
Years Ended December 31, | Leasing Commissions | Deferred Financing Costs | Total | ||||||||||
2014 | $ | 807 | $ | 812 | $ | 1,619 | |||||||
2015 | 641 | 768 | 1,409 | ||||||||||
2016 | 511 | 633 | 1,144 | ||||||||||
2017 | 391 | 239 | 630 | ||||||||||
2018 | 233 | 201 | 434 | ||||||||||
Thereafter | 429 | 562 | 991 | ||||||||||
Total | $ | 3,012 | $ | 3,215 | $ | 6,227 | |||||||
Future_Minimum_Lease_Income_Ta
Future Minimum Lease Income (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | ' | ||||
A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2013 is as follows (in thousands): | |||||
Years Ended December 31, | Minimum Future Rents | ||||
2014 | $ | 50,927 | |||
2015 | 41,950 | ||||
2016 | 33,702 | ||||
2017 | 26,480 | ||||
2018 | 18,710 | ||||
Thereafter | 63,823 | ||||
Total | $ | 235,592 | |||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||||
Mortgages and other notes payable consist of the following (in thousands): | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Description | 2013 | 2012 | |||||||||||||||||||
Fixed rate notes | |||||||||||||||||||||
$1.1 million 4.71% Note, due December 31, 2013 | $ | 1,087 | $ | 1,087 | |||||||||||||||||
$20.2 million 4.28% Note, due June 6, 2023 (1) | 20,200 | 13,850 | |||||||||||||||||||
$3.0 million 6.00% Note, due March 31, 2021 (2) | 2,905 | 2,943 | |||||||||||||||||||
$10.0 million 6.04% Note, due March 1, 2014 | — | 9,142 | |||||||||||||||||||
$1.5 million 6.50% Note, due March 1, 2014 | — | 1,444 | |||||||||||||||||||
$11.2 million 6.52% Note, due September 1, 2015 | — | 10,609 | |||||||||||||||||||
$21.4 million 6.53% Notes, due October 1, 2013 | — | 18,865 | |||||||||||||||||||
$24.5 million 6.56% Note, due October 1, 2013 | — | 23,135 | |||||||||||||||||||
$9.9 million 6.63% Notes, due March 1, 2014 | — | 8,925 | |||||||||||||||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | 7,875 | 7,854 | |||||||||||||||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,900 | — | |||||||||||||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (4) | 10,500 | — | |||||||||||||||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | — | |||||||||||||||||||
$37.0 million 3.76% Note, due December 1, 2020 | 37,000 | — | |||||||||||||||||||
$6.5 million 3.80% Note, due January 1, 2019 | 6,500 | — | |||||||||||||||||||
$15.1 million 4.99% Note, due January 6, 2024 | 15,060 | — | |||||||||||||||||||
$50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (5) | 50,000 | — | |||||||||||||||||||
$0.7 million 2.97% Note, due November 28, 2013 | — | 15 | |||||||||||||||||||
Floating rate notes | |||||||||||||||||||||
Unsecured credit facility, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | 84,800 | 69,000 | |||||||||||||||||||
$26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | — | 23,739 | |||||||||||||||||||
$ | 264,277 | $ | 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) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||||||||||||||
(4) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% 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 credit facility at 0.84%. The swap began on January 7, 2014. | ||||||||||||||||||||
Schedule of Maturities of Debt | ' | ||||||||||||||||||||
Annual maturities of notes payable as of December 31, 2013 are due during the following years: | |||||||||||||||||||||
Amount Due | |||||||||||||||||||||
Year | (in thousands) | ||||||||||||||||||||
2014 | $ | 2,499 | |||||||||||||||||||
2015 | 1,866 | ||||||||||||||||||||
2016 | 13,277 | ||||||||||||||||||||
2017 | 144,972 | ||||||||||||||||||||
2018 | 11,911 | ||||||||||||||||||||
Thereafter | 89,752 | ||||||||||||||||||||
Total | $ | 264,277 | |||||||||||||||||||
Schedule of Contractual Obligations | ' | ||||||||||||||||||||
As of December 31, 2013, we had the following contractual obligations: | |||||||||||||||||||||
Payment due by period (in thousands) | |||||||||||||||||||||
Less than 1 | 1 - 3 years | 3 - 5 years | More than | ||||||||||||||||||
Total | year (2014) | (2015 - 2016) | (2017 - 2018) | 5 years | |||||||||||||||||
Contractual Obligations | (after 2018) | ||||||||||||||||||||
Long-Term Debt - Principal | $ | 264,277 | $ | 2,499 | $ | 15,143 | $ | 156,883 | $ | 89,752 | |||||||||||
Long-Term Debt - Fixed Interest | 41,066 | 6,367 | 12,493 | 8,916 | 13,290 | ||||||||||||||||
Long-Term Debt - Variable Interest (1) | 5,909 | 1,928 | 3,675 | 306 | — | ||||||||||||||||
Unsecured credit facility - Unused commitment fee (2) | 404 | 101 | 202 | 101 | — | ||||||||||||||||
Operating Lease Obligations | 135 | 41 | 60 | 34 | — | ||||||||||||||||
Total | $ | 311,791 | $ | 10,936 | $ | 31,573 | $ | 166,240 | $ | 103,042 | |||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of activity and fair value of interest rate swaps | ' | ||||||||||
A summary of our interest rate swap activity is as follows (in thousands): | |||||||||||
Year Ended | Amount Recognized as Comprehensive Income (Loss) | Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings (1) | ||||||||
2013 | $ | 173 | Interest expense | $ | (363 | ) | |||||
2012 | $ | 1 | Interest expense | $ | (146 | ) | |||||
2011 | $ | — | Interest expense | $ | — | ||||||
The fair value of our interest rate swaps is as follows (in thousands): | |||||||||||
Balance Sheet Location | Estimated Fair Value | ||||||||||
Interest rate swaps: | |||||||||||
31-Dec-13 | Accounts payable and accrued expenses | $ | 1,231 | ||||||||
31-Dec-12 | Accounts payable and accrued expenses | $ | 1,756 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
(in thousands, except per share data) | 2013 | 2012 | 2011 | ||||||||||
Numerator: | |||||||||||||
Net income | $ | 3,919 | $ | 53 | $ | 1,333 | |||||||
Less: Net income attributable to noncontrolling interests | (125 | ) | (3 | ) | (210 | ) | |||||||
Distributions paid on unvested restricted shares | (50 | ) | (22 | ) | (17 | ) | |||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 3,744 | $ | 28 | $ | 1,106 | |||||||
Denominator: | |||||||||||||
Weighted average number of common shares - basic | 18,027 | 13,496 | 9,028 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Unvested restricted shares | 246 | 117 | 14 | ||||||||||
Weighted average number of common shares - dilutive | 18,273 | 13,613 | 9,042 | ||||||||||
Earnings Per Share: | |||||||||||||
Basic: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.21 | $ | 0 | $ | 0.12 | |||||||
Diluted: | |||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.2 | $ | 0 | $ | 0.12 | |||||||
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Schedule of Characterization of Cash Dividends Distrubuted for Income Tax Purpose | ' | |||||||||
For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Ordinary income (unaudited) | 38.5 | % | 34.1 | % | 24.4 | % | ||||
Return of capital (unaudited) | 61.3 | % | 65.2 | % | 66.1 | % | ||||
Capital gain distributions (unaudited) | 0.2 | % | 0.7 | % | 6.5 | % | ||||
Unrecaptured section 1250 gain (unaudited) | — | % | — | % | 3 | % | ||||
Total | 100 | % | 100 | % | 100 | % |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Distributions | ' | ||||||||||||||||||||
The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): | |||||||||||||||||||||
Common Shares | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distribution Per Common Share | Total Amount Paid | Distribution Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2013 | |||||||||||||||||||||
Fourth Quarter | $ | 0.285 | $ | 5,790 | $ | 0.285 | $ | 163 | $ | 5,953 | |||||||||||
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 | $ | 1.14 | $ | 20,294 | $ | 1.14 | $ | 691 | $ | 20,985 | |||||||||||
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 | |||||||||||
Incentive_Share_Plan_Tables
Incentive Share Plan (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 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 year ended December 31, 2013 is as follows: | |||||||||||||||
Shares | Weighted-Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2013 | 534,920 | $ | 12.53 | ||||||||||||
Granted | 328,005 | 15.43 | |||||||||||||
Vested | (15,270 | ) | 14.69 | ||||||||||||
Forfeited | (87,944 | ) | 12.94 | ||||||||||||
Non-vested at December 31, 2013 | 759,711 | $ | 13.69 | ||||||||||||
Available for grant at December 31, 2013 | 2,348,221 | ||||||||||||||
(1) | The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. | ||||||||||||||
Schedule of Nonvested and Vested Shares Activity | ' | ||||||||||||||
A summary of our nonvested and vested shares activity for the years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Year Ended | Non-Vested Shares Issued | Weighted-Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | |||||||||||
(in thousands) | |||||||||||||||
2013 | 328,005 | $ | 15.43 | (15,270 | ) | $ | 224 | ||||||||
2012 | 99,700 | $ | 13.03 | (16,208 | ) | $ | 223 | ||||||||
2011 | — | $ | — | (5,169 | ) | $ | 80 | ||||||||
Select_Quarterly_Financial_Dat1
Select Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of unaudited quarterly financial information | ' | ||||||||||||||||
The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Revenues | $ | 13,869 | $ | 14,795 | $ | 16,291 | $ | 17,190 | |||||||||
Net income attributable to Whitestone REIT | 949 | 970 | 614 | 1,261 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.06 | $ | 0.06 | $ | 0.04 | $ | 0.06 | |||||||||
Diluted - Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | 0.06 | 0.06 | 0.03 | 0.06 | |||||||||||||
2012 | |||||||||||||||||
Revenues | $ | 10,426 | $ | 10,987 | $ | 11,618 | $ | 13,523 | |||||||||
Net income (loss) attributable to Whitestone REIT | 793 | 431 | 163 | (1,337 | ) | ||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | $ | 0.07 | $ | 0.04 | $ | 0.01 | $ | (0.08 | ) | ||||||||
Diluted - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) | 0.07 | 0.04 | 0.01 | (0.08 | ) | ||||||||||||
(1) | The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Description_of_Business_and_Na1
Description of Business and Nature of Operations (Details) | 1 Months Ended | |||
Jul. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | ||
CommercialProperties | CommercialProperties | CommercialProperties | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Reorganization and conversion, number of common shares (in shares) | 1.42857 | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Number of commercial properties (in commerical property) | ' | 60 | 51 | 45 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Share-based compensation | $2,284,000 | $725,000 | $310,000 |
Interest expense capitalized | 114,000 | 176,000 | 0 |
Real estate taxes capitalized | 100,000 | 147,000 | 0 |
Allowance for doubtful accounts | 3,697,000 | 2,285,000 | ' |
Provision for doubtful accounts | 1,658,000 | 1,004,000 | 615,000 |
Fair value of long-term debt | 262,000,000 | 192,400,000 | ' |
Book value of long-term debt | $264,300,000 | $190,600,000 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Depreciation (Details) (Building and Building Improvements [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '39 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Prepaids and Other Assets (Details) (USD $) | 31-May-13 | Dec. 31, 2013 | Dec. 05, 2013 |
In Thousands, unless otherwise specified | Four Point Five Percent Due December 2013 [Member] | Four Point Five Percent Due December 2013 [Member] | |
Executive Officer [Member] | Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' |
Note receivable, related party | ' | $975 | ' |
Stated interest rate | 5.70% | 4.50% | 5.20% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Taxes (Details) (TEXAS, State and Local Jurisdiction [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
TEXAS | State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
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 | $0.30 | $0.30 | $0.20 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | $1,106,000 | $1,811,000 | ' |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ' |
Losses in Accumulated Other Comprehensive Income | -229,000 | -408,000 | ' |
Estimated Fair Value | 877,000 | 1,403,000 | ' |
Proceeds from sales of marketable securities | 747,000 | 5,508,000 | 7,252,000 |
Gross realized gains on sale of marketable securities | 44,000 | 152,000 | 302,000 |
Gross realized losses on sale of marketable securities | -3,000 | -42,000 | -110,000 |
Aggregate unrealized loss on available-for-sale marketable securities | 229,000 | ' | 408,000 |
Real Estate Common Stock [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 1,106,000 | 1,811,000 | ' |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ' |
Losses in Accumulated Other Comprehensive Income | -229,000 | -408,000 | ' |
Estimated Fair Value | $877,000 | $1,403,000 | ' |
Real_Estate_Details
Real Estate (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Oct. 07, 2013 | Oct. 17, 2013 | Jun. 28, 2013 | Jun. 19, 2013 | Jun. 19, 2013 | Mar. 28, 2013 | Dec. 28, 2012 | Sep. 21, 2012 | Sep. 21, 2012 | Sep. 21, 2012 | Aug. 08, 2012 | Aug. 08, 2012 | 29-May-12 | Dec. 28, 2011 | Dec. 31, 2012 | Dec. 28, 2011 | Dec. 31, 2012 | Dec. 28, 2011 | Dec. 22, 2011 | Aug. 16, 2011 | Aug. 08, 2011 | Jun. 28, 2011 | Apr. 13, 2011 | Jul. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
sqft | Fountain Hills Plaza [Member] | Anthem Marketplace [Member] | Anthem Marketplace [Member] | Mercado at Scottsdale Ranch [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] | Paradise Plaza [Member] | Shops at Pinnacle Peak [Member] | Shops at Starwood [Member] | Starwood Phase III [Member] | Starwood Phase III [Member] | Pinnacle of Scottsdale Phase II [Member] | Pinnacle of Scottsdale Phase II [Member] | Phase I of Pinnacle of Scottsdale [Member] | Ahwatukee Plaza Shopping Center [Member] | Terravita Marketplace [Member] | Gilbert Tuscany Village [Member] | Desert Canyon Shopping Center [Member] | Greens Road Plaza [Member] | Greens Road Plaza [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | |||||
sqft | sqft | acre | sqft | Interest Rate Supplement [Member] | sqft | sqft | sqft | acre | sqft | sqft | Floating Rate Notes [Member] | sqft | sqft | acre | ft | sqft | sqft | Tenants | sqft | Tenants | sqft | CommercialProperties | CommercialProperties | CommercialProperties | |||||||||
acre | sqft | acre | sqft | sqft | sqft | ||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of commercial properties (in commerical property) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 51 | 45 |
Gross leasable area (in square feet) | 241,280 | ' | ' | ' | ' | 111,289 | 16,220 | 113,293 | 118,730 | ' | 89,134 | 78,767 | 310,979 | ' | 118,209 | 125,898 | ' | 41,530 | 55,385 | ' | ' | ' | ' | 113,108 | 72,650 | 102,733 | 49,415 | 62,533 | ' | ' | 5,000,000 | ' | ' |
Payments to acquire property | $37,400,000 | $119,102,000 | $98,350,000 | $65,910,000 | ' | $20,600,000 | $2,800,000 | $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 | $15,700,000 | ' | $500,000 | ' | $1,000,000 | $14,700,000 | $9,300,000 | $16,100,000 | $5,000,000 | $3,700,000 | ' | ' | ' | ' | ' |
Property percentage occupied | 80.00% | ' | ' | ' | ' | 87.00% | 63.00% | 100.00% | 100.00% | ' | 100.00% | 100.00% | 71.00% | ' | 76.00% | 100.00% | ' | 76.00% | 98.00% | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | 16.00% | 65.00% | ' | ' | ' | ' | ' |
Area of land (in acres) | ' | ' | ' | ' | ' | ' | 2.5 | 0.83 | ' | ' | ' | ' | ' | 4.7 | ' | ' | ' | ' | ' | ' | 2.73 | ' | 4.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property acquisitions, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | 1,900,000 | ' | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | ' | ' | 14,100,000 | ' | ' | ' | 11,100,000 | 900,000 | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue since date of acqusition included in results of operations | 282,000 | ' | ' | ' | ' | 487,000 | 30,000 | 1,054,000 | 1,185,000 | ' | 2,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) since date of acqusition included in results of operations | 155,000 | ' | ' | ' | ' | 300,000 | 16,000 | 454,000 | 610,000 | ' | 1,221,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-recourse loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lenght of frontage road (in feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net rentable area pursuant to ground leases (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,434 | ' | 12,960 | ' | ' | ' | ' | ' |
Number of tenants (in tenants) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' |
Square footage of property (in square feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,607 | ' | ' | ' | ' |
INCOME STATEMENT DATA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenue | ' | 70,716,000 | 68,269,000 | 66,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 6,406,000 | 5,056,000 | 9,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | 1,010,000 | 698,000 | 666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' |
Gain on property dispositions | ' | ($56,000) | ($112,000) | $251,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' |
Accrued_Rents_and_Accounts_Rec2
Accrued Rents and Accounts Receivable, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Tenant receivables | $5,731 | $3,536 |
Accrued rents and other recoveries | 7,895 | 6,696 |
Allowance for doubtful accounts | -3,697 | -2,285 |
Totals | $9,929 | $7,947 |
Unamortized_Lease_Commissions_2
Unamortized Lease Commissions and Loan Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Leasing commissions | $6,641 | $5,530 |
Deferred financing cost | 5,146 | 4,574 |
Total cost | 11,787 | 10,104 |
Less: leasing commissions accumulated amortization | -3,629 | -2,899 |
Less: deferred financing cost accumulated amortization | -1,931 | -3,045 |
Total cost, net of accumulated amortization | $6,227 | $4,160 |
Unamortized_Lease_Commissions_3
Unamortized Lease Commissions and Loan Costs (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' |
Expected Amortization of Deferred Leasing Commissions Year 2014 | $807 |
Expected Amortization of Deferred Leasing Commissions Year 2015 | 641 |
Expected Amortization of Deferred Leasing Commissions Year 2016 | 511 |
Expected Amortization of Deferred Leasing Commissions Year 2017 | 391 |
Expected Amortization of Deferred Leasing Commissions Year 2018 | 233 |
Expected Amortization of Deferred Leasing Commissions Thereafter | 429 |
Expected Amortization of Deferred Leasing Commissions | 3,012 |
Expected Amortization of Deferred Financing Costs Year 2014 | 812 |
Expected Amortization of Deferred Financing Costs Year 2015 | 768 |
Expected Amortization of Deferred Financing Costs Year 2016 | 633 |
Expected Amortization of Deferred Financing Costs Year 2017 | 239 |
Expected Amortization of Deferred Financing Costs Year 2018 | 201 |
Expected Amortization of Deferred Financing Costs Thereafter | 562 |
Expected Amortization of Deferred Financing Costs | 3,215 |
Expected Amortization of Deferred Costs Year 2014 | 1,619 |
Expected Amortization of Deferred Costs Year 2015 | 1,409 |
Expected Amortization of Deferred Costs Year 2016 | 1,144 |
Expected Amortization of Deferred Costs Year 2017 | 630 |
Expected Amortization of Deferred Costs Year 2018 | 434 |
Expected Amortization of Deferred Costs Thereafter | 991 |
Expected Amortization of Deferred Costs | $6,227 |
Future_Minimum_Lease_Income_De
Future Minimum Lease Income (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $50,927 |
2015 | 41,950 |
2016 | 33,702 |
2017 | 26,480 |
2018 | 18,710 |
Thereafter | 63,823 |
Total | $235,592 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | 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] | 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] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Floating Rate Notes [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||
Five Point Six Nine Five Percent Note Due 2013 [Member] | $1.1 million 4.71% Note, due December 31, 2013 | $1.1 million 4.71% Note, due December 31, 2013 | $1.1 million 4.71% Note, due December 31, 2013 | $20.2 million 4.28% Note, due June 6, 2023 | $20.2 million 4.28% Note, due June 6, 2023 | $20.2 million 4.28% Note, due June 6, 2023 | $3.0 million 6.00% Note, due March 31, 2021 | $3.0 million 6.00% Note, due March 31, 2021 | $3.0 million 6.00% Note, due March 31, 2021 | $3.0 million 6.00% Note, due March 31, 2021 | $10.0 million 6.04% Note, due March 1, 2014 | $10.0 million 6.04% Note, due March 1, 2014 | $10.0 million 6.04% Note, due March 1, 2014 | $1.5 million 6.50% Note, due March 1, 2014 | $1.5 million 6.50% Note, due March 1, 2014 | $1.5 million 6.50% Note, due March 1, 2014 | $11.2 million 6.52% Note, due September 1, 2015 | $11.2 million 6.52% Note, due September 1, 2015 | $11.2 million 6.52% Note, due September 1, 2015 | $21.4 million 6.53% Notes, due October 1, 2013 | $21.4 million 6.53% Notes, due October 1, 2013 | $21.4 million 6.53% Notes, due October 1, 2013 | $24.5 million 6.56% Note, due October 1, 2013 | $24.5 million 6.56% Note, due October 1, 2013 | $24.5 million 6.56% Note, due October 1, 2013 | $9.9 million 6.63% Notes, due March 1, 2014 | $9.9 million 6.63% Notes, due March 1, 2014 | $9.9 million 6.63% Notes, due March 1, 2014 | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | $11.1 million 5.87% Note, due August 6, 2016 | $11.1 million 5.87% Note, due August 6, 2016 | $11.1 million 5.87% Note, due August 6, 2016 | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | $16.5 million 4.97% Note, due September 26, 2023 | $16.5 million 4.97% Note, due September 26, 2023 | $16.5 million 4.97% Note, due September 26, 2023 | $37.0 million 3.76% Note, due December 1, 2020 | $37.0 million 3.76% Note, due December 1, 2020 | $37.0 million 3.76% Note, due December 1, 2020 | $6.5 million 3.80% Note, due January 1, 2019 | $6.5 million 3.80% Note, due January 1, 2019 | $6.5 million 3.80% Note, due January 1, 2019 | $15.1 million 4.99% Note, due January 6, 2024 | $15.1 million 4.99% Note, due January 6, 2024 | $15.1 million 4.99% Note, due January 6, 2024 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $0.7 million 2.97% Note, due November 28, 2013 | $0.7 million 2.97% Note, due November 28, 2013 | $0.7 million 2.97% Note, due November 28, 2013 | Minimum [Member] | Maximum [Member] | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | $26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | $26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | $26.9 million, LIBOR plus 2.86% Note, due December 1, 2013 | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | ||||||
Prime Rate [Member] | Prime Rate [Member] | Prime Rate [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] | 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] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | $264,277,000 | ' | $190,608,000 | ' | $1,087,000 | ' | $1,087,000 | $20,200,000 | ' | $13,850,000 | $2,905,000 | ' | ' | $2,943,000 | $0 | ' | $9,142,000 | $0 | ' | $1,444,000 | $0 | ' | $10,609,000 | $0 | ' | $18,865,000 | $0 | ' | $23,135,000 | $0 | ' | $8,925,000 | ' | $7,854,000 | $7,875,000 | $11,900,000 | ' | $0 | ' | $0 | $10,500,000 | $16,450,000 | ' | $0 | $37,000,000 | ' | $0 | $6,500,000 | ' | $0 | $15,060,000 | ' | $0 | $50,000,000 | ' | $0 | $0 | ' | $15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $69,000,000 | $84,800,000 | ' | ' | ' | ' | ' | $23,739,000 | $0 | ' | ' | ' | ' | ' |
Face amount of debt | ' | $14,100,000 | ' | $14,100,000 | ' | $1,100,000 | $1,100,000 | ' | $20,200,000 | $20,200,000 | ' | $3,000,000 | ' | $3,000,000 | ' | $10,000,000 | $10,000,000 | ' | $1,500,000 | $1,500,000 | ' | $11,200,000 | $11,200,000 | ' | $21,400,000 | $21,400,000 | ' | $24,500,000 | $24,500,000 | ' | $9,900,000 | $9,900,000 | $9,200,000 | $9,200,000 | ' | ' | $11,100,000 | $11,100,000 | $0 | $10,500,000 | ' | ' | $16,500,000 | $16,500,000 | ' | $37,000,000 | $37,000,000 | ' | $6,500,000 | $6,500,000 | ' | $15,100,000 | $15,100,000 | ' | $50,000,000 | $50,000,000 | ' | $700,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $26,900,000 | ' | ' | ' | $50,000,000 | $50,000,000 | ' |
Stated interest rate | ' | 5.70% | ' | 5.70% | ' | 4.71% | 4.71% | ' | 4.28% | 4.28% | ' | 6.00% | 6.00% | 6.00% | ' | 6.04% | 6.04% | ' | 6.50% | 6.50% | ' | 6.52% | 6.52% | ' | 6.53% | 6.53% | ' | 6.56% | 6.56% | ' | 6.63% | 6.63% | ' | ' | ' | ' | 5.87% | 5.87% | ' | ' | ' | ' | 4.97% | 4.97% | ' | 3.76% | 3.76% | ' | 3.80% | 3.80% | ' | 4.99% | 4.99% | ' | 0.84% | 0.84% | ' | 2.97% | 2.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.72% | 3.55% | ' | 0.84% | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime | 'Prime | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-month LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | 1.75% | 2.50% | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | ' | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | 2.86% | 2.86% | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | Dec. 31, 2013 | 31-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 26, 2013 | Nov. 26, 2013 | Jun. 19, 2013 | Dec. 23, 2013 | Dec. 16, 2013 | Sep. 26, 2013 | Sep. 26, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 08, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 31, 2013 | Dec. 22, 2011 | Dec. 31, 2012 | Feb. 04, 2013 | Feb. 04, 2013 | Feb. 04, 2013 | Dec. 31, 2013 | Feb. 04, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
CollateralizedProperties | CollateralizedProperties | Minimum [Member] | Maximum [Member] | Floating Rate Loan [Member] | Fixed Rate Indebtedness [Member] | Mercado at Scottsdale Ranch [Member] | Woodlake Note [Member] | Anthem Note [Member] | Industrial Note [Member] | Uptown Note [Member] | Terravita Note [Member] | Terravita Note [Member] | Pinnacle Note [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] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Fixed Rate Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||
London Interbank Offered Rate (LIBOR) [Member] | loan | Minimum [Member] | Maximum [Member] | Paradise Plaza [Member] | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Pinnacle of Scottsdale [Member] | Pinnacle of Scottsdale [Member] | Shops at Starwood Phase III [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | ||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $264,300,000 | ' | $190,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | 264,277,000 | ' | 190,608,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,000,000 | 84,800,000 | ' | ' | ' | ' | ' | ' | 14,100,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | 5.70% | ' | ' | ' | ' | ' | 5.87% | 3.80% | 4.99% | 3.76% | 4.97% | ' | ' | 4.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.97% | 5.00% | ' | ' | ' | ' | ' | 0.84% | ' |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | 932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of collateralized properties (in collateralized properties) | 19 | ' | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of collateralized properties | 161,100,000 | ' | 161,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | 14,100,000 | ' | ' | ' | ' | ' | 11,100,000 | 6,500,000 | 15,100,000 | 37,000,000 | 16,500,000 | 10,500,000 | ' | 20,200,000 | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 26,900,000 | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expanded Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'one-month LIBOR | 'LIBOR | 'LIBOR | 'prime | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Base Rate | 'LIBOR | ' | ' | ' | 'LIBOR |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 0.17% | 1.75% | 2.50% | ' | ' | ' | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' |
Basis spread below variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest rate | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,780 | 91,073 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans (in loans) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, commitment fee | ' | ' | ' | 0.25% | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, usage | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $2,499 | ' |
2015 | 1,866 | ' |
2016 | 13,277 | ' |
2017 | 144,972 | ' |
2018 | 11,911 | ' |
Thereafter | 89,752 | ' |
Long-Term Debt - Principal, Total | $264,277 | $190,608 |
Debt_Contractual_Obligations_D
Debt (Contractual Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Long-Term Debt - Principal, Total | $264,277 | $190,608 |
Long-Term Debt - Principal, Less than 1 year (2014) | 2,499 | ' |
Long-Term Debt - Principal, 1 - 3 years (2015 - 2016) | 15,143 | ' |
Long-Term Debt - Principal, 3 - 5 years (2017 - 2018) | 156,883 | ' |
Long-Term Debt - Principal, More than 5 years (after 2018) | 89,752 | ' |
Long-Term Debt - Fixed Interest, Total | 41,066 | ' |
Long-Term Debt - Fixed Interest, Less than 1 year (2014) | 6,367 | ' |
Long-Term Debt - Fixed Interest, 1 - 3 years (2015 - 2016) | 12,493 | ' |
Long-Term Debt - Fixed Interest, 3 - 5 years (2017 - 2018) | 8,916 | ' |
Long-Term Debt - Fixed Interest, More than 5 years (after 2018) | 13,290 | ' |
Long-Term Debt - Variable Interest, Total | 5,909 | ' |
Long-Term Debt - Variable Interest, Less than 1 year (2014) | 1,928 | ' |
Long-Term Debt - Variable Interest, 1 - 3 years (2015 - 2016) | 3,675 | ' |
Long-Term Debt - Variable Interest, 3 - 5 years (2017 - 2018) | 306 | ' |
Long-Term Debt - Variable Interest, More than 5 years (after 2018) | 0 | ' |
Unsecured revolving credit facility - Unused commitment fee, Total | 404 | ' |
Unsecured revolving credit facility - Unused commitment fee, Less than 1 year (2014) | 101 | ' |
Unsecured revolving credit facility - Unused commitment fee, 1 - 3 years (2014 - 2016) | 202 | ' |
Unsecured revolving credit facility - Unused commitment fee, 3 - 5 years (2017 - 2018) | 101 | ' |
Unsecured revolving credit facility - Unused commitment fee, More than 5 years (after 2018) | 0 | ' |
Operating Lease Obligations, Total | 135 | ' |
Operating Lease Obligations, Less than 1 year (2014) | 41 | ' |
Operating Lease Obligations, 1 - 3 years (2015 - 2016) | 60 | ' |
Operating Lease Obligations, 3 - 5 years (2017 - 2018) | 34 | ' |
Operating Lease Obligations, More than 5 years (after 2018) | 0 | ' |
Contractual Obligations, Total | 311,791 | ' |
Contractual Obligations, Less than 1 year (2014) | 10,936 | ' |
Contractual Obligations, 1 - 3 years (2015 - 2016) | 31,573 | ' |
Contractual Obligations, 3 - 5 years (2017 - 2018) | 166,240 | ' |
Contractual Obligations, More than 5 years (after 2018) | $103,042 | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 01, 2013 | Mar. 08, 2013 | Aug. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Accounts Payable and Accrued Expenses [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value | ' | ' | ' | ' | ' | ' | ' | $1,231,000 | $1,756,000 |
Face amount of debt | 14,100,000 | ' | ' | ' | 10,500,000 | 50,000,000 | 9,200,000 | ' | ' |
Fixed interest rate | ' | ' | ' | ' | 1.55% | 0.84% | 5.72% | ' | ' |
Amount Recognized as Comprehensive Income (Loss) | ' | 173,000 | 1 | 0 | ' | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | ' | ($363,000) | ($146,000) | $0 | ' | ' | ' | ' | ' |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $3,919 | $53 | $1,333 |
Less: Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -3 | -210 |
Distributions paid on unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | -50 | -22 | -17 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 3,744 | 28 | 1,106 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of common shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 18,027,000 | 13,496,000 | 9,028,000 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 246,000 | 117,000 | 14,000 |
Weighted average number of common shares - dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 18,273,000 | 13,613,000 | 9,042,000 |
Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.06 | $0.04 | $0.06 | $0.06 | ($0.08) | $0.01 | $0.04 | $0.07 | $0.21 | $0 | $0.12 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.06 | $0.03 | $0.06 | $0.06 | ($0.08) | $0.01 | $0.04 | $0.07 | $0.20 | $0 | $0.12 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 595,782 | 848,284 | 1,705,198 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions to holders of certain restricted common shares | ' | ' | ' | ' | ' | ' | ' | ' | 177 | 194 | 213 |
Distributions to holders of certain restricted common shares charged against earnings | ' | ' | ' | ' | ' | ' | ' | ' | $127 | $172 | $196 |
Federal_Income_Taxes_Details
Federal Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Ordinary income (unaudited) | 38.50% | 34.10% | 24.40% |
Return of capital (unaudited) | 61.30% | 65.20% | 66.10% |
Capital gain distributions (unaudited) | 0.20% | 0.70% | 6.50% |
Unrecaptured section 1250 gain (unaudited) | 0.00% | 0.00% | 3.00% |
Total | 100.00% | 100.00% | 100.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Dec. 21, 2012 | Jul. 09, 2010 | Dec. 31, 2013 | Dec. 05, 2013 | |
Executive Officer [Member] | Executive Officer [Member] | Four Point Five Percent Due December 2013 [Member] | Four Point Five Percent Due December 2013 [Member] | |||||
Executive Officer [Member] | Executive Officer [Member] | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of residence, shortfall threshold | ' | ' | ' | ' | ' | $2,450,000 | ' | ' |
Term of payment of housing expenses | ' | ' | ' | ' | ' | '1 year | ' | ' |
Sale of residence, amount | ' | ' | ' | ' | 1,125,000 | ' | ' | ' |
Shortfall paid in cash | ' | ' | ' | ' | 1,325,000 | ' | ' | ' |
Expenses paid in cash | ' | ' | ' | ' | 852,000 | ' | ' | ' |
Executive relocation expense | 0 | 2,177,000 | 0 | ' | 2,177,000 | ' | ' | ' |
Note receivable, related party | ' | ' | ' | ' | ' | ' | 975,000 | ' |
Stated interest rate | ' | ' | ' | 5.70% | ' | ' | 4.50% | 5.20% |
Related party receivable | $0 | $652,000 | ' | ' | ' | ' | ' | ' |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Oct. 08, 2013 | Aug. 28, 2012 | 10-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 19, 2013 | Jun. 27, 2012 | Jun. 27, 2012 | Jun. 27, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 03, 2011 | Sep. 02, 2011 | Dec. 09, 2011 | Jan. 11, 2012 | Dec. 09, 2011 | Jun. 08, 2012 | 10-May-12 | Jun. 08, 2012 | Oct. 09, 2012 | 10-May-12 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2013 | Aug. 28, 2012 | 10-May-11 | Dec. 31, 2013 | |
Common Class A [Member] | Common Class B [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | OP Units [Member] | OP Units [Member] | First Exchange Offer [Member] | First Exchange Offer [Member] | Second Exchange Offer [Member] | Second Exchange Offer [Member] | Second 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] | Cash Distribution [Member] | Cash Distribution [Member] | Cash Distribution [Member] | Portion Attributable to Over-Allotment Option [Member] | Portion Attributable to Over-Allotment Option [Member] | Portion Attributable to Over-Allotment Option [Member] | ATM Program [Member] | |||||||||
OP Units [Member] | OP Units [Member] | Common Stock [Member] | OP Units [Member] | OP Units [Member] | Common Class A [Member] | Common Class A [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 Stock [Member] | Common Stock [Member] | Common Stock [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] | OP Units [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, authorized (in shares) | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 786,191 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, par value per share (in dollars per share) | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio for class A common stock to class B common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, issued (in shares) | 4,000,000 | 4,830,000 | 5,310,000 | 21,943,700 | 16,943,098 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 630,000 | 310,000 | ' |
Share price of equity offering (in dollars per share) | $13.54 | $12.80 | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common shares, net of offering costs | $59,700,000 | $58,700,000 | $59,700,000 | $63,887,000 | $58,679,000 | $59,683,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering costs | ' | ' | ' | ' | 3,100,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP units outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,384,970 | 17,507,771 | ' | 453,642 | ' | ' | 453,642 | ' | 867,789 | ' | ' | 453,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock, shares converted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,394 | 100,705 | 453,642 | ' | ' | 453,580 | ' | 426,986 | ' | 121,156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock exchange offer, conversion basis for one share or unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in operating partnership | ' | ' | ' | 97.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio for class A common stock to OP unit (in shares) | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP units owned (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,822,878 | 16,822,285 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average share ownership in operating partnership | ' | ' | ' | 96.80% | 94.10% | 84.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution paid (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $1.14 | $1.14 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $1.14 | $1.14 | ' | ' | ' | ' |
Cash distribution paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,953,000 | 5,030,000 | 5,001,000 | 5,001,000 | 5,002,000 | 4,083,000 | 3,620,000 | 3,623,000 | 20,985,000 | 16,328,000 | 5,790,000 | 4,865,000 | 4,832,000 | 4,807,000 | 4,781,000 | 3,859,000 | 3,362,000 | 3,322,000 | 20,294,000 | 15,324,000 | 163,000 | 165,000 | 169,000 | 194,000 | 221,000 | 224,000 | 258,000 | 301,000 | 691,000 | 1,004,000 | ' | ' | ' | ' |
Equity Distribution Agreements, Authorized Amount | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 282,239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | $40,000 | $479,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 |
Incentive_Share_Plan_Narrative
Incentive Share Plan (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 22, 2010 | Dec. 31, 2013 | |
2008 Long-Term Equity Incentive Ownership Plan [Member] | Nonvested Performance Based and Time Based Shares [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 (as a percent) | ' | ' | ' | 12.50% | ' |
Share-based compensation | $2,284,000 | $725,000 | $310,000 | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | $1,900,000 |
Unrecognized compensation cost, period for recognition | ' | ' | ' | ' | '13 months |
Incentive_Share_Plan_Schedule_
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) (2008 Long-Term Equity Incentive Ownership Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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 | ' | ' |
Shares, Granted (in shares) | 328,005 | 99,700 | 0 |
Shares, Vested (in shares) | -15,270 | -16,208 | -5,169 |
Shares, Forfeited (in shares) | -87,944 | ' | ' |
Shares, Non-vested (in shares) | 759,711 | 534,920 | ' |
Shares, Available for grant (in shares) | 2,348,221 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $12.53 | ' | ' |
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $15.43 | $13.03 | $0 |
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | $14.69 | ' | ' |
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | $12.94 | ' | ' |
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $13.69 | $12.53 | ' |
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 $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
2008 Long-Term Equity Incentive Ownership Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Shares, Granted, Non-Vested Shares Isused (in shares) | 328,005 | 99,700 | 0 |
Shares, Vested (in shares) | 15,270 | 16,208 | 5,169 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $15.43 | $13.03 | $0 |
Shares Vested, Total Vest-Date Fair Value | $224 | $223 | $80 |
Grants_to_Trustees_Details
Grants to Trustees (Details) (Individual Trustee Grant Agreements [Member], USD $) | 0 Months Ended | |
Sep. 16, 2013 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of trustees (in trustees) | 2 | |
Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock granted to trustees (in shares) | 7,500 | 1,172 |
Stock granted to trustees, vested in period (in shares) | 1,500 | ' |
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $14.52 | $14.50 |
Select_Quarterly_Financial_Dat2
Select Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $17,190 | $16,291 | $14,795 | $13,869 | $13,523 | $11,618 | $10,987 | $10,426 | $62,145 | $46,554 | $34,915 |
Net income (loss) attributable to Whitestone REIT | $1,261 | $614 | $970 | $949 | ($1,337) | $163 | $431 | $793 | $3,794 | $50 | $1,123 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.06 | $0.04 | $0.06 | $0.06 | ($0.08) | $0.01 | $0.04 | $0.07 | $0.21 | $0 | $0.12 |
Diluted - Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.06 | $0.03 | $0.06 | $0.06 | ($0.08) | $0.01 | $0.04 | $0.07 | $0.20 | $0 | $0.12 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance at Beginning of Year | $2,285 | $1,366 | $1,304 |
Charged to Costs and Expense | 1,658 | 1,004 | 615 |
Deductions from Reserves | -246 | -85 | -553 |
Balance at End of Year | $3,697 | $2,285 | $1,366 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Initial Cost | ' | ' | ' |
Land | $136,329,000 | ' | ' |
Building and Improvements | 363,717,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 45,159,000 | ' | ' |
Carrying Costs | 1,069,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 136,329,000 | ' | ' |
Building and Improvements | 409,945,000 | ' | ' |
Total | 546,274,000 | ' | ' |
Accumulated Depreciation | 66,008,000 | ' | ' |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' |
Balance at beginning of period | 409,669,000 | 292,360,000 | 204,954,000 |
Additions during the period: | ' | ' | ' |
Acquisitions | 130,731,000 | 107,392,000 | 82,030,000 |
Improvements | 6,292,000 | 12,798,000 | 7,568,000 |
Real estate, total additions | 137,023,000 | 120,190,000 | 89,598,000 |
Deductions - cost of real estate sold or retired | -418,000 | -2,881,000 | -2,192,000 |
Balance at close of period | 546,274,000 | 409,669,000 | 292,360,000 |
Aggregate cost of real estate for federal income tax purposes | 569,902,000 | ' | ' |
Anthem Marketplace [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 15,100,000 | ' | ' |
Mercado at Scottsdale Ranch [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 11,100,000 | ' | ' |
Paradise Plaza [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 9,200,000 | ' | ' |
Pinnacle of Scottsdale [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 14,100,000 | ' | ' |
Terravita Marketplace [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 10,500,000 | ' | ' |
Featherwood [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 3,000,000 | ' | ' |
Uptown Tower [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 16,500,000 | ' | ' |
Woodlake Plaza [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 6,500,000 | ' | ' |
Shops at Starwood Phase III [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 1,100,000 | ' | ' |
All Office/Flex Communities Except Corporate Park Northwest [Member] | ' | ' | ' |
Additions during the period: | ' | ' | ' |
Amount of encumbrances | 37,000,000 | ' | ' |
Total Operating Portfolio [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 96,677,000 | ' | ' |
Building and Improvements | 273,900,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 43,995,000 | ' | ' |
Carrying Costs | 517,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 96,677,000 | ' | ' |
Building and Improvements | 318,412,000 | ' | ' |
Total | 415,089,000 | ' | ' |
Accumulated Depreciation | 64,271,000 | ' | ' |
Retail Communities [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 80,314,000 | ' | ' |
Building and Improvements | 193,844,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 26,701,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 80,314,000 | ' | ' |
Building and Improvements | 220,545,000 | ' | ' |
Total | 300,859,000 | ' | ' |
Accumulated Depreciation | 30,846,000 | ' | ' |
Retail Communities [Member] | Ahwatukee Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 5,126,000 | ' | ' |
Building and Improvements | 4,086,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 83,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 5,126,000 | ' | ' |
Building and Improvements | 4,169,000 | ' | ' |
Total | 9,295,000 | ' | ' |
Accumulated Depreciation | 250,000 | ' | ' |
Date Acquired | 16-Aug-11 | ' | ' |
Retail Communities [Member] | Anthem Marketplace [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 4,790,000 | ' | ' |
Building and Improvements | 17,973,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 4,790,000 | ' | ' |
Building and Improvements | 17,974,000 | ' | ' |
Total | 22,764,000 | ' | ' |
Accumulated Depreciation | 230,000 | ' | ' |
Date Acquired | 28-Jun-13 | ' | ' |
Retail Communities [Member] | Bellnot Square [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,154,000 | ' | ' |
Building and Improvements | 4,638,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 290,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,154,000 | ' | ' |
Building and Improvements | 4,928,000 | ' | ' |
Total | 6,082,000 | ' | ' |
Accumulated Depreciation | 1,608,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Retail Communities [Member] | Bissonnet Beltway [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 415,000 | ' | ' |
Building and Improvements | 1,947,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 453,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 415,000 | ' | ' |
Building and Improvements | 2,400,000 | ' | ' |
Total | 2,815,000 | ' | ' |
Accumulated Depreciation | 1,405,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Retail Communities [Member] | Centre South [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 481,000 | ' | ' |
Building and Improvements | 1,596,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 719,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 481,000 | ' | ' |
Building and Improvements | 2,315,000 | ' | ' |
Total | 2,796,000 | ' | ' |
Accumulated Depreciation | 996,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Retail Communities [Member] | The Citadel [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 472,000 | ' | ' |
Building and Improvements | 1,777,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 2,408,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 472,000 | ' | ' |
Building and Improvements | 4,185,000 | ' | ' |
Total | 4,657,000 | ' | ' |
Retail Communities [Member] | Desert Canyon [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,976,000 | ' | ' |
Building and Improvements | 1,704,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 344,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,976,000 | ' | ' |
Building and Improvements | 2,048,000 | ' | ' |
Total | 4,024,000 | ' | ' |
Retail Communities [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,767,000 | ' | ' |
Building and Improvements | 3,233,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 700,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,767,000 | ' | ' |
Building and Improvements | 3,933,000 | ' | ' |
Total | 5,700,000 | ' | ' |
Retail Communities [Member] | Holly Knight [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 320,000 | ' | ' |
Building and Improvements | 1,293,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 158,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 320,000 | ' | ' |
Building and Improvements | 1,451,000 | ' | ' |
Total | 1,771,000 | ' | ' |
Accumulated Depreciation | 844,000 | ' | ' |
Date Acquired | 1-Aug-00 | ' | ' |
Retail Communities [Member] | Headquarters Village [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 7,171,000 | ' | ' |
Building and Improvements | 18,439,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | -21,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 7,171,000 | ' | ' |
Building and Improvements | 18,418,000 | ' | ' |
Total | 25,589,000 | ' | ' |
Accumulated Depreciation | 355,000 | ' | ' |
Date Acquired | 28-Mar-13 | ' | ' |
Retail Communities [Member] | Kempwood Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 733,000 | ' | ' |
Building and Improvements | 1,798,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,178,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 733,000 | ' | ' |
Building and Improvements | 2,976,000 | ' | ' |
Total | 3,709,000 | ' | ' |
Accumulated Depreciation | 1,551,000 | ' | ' |
Date Acquired | 2-Feb-99 | ' | ' |
Retail Communities [Member] | Lion Square [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,546,000 | ' | ' |
Building and Improvements | 4,289,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 2,363,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,546,000 | ' | ' |
Building and Improvements | 6,652,000 | ' | ' |
Total | 8,198,000 | ' | ' |
Accumulated Depreciation | 2,528,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Retail Communities [Member] | MarketPlace at Central [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,305,000 | ' | ' |
Building and Improvements | 5,324,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 706,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,305,000 | ' | ' |
Building and Improvements | 6,030,000 | ' | ' |
Total | 7,335,000 | ' | ' |
Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 8,728,000 | ' | ' |
Building and Improvements | 12,560,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 109,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 8,728,000 | ' | ' |
Building and Improvements | 12,669,000 | ' | ' |
Total | 21,397,000 | ' | ' |
Accumulated Depreciation | 170,000 | ' | ' |
Date Acquired | 19-Jun-13 | ' | ' |
Retail Communities [Member] | Paradise Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 6,155,000 | ' | ' |
Building and Improvements | 10,221,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 68,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 6,155,000 | ' | ' |
Building and Improvements | 10,289,000 | ' | ' |
Total | 16,444,000 | ' | ' |
Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 6,648,000 | ' | ' |
Building and Improvements | 22,466,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 702,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 6,648,000 | ' | ' |
Building and Improvements | 23,168,000 | ' | ' |
Total | 29,816,000 | ' | ' |
Accumulated Depreciation | 1,247,000 | ' | ' |
Date Acquired | 22-Dec-11 | ' | ' |
Retail Communities [Member] | Providence [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 918,000 | ' | ' |
Building and Improvements | 3,675,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 679,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 918,000 | ' | ' |
Building and Improvements | 4,354,000 | ' | ' |
Total | 5,272,000 | ' | ' |
Accumulated Depreciation | 1,641,000 | ' | ' |
Date Acquired | 30-Mar-01 | ' | ' |
Retail Communities [Member] | Shaver [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 184,000 | ' | ' |
Building and Improvements | 633,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 12,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 184,000 | ' | ' |
Building and Improvements | 645,000 | ' | ' |
Total | 829,000 | ' | ' |
Accumulated Depreciation | 329,000 | ' | ' |
Date Acquired | 17-Dec-99 | ' | ' |
Retail Communities [Member] | Shops at Starwood [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 4,093,000 | ' | ' |
Building and Improvements | 11,487,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 42,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 4,093,000 | ' | ' |
Building and Improvements | 11,529,000 | ' | ' |
Total | 15,622,000 | ' | ' |
Accumulated Depreciation | 591,000 | ' | ' |
Date Acquired | 28-Dec-11 | ' | ' |
Retail Communities [Member] | Shops at Pecos Ranch [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 3,781,000 | ' | ' |
Building and Improvements | 15,123,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 114,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 3,781,000 | ' | ' |
Building and Improvements | 15,237,000 | ' | ' |
Total | 19,018,000 | ' | ' |
Accumulated Depreciation | 389,000 | ' | ' |
Date Acquired | 28-Dec-12 | ' | ' |
Retail Communities [Member] | South Richey [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 778,000 | ' | ' |
Building and Improvements | 2,584,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,844,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 778,000 | ' | ' |
Building and Improvements | 4,428,000 | ' | ' |
Total | 5,206,000 | ' | ' |
Accumulated Depreciation | 1,318,000 | ' | ' |
Date Acquired | 25-Aug-99 | ' | ' |
Retail Communities [Member] | Spoerlein Commons [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 2,340,000 | ' | ' |
Building and Improvements | 7,296,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 295,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 2,340,000 | ' | ' |
Building and Improvements | 7,591,000 | ' | ' |
Total | 9,931,000 | ' | ' |
Accumulated Depreciation | 1,045,000 | ' | ' |
Date Acquired | 16-Jan-09 | ' | ' |
Retail Communities [Member] | SugarPark Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,781,000 | ' | ' |
Building and Improvements | 7,125,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 834,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,781,000 | ' | ' |
Building and Improvements | 7,959,000 | ' | ' |
Total | 9,740,000 | ' | ' |
Accumulated Depreciation | 1,956,000 | ' | ' |
Date Acquired | 8-Sep-04 | ' | ' |
Retail Communities [Member] | Sunridge [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 276,000 | ' | ' |
Building and Improvements | 1,186,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 301,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 276,000 | ' | ' |
Building and Improvements | 1,487,000 | ' | ' |
Total | 1,763,000 | ' | ' |
Accumulated Depreciation | 572,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 3,610,000 | ' | ' |
Building and Improvements | 2,734,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 146,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 3,610,000 | ' | ' |
Building and Improvements | 2,880,000 | ' | ' |
Total | 6,490,000 | ' | ' |
Accumulated Depreciation | 113,000 | ' | ' |
Date Acquired | 29-May-12 | ' | ' |
Retail Communities [Member] | Terravita Marketplace [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 7,171,000 | ' | ' |
Building and Improvements | 9,392,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 365,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 7,171,000 | ' | ' |
Building and Improvements | 9,757,000 | ' | ' |
Total | 16,928,000 | ' | ' |
Accumulated Depreciation | 621,000 | ' | ' |
Date Acquired | 8-Aug-11 | ' | ' |
Retail Communities [Member] | Torrey Square [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,981,000 | ' | ' |
Building and Improvements | 2,971,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,356,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,981,000 | ' | ' |
Building and Improvements | 4,327,000 | ' | ' |
Total | 6,308,000 | ' | ' |
Accumulated Depreciation | 1,883,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Retail Communities [Member] | Town Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 850,000 | ' | ' |
Building and Improvements | 2,911,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 252,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 850,000 | ' | ' |
Building and Improvements | 3,163,000 | ' | ' |
Total | 4,013,000 | ' | ' |
Accumulated Depreciation | 1,610,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Retail Communities [Member] | Webster Pointe [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 720,000 | ' | ' |
Building and Improvements | 1,150,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 271,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 720,000 | ' | ' |
Building and Improvements | 1,421,000 | ' | ' |
Total | 2,141,000 | ' | ' |
Accumulated Depreciation | 683,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Retail Communities [Member] | Westchase [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 423,000 | ' | ' |
Building and Improvements | 1,751,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 2,778,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 423,000 | ' | ' |
Building and Improvements | 4,529,000 | ' | ' |
Total | 4,952,000 | ' | ' |
Accumulated Depreciation | 1,217,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Retail Communities [Member] | Windsor Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 2,621,000 | ' | ' |
Building and Improvements | 10,482,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 7,151,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 2,621,000 | ' | ' |
Building and Improvements | 17,633,000 | ' | ' |
Total | 20,254,000 | ' | ' |
Accumulated Depreciation | 3,877,000 | ' | ' |
Date Acquired | 16-Dec-03 | ' | ' |
Office Flex Communities [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 9,439,000 | ' | ' |
Building and Improvements | 41,074,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 8,012,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 9,439,000 | ' | ' |
Building and Improvements | 49,086,000 | ' | ' |
Total | 58,525,000 | ' | ' |
Accumulated Depreciation | 19,994,000 | ' | ' |
Office Flex Communities [Member] | Brookhill [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 186,000 | ' | ' |
Building and Improvements | 788,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 376,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 186,000 | ' | ' |
Building and Improvements | 1,164,000 | ' | ' |
Total | 1,350,000 | ' | ' |
Accumulated Depreciation | 361,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Office Flex Communities [Member] | Corporate Park Northwest [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,534,000 | ' | ' |
Building and Improvements | 6,306,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,359,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,534,000 | ' | ' |
Building and Improvements | 7,665,000 | ' | ' |
Total | 9,199,000 | ' | ' |
Accumulated Depreciation | 2,681,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Office Flex Communities [Member] | Corporate Park West [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 2,555,000 | ' | ' |
Building and Improvements | 10,267,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,149,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 2,555,000 | ' | ' |
Building and Improvements | 11,416,000 | ' | ' |
Total | 13,971,000 | ' | ' |
Accumulated Depreciation | 3,961,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Office Flex Communities [Member] | Corporate Park Woodland [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 652,000 | ' | ' |
Building and Improvements | 5,330,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 742,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 652,000 | ' | ' |
Building and Improvements | 6,072,000 | ' | ' |
Total | 6,724,000 | ' | ' |
Accumulated Depreciation | 2,765,000 | ' | ' |
Date of Construction | 1-Nov-00 | ' | ' |
Office Flex Communities [Member] | Dairy Ashford [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 226,000 | ' | ' |
Building and Improvements | 1,211,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 133,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 226,000 | ' | ' |
Building and Improvements | 1,344,000 | ' | ' |
Total | 1,570,000 | ' | ' |
Accumulated Depreciation | 605,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 608,000 | ' | ' |
Building and Improvements | 2,516,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 388,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 608,000 | ' | ' |
Building and Improvements | 2,904,000 | ' | ' |
Total | 3,512,000 | ' | ' |
Accumulated Depreciation | 937,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 208,000 | ' | ' |
Building and Improvements | 3,700,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 570,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 208,000 | ' | ' |
Building and Improvements | 4,270,000 | ' | ' |
Total | 4,478,000 | ' | ' |
Accumulated Depreciation | 2,423,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Office Flex Communities [Member] | Main Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,328,000 | ' | ' |
Building and Improvements | 2,721,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 642,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,328,000 | ' | ' |
Building and Improvements | 3,363,000 | ' | ' |
Total | 4,691,000 | ' | ' |
Accumulated Depreciation | 1,478,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Office Flex Communities [Member] | Plaza Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 902,000 | ' | ' |
Building and Improvements | 3,294,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,211,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 902,000 | ' | ' |
Building and Improvements | 4,505,000 | ' | ' |
Total | 5,407,000 | ' | ' |
Accumulated Depreciation | 2,004,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Office Flex Communities [Member] | Westbelt Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 568,000 | ' | ' |
Building and Improvements | 2,165,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 842,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 568,000 | ' | ' |
Building and Improvements | 3,007,000 | ' | ' |
Total | 3,575,000 | ' | ' |
Accumulated Depreciation | 1,584,000 | ' | ' |
Date Acquired | 1-Jan-99 | ' | ' |
Office Flex Communities [Member] | Westgate Service Center [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 672,000 | ' | ' |
Building and Improvements | 2,776,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 600,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 672,000 | ' | ' |
Building and Improvements | 3,376,000 | ' | ' |
Total | 4,048,000 | ' | ' |
Accumulated Depreciation | 1,195,000 | ' | ' |
Date Acquired | 1-Jan-02 | ' | ' |
Office Communities [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 6,924,000 | ' | ' |
Building and Improvements | 38,982,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 9,282,000 | ' | ' |
Carrying Costs | 517,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 6,924,000 | ' | ' |
Building and Improvements | 48,781,000 | ' | ' |
Total | 55,705,000 | ' | ' |
Accumulated Depreciation | 13,431,000 | ' | ' |
Office Communities [Member] | 9101 LBJ Freeway [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,597,000 | ' | ' |
Building and Improvements | 6,078,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,537,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,597,000 | ' | ' |
Building and Improvements | 7,615,000 | ' | ' |
Total | 9,212,000 | ' | ' |
Accumulated Depreciation | 2,196,000 | ' | ' |
Date Acquired | 10-Aug-05 | ' | ' |
Office Communities [Member] | Featherwood [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 368,000 | ' | ' |
Building and Improvements | 2,591,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 635,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 368,000 | ' | ' |
Building and Improvements | 3,226,000 | ' | ' |
Total | 3,594,000 | ' | ' |
Accumulated Depreciation | 1,398,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Office Communities [Member] | Pima Norte [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,086,000 | ' | ' |
Building and Improvements | 7,162,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,427,000 | ' | ' |
Carrying Costs | 517,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,086,000 | ' | ' |
Building and Improvements | 9,106,000 | ' | ' |
Total | 10,192,000 | ' | ' |
Accumulated Depreciation | 1,264,000 | ' | ' |
Date Acquired | 4-Oct-07 | ' | ' |
Office Communities [Member] | Royal Crest [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 509,000 | ' | ' |
Building and Improvements | 1,355,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 192,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 509,000 | ' | ' |
Building and Improvements | 1,547,000 | ' | ' |
Total | 2,056,000 | ' | ' |
Accumulated Depreciation | 637,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Office Communities [Member] | Uptown Tower [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,621,000 | ' | ' |
Building and Improvements | 15,551,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 3,792,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,621,000 | ' | ' |
Building and Improvements | 19,343,000 | ' | ' |
Total | 20,964,000 | ' | ' |
Accumulated Depreciation | 5,184,000 | ' | ' |
Date Acquired | 22-Nov-05 | ' | ' |
Office Communities [Member] | Woodlake Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,107,000 | ' | ' |
Building and Improvements | 4,426,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,343,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,107,000 | ' | ' |
Building and Improvements | 5,769,000 | ' | ' |
Total | 6,876,000 | ' | ' |
Accumulated Depreciation | 1,813,000 | ' | ' |
Date Acquired | 14-Mar-05 | ' | ' |
Office Communities [Member] | Zeta Building [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 636,000 | ' | ' |
Building and Improvements | 1,819,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 356,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 636,000 | ' | ' |
Building and Improvements | 2,175,000 | ' | ' |
Total | 2,811,000 | ' | ' |
Accumulated Depreciation | 939,000 | ' | ' |
Date Acquired | 1-Jan-00 | ' | ' |
Development Portfolio [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 31,649,000 | ' | ' |
Building and Improvements | 89,817,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 1,082,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 31,649,000 | ' | ' |
Building and Improvements | 90,899,000 | ' | ' |
Total | 122,548,000 | ' | ' |
Accumulated Depreciation | 1,737,000 | ' | ' |
Development Portfolio [Member] | The Citadel [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Accumulated Depreciation | 417,000 | ' | ' |
Date Acquired | 28-Sep-10 | ' | ' |
Development Portfolio [Member] | Desert Canyon [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Accumulated Depreciation | 188,000 | ' | ' |
Date Acquired | 13-Apr-11 | ' | ' |
Development Portfolio [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Accumulated Depreciation | 355,000 | ' | ' |
Date Acquired | 28-Jun-11 | ' | ' |
Development Portfolio [Member] | MarketPlace at Central [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Accumulated Depreciation | 486,000 | ' | ' |
Date Acquired | 1-Nov-10 | ' | ' |
Development Portfolio [Member] | Paradise Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Accumulated Depreciation | 371,000 | ' | ' |
Date Acquired | 8-Aug-12 | ' | ' |
Development Portfolio [Member] | Corporate Park Woodland II [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 2,758,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 2,758,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Total | 2,758,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 17-Oct-13 | ' | ' |
Development Portfolio [Member] | Fountain Hills Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 5,113,000 | ' | ' |
Building and Improvements | 15,340,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 5,113,000 | ' | ' |
Building and Improvements | 15,340,000 | ' | ' |
Total | 20,453,000 | ' | ' |
Accumulated Depreciation | 1,246,000 | ' | ' |
Date Acquired | 7-Oct-13 | ' | ' |
Development Portfolio [Member] | Fountain Square [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 5,573,000 | ' | ' |
Building and Improvements | 9,828,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 811,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 5,573,000 | ' | ' |
Building and Improvements | 10,639,000 | ' | ' |
Total | 16,212,000 | ' | ' |
Accumulated Depreciation | 95,000 | ' | ' |
Date Acquired | 21-Sep-12 | ' | ' |
Development Portfolio [Member] | Market Street at DC Ranch [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 9,710,000 | ' | ' |
Building and Improvements | 26,779,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | -140,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 9,710,000 | ' | ' |
Building and Improvements | 26,639,000 | ' | ' |
Total | 36,349,000 | ' | ' |
Accumulated Depreciation | 347,000 | ' | ' |
Date Acquired | 5-Dec-13 | ' | ' |
Development Portfolio [Member] | Village Square at Dana Park [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 8,495,000 | ' | ' |
Building and Improvements | 37,870,000 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 411,000 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 8,495,000 | ' | ' |
Building and Improvements | 38,281,000 | ' | ' |
Total | 46,776,000 | ' | ' |
Accumulated Depreciation | 49,000 | ' | ' |
Date Acquired | 21-Sep-12 | ' | ' |
Property Held for Development [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 8,003,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 82,000 | ' | ' |
Carrying Costs | 552,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 8,003,000 | ' | ' |
Building and Improvements | 634,000 | ' | ' |
Total | 8,637,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Property Held for Development [Member] | Anthem Marketplace [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 204,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 204,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Total | 204,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 28-Jun-13 | ' | ' |
Property Held for Development [Member] | Fountain Hills Plaza [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 277,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 277,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Total | 277,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 7-Oct-13 | ' | ' |
Property Held for Development [Member] | Market Street at DC Ranch [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 704,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 704,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Total | 704,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 5-Dec-13 | ' | ' |
Property Held for Development [Member] | Dana Park Development [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 4,000,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 0 | ' | ' |
Carrying Costs | 0 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 4,000,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Total | 4,000,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 21-Sep-12 | ' | ' |
Property Held for Development [Member] | Pinnacle Phase II [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,000,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 77,000 | ' | ' |
Carrying Costs | 280,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,000,000 | ' | ' |
Building and Improvements | 357,000 | ' | ' |
Total | 1,357,000 | ' | ' |
Accumulated Depreciation | 0 | ' | ' |
Date Acquired | 28-Dec-11 | ' | ' |
Property Held for Development [Member] | Shops at Starwood Phase III [Member] | ' | ' | ' |
Initial Cost | ' | ' | ' |
Land | 1,818,000 | ' | ' |
Building and Improvements | 0 | ' | ' |
Costs Capitalized Subsequent to Acquisition | ' | ' | ' |
Improvements (net) | 5,000 | ' | ' |
Carrying Costs | 272,000 | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Land | 1,818,000 | ' | ' |
Building and Improvements | 277,000 | ' | ' |
Total | 2,095,000 | ' | ' |
Accumulated Depreciation | $0 | ' | ' |
Date Acquired | 28-Dec-11 | ' | ' |
Minimum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Bellnot Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Centre South [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | The Citadel [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Holly Knight [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Lion Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Providence [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Shaver [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | South Richey [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Sunridge [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Torrey Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Town Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Webster Pointe [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Westchase [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Retail Communities [Member] | Windsor Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Brookhill [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Corporate Park Northwest [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Corporate Park West [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Corporate Park Woodland [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Dairy Ashford [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Main Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Plaza Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Westbelt Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Flex Communities [Member] | Westgate Service Center [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | 9101 LBJ Freeway [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Featherwood [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Pima Norte [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Royal Crest [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Uptown Tower [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Woodlake Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Office Communities [Member] | Zeta Building [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Development Portfolio [Member] | The Citadel [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Development Portfolio [Member] | Desert Canyon [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Development Portfolio [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Development Portfolio [Member] | Paradise Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Minimum [Member] | Development Portfolio [Member] | Pinnacle of Scottsdale [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '5 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Bellnot Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Centre South [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | The Citadel [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Holly Knight [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Lion Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Providence [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Shaver [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | South Richey [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Sunridge [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Torrey Square [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Town Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Webster Pointe [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Westchase [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Retail Communities [Member] | Windsor Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Brookhill [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Corporate Park Northwest [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Corporate Park West [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Corporate Park Woodland [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Dairy Ashford [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Main Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Plaza Park [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Westbelt Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Flex Communities [Member] | Westgate Service Center [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | 9101 LBJ Freeway [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Featherwood [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Pima Norte [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Royal Crest [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Uptown Tower [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Woodlake Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Office Communities [Member] | Zeta Building [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Development Portfolio [Member] | The Citadel [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Development Portfolio [Member] | Desert Canyon [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Development Portfolio [Member] | Gilbert Tuscany Village [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Development Portfolio [Member] | Paradise Plaza [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |
Maximum [Member] | Development Portfolio [Member] | Pinnacle of Scottsdale [Member] | ' | ' | ' |
Gross Amount at which Carried at End of Period | ' | ' | ' |
Depreciation Life | '39 years | ' | ' |