Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Whitestone REIT | ' |
Entity Central Index Key | '0001175535 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 22,410,616 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate assets, at cost | ' | ' |
Property | $548,221 | $546,274 |
Accumulated depreciation | -69,509 | -66,008 |
Total real estate assets | 478,712 | 480,266 |
Cash and cash equivalents | 3,442 | 6,491 |
Marketable securities | 960 | 877 |
Escrows and acquisition deposits | 2,191 | 2,095 |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 10,523 | 9,929 |
Unamortized lease commissions and loan costs | 6,083 | 6,227 |
Prepaid expenses and other assets | 2,781 | 2,089 |
Total assets | 504,692 | 507,974 |
Liabilities: | ' | ' |
Notes payable | 264,649 | 264,277 |
Accounts payable and accrued expenses | 12,546 | 12,773 |
Tenants' security deposits | 3,717 | 3,591 |
Dividends and distributions payable | 6,428 | 6,418 |
Total liabilities | 287,340 | 287,059 |
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 March 31, 2014 and December 31, 2013 | 0 | 0 |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 21,962,409 and 21,943,700 issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 22 | 22 |
Additional paid-in capital | 292,040 | 291,571 |
Accumulated deficit | -79,598 | -75,721 |
Accumulated other comprehensive loss | -10 | -54 |
Total Whitestone REIT shareholders' equity | 212,454 | 215,818 |
Noncontrolling interest in subsidiary | 4,898 | 5,097 |
Total equity | 217,352 | 220,915 |
Total liabilities and equity | $504,692 | $507,974 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred shares, par value per share (in dollars per share) | $0.00 | $0.00 |
Preferred shares, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Common shares, par value per share (in dollars per share) | $0.00 | $0.00 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 21,962,409 | 21,943,700 |
Common shares, outstanding (in shares) | 21,962,409 | 21,943,700 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property revenues | ' | ' |
Rental revenues | $13,973 | $11,001 |
Other revenues | 3,814 | 2,868 |
Total property revenues | 17,787 | 13,869 |
Property expenses | ' | ' |
Property operation and maintenance | 3,660 | 3,065 |
Real estate taxes | 2,310 | 1,798 |
Total property expenses | 5,970 | 4,863 |
Other expenses (income) | ' | ' |
General and administrative | 2,957 | 2,444 |
Depreciation and amortization | 3,908 | 3,073 |
Interest expense | 2,372 | 2,449 |
Interest, dividend and other investment income | -21 | -19 |
Total other expense | 9,216 | 7,947 |
Income before loss on sale or disposal of assets and income taxes | 2,601 | 1,059 |
Provision for income taxes | -84 | -65 |
Loss on sale or disposal of assets | -85 | -8 |
Net income | 2,432 | 986 |
Less: Net income attributable to noncontrolling interests | 60 | 37 |
Net income attributable to Whitestone REIT | 2,372 | 949 |
Basic and Diluted Earnings Per Share: | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $0.11 | $0.06 |
Weighted average number of common shares outstanding: | ' | ' |
Basic (in shares) | 21,823 | 16,819 |
Diluted (in shares) | 21,949 | 16,939 |
Distributions declared per common share / OP unit (in dollars per share) | $0.28 | $0.28 |
Consolidated Statements of Comprehensive Income | ' | ' |
Net income | 2,432 | 986 |
Other comprehensive gain (loss) | ' | ' |
Unrealized loss on cash flow hedging activities | -38 | -268 |
Unrealized gain on available-for-sale marketable securities | 83 | 303 |
Comprehensive income | 2,477 | 1,021 |
Less: Comprehensive income attributable to noncontrolling interests | 61 | 38 |
Comprehensive income attributable to Whitestone REIT | $2,416 | $983 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | Common Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance, at Dec. 31, 2013 | $220,915 | $22 | $291,571 | ($75,721) | ($54) | $215,818 | $5,097 |
Beginning Balance (in units), at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | 562,000 |
Beginning Balance (in shares), at Dec. 31, 2013 | 21,943,700 | 21,944,000 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Exchange of noncontrolling interest OP units for common shares (in shares) | ' | 11,000 | ' | ' | ' | ' | 11,000 |
Exchange of noncontrolling interest OP units for common shares | 0 | 0 | 103 | ' | 0 | 103 | -103 |
Exchange offer costs | -14 | ' | -14 | ' | ' | -14 | ' |
Issuance of shares under dividend reinvestment plan (in shares) | ' | 2,000 | ' | ' | ' | ' | ' |
Issuance of shares under dividend reinvestment plan | 26 | ' | 26 | ' | ' | 26 | ' |
Share-based compensation (in shares) | ' | 5,000 | ' | ' | ' | ' | ' |
Share-based compensation | 354 | ' | 354 | ' | ' | 354 | ' |
Distributions | -6,406 | ' | ' | -6,249 | ' | -6,249 | -157 |
Unrealized gain on change in fair value of available-for-sale marketable securities | 83 | ' | ' | ' | 81 | 81 | 2 |
Unrealized gain on change in value of cash flow hedge | -38 | ' | ' | ' | -37 | -37 | -1 |
Net income | 2,432 | ' | ' | 2,372 | ' | 2,372 | 60 |
Ending Balance, at Mar. 31, 2014 | $217,352 | $22 | $292,040 | ($79,598) | ($10) | $212,454 | $4,898 |
Ending Balance (in units), at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | 551,000 |
Ending Balance (in shares), at Mar. 31, 2014 | 21,962,409 | 21,962,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $2,432 | $986 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,908 | 3,073 |
Amortization of deferred loan costs | 202 | 273 |
Amortization of notes payable discount | 76 | 149 |
Loss on sale or disposal of assets and properties | -85 | -8 |
Bad debt expense | 389 | 317 |
Share-based compensation | 373 | 356 |
Changes in operating assets and liabilities: | ' | ' |
Escrows and acquisition deposits | -96 | 2,143 |
Accrued rent and accounts receivable | -983 | -777 |
Unamortized lease commissions | -297 | -263 |
Prepaid expenses and other assets | 119 | 162 |
Accounts payable and accrued expenses | -353 | -2,621 |
Tenants' security deposits | 126 | 127 |
Net cash provided by operating activities | 5,981 | 3,933 |
Cash flows from investing activities: | ' | ' |
Acquisitions of real estate | 0 | -25,700 |
Additions to real estate | -2,123 | -1,197 |
Net cash used in investing activities | -2,123 | -26,897 |
Cash flows from financing activities: | ' | ' |
Distributions paid to common shareholders | -6,231 | -4,807 |
Distributions paid to OP unit holders | -158 | -194 |
Payments of exchange offer costs | -14 | -34 |
Proceeds from revolving credit facility, net | 0 | 26,400 |
Repayments of notes payable | -504 | -1,017 |
Payments of loan origination costs | 0 | -1,085 |
Net cash provided by (used in) financing activities | -6,907 | 19,263 |
Net decrease in cash and cash equivalents | -3,049 | -3,701 |
Cash and cash equivalents at beginning of period | 6,491 | 6,544 |
Cash and cash equivalents at end of period | 3,442 | 2,843 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 2,137 | 2,146 |
Non cash investing and financing activities: | ' | ' |
Disposal of fully depreciated real estate | 45 | 130 |
Financed insurance premiums | 888 | 883 |
Value of shares issued under dividend reinvestment plan | 26 | 23 |
Accrued offering costs | 0 | 20 |
Value of common shares exchanged for OP units | 103 | 782 |
Change in fair value of available-for-sale securities | 83 | 303 |
Change in fair value of cash flow hedge | ($38) | ($268) |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Interim Financial Statements | ' |
INTERIM FINANCIAL STATEMENTS | |
The consolidated financial statements included in this report are unaudited; however, amounts presented in the consolidated balance sheet as of December 31, 2013 are derived from our audited consolidated financial statements as of that date. The unaudited financial statements as of March 31, 2014 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information on a basis consistent with the annual audited consolidated financial statements and with the instructions to Form 10-Q. | |
The consolidated financial statements presented herein reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the financial position of Whitestone and our subsidiaries as of March 31, 2014, and the results of operations for the three month periods ended March 31, 2014 and 2013, the consolidated statements of changes in equity for the three month period ended 2014 and cash flows for the three month periods ended March 31, 2014 and 2013. All of these adjustments are of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results expected for a full year. The statements should be read in conjunction with the audited consolidated financial statements and the notes thereto which are included in our Annual Report on Form 10-K for the year ended 2013. | |
Business. Whitestone was formed as a real estate investment trust ("REIT"), pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland REIT formed for the sole purpose of the reorganization and the conversion of each of our outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of March 31, 2014 and December 31, 2013, Whitestone owned and operated 60 commercial properties in and around Houston, Dallas, San Antonio, Chicago and Phoenix. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of March 31, 2014 and December 31, 2013, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the "common shares") and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone. | |
Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. | |
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. | |
Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. | |
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. | |
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 March 31, 2014, we consider our cash flow hedges to be highly effective. | |
Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges, primarily interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction, are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended March 31, 2014, approximately $25,000 and $25,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended March 31, 2013, approximately $36,000 and $24,000 in interest expense and real estate taxes, respectively, were capitalized. | |
Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $373,000 and $356,000 in share-based compensation for the three months ended March 31, 2014 and 2013, respectively. | |
Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity. | |
See our Annual Report on Form 10-K for the year ended December 31, 2013 for further discussion on significant accounting policies. | |
Recent Accounting Pronouncements. In February 2013, the FASB issued guidance requiring entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This guidance was effective prospectively for reporting periods beginning on or after December 15, 2012. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. | |
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 | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
MARKETABLE SECURITIES | |||||||||||||||||
All of our marketable securities were classified as available-for-sale securities as of March 31, 2014 and December 31, 2013. Available-for-sale securities consisted of the following (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,106 | $ | — | $ | (146 | ) | $ | 960 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (146 | ) | $ | 960 | ||||||||
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 | ||||||||
During the three months ended March 31, 2014 and 2013, no available-for-sale securities were sold. 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 $146,000 and $106,000 for the three months ended March 31, 2014 and 2013, respectively, has been included in accumulated other comprehensive income. |
Accrued_Rents_and_Accounts_Rec
Accrued Rents and Accounts Receivable, Net | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accrued Rent and Accounts Receivable, Net | ' | ||||||||
ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET | |||||||||
Accrued rents and accounts receivable, net consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Tenant receivables | $ | 6,747 | $ | 5,731 | |||||
Accrued rents and other recoveries | 7,802 | 7,895 | |||||||
Allowance for doubtful accounts | (4,026 | ) | (3,697 | ) | |||||
Total | $ | 10,523 | $ | 9,929 | |||||
Unamortized_Leasing_Commission
Unamortized Leasing Commissions and Loan Costs | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Unamortized Leasing Comissions and Loan Costs | ' | ||||||||
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | |||||||||
Costs which have been deferred consist of the following (in thousands): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Leasing commissions | $ | 6,905 | $ | 6,641 | |||||
Deferred financing cost | 5,110 | 5,146 | |||||||
Total cost | 12,015 | 11,787 | |||||||
Less: leasing commissions accumulated amortization | (3,800 | ) | (3,629 | ) | |||||
Less: deferred financing cost accumulated amortization | (2,132 | ) | (1,931 | ) | |||||
Total cost, net of accumulated amortization | $ | 6,083 | $ | 6,227 | |||||
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure | ' | ||||||||
DEBT | |||||||||
Certain subsidiaries of Whitestone are the borrowers under various financing arrangements. These subsidiaries are separate legal entities and their respective assets and credit are not available to satisfy the debt of Whitestone or any of its other subsidiaries. | |||||||||
Debt consisted of the following as of the dates indicated (in thousands): | |||||||||
Description | March 31, 2014 | December 31, 2013 | |||||||
Fixed rate notes | |||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) | $ | 10,500 | $ | 10,500 | |||||
$50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | 50,000 | 50,000 | |||||||
$37.0 million 3.76% Note, due December 1, 2020 | 36,776 | 37,000 | |||||||
$6.5 million 3.80% Note, due January 1, 2019 | 6,474 | 6,500 | |||||||
$20.2 million 4.28% Note, due June 6, 2023 | 20,200 | 20,200 | |||||||
$1.0 million 4.75% Note, due December 31, 2014 | 1,000 | 1,087 | |||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | 16,450 | |||||||
$15.1 million 4.99% Note, due January 6, 2024 | 15,060 | 15,060 | |||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | 7,880 | 7,875 | |||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,826 | 11,900 | |||||||
$3.0 million 6.00% Note, due March 31, 2021 (4) | 2,894 | 2,905 | |||||||
$0.9 million 2.97% Note, due November 28, 2014 | 789 | — | |||||||
Floating rate notes | |||||||||
Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | 84,800 | 84,800 | |||||||
$ | 264,649 | $ | 264,277 | ||||||
(1) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. | ||||||||
(2) | Promissory note includes an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured credit facility at 0.84%. | ||||||||
(3) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||
(4) | 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. | ||||||||
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 ("Whitstone 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 14). The 5.87% fixed interest rate note matures on August 16, 2016. In conjunction with our acquisition, we received an interest rate supplement from the seller in the amount of $932,000, which we will accrete into expense over the life of the note. As a result of the supplement, the imputed interest rate is 3.052%, which we consider to be an appropriate market rate. | |||||||||
On May 31, 2013, we, operating through our subsidiary, Whitestone Pinnacle of Scottsdale, LLC, a Delaware limited liability company ("Whitestone Pinnacle"), refinanced our $14.1 million promissory note, with an applicable interest rate of 5.695% and a maturity of June 1, 2013, with a $20.2 million promissory note (the "Pinnacle Note") payable to Cantor Commercial Real Estate Lending, L.P. with an applicable interest rate of 4.2805%, and a maturity of June 6, 2023. | |||||||||
The Pinnacle Note is a non-recourse loan secured by Whitestone Pinnacle's Pinnacle of Scottsdale property, located in Scottsdale, Arizona, and a limited guarantee by Whitestone. In conjunction with the Pinnacle Note, a deed of trust was executed by Whitestone Pinnacle that contains customary terms and conditions, including representations, warranties and covenants by Whitestone Pinnacle that include, without limitation, assignment of rents, warranty of title, insurance requirements and maintenance, use and management of the property. | |||||||||
As of March 31, 2014, our $129.1 million in secured debt was collateralized by 19 properties with a carrying value of $160.2 million. Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and by assignment of the rents and leases associated with those properties. As of March 31, 2014, we were in compliance with all loan covenants. | |||||||||
On February 4, 2013, we, through our Operating Partnership, entered into an unsecured credit facility (the “Facility”) with the lenders party thereto, with BMO Capital Markets and Wells Fargo Securities, LLC, as co-lead arrangers and joint book runners, Bank of Montreal, as administrative agent (the "Agent"), Wells Fargo Bank, National Association, as syndication agent, and U.S. Bank National Association, as documentation agent. The Facility amended and restated our previous unsecured credit facility. We plan to use the Facility for property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and retenanting of properties in our portfolio. | |||||||||
In addition to a $125 million unsecured borrowing capacity under the revolving loan, the Facility also includes a $50 million term loan and permits the Operating Partnership to increase the borrowing capacity under the Facility to a total of $225 million, upon the satisfaction of certain conditions. The Facility will mature on February 3, 2017, and provides that the Operating Partnership may extend the maturity date for one year subject to certain conditions, including the payment of an extension fee. | |||||||||
Borrowings under the Facility accrue interest (at the Operating Partnership's option) at a Base Rate or an Adjusted LIBOR plus an applicable margin based upon our then-existing leverage. Base Rate means the higher of: (a) the Agent's prime commercial rate, (b) the sum of (i) average rate quoted the Agent by two or more federal funds brokers selected by the Agent for sale to the Agent at face value of federal funds in the secondary market in an amount equal or comparable to the principal amount for which such rate is being determined, plus (ii) 0.5%, and (c) the LIBOR rate for such day plus 1.00%. Adjusted LIBOR means LIBOR divided by one minus the Eurodollar Reserve Percentage. The Eurodollar Reserve Percentage means the maximum reserve percentage at which reserves are imposed by the Board of Governors of the Federal Reserve System on eurocurrency liabilities. | |||||||||
We are the guarantor for funds borrowed by the Operating Partnership under the Facility. The Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, maximum secured indebtedness to total asset value, minimum EBITDA (earnings before interest, taxes, depreciation, amortization and extraordinary items) to fixed charges and maintenance of net worth. The Facility also contains customary events of default with customary notice and cure, including, without limitation, nonpayment, breach of covenant, misrepresentation of representations and warranties in a material respect, cross-default to other major indebtedness, change of control, bankruptcy and loss of REIT tax status. As of March 31, 2014, we were in compliance with all covenants. | |||||||||
As of March 31, 2014, $134.8 million was drawn on the Facility, and our remaining borrowing capacity was $40.2 million, assuming that we use proceeds of the Facility to acquire properties, or to repay debt on properties, that are eligible to be included in the unsecured borrowing base. Proceeds from the Facility were used for general corporate purposes, including property acquisitions, debt repayment, capital expenditures, the expansion, redevelopment and retenanting of properties in our portfolio and working capital. | |||||||||
Scheduled maturities of our outstanding debt as of March 31, 2014 were as follows (in thousands): | |||||||||
Year | Amount Due | ||||||||
2014 | $ | 2,866 | |||||||
2015 | 1,866 | ||||||||
2016 | 13,277 | ||||||||
2017 | 144,976 | ||||||||
2018 | 11,911 | ||||||||
Thereafter | 89,753 | ||||||||
Total | $ | 264,649 | |||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
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-Mar-14 | Accounts payable and accrued expenses | $ | 1,181 | ||||||||
31-Dec-13 | Accounts payable and accrued expenses | $ | 1,231 | ||||||||
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 6 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 6 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. | |||||||||||
A summary of our interest rate swap activity is as follows (in thousands): | |||||||||||
Amount Recognized as Comprehensive Income (Loss) | Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings (1) | |||||||||
Three months ended March 31, 2014 | $ | (38 | ) | Interest expense | $ | (190 | ) | ||||
Three months ended March 31, 2013 | $ | (268 | ) | Interest expense | $ | (88 | ) | ||||
(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 three months ended March 31, 2014 and 2013. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
EARNINGS PER SHARE | |||||||||
Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to noncontrolling interests by our weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to noncontrolling interests by the weighted average number of common shares including any dilutive unvested restricted shares. | |||||||||
Certain of our performance-based restricted common shares are considered participating securities that require the use of the two-class method for the computation of basic and diluted earnings per share. During the three months ended March 31, 2014 and 2013, 555,681 and 652,557 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. | |||||||||
For the three months ended March 31, 2014 and 2013, distributions of $38,000 and $45,000, respectively, were made to holders of certain restricted common shares, $19,000 and $34,000, respectively, of which were charged against earnings. See Note 11 for information related to restricted common shares under the 2008 Plan. | |||||||||
Three Months Ended March 31, | |||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Numerator: | |||||||||
Net income | $ | 2,432 | $ | 986 | |||||
Less: Net income attributable to noncontrolling interests | (60 | ) | (37 | ) | |||||
Distributions paid on unvested restricted shares | (19 | ) | (11 | ) | |||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 2,353 | $ | 938 | |||||
Denominator: | |||||||||
Weighted average number of common shares - basic | 21,823 | 16,819 | |||||||
Effect of dilutive securities: | |||||||||
Unvested restricted shares | 126 | 120 | |||||||
Weighted average number of common shares - dilutive | 21,949 | 16,939 | |||||||
Earnings Per Share: | |||||||||
Basic: | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.11 | $ | 0.06 | |||||
Diluted: | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.11 | $ | 0.06 | |||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
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. 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. | |
We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate (1% for us) to the profit margin, which generally will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. For the three months ended March 31, 2014 and 2013, we recognized approximately $67,000 and $60,000 in margin tax provision, respectively. |
Equity
Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Equity | ' | ||||||||||||||||||||
EQUITY | |||||||||||||||||||||
Common Shares | |||||||||||||||||||||
Under our declaration of trust, as amended, we have authority to issue up to 400,000,000 common shares of beneficial interest, $0.001 par value per share, and up to 50,000,000 preferred shares of beneficial interest, $0.001 par value per share. | |||||||||||||||||||||
Equity Offerings | |||||||||||||||||||||
On October 8, 2013, we completed the sale of 4,000,000 common shares, $0.001 par value per shares, 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. During the three months ended March 31, 2014 and 2013, we had not sold any common shares under the equity distribution program. | |||||||||||||||||||||
Operating Partnership Units | |||||||||||||||||||||
Substantially all of our business is conducted through our Operating Partnership. We are the sole general partner of the Operating Partnership. As of March 31, 2014, we owned a 97.5% interest in the Operating Partnership. | |||||||||||||||||||||
Limited partners in the Operating Partnership holding OP units have the right to convert their OP units into cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to holders of Whitestone common shares. As of March 31, 2014 and December 31, 2013, there were 22,392,276 and 22,384,970 OP units outstanding, respectively. We owned 21,841,587 and 21,822,878 OP units as of March 31, 2014 and December 31, 2013, 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 97.5% and 94.1% for the three months ended March 31, 2014 and 2013, respectively. During the three months ended March 31, 2014 and 2013, 11,403 and 78,429 OP units, respectively, were redeemed for an equal number of common shares. | |||||||||||||||||||||
Distributions | |||||||||||||||||||||
The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2013 and the three months ended March 31, 2014 (in thousands, except per share/unit data): | |||||||||||||||||||||
Common Shares | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2014 | |||||||||||||||||||||
First Quarter | $ | 0.285 | $ | 6,231 | $ | 0.285 | $ | 158 | $ | 6,389 | |||||||||||
Total | $ | 0.285 | $ | 6,231 | $ | 0.285 | $ | 158 | $ | 6,389 | |||||||||||
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 | |||||||||||
Incentive_Share_Plan
Incentive Share Plan | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||
Employee Incentive Share Plan | ' | ||||||||||||||
INCENTIVE SHARE PLAN | |||||||||||||||
On July 29, 2008, our shareholders approved the 2008 Plan. On December 22, 2010, our board of trustees amended the 2008 Plan to allow for awards in or related to Class B common shares pursuant to the 2008 Plan. On June 27, 2012, our Class B common shares were redesignated as "common shares." The 2008 Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units, which may be converted into cash or, at our option, common shares of Whitestone. The maximum aggregate number of common shares that may be issued under the 2008 Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of shares that may be issued under the 2008 Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than shares and/or OP units issued to or held by Whitestone). | |||||||||||||||
The Compensation Committee of our board of trustees administers the 2008 Plan, except with respect to awards to non-employee trustees, for which the 2008 Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. | |||||||||||||||
A summary of the share-based incentive plan activity as of and for the three months ended March 31, 2014 is as follows: | |||||||||||||||
Shares | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2014 | 759,711 | $ | 13.69 | ||||||||||||
Granted | 2,877 | 13.62 | |||||||||||||
Vested | (7,094 | ) | 13.02 | ||||||||||||
Forfeited | (4,924 | ) | 14.2 | ||||||||||||
Non-vested at March 31, 2014 | 750,570 | $ | 13.7 | ||||||||||||
Available for grant at March 31, 2014 | 2,350,537 | ||||||||||||||
(1) | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. | ||||||||||||||
A summary of our non-vested and vested shares activity for the three months ended March 31, 2014 and years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Non-Vested Shares Issued | Weighted Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Three months ended March 31, 2014 | 2,877 | $ | 13.62 | (7,094 | ) | $ | 92 | ||||||||
Year Ended December 31, 2013 | 328,005 | 15.43 | (15,270 | ) | 224 | ||||||||||
Year Ended December 31, 2012 | 99,700 | 13.03 | (16,208 | ) | 223 | ||||||||||
Year Ended December 31, 2011 | — | — | (5,169 | ) | — | ||||||||||
Total compensation recognized in earnings for share-based payments was $373,000 and $356,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||
The Compensation Committee of our board of trustees elected to cancel the 633,704 outstanding restricted common shares and restricted share units and issue approximately 2.7 million new grants of performance and time-based restricted common shares and restricted share units effective April 2, 2014. Additionally, 112,700 restricted common shares and restricted common share units with a weighted average grant-date fair value of $12.71 per restricted common share and restricted common share unit vested. | |||||||||||||||
Based on our current financial projections, we expect approximately 62% of the unvested awards granted subsequent to March 31, 2014 to vest over the next 51 months. As a result, factoring in the cancellations and grants subsequent to March 31, 2014 and the the outstanding awards that are currently expected to vest, there will be approximately $16.0 million in unrecognized compensation cost related to outstanding non-vested performance-based shares, which are expected to vest over a period of 51 months and approximately $0.9 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 36 months beginning on April 2, 2014. | |||||||||||||||
We expect to record approximately $4.2 million in non-cash share-based compensation expense in 2014 and $13.3 million subsequent to 2014. The unrecognized share-based compensation cost is expected to vest over a weighted average period of 44 months. The impact of the post-quarter grants on total diluted share count is not included in the quarter ended March 31, 2014. The dilutive impact of the performance-based shares will be included in the denominator of the earnings per share calculation beginning in the period that the performance conditions are expected to be met. |
Grants_to_Trustees
Grants to Trustees | 3 Months Ended |
Mar. 31, 2014 | |
Grants to Trustees [Abstract] | ' |
Grants To Trustees | ' |
GRANTS TO TRUSTEES | |
On September 16, 2013, each of our five independent trustees was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our five independent trustees had a grant date fair value of $14.52 per share. On January 31, 2014, three of our independent trustees elected to receive a total of 2,877 common shares with a grant date fair value of $13.62 in lieu of cash for board fees. The fair value of the shares granted were determined using quoted prices available on the date of grant. |
Segment_Information
Segment Information | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
SEGMENT INFORMATION | |
Historically, our management has not differentiated results of operations by property type or location and, therefore, does not present segment information. |
Real_Estate
Real Estate | 3 Months Ended |
Mar. 31, 2014 | |
Real Estate [Abstract] | ' |
Real Estate Disclosure | ' |
REAL ESTATE | |
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. | |
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. | |
On October 7, 2013, we acquired Fountain Hills Plaza, a property that meets our Community Centered Property strategy, for approximately $20.6 million in cash and net prorations. The 111,289 square foot property was 87% leased at the time of purchase and is located in Fountain Hills, Arizona, a suburb of Phoenix. | |
On June 28, 2013, we acquired Anthem Marketplace, a property that meets our Community Centered Property strategy, for approximately $23.3 million in cash and net prorations. The 113,293 square foot property was 100% leased at the time of purchase and is located in Phoenix, Arizona. In the same purchase, we also acquired an adjacent development pad site of 0.83 acres. | |
On June 19, 2013, we acquired Mercado at Scottsdale Ranch, a property that meets our Community Centered Property strategy, for approximately $21.3 million, including the assumption of a $11.1 million non-recourse loan, a $0.9 million interest rate supplement and cash of $9.3 million. The 118,730 square foot property was 100% leased at the time of purchase and is located in Scottsdale, Arizona. | |
On March 28, 2013, we acquired Headquarters Village Shopping Center, a property that meets our Community Centered Property strategy, for approximately $25.7 million in cash and net prorations. The 89,134 square foot property was 100% leased at the time of purchase and is located in Plano, Texas. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
The Compensation Committee of our board of trustees elected to cancel the 633,704 outstanding restricted common shares and restricted share units and issue approximately 2.7 million new grants of performance and time-based restricted common shares and restricted share units effective April 2, 2014. Additionally, 112,700 restricted common shares and restricted common share units with a weighted average grant-date fair value of $12.71 per restricted common share and restricted common share unit vested. | |
As of May 6, 2014, we sold 177,100 common shares under the equity distribution program, with net proceeds to us of approximately $2.5 million. In connection with such sales, we paid compensation of approximately $38,000 to sales agents. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 and December 31, 2013, we owned a majority of the partnership interests in the Operating Partnership. Consequently, the accompanying consolidated financial statements include the accounts of the Operating Partnership. All significant inter-company balances have been eliminated. Noncontrolling interests in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted average percentage ownership of the Operating Partnership during the period. Issuance of additional common shares of beneficial interest in Whitestone (the "common shares") and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one-for-one basis (the “OP units”) changes the ownership interests of both the noncontrolling interests and Whitestone. | |
Basis of Accounting | ' |
Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications. We have reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. | |
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. | |
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 March 31, 2014, we consider our cash flow hedges to be highly effective. | |
Development Properties | ' |
Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges, primarily interest, real estate taxes, loan fees, and direct and indirect development costs related to buildings under construction, are capitalized as part of construction in progress. The capitalization of such costs ceases when the property, or any completed portion, becomes available for occupancy. For the three months ended March 31, 2014, approximately $25,000 and $25,000 in interest expense and real estate taxes, respectively, were capitalized. For the three months ended March 31, 2013, approximately $36,000 and $24,000 in interest expense and real estate taxes, respectively, were capitalized. | |
Share-Based Compensation | ' |
Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management's most recent estimates using the fair value of the shares as of the grant date. We recognized $373,000 and $356,000 in share-based compensation for the three months ended March 31, 2014 and 2013, respectively | |
Noncontrolling Interests | ' |
Noncontrolling Interests. Noncontrolling interests is the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone's equity. On the consolidated statements of operations, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. The consolidated statement of changes in equity is included for quarterly financial statements, including beginning balances, activity for the period and ending balances for shareholders' equity, noncontrolling interests and total equity. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In February 2013, the FASB issued guidance requiring entities to disclose certain information relating to amounts reclassified out of accumulated other comprehensive income. This guidance was effective prospectively for reporting periods beginning on or after December 15, 2012. We do not expect the pronouncement to have a significant impact on our consolidated financial statements. | |
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) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Available-for-Sale Securities | ' | ||||||||||||||||
All of our marketable securities were classified as available-for-sale securities as of March 31, 2014 and December 31, 2013. Available-for-sale securities consisted of the following (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized Cost | Gains in Accumulated Other Comprehensive Income | Losses in Accumulated Other Comprehensive Income | Estimated Fair Value | ||||||||||||||
Real estate sector common stock | $ | 1,106 | $ | — | $ | (146 | ) | $ | 960 | ||||||||
Total available-for-sale securities | $ | 1,106 | $ | — | $ | (146 | ) | $ | 960 | ||||||||
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 | ||||||||
Accrued_Rents_and_Accounts_Rec1
Accrued Rents and Accounts Receivable, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Tenant receivables | $ | 6,747 | $ | 5,731 | |||||
Accrued rents and other recoveries | 7,802 | 7,895 | |||||||
Allowance for doubtful accounts | (4,026 | ) | (3,697 | ) | |||||
Total | $ | 10,523 | $ | 9,929 | |||||
Unamortized_Leasing_Commission1
Unamortized Leasing Commissions and Loan Costs (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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): | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
Leasing commissions | $ | 6,905 | $ | 6,641 | |||||
Deferred financing cost | 5,110 | 5,146 | |||||||
Total cost | 12,015 | 11,787 | |||||||
Less: leasing commissions accumulated amortization | (3,800 | ) | (3,629 | ) | |||||
Less: deferred financing cost accumulated amortization | (2,132 | ) | (1,931 | ) | |||||
Total cost, net of accumulated amortization | $ | 6,083 | $ | 6,227 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt | ' | ||||||||
Debt consisted of the following as of the dates indicated (in thousands): | |||||||||
Description | March 31, 2014 | December 31, 2013 | |||||||
Fixed rate notes | |||||||||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) | $ | 10,500 | $ | 10,500 | |||||
$50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | 50,000 | 50,000 | |||||||
$37.0 million 3.76% Note, due December 1, 2020 | 36,776 | 37,000 | |||||||
$6.5 million 3.80% Note, due January 1, 2019 | 6,474 | 6,500 | |||||||
$20.2 million 4.28% Note, due June 6, 2023 | 20,200 | 20,200 | |||||||
$1.0 million 4.75% Note, due December 31, 2014 | 1,000 | 1,087 | |||||||
$16.5 million 4.97% Note, due September 26, 2023 | 16,450 | 16,450 | |||||||
$15.1 million 4.99% Note, due January 6, 2024 | 15,060 | 15,060 | |||||||
$9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | 7,880 | 7,875 | |||||||
$11.1 million 5.87% Note, due August 6, 2016 | 11,826 | 11,900 | |||||||
$3.0 million 6.00% Note, due March 31, 2021 (4) | 2,894 | 2,905 | |||||||
$0.9 million 2.97% Note, due November 28, 2014 | 789 | — | |||||||
Floating rate notes | |||||||||
Unsecured line of credit, LIBOR plus 1.75% to 2.50%, due February 3, 2017 | 84,800 | 84,800 | |||||||
$ | 264,649 | $ | 264,277 | ||||||
(1) | Promissory note includes an interest rate swap that fixed the interest rate at 3.55% for the duration of the term. | ||||||||
(2) | Promissory note includes an interest rate swap that fixed the LIBOR portion of our $50 million term loan under our unsecured credit facility at 0.84%. | ||||||||
(3) | Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. | ||||||||
(4) | 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. | ||||||||
Schedule of Maturities of Debt | ' | ||||||||
Scheduled maturities of our outstanding debt as of March 31, 2014 were as follows (in thousands): | |||||||||
Year | Amount Due | ||||||||
2014 | $ | 2,866 | |||||||
2015 | 1,866 | ||||||||
2016 | 13,277 | ||||||||
2017 | 144,976 | ||||||||
2018 | 11,911 | ||||||||
Thereafter | 89,753 | ||||||||
Total | $ | 264,649 | |||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of activity and fair value of interest rate swaps | ' | ||||||||||
The fair value of our interest rate swaps is as follows (in thousands): | |||||||||||
Balance Sheet Location | Estimated Fair Value | ||||||||||
Interest rate swaps: | |||||||||||
31-Mar-14 | Accounts payable and accrued expenses | $ | 1,181 | ||||||||
31-Dec-13 | Accounts payable and accrued expenses | $ | 1,231 | ||||||||
A summary of our interest rate swap activity is as follows (in thousands): | |||||||||||
Amount Recognized as Comprehensive Income (Loss) | Location of Gain (Loss) Recognized in Earnings | Amount of Gain (Loss) Recognized in Earnings (1) | |||||||||
Three months ended March 31, 2014 | $ | (38 | ) | Interest expense | $ | (190 | ) | ||||
Three months ended March 31, 2013 | $ | (268 | ) | Interest expense | $ | (88 | ) | ||||
(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 three months ended March 31, 2014 and 2013. |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share | ' | ||||||||
Three Months Ended March 31, | |||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Numerator: | |||||||||
Net income | $ | 2,432 | $ | 986 | |||||
Less: Net income attributable to noncontrolling interests | (60 | ) | (37 | ) | |||||
Distributions paid on unvested restricted shares | (19 | ) | (11 | ) | |||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 2,353 | $ | 938 | |||||
Denominator: | |||||||||
Weighted average number of common shares - basic | 21,823 | 16,819 | |||||||
Effect of dilutive securities: | |||||||||
Unvested restricted shares | 126 | 120 | |||||||
Weighted average number of common shares - dilutive | 21,949 | 16,939 | |||||||
Earnings Per Share: | |||||||||
Basic: | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.11 | $ | 0.06 | |||||
Diluted: | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.11 | $ | 0.06 | |||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Distributions | ' | ||||||||||||||||||||
The following table summarizes the cash distributions paid or payable to holders of common shares and to holders of noncontrolling OP units during each quarter during 2013 and the three months ended March 31, 2014 (in thousands, except per share/unit data): | |||||||||||||||||||||
Common Shares | Noncontrolling OP Unit Holders | Total | |||||||||||||||||||
Quarter Paid | Distributions Per Common Share | Total Amount Paid | Distributions Per OP Unit | Total Amount Paid | Total Amount Paid | ||||||||||||||||
2014 | |||||||||||||||||||||
First Quarter | $ | 0.285 | $ | 6,231 | $ | 0.285 | $ | 158 | $ | 6,389 | |||||||||||
Total | $ | 0.285 | $ | 6,231 | $ | 0.285 | $ | 158 | $ | 6,389 | |||||||||||
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 | |||||||||||
Incentive_Share_Plan_Tables
Incentive Share Plan (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
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 three months ended March 31, 2014 is as follows: | |||||||||||||||
Shares | Weighted Average | ||||||||||||||
Grant Date | |||||||||||||||
Fair Value (1) | |||||||||||||||
Non-vested at January 1, 2014 | 759,711 | $ | 13.69 | ||||||||||||
Granted | 2,877 | 13.62 | |||||||||||||
Vested | (7,094 | ) | 13.02 | ||||||||||||
Forfeited | (4,924 | ) | 14.2 | ||||||||||||
Non-vested at March 31, 2014 | 750,570 | $ | 13.7 | ||||||||||||
Available for grant at March 31, 2014 | 2,350,537 | ||||||||||||||
(1) | The fair value of the common shares granted before trading of the common shares commenced on the NYSE MKT on August 26, 2010 were determined based on observable market transactions occurring near the date of the grants. The fair value of the common shares granted subsequent to August 26, 2010 was determined based on the fair value at the date of grant. | ||||||||||||||
Schedule of Nonvested and Vested Shares Activity | ' | ||||||||||||||
A summary of our non-vested and vested shares activity for the three months ended March 31, 2014 and years ended December 31, 2013, 2012 and 2011 is presented below: | |||||||||||||||
Shares Granted | Shares Vested | ||||||||||||||
Non-Vested Shares Issued | Weighted Average Grant-Date Fair Value | Vested Shares | Total Vest-Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Three months ended March 31, 2014 | 2,877 | $ | 13.62 | (7,094 | ) | $ | 92 | ||||||||
Year Ended December 31, 2013 | 328,005 | 15.43 | (15,270 | ) | 224 | ||||||||||
Year Ended December 31, 2012 | 99,700 | 13.03 | (16,208 | ) | 223 | ||||||||||
Year Ended December 31, 2011 | — | — | (5,169 | ) | — | ||||||||||
Interim_Financial_Statements_D
Interim Financial Statements (Details) | 1 Months Ended | |
Jul. 31, 2004 | Mar. 31, 2014 | |
Wholly Owned Properties [Member] | ||
CommercialProperties | ||
Real Estate Properties [Line Items] | ' | ' |
Reorganization and conversion, number of common shares (in shares) | 1.42857 | ' |
Number of commercial properties (in commercial properties) | ' | 60 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Conversion basis for common shares to OP units | 1 | ' |
Interest expense capitalized | $25 | $36 |
Real estate tax capitalized | 25 | 24 |
Share-based compensation | $373 | $356 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | $1,106 | $1,106 | ' |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ' |
Losses in Accumulated Other Comprehensive Income | -146 | -229 | ' |
Estimated Fair Value | 960 | 877 | ' |
Unrealized holding gain (loss) on available-for-sale securities | -146 | ' | -106 |
Real Estate Common Stock [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Amortized Cost | 1,106 | 1,106 | ' |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | ' |
Losses in Accumulated Other Comprehensive Income | -146 | -229 | ' |
Estimated Fair Value | $960 | $877 | ' |
Accrued_Rents_and_Accounts_Rec2
Accrued Rents and Accounts Receivable, Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Tenant receivables | $6,747 | $5,731 |
Accrued rents and other recoveries | 7,802 | 7,895 |
Allowance for doubtful accounts | -4,026 | -3,697 |
Total | $10,523 | $9,929 |
Unamortized_Leasing_Commission2
Unamortized Leasing Commissions and Loan Costs (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Leasing commissions | $6,905 | $6,641 |
Deferred financing cost | 5,110 | 5,146 |
Total cost | 12,015 | 11,787 |
Less: leasing commissions accumulated amortization | -3,800 | -3,629 |
Less: deferred financing cost accumulated amortization | -2,132 | -1,931 |
Total cost, net of accumulated amortization | $6,083 | $6,227 |
Debt_Schedule_of_Debt_Details
Debt (Schedule of Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 04, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Fixed rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Interest rate swap | Interest rate swap | Term loan | Term loan | Term loan | |||
$10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $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 | $20.2 million 4.28% Note, due June 6, 2023 | $20.2 million 4.28% Note, due June 6, 2023 | $1.0 million 4.75% Note, due December 31, 2014 | $1.0 million 4.75% Note, due December 31, 2014 | $16.5 million 4.97% Note, due September 26, 2023 | $16.5 million 4.97% Note, due September 26, 2023 | $15.1 million 4.99% Note, due January 6, 2024 | $15.1 million 4.99% Note, due January 6, 2024 | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | $11.1 million 5.87% Note, due August 6, 2016 | $11.1 million 5.87% Note, due August 6, 2016 | $3.0 million 6.00% Note, due March 31, 2021 (4) | $3.0 million 6.00% Note, due March 31, 2021 (4) | $0.9 million 2.97% Note, due November 28, 2014 | $0.9 million 2.97% Note, due November 28, 2014 | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | $50.0 million, 0.84% plus 1.75% to 2.50% Note, due February 3, 2017 (2) | 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 | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 (3) | 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) | London Interbank Offered Rate (LIBOR) | Prime Rate | Prime Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Minimum | Minimum | Maximum | Maximum | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Minimum | Minimum | Maximum | Maximum | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | $264,649,000 | $264,277,000 | $10,500,000 | $10,500,000 | $50,000,000 | $50,000,000 | $36,776,000 | $37,000,000 | $6,474,000 | $6,500,000 | $20,200,000 | $20,200,000 | $1,000,000 | $1,087,000 | $16,450,000 | $16,450,000 | $15,060,000 | $15,060,000 | $7,880,000 | $7,875,000 | $11,826,000 | $11,900,000 | $2,894,000 | $2,905,000 | $789,000 | $0 | ' | ' | ' | ' | ' | ' | $84,800,000 | $84,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | 0.84% | 0.84% | 3.76% | 3.76% | 3.80% | 3.80% | 4.28% | 4.28% | ' | ' | 4.97% | 4.97% | 4.99% | 4.99% | ' | ' | 5.87% | 5.87% | 6.00% | 6.00% | 2.97% | 2.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.55% | 5.72% | ' | 0.84% | ' |
Face amount of debt | ' | ' | $0 | $10,500,000 | $50,000,000 | $50,000,000 | $37,000,000 | $37,000,000 | $6,500,000 | $6,500,000 | $20,200,000 | $20,200,000 | ' | ' | $16,500,000 | $16,500,000 | $15,100,000 | $15,100,000 | $9,200,000 | $9,200,000 | $11,100,000 | $11,100,000 | $3,000,000 | $3,000,000 | $700,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $50,000,000 | ' |
Description of variable rate basis | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime | 'Prime | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Basis spread on variable rate | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | ' | ' | ' | ' | ' |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 19, 2013 | Feb. 04, 2013 | Feb. 04, 2013 | Feb. 04, 2013 | 31-May-13 | Dec. 23, 2013 | Sep. 26, 2013 | Sep. 24, 2013 | Sep. 24, 2013 | 31-May-13 | Mar. 31, 2014 | Feb. 04, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 16, 2013 | Sep. 26, 2013 | Nov. 26, 2013 | Nov. 26, 2013 |
CollateralizedProperties | Mercado at Scottsdale Ranch [Member] | Credit Facility | Credit Facility | Term loan | Refinanced Debt | Woodlake Note [Member] | Uptown Note [Member] | Terravita Note [Member] | Terravita Note [Member] | Pinnacle Note [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 | 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 | Anthem Note [Member] | Industrial Note [Member] | Floating Rate Loan [Member] | Fixed Rate Indebtedness [Member] | ||
Base Rate [Member] | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Credit Facility | Credit Facility | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Floating rate notes | Term loan | Term loan | ||||||||||||||
London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt | ' | ' | $11,100,000 | ' | ' | $50,000,000 | $14,100,000 | $6,500,000 | $16,500,000 | $10,500,000 | ' | $20,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | $15,100,000 | $37,000,000 | ' | ' |
Stated interest rate | ' | ' | 5.87% | ' | ' | ' | 5.70% | 3.80% | 4.97% | ' | ' | 4.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | ' | 4.99% | 3.76% | ' | ' |
Extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,900,000 | 10,100,000 |
Interest supplement assumed with acquisition of real estate | ' | ' | 932,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Imputed interest rate | ' | ' | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt | 129,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of collateralized properties (in collateralized properties) | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of collateralized properties | 160,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, expanded maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | 'Base Rate | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | 1.75% | 1.75% | 2.50% | 2.50% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | $264,649,000 | $264,277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,800,000 | $84,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $2,866 | ' |
2015 | 1,866 | ' |
2016 | 13,277 | ' |
2017 | 144,976 | ' |
2018 | 11,911 | ' |
Thereafter | 89,753 | ' |
Total | $264,649 | $264,277 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (Interest Rate Swaps [Member], USD $) | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Nov. 01, 2013 | Mar. 08, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Interest Expense [Member] | Interest Expense [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 | ' | ' | ' | ' | $1,181,000 | $1,231,000 |
Face amount of debt | ' | ' | 10,500,000 | 50,000,000 | ' | ' |
Fixed interest rate | ' | ' | 1.55% | 0.84% | ' | ' |
Amount Recognized as Comprehensive Income (Loss) | -38,000 | -268,000 | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | ($190,000) | ($88,000) | ' | ' | ' | ' |
Earnings_Loss_Per_Share_Detail
Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Numerator: | ' | ' |
Net income | $2,432,000 | $986,000 |
Less: Net income attributable to noncontrolling interests | -60,000 | -37,000 |
Distributions paid on unvested restricted shares | -19,000 | -11,000 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | 2,353,000 | 938,000 |
Denominator: | ' | ' |
Weighted average number of common shares - basic (in shares) | 21,823,000 | 16,819,000 |
Effect of dilutive securities: | ' | ' |
Unvested restricted shares (in shares) | 126,000 | 120,000 |
Weighted average number of common shares - dilutive (in shares) | 21,949,000 | 16,939,000 |
Basic: | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.11 | $0.06 |
Diluted: | ' | ' |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $0.11 | $0.06 |
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 | 555,681 | 652,557 |
Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Distributions to holders of certain restricted common shares | 38,000 | 45,000 |
Distributions to holders of certain restricted common shares charged against earnings | $19,000 | $34,000 |
Income_Taxes_Details
Income Taxes (Details) (Texas [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Texas [Member] | ' | ' |
Income Tax Contingency [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 | $67,000 | $60,000 |
Equity_Details
Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Oct. 08, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 08, 2013 | |
Preferred Stock [Member] | OP Units [Member] | OP Units [Member] | OP Units [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] | Portion Attributable to Over-Allotment Option [Member] | ||||||
OP Units [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Class A [Member] | Common Class A [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | OP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, authorized (in shares) | ' | 400,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, par value per share (in dollars per share) | $0.00 | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, shares authorized (in shares) | ' | 50,000,000 | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, par value per share (in dollars per share) | ' | $0.00 | ' | $0.00 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity distribution agreements, authorized amount | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation to sales agents | ' | 14,000 | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, issued (in shares) | 4,000,000 | 21,962,409 | ' | 21,943,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 |
Share price of equity offering | $13.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common shares, net of offering costs | 59,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in operating partnership | ' | 97.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion basis for common shares to OP units | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP units outstanding (in shares) | ' | ' | ' | ' | ' | ' | 22,392,276 | ' | 22,384,970 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OP units owned (in shares) | ' | ' | ' | ' | ' | ' | 21,841,587 | ' | 21,822,878 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average share ownership in operating partnership | ' | 97.50% | 94.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution paid (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $1.14 | $0.28 | $0.28 | $0.28 | $0.28 | $0.28 | $1.14 | ' |
Cash distribution paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,389,000 | $5,953,000 | $5,030,000 | $5,001,000 | $5,001,000 | $20,985,000 | $6,231,000 | $5,790,000 | $4,865,000 | $4,832,000 | $4,807,000 | $6,231,000 | $20,294,000 | $158,000 | $163,000 | $165,000 | $169,000 | $194,000 | $691,000 | ' |
Common shares, outstanding (in shares) | ' | 21,962,409 | ' | 21,943,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock, shares converted (in shares) | ' | ' | ' | ' | ' | ' | 11,403 | 78,429 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive_Share_Plan_Narrative
Incentive Share Plan (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Apr. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 22, 2010 | |
Restricted Common Shares and Restricted Share Units [Member] | Restricted Common Shares and Restricted Share Units [Member] | Performance Shares [Member] | Non-Vested Time Based Shares [Member] | Non-Cash Share Based Compensation in 2014 [Member] | Non-Cash Share Based Compensation Subsequent to 2014 [Member] | 2008 Long-Term Equity Incentive Ownership Plan [Member] | |||
Subsequent Event [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of maximum number of shares issued under plan to aggregate shares | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% |
Share-based compensation | $373,000 | $356,000 | ' | ' | ' | ' | ' | ' | ' |
Shares canceled in period (in shares) | ' | ' | ' | 633,704 | ' | ' | ' | ' | ' |
Aggregate shares granted (in shares) | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | 62.00% | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | $16,000,000 | $900,000 | $4,200,000 | $13,300,000 | ' |
Award vesting period | ' | ' | '51 months | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost, period for recognition | ' | ' | ' | ' | ' | '36 months | ' | '44 months | ' |
Vested in period (in shares) | ' | ' | ' | 112,700 | ' | ' | ' | ' | ' |
Vested in period, weighted average grant-date fair value (in dollars per share) | ' | ' | ' | $12.71 | ' | ' | ' | ' | ' |
Incentive_Share_Plan_Schedule_
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) (2008 Long-Term Equity Incentive Ownership Plan [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | 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) | 759,711 | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $13.69 | ' | ' | ' |
Shares, Granted (in shares) | 2,877 | 328,005 | 99,700 | 0 |
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $13.62 | $15.43 | $13.03 | $0 |
Shares, Vested (in shares) | -7,094 | -15,270 | -16,208 | -5,169 |
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | $13.02 | ' | ' | ' |
Shares, Forfeited (in shares) | -4,924 | ' | ' | ' |
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | $14.20 | ' | ' | ' |
Shares, Non-vested (in shares) | 750,570 | 759,711 | ' | ' |
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $13.70 | $13.69 | ' | ' |
Shares, Available for grant (in shares) | 2,350,537 | ' | ' | ' |
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 $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | 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 [Line Items] | ' | ' | ' | ' |
Shares, Granted, Non-Vested Shares Isused (in shares) | 2,877 | 328,005 | 99,700 | 0 |
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $13.62 | $15.43 | $13.03 | $0 |
Shares, Vested (in shares) | -7,094 | -15,270 | -16,208 | -5,169 |
Shares Vested, Total Vest-Date Fair Value | $92 | $224 | $223 | $0 |
Grants_to_Trustees_Details
Grants to Trustees (Details) (Individual Trustee Grant Agreements [Member], Stock Options [Member], USD $) | 0 Months Ended | |
Jan. 31, 2014 | Sep. 16, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of independent trustees (in trustees) | 3 | 5 |
Common Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock granted to each trustee (in shares) | 2,877 | 1,500 |
Restricted stock granted to trustees, vested in period (in shares) | ' | 7,500 |
Restricted stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $13.62 | $14.52 |
Real_Estate_Details
Real Estate (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
Dec. 05, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 17, 2013 | Jun. 28, 2013 | Oct. 07, 2013 | Jun. 19, 2013 | Mar. 28, 2013 | Jun. 19, 2013 | |
sqft | Anthem Marketplace [Member] | Anthem Marketplace [Member] | Fountain Hills Plaza [Member] | Mercado at Scottsdale Ranch [Member] | Headquarters Village Shopping Center [Member] | Interest Rate Supplement [Member] | |||
sqft | acre | sqft | sqft | sqft | Mercado at Scottsdale Ranch [Member] | ||||
acre | sqft | ||||||||
Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire property | $37,400,000 | $0 | $25,700,000 | $2,800,000 | $23,300,000 | $20,600,000 | $9,300,000 | $25,700,000 | ' |
Gross leasable area (in square feet) | 241,280 | ' | ' | 16,220 | 113,293 | 111,289 | 118,730 | 89,134 | ' |
Property percentage occupied | 80.00% | ' | ' | 63.00% | 100.00% | 87.00% | 100.00% | 100.00% | ' |
Area of land (in acres) | ' | ' | ' | 2.5 | 0.83 | ' | ' | ' | ' |
Property acquisitions, purchase price | ' | ' | ' | ' | ' | ' | 21,300,000 | ' | ' |
Face amount of debt | ' | ' | ' | ' | ' | ' | $11,100,000 | ' | $900,000 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 6-May-14 | Apr. 02, 2014 |
Restricted Common Shares and Restricted Share Units [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Shares canceled in period (in shares) | ' | 633,704 |
Aggregate shares granted (in shares) | ' | 2,700,000 |
Vested in period (in shares) | ' | 112,700 |
Vested in period, weighted average grant-date fair value (in dollars per share) | ' | $12.71 |
EDP, shares sold (in shares) | 177,100 | ' |
Proceeds from EDP | $2,500,000 | ' |
EDP, compensation paid | $38,000 | ' |