Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Whitestone REIT | ||
Entity Central Index Key | 1,175,535 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 27,004,048 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 344,674,385 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate assets, at cost | ||
Property | $ 835,538 | $ 673,655 |
Accumulated depreciation | (89,580) | (71,587) |
Total real estate assets | 745,958 | 602,068 |
Cash and cash equivalents | 2,587 | 4,236 |
Restricted cash | 121 | 0 |
Marketable securities | 435 | 973 |
Escrows and acquisition deposits | 6,668 | 4,092 |
Accrued rents and accounts receivable, net of allowance for doubtful accounts | 15,466 | 11,834 |
Unamortized lease commissions and loan costs | 9,970 | 8,879 |
Prepaid expenses and other assets | 2,672 | 2,215 |
Total assets | 783,877 | 634,297 |
Liabilities: | ||
Notes payable | 499,747 | 394,093 |
Accounts payable and accrued expenses | 24,051 | 15,882 |
Tenants' security deposits | 5,254 | 4,372 |
Dividends and distributions payable | 7,834 | 6,627 |
Total liabilities | 536,886 | 420,974 |
Commitments and contingencies: | 0 | 0 |
Equity: | ||
Preferred shares, $0.001 par value per share; 50,000,000 shares authorized; none issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 0 | 0 |
Common shares, $0.001 par value per share; 400,000,000 shares authorized; 26,991,493 and 22,835,695 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 27 | 23 |
Additional paid-in capital | 359,971 | 304,078 |
Accumulated other comprehensive loss | (116,895) | (93,938) |
Accumulated deficit | (129) | (91) |
Total Whitestone REIT shareholders' equity | 242,974 | 210,072 |
Noncontrolling interest in subsidiary | 4,017 | 3,251 |
Total equity | 246,991 | 213,323 |
Total liabilities and equity | $ 783,877 | $ 634,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders' Equity: | ||
Preferred shares, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
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) | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 26,991,493 | 22,835,695 |
Common shares, outstanding (in shares) | 26,991,493 | 22,835,695 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property revenues | |||
Rental revenues | $ 71,843 | $ 56,293 | $ 47,297 |
Other revenues | 21,573 | 16,089 | 13,195 |
Total property revenues | 93,416 | 72,382 | 60,492 |
Property expenses | |||
Property operation and maintenance | 18,698 | 15,405 | 14,079 |
Real estate taxes | 12,637 | 9,747 | 8,599 |
Total property expenses | 31,335 | 25,152 | 22,678 |
Other expenses (income) | |||
General and administrative | 20,312 | 15,274 | 10,912 |
Depreciation and amortization | 19,761 | 15,725 | 13,100 |
Interest expense | 14,910 | 10,579 | 9,975 |
Interest, dividend and other investment income | (313) | (90) | (136) |
Total other expense | 54,670 | 41,488 | 33,851 |
Income from continuing operations before loss on sale or disposal of assets and income taxes | 7,411 | 5,742 | 3,963 |
Provision for income taxes | (372) | (282) | (293) |
Loss on sale or disposal of assets | (185) | (111) | (49) |
Income from continuing operations | 6,854 | 5,349 | 3,621 |
Income from discontinued operations | 11 | 510 | 298 |
Gain on sale of property from discontinued operations | 0 | 1,887 | 0 |
Income from discontinued operations | 11 | 2,397 | 298 |
Net income | 6,865 | 7,746 | 3,919 |
Less: Net income attributable to noncontrolling interests | 116 | 160 | 125 |
Net income attributable to Whitestone REIT | $ 6,749 | $ 7,586 | $ 3,794 |
Basic Earnings Per Share: | |||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.10 | 0.02 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.25 | 0.33 | 0.21 |
Diluted Earnings Per Share: | |||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.24 | 0.22 | 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0.10 | 0.01 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.24 | $ 0.32 | $ 0.20 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 24,631 | 22,278 | 18,027 |
Diluted (in shares) | 25,683 | 22,793 | 18,273 |
Distributions declared per common share / OP unit (in dollars per share) | $ 1.14 | $ 1.14 | $ 1.14 |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 6,865 | $ 7,746 | $ 3,919 |
Other comprehensive gain (loss) | |||
Unrealized gain (loss) on cash flow hedging activities | 46 | (136) | 173 |
Unrealized gain (loss) on available-for-sale marketable securities | (85) | 96 | 180 |
Comprehensive income | 6,826 | 7,706 | 4,272 |
Less: Comprehensive income attributable to noncontrolling interests | 115 | 160 | 136 |
Comprehensive income attributable to Whitestone REIT | $ 6,711 | $ 7,546 | $ 4,136 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | ATM Program [Member] | Overnight Offering [Member] | [2] | Total Shareholders' Equity [Member] | Total Shareholders' Equity [Member]ATM Program [Member] | Total Shareholders' Equity [Member]Overnight Offering [Member] | [2] | Common Stock [Member] | Common Stock [Member]ATM Program [Member] | Common Stock [Member]Overnight Offering [Member] | [2] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]ATM Program [Member] | Additional Paid-in Capital [Member]Overnight Offering [Member] | [2] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | |||||
Beginning Balance (in shares), at Dec. 31, 2012 | 16,943,000 | |||||||||||||||||||||||
Beginning Balance at Dec. 31, 2012 | $ 172,887 | $ 166,031 | $ 16 | $ 224,237 | $ (57,830) | $ (392) | $ 6,856 | |||||||||||||||||
Beginning Balance (in units), at Dec. 31, 2012 | 685,000 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of commons shares (in shares) | 282,000 | [1] | 4,600,000 | |||||||||||||||||||||
Issuance of common shares | $ 4,191 | [1] | $ 59,696 | $ 4,191 | [1] | $ 59,696 | $ 5 | $ 4,191 | [1] | $ 59,691 | ||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (123,000) | (123,000) | ||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 1,234 | $ 1 | 1,236 | (3) | $ (1,234) | ||||||||||||||||||
Exchange offer costs | (40) | (40) | (40) | |||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | $ 99 | 99 | 99 | |||||||||||||||||||||
Shared-based compensation (in shares) | 11,000 | |||||||||||||||||||||||
Share-based compensation | $ 2,157 | 2,157 | 2,157 | |||||||||||||||||||||
Distributions | (22,347) | (21,685) | (21,685) | (662) | ||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | 173 | 167 | 167 | |||||||||||||||||||||
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | 180 | 174 | 174 | 6 | ||||||||||||||||||||
Net income | 3,919 | 3,794 | 3,794 | 125 | ||||||||||||||||||||
Ending Balance at Dec. 31, 2013 | 220,915 | 215,818 | $ 22 | 291,571 | (75,721) | (54) | $ 5,097 | |||||||||||||||||
Ending Balance (in shares), at Dec. 31, 2013 | 21,944,000 | |||||||||||||||||||||||
Ending Balance (in units), at Dec. 31, 2013 | 562,000 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of commons shares (in shares) | [3] | 456,000 | ||||||||||||||||||||||
Issuance of common shares | [3] | $ 6,458 | $ 6,458 | $ 6,458 | ||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (164,000) | (164,000) | ||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 1,487 | $ 1 | 1,484 | 2 | $ (1,487) | ||||||||||||||||||
Exchange offer costs | (136) | (136) | (136) | |||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 94 | 94 | 94 | |||||||||||||||||||||
Repurchase of common shares (in shares) | [4] | (2,000) | ||||||||||||||||||||||
Repurchase of common shares | [4] | $ (24) | (24) | (24) | ||||||||||||||||||||
Shared-based compensation (in shares) | 267,000 | |||||||||||||||||||||||
Share-based compensation | $ 4,631 | 4,631 | 4,631 | |||||||||||||||||||||
Distributions | (26,321) | (25,803) | (25,803) | (518) | ||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | (136) | (133) | (133) | (3) | ||||||||||||||||||||
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | 96 | 94 | 94 | 2 | ||||||||||||||||||||
Net income | 7,746 | 7,586 | 7,586 | 160 | ||||||||||||||||||||
Ending Balance at Dec. 31, 2014 | $ 213,323 | 210,072 | $ 23 | 304,078 | (93,938) | (91) | $ 3,251 | |||||||||||||||||
Ending Balance (in shares), at Dec. 31, 2014 | 22,835,695 | 22,836,000 | ||||||||||||||||||||||
Ending Balance (in units), at Dec. 31, 2014 | 398,000 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Issuance of commons shares (in shares) | 3,750,000 | |||||||||||||||||||||||
Issuance of common shares | $ 49,649 | 49,649 | $ 4 | 49,645 | ||||||||||||||||||||
Issuance of OP units (in shares) | 120,000 | |||||||||||||||||||||||
Issuance of OP units | 1,333 | $ 1,333 | ||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares (in shares) | (21,000) | (21,000) | ||||||||||||||||||||||
Exchange of noncontrolling interest OP units for common shares | 0 | 174 | $ 0 | 173 | 1 | $ (174) | ||||||||||||||||||
Issuance of common shares under dividend reinvestment plan (in shares) | 7,000 | |||||||||||||||||||||||
Issuance of common shares under dividend reinvestment plan | 95 | 95 | 95 | |||||||||||||||||||||
Repurchase of common shares (in shares) | [4] | (101,000) | ||||||||||||||||||||||
Repurchase of common shares | [4] | $ (1,357) | (1,357) | (1,357) | ||||||||||||||||||||
Shared-based compensation (in shares) | 478,000 | |||||||||||||||||||||||
Share-based compensation | $ 7,337 | 7,337 | 7,337 | |||||||||||||||||||||
Distributions | (30,215) | (29,706) | (29,706) | (509) | ||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedge | 46 | 45 | 45 | 1 | ||||||||||||||||||||
Unrealized gain (loss) on change in fair value of available-for-sale marketable securities | (85) | (84) | (84) | (1) | ||||||||||||||||||||
Net income | 6,865 | 6,749 | 6,749 | 116 | ||||||||||||||||||||
Ending Balance at Dec. 31, 2015 | $ 246,991 | $ 242,974 | $ 27 | $ 359,971 | $ (116,895) | $ (129) | $ 4,017 | |||||||||||||||||
Ending Balance (in shares), at Dec. 31, 2015 | 26,991,493 | 26,991,000 | ||||||||||||||||||||||
Ending Balance (in units), at Dec. 31, 2015 | 497,000 | |||||||||||||||||||||||
[1] | Net of offering costs of $0.2 million. | |||||||||||||||||||||||
[2] | Net of offering costs of $2.6 million. | |||||||||||||||||||||||
[3] | Net of offering costs of $0.1 million. | |||||||||||||||||||||||
[4] | During the years ended December 31, 2015 and 2014, the Company acquired common shares held by employees who tendered owned common shares to satisfy the tax withholding on the lapse of certain restrictions on restricted shares. |
Consolidated Statement of Chan6
Consolidated Statement of Changes in Equity (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
ATM Program [Member] | |
Offering costs | $ 0.2 |
Overnight Offering [Member] | |
Offering costs | $ 2.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income from continuing operations | $ 6,854 | $ 5,349 | $ 3,621 |
Net income from discontinued operations | 11 | 2,397 | 298 |
Net income | 6,865 | 7,746 | 3,919 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 19,761 | 15,725 | 13,100 |
Amortization of deferred loan costs | 1,212 | 899 | 1,046 |
Amortization of notes payable discount | 295 | 304 | 463 |
Gain on sale of marketable securities | (44) | 0 | (41) |
Loss on sale or disposal of assets and properties | 185 | 111 | 49 |
Bad debt expense | 1,974 | 1,602 | 1,638 |
Share-based compensation | 7,337 | 4,631 | 2,284 |
Changes in operating assets and liabilities: | |||
Escrows and acquisition deposits | (2,576) | (1,998) | 4,920 |
Accrued rent and accounts receivable | (5,606) | (3,668) | (3,589) |
Related party receivable | 0 | 0 | 652 |
Unamortized lease commissions | (1,918) | (1,526) | (1,170) |
Prepaid expenses and other assets | 394 | 605 | 938 |
Accounts payable and accrued expenses | 7,419 | 2,257 | (1,242) |
Tenants' security deposits | 882 | 900 | 561 |
Net cash provided by operating activities | 36,169 | 25,191 | 23,230 |
Net cash provided by operating activities of discontinued operations | 11 | 450 | 654 |
Cash flows from investing activities: | |||
Acquisitions of real estate | (147,950) | (129,439) | (119,102) |
Additions to real estate | (12,719) | (9,330) | (6,138) |
Proceeds from sales of marketable securities | 496 | 0 | 747 |
Net cash used in investing activities | (160,173) | (138,769) | (124,493) |
Net cash provided by (used in) investing activities of discontinued operations | 0 | 7,311 | (153) |
Cash flows from financing activities: | |||
Distributions paid to common shareholders | (28,457) | (25,539) | (20,294) |
Distributions paid to OP unit holders | (489) | (550) | (691) |
Proceeds from issuance of common shares, net of offering costs | 49,649 | 6,458 | 63,887 |
Payments of exchange offer costs | 0 | (136) | (40) |
Proceeds from revolving credit facility, net | 107,500 | 85,300 | 65,800 |
Proceeds from notes payable | 0 | 47,300 | 105,710 |
Repayments of notes payable | (2,847) | (3,306) | (110,829) |
Payments of loan origination costs | (1,534) | (3,036) | (2,796) |
Change in restricted cash | (121) | 0 | 0 |
Repurchase of common shares | (1,357) | (24) | 0 |
Net cash provided by financing activities | 122,344 | 106,467 | 100,747 |
Net cash used in financing activities of discontinued operations | 0 | (2,905) | (38) |
Net decrease in cash and cash equivalents | (1,649) | (2,255) | (53) |
Cash and cash equivalents at beginning of period | 4,236 | 6,491 | 6,544 |
Cash and cash equivalents at end of period | 2,587 | 4,236 | 6,491 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 13,470 | 9,562 | 9,179 |
Cash paid for taxes | 315 | 238 | 237 |
Non cash investing and financing activities: | |||
Disposal of fully depreciated real estate | 57 | 6,092 | 278 |
Financed insurance premiums | 1,057 | 888 | 883 |
Value of shares issued under dividend reinvestment plan | 95 | 94 | 99 |
Value of common shares exchanged for OP units | 174 | 1,484 | 1,236 |
Change in fair value of available-for-sale securities | 85 | 96 | 180 |
Change in fair value of cash flow hedge | (46) | (136) | 173 |
Debt assumed with acquisitions of real estate | 0 | 2,586 | 11,100 |
Interest supplement assumed with acquisition of real estate | 0 | 0 | 932 |
Acquisition of real estate in exchange for OP units | $ 1,333 | $ 0 | $ 0 |
Description of Business and Nat
Description of Business and Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS | DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS Whitestone REIT (“Whitestone”) was formed as a real estate investment trust, pursuant to the Texas Real Estate Investment Trust Act on August 20, 1998. In July 2004, we changed our state of organization from Texas to Maryland pursuant to a merger where we merged directly with and into a Maryland real estate investment trust formed for the sole purpose of the reorganization and the conversion of each of our outstanding common shares of beneficial interest of the Texas entity into 1.42857 common shares of beneficial interest of the Maryland entity. We serve as the general partner of Whitestone REIT Operating Partnership, L.P. (the “Operating Partnership” or “WROP” or “OP”), which was formed on December 31, 1998 as a Delaware limited partnership. We currently conduct substantially all of our operations and activities through the Operating Partnership. As the general partner of the Operating Partnership, we have the exclusive power to manage and conduct the business of the Operating Partnership, subject to certain customary exceptions. As of December 31, 2015 , 2014 and 2013 , we owned and operated 70 , 63 , and 60 commercial properties, respectively, in and around Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2015 , 2014 and 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 interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for- one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. During 2014, we reclassified certain properties classified as discontinued operations to conform to the current year presentation. See Note 4 for additional discussion. Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024 (See Note 8), which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities. 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 $7.3 million , $4.7 million and $2.3 million in share-based compensation expense for the years ended December 31, 2015 , 2014 and 2013 , respectively. Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2015 and 2014 consisted of demand deposits at commercial banks and brokerage accounts. Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. Real Estate Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) 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 year ended December 31, 2015 , approximately $106,000 and $69,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2014 , approximately $93,000 and $58,000 in interest expense and real estate taxes, respectively, were capitalized. For the year ended December 31, 2013 , approximately $114,000 and $100,000 in interest expense and real estate taxes, respectively, were capitalized. Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2015 . Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2015 and 2014 , we had an allowance for uncollectible accounts of $6.6 million and $5.0 million , respectively. As of December 31, 2015 , 2014 and 2013 , we recorded bad debt expense in the amount of $2.0 million , $1.6 million and $1.6 million , respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. As part of the executive relocation arrangement discussed in Note 12, we issued a note receivable for $975,000 to the buyer, with an interest rate of 4.5% and a maturity of December 31, 2013. On December 5, 2013, the note was renewed through June 30, 2014 and bears interest at a rate of 5.2% during the renewal period. We are currently working with the buyer to renew the note receivable. Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate ( 1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. As of December 31, 2015 , 2014 and 2013 , we recorded a margin tax provision of $0.4 million , $0.3 million and $0.3 million , respectively. Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $498.8 million and $394.9 million as compared to the book value of approximately $499.7 million and $394.1 million as of December 31, 2015 and 2014 , respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2015 and 2014 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2015 and current estimates of fair value may differ significantly from the amounts presented herein. Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2015 , we consider our cash flow hedges to be highly effective. Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. Recent accounting pronouncements. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued guidance to clarify that debt issuance costs related to line-of-credit agreements may still be presented as an asset and subsequently amortized ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015 and is to be applied retrospectively. We expect this guidance to reduce total assets and total notes payable on our consolidated balance sheets for amounts classified as deferred financing costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES All of our marketable securities were classified as available-for-sale securities as of December 31, 2015 , 2014 and 2013 . Available-for-sale securities consist of the following (in thousands): December 31, 2015 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 654 $ — $ (219 ) $ 435 Total available-for-sale securities $ 654 $ — $ (219 ) $ 435 December 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 $ — $ (133 ) $ 973 Total available-for-sale securities $ 1,106 $ — $ (133 ) $ 973 During the years ended December 31, 2015 and 2013 , available-for-sale securities were sold for total proceeds of $496,000 and $747,000 , respectively. The gross realized gains and losses on these sales totaled $44,000 and $0 , respectively, in 2015 , and $44,000 and $3,000 , respectively, in 2013 . During the year ended December 31, 2014 , 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 $219,000 and $133,000 for the years ended December 31, 2015 and 2014 , respectively, has been included in accumulated other comprehensive income. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
REAL ESTATE | REAL ESTATE As of December 31, 2015 , we owned 70 commercial properties in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio areas comprised of approximately 6.0 million square feet of gross leasable area. Property Acquisitions. On August 28, 2015, we acquired the hard corner at our Gilbert Tuscany Village property for approximately $1.7 million in cash and net prorations. The 14,603 square foot single-tenant property was vacant at the time of purchase and is located in Gilbert, Arizona. No revenue and a loss of $32,000 have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On August 26, 2015, we acquired two parcels of undeveloped land totaling 3.12 acres for 120,000 OP units. The OP units, are convertible on a one -for- one basis for Whitestone REIT common shares, subject to certain restrictions. The undeveloped land parcels are adjacent to our Keller Place property. On August 26, 2015, we acquired Keller Place, a property that meets our Community Centered Property™ strategy, for approximately $12.0 million in cash and net prorations. The 93,541 square foot property was 92% leased at the time of purchase and is located in the Keller suburb of Fort Worth, Texas. Revenue and income of $471,000 and $237,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On August 26, 2015, we acquired Quinlan Crossing, a property that meets our Community Centered Property™ strategy, for approximately $37.5 million in cash and net prorations. The 109,892 square foot property was 95% leased at the time of purchase and is located in Austin, Texas. Revenue and income of $1,283,000 and $555,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On July 2, 2015, we acquired Parkside Village North, a property that meets our Community Centered Property™ strategy, for approximately $12.5 million in cash and net prorations. The 27,045 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. Revenue and income of $596,000 and $289,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On July 2, 2015, we acquired Parkside Village South, a property that meets our Community Centered Property™ strategy, for approximately $32.5 million in cash and net prorations. The 90,101 square foot property was 100% leased at the time of purchase and is located in Austin, Texas. Revenue and income of $1,738,000 and $844,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On May 27, 2015, we acquired Davenport Village, a property that meets our Community Centered Property™ strategy, for approximately $45.5 million in cash and net prorations. The 128,934 square foot property was 85% leased at the time of purchase and is located in Austin, Texas. Revenue and income of $2,390,000 and $967,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On March 31, 2015, we acquired City View Village, a property that meets our Community Centered Property™ strategy, for approximately $6.3 million in cash and net prorations. The 17,870 square foot property was 100% leased at the time of purchase and is located in San Antonio, Texas. Revenue and income of $612,000 and $273,000 , respectively, have been included in our results of operations for the year ended December 31, 2015 since the date of acquisition. On December 24, 2014, we acquired the hard corner at our Village Square at Dana Park property for approximately $4.7 million , in exchange for the assumption of a $2.6 million non-recourse loan and cash of $2.1 million . The 12,047 square foot property was 88% leased at the time of purchase and is located in the Mesa submarket of Phoenix, Arizona. On December 24, 2014, we acquired The Shops at Williams Trace, a property that meets our Community Centered Property™ strategy, for approximately $20.2 million in cash and net prorations. The 132,991 square foot property was 87% leased at the time of purchase and is located in Sugar Land, Texas. On December 24, 2014, we acquired Williams Trace Plaza, a property that meets our Community Centered Property™ strategy, for approximately $20.4 million in cash and net prorations. The 129,222 square foot property was 95% leased at the time of purchase and is located in Sugar Land, Texas. On December 19, 2014, we acquired a 1.39 acre parcel of undeveloped land for $0.9 million in cash and net prorations. The undeveloped land parcel is adjacent to our Fulton Ranch Towne Center property. On November 5, 2014, we acquired Fulton Ranch Towne Center, a property that meets our Community Centered Property™ strategy, for approximately $29.3 million in cash and net prorations. The 113,281 square foot property was 86% leased at the time of purchase and is located in Chandler, Arizona. On November 5, 2014, we acquired The Promenade at Fulton Ranch, a property that meets our Community Centered Property™ strategy, for approximately $18.6 million in cash and net prorations. The 98,792 square foot property was 76% leased at the time of purchase and is located in Chandler, Arizona. On September 19, 2014, we acquired The Strand at Huebner Oaks, a property that meets our Community Centered Property™ strategy, for approximately $18.0 million in cash and net prorations. The 73,920 square foot property was 90% leased at the time of purchase and is located in San Antonio, Texas. On July 1, 2014, we acquired Heritage Trace Plaza, a property that meets our Community Centered Property™ strategy, for approximately $20.1 million in cash and net prorations. The 70,431 square foot property was 98% leased at the time of purchase and is located in Fort Worth, Texas. 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. Unaudited pro forma results of operations. The pro forma unaudited results summarized below reflect our consolidated pro forma results of operations as if our acquisitions for the years ended December 31, 2015 , 2014 and 2013 were acquired on January 1, 2013 and includes no other material adjustments: INCOME STATEMENT DATA Year Ended December 31, 2015 2014 2013 Operating revenue $ 100,860 $ 97,353 $ 96,333 Net income $ 8,773 $ 15,005 $ 14,517 Acquisition costs. Acquisition-related costs of $1.7 million , $1.3 million and $1.0 million are included in general and administrative expenses in our income statements for the years ended December 31, 2015 , 2014 and 2013 , respectively. Property dispositions. On December 31, 2014, we completed the sale of three office buildings, Zeta, Royal Crest and Featherwood, located in the Clear Lake suburb of Houston, Texas, for $10.3 million . This disposition was pursuant to our strategy of recycling capital by disposing of non-core, primarily Legacy Properties that do not fit our Community Centered Property™ strategy. As part of the transaction, we provided short-term seller financing of $2.5 million . We recorded a gain on sale of $4.4 million , including recognizing a $1.9 million gain on sale for the year ended December 31, 2014 and deferring the remaining $2.5 million gain on sale to be recognized upon receipt of principal payments on the financing provided by us. The operating results for properties classified as discontinued operations consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Property revenues $ 51 $ 1,626 $ 1,653 Property expenses 41 734 832 Depreciation and amortization — 314 329 Interest expense — 58 175 Provision for income taxes — 10 12 Loss (gain) on sale or disposal of assets (1 ) — 7 Operating income from discontinued operations 11 510 298 Gain on sale of property from discontinued operations — 1,887 — Income from discontinued operations $ 11 $ 2,397 $ 298 Involuntary conversion. On August 29, 2015, we experienced a fire at our Corporate Park Northwest property, located in Houston, Texas. As a result, we recorded involuntary losses of $447,000 related to the disposal of 11,268 square feet of property and related improvements and $55,000 in demolition costs which were offset with $569,000 in insurance proceeds. The $67,000 gain on conversion is included as a reduction in our loss on sale or disposal of assets in the consolidated statements of operations and comprehensive income. |
Accrued Rents and Accounts Rece
Accrued Rents and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET | ACCRUED RENTS AND ACCOUNTS RECEIVABLE, NET Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): December 31, 2015 2014 Tenant receivables $ 10,494 $ 7,998 Accrued rents and other recoveries 11,619 8,800 Allowance for doubtful accounts (6,647 ) (4,964 ) Totals $ 15,466 $ 11,834 |
Unamortized Lease Commissions a
Unamortized Lease Commissions and Loan Costs | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
UNAMORTIZED LEASING COMMISSIONS AND LOAN COSTS | UNAMORTIZED LEASE COMMISSIONS AND LOAN COSTS Costs which have been deferred consist of the following (in thousands): December 31, 2015 2014 Leasing commissions $ 7,226 $ 5,936 Deferred financing cost 6,490 5,785 Total cost 13,716 11,721 Less: leasing commissions accumulated amortization (2,960 ) (2,373 ) Less: deferred financing cost accumulated amortization (786 ) (469 ) Total cost, net of accumulated amortization $ 9,970 $ 8,879 A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Financing Costs Total 2016 $ 1,220 $ 1,253 $ 2,473 2017 1,001 1,239 2,240 2018 728 1,126 1,854 2019 524 612 1,136 2020 379 568 947 Thereafter 414 906 1,320 Total $ 4,266 $ 5,704 $ 9,970 |
Future Minimum Lease Income
Future Minimum Lease Income | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
FUTURE MINIMUM LEASE INCOME | FUTURE MINIMUM LEASE INCOME We lease the majority of our properties under noncancelable operating leases, which provide for minimum base rents plus, in some instances, contingent rents based upon a percentage of the tenants’ gross receipts. A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2015 is as follows (in thousands): Years Ended December 31, Minimum Future Rents 2016 $ 71,537 2017 61,511 2018 48,913 2019 37,588 2020 27,078 Thereafter 88,948 Total $ 335,575 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | DEBT Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2015 2014 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 10,220 $ 10,460 $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 — $37.0 million 3.76% Note, due December 1, 2020 35,146 36,090 $6.5 million 3.80% Note, due January 1, 2019 6,190 6,355 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 20,040 20,200 $14.0 million 4.34% Note, due September 11, 2024 14,000 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $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% Note, due December 29, 2017 (5) 7,886 7,888 $2.6 million 5.46% Note, due October 1, 2023 2,550 2,583 $11.1 million 5.87% Note, due August 6, 2016 11,305 11,607 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 127,600 120,100 $ 499,747 $ 394,093 (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 Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% . (5) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% . Our mortgage debt was collateralized by 20 operating properties as of December 31, 2015 with a combined net book value of $213.9 million and 20 operating properties as of December 31, 2014 with a combined net book value of $216.9 million . Our loans contain restrictions that would require the payment of prepayment penalties for the acceleration of outstanding debt and are secured by deeds of trust on certain of our properties and the assignment of certain rents and leases associated with those properties. On December 24, 2014, we assumed a $2.6 million promissory note as part of our acquisition of the hard corner at Village Square at Dana Park (see Note 4). The 5.46% fixed interest rate note matures October 1, 2023. On November 26, 2014, we, operating through our subsidiary, Whitestone Headquarters Village, LLC, a Delaware limited liability company, entered into a $19.0 million promissory note (the “Headquarters Note”), with a fixed interest rate of 4.15% payable to Morgan Stanley Bank, N.A. and a maturity date of December 1, 2024. Proceeds from the Headquarters Note were used to repay a portion of the Facility (as defined below). On November 7, 2014, we, through our Operating Partnership, entered into an unsecured revolving credit facility (the “2014 Facility”) with the lenders party thereto, with BMO Capital Markets, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and U.S. Bank, National Association, as co-lead arrangers and joint book runners, and Bank of Montreal, as administrative agent (the “Agent”). The 2014 Facility amended and restated our previous unsecured revolving credit facility. On October 30, 2015, we, through our Operating Partnership, entered into the First Amendment to the 2014 Facility (the “First Amendment”) with the guarantors party thereto, the lenders party thereto and the Agent . We refer to the 2014 Facility, as amended by the First Amendment, as the “Facility.” Pursuant to the First Amendment, the Company made the following amendments to the 2014 Facility: • extended the maturity date of the $300 million unsecured revolving credit facility under the 2014 Facility (the “Revolver”) to October 30, 2019 from November 7, 2018; • converted $100 million of outstanding borrowings under the Revolver to a new $100 million unsecured term loan under the 2014 Facility (“Term Loan 3”) with a maturity date of October 30, 2022; • extended the maturity date of the first $50 million unsecured term loan under the 2014 Facility (“Term Loan 1”) to October 30, 2020 from February 17, 2017; and • extended the maturity date of the second $50 million unsecured term loan under the 2014 Facility (“Term Loan 2” and together with Term Loan 1 and Term Loan 3, the “Term Loans”) to January 29, 2021 from November 7, 2019. 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. The applicable margin for Adjusted LIBOR borrowings ranges from 1.40% to 1.95% for the Revolver and 1.35% to 2.25% for the Term Loans. Base Rate means the higher of: (a) the Agent's prime commercial rate, (b) the sum of (i) the average rate quoted by 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) 1/2 of 1.00% , 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 serve as 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 or extraordinary items) to fixed charges, and maintenance of a minimum 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. The Facility includes an accordion feature that will allow the Operating Partnership to increase the borrowing capacity to $700 million , upon the satisfaction of certain conditions. As of December 31, 2015 , $327.6 million was drawn on the Facility and our unused borrowing capacity was $172.4 million , assuming that we use the 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 re-tenanting of properties in our portfolio and working capital. We intend to use the additional proceeds from the Facility for general corporate purposes, including property acquisitions, debt repayment, capital expenditure, the expansion, redevelopment and re-tenanting of properties in our portfolio and working capital. On September 3, 2014, we, operating through our subsidiary, Whitestone Pecos Ranch, LLC, a Delaware limited liability company, entered into a $14.0 million promissory note (the “Pecos Note”), with a fixed interest rate of 4.34% payable to Wells Fargo Bank, National Association and a maturity date of September 11, 2024. Proceeds from the Pecos Note were used to repay a portion of the Facility. On August 26, 2014, we, operating through our subsidiary, Whitestone Shops at Starwood, LLC, a Delaware limited liability company, entered into a $14.3 million promissory note (the “Starwood Note”), with a fixed interest rate of 4.34% payable to Wells Fargo Bank, National Association and a maturity date of September 11, 2024. Proceeds from the Starwood Note were used to repay a portion of the Facility. 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 the 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 the Facility. On November 26, 2013, we, operating through our subsidiary, Whitestone Industrial-Office LLC, a Texas limited liability company (“Whitestone Industrial”), entered into a $37.0 million promissory note (the “Industrial Note”), with a fixed interest rate of 3.76% payable to Jackson Life National Insurance Company and a maturity of December 1, 2020. Proceeds from the Industrial Note were used to repay our existing $26.9 million floating rate loan that matured on December 1, 2013. The remainder of the proceeds were used to pay off approximately $10.1 million in fixed rate indebtedness maturing in 2014. The Industrial Note is a non-recourse loan secured by Whitestone Industrial's nine properties, including Corporate Park Woodland, Holly Hall Industrial Park, Interstate 10 Warehouse, Main Park, Plaza Park, Westbelt Plaza, Westgate Service Center, Corporate Park West and Dairy Ashford. On September 26, 2013, we, operating through our subsidiary, Whitestone Uptown Tower, LLC, a Delaware limited liability company (“Whitestone Uptown”), entered into a $16.5 million promissory note (the “Uptown Note”), with a fixed interest rate of 4.97% payable to Morgan Stanley Capital Holdings LLC and a maturity of September 26, 2023. Proceeds from the Uptown Note were used to repay a portion of the 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 the 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 4). The 5.87% fixed interest rate note matures on August 16, 2016. In conjunction with our acquisition, we received an interest rate supplement from the seller in the amount of $932,000 , which we will accrete into expense over the life of the note. As a result of the supplement, the imputed interest rate is 3.052% , which we consider to be an appropriate market rate. On May 31, 2013, we, operating through our subsidiary, Whitestone Pinnacle of Scottsdale, LLC, a Delaware limited liability company (“Whitestone Pinnacle”), refinanced our $14.1 million promissory note, with an applicable interest rate of 5.695% and a maturity of June 1, 2013, with a $20.2 million promissory note (the “Pinnacle Note”) payable to Cantor Commercial Real Estate Lending, L.P. with an applicable interest rate of 4.2805% , and a maturity of June 6, 2023. The Pinnacle Note is a non-recourse loan secured by Whitestone Pinnacle's Pinnacle of Scottsdale property, located in Scottsdale, Arizona, and a limited guarantee by Whitestone. In conjunction with the Pinnacle Note, a deed of trust was executed by Whitestone Pinnacle that contains customary terms and conditions, including representations, warranties and covenants by Whitestone Pinnacle that include, without limitation, assignment of rents, warranty of title, insurance requirements and maintenance, use and management of the property. The Pinnacle Note contains events of default that include, among other things, non-payment and default under the deed of trust. Upon occurrence of an event of default, the lender is entitled to accelerate all obligations of Whitestone Pinnacle. The lender will also be entitled to receive the entire unpaid balance and unpaid interest at a default rate. Certain other of our loans are subject to customary covenants. As of December 31, 2015 , we were in compliance with all loan covenants. Annual maturities of notes payable as of December 31, 2015 are due during the following years: Amount Due Year (in thousands) 2016 $ 13,269 2017 10,213 2018 12,136 2019 135,649 2020 82,827 Thereafter 245,653 Total $ 499,747 Contractual Obligations As of December 31, 2015 , we had the following contractual obligations: Payment due by period (in thousands) Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 499,747 $ 13,269 $ 22,349 $ 218,476 $ 245,653 Long-Term Debt - Fixed Interest 80,589 13,030 24,753 23,002 19,804 Long-Term Debt - Variable Interest (1) 8,036 2,096 4,193 1,747 — Unsecured credit facility - Unused commitment fee (2) 1,322 345 690 287 — Operating Lease Obligations 186 74 88 21 3 Total $ 589,880 $ 28,814 $ 52,073 $ 243,533 $ 265,460 (1) As of December 31, 2015 , we had one loan totaling $127.6 million which bore interest at a floating rate. The variable interest rate payments are based on LIBOR plus 1.35% to LIBOR plus 1.95% , which reflects our new interest rates under the Facility. The information in the table above reflects our projected interest rate obligations for the floating rate payments based on one-month LIBOR as of December 31, 2015 , of 0.24% . (2) The unused commitment fees on the Facility, payable quarterly, are based on the average daily unused amount of the Facility. The fees are 0.20% for facility usage greater than 50% or 0.25% for facility usage less than 50% . The information in the table above reflects our projected obligations for the Facility based on our December 31, 2015 balance of $327.6 million . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
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: December 31, 2015 Accounts payable and accrued expenses $ 617 December 31, 2014 Accounts payable and accrued expenses $ 1,016 On November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 3 under the Facility at 1.73% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $35.0 million of the swap to U.S. Bank, National Association, and $15.0 million of the swap to SunTrust Bank. See Note 8 for additional information regarding the Facility. The swap began on November 30, 2015 and will mature on October 28, 2022. 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 November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 1 under the Facility at 1.75% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 8 for additional information regarding the Facility. The swap will begin on February 3, 2017 and will mature on October 30, 2020. 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 November 19, 2015, we, through our Operating Partnership, entered into an interest rate swap with Bank of Montreal that fixed the LIBOR portion of Term Loan 2 under the Facility at 1.50% . In the fourth quarter of 2015, pursuant to the terms of the agreement governing the interest rate swap, Bank of Montreal assigned $3.8 million of the swap to Regions Bank, $6.5 million of the swap to U.S. Bank, National Association, $14.0 million of the swap to Wells Fargo Bank, National Association, $14.0 million of the swap to Bank of America, N.A., and $5.0 million of the swap to SunTrust Bank. See Note 8 for additional information regarding the Facility. The swap began on December 7, 2015 and will mature on January 29, 2021. 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 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 Terravita Note at 1.55% . See Note 8 for additional information regarding the Terravita Note. The swap began on November 1, 2013 and will mature on September 24, 2018. We have designated the interest rate swap as a cash flow hedge with the effective portion of the changes in fair value to be recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. The ineffective portion of the change in fair value, if any, will be recognized directly in earnings. On March 8, 2013, we, through our Operating Partnership, entered into an interest rate swap with U.S. Bank, National Association that fixed the LIBOR portion of Term Loan 1 under the Facility at 0.84% . See Note 8 for additional information regarding the 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 Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Year ended December 31, 2015 $ 46 Interest expense $ (991 ) Year ended December 31, 2014 $ (136 ) Interest expense $ (838 ) Year ended December 31, 2013 $ 173 Interest expense $ (363 ) (1) Amounts represent the effective portions of our interest rate swaps. We did not recognize any ineffective portion of our interest rate swaps in earnings for the years ended December 31, 2015 , 2014 and 2013 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share for our common shareholders is calculated by dividing income from continuing operations excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by our weighted-average common shares outstanding during the period. Diluted earnings per share is computed by dividing the net income attributable to common shareholders excluding amounts attributable to unvested restricted shares and the net income attributable to non-controlling interests by the weighted-average number of common shares including any dilutive unvested restricted shares. Certain of our performance-based restricted common shares are considered participating securities, which require the use of the two-class method for the computation of basic and diluted earnings per share. During the years ended December 31, 2015 , 2014 and 2013 , 429,809 , 471,310 and 595,782 OP units, respectively, were excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive. For the years ended December 31, 2015 , 2014 and 2013 , distributions of $564,000 , $272,000 and $177,000 , respectively, were made to the holders of certain restricted common shares, $36,000 , $71,000 and $127,000 of which were charged against earnings, respectively. See Note 14 for information related to restricted common shares under the 2008 Plan. Year Ended December 31, (in thousands, except per share data) 2015 2014 2013 Numerator: Income from continuing operations $ 6,854 $ 5,349 $ 3,621 Less: Net income attributable to noncontrolling interests (116 ) (111 ) (115 ) Distributions paid on unvested restricted shares (528 ) (201 ) (50 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 6,210 5,037 3,456 Income from discontinued operations 11 2,397 298 Less: Net income attributable to noncontrolling interests — (49 ) (10 ) Income from discontinued operations attributable to Whitestone REIT 11 2,348 288 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 6,221 $ 7,385 $ 3,744 Denominator: Weighted average number of common shares - basic 24,631 22,278 18,027 Effect of dilutive securities: Unvested restricted shares 1,052 515 246 Weighted average number of common shares - dilutive 25,683 22,793 18,273 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.25 $ 0.23 $ 0.19 Income from discontinued operations attributable to Whitestone REIT 0.00 0.10 0.02 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.25 $ 0.33 $ 0.21 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.24 $ 0.22 $ 0.19 Income from discontinued operations attributable to Whitestone REIT 0.00 0.10 0.01 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.24 $ 0.32 $ 0.20 |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
FEDERAL INCOME TAXES | FEDERAL INCOME TAXES Federal income taxes are not provided because we intend to and believe we qualify as a REIT under the provisions of the Code and because we have distributed and intend to continue to distribute all of our taxable income to our shareholders. Our shareholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our shareholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates. Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue. For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2015 2014 2013 Ordinary income (unaudited) 60.9 % 53.3 % 38.5 % Return of capital (unaudited) 37.7 % 21.3 % 61.3 % Capital gain distributions (unaudited) 1.4 % 25.4 % 0.2 % Total 100.0 % 100.0 % 100.0 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Executive Relocation. On July 9, 2010, upon the unanimous recommendation of our Compensation Committee, we entered into an arrangement with Mr. Mastandrea with respect to the disposition of his residence in Cleveland, Ohio. Mr. Mastandrea listed the residence in the second half of 2007 and has had to pay for security, taxes, insurance and maintenance expenses related to the residence. Under the relocation arrangement as amended on August 9, 2012, we agreed to pay Mr. Mastandrea the shortfall, if any, in the amount realized from the sale of the Cleveland residence, below $2,450,000 , plus tax on the amount of such payment at the maximum federal income tax rate. The amount of the shortfall was to be paid in a combination of cash and common shares at the market value of the shares, as determined upon agreement between Mr. Mastandrea and the Compensation Committee. In addition, the arrangement required us to continue paying the previously agreed upon cost of housing expenses for the Mastandrea family in Houston, Texas for a period of one year following the date of sale of the residence. We had previously agreed to reimburse Mr. Mastandrea for out-of-pocket moving costs including packing, temporary storage, transportation and moving supplies. On December 21, 2012, Mr. Mastandrea sold the residence to a third party for a price of $1,125,000 . Pursuant to the relocation arrangement, we paid cash of $1,325,000 , representing the shortfall of the amount realized from the sale of the property, and $852,000 , which represented moving expenses and closing costs incurred by Mr. Mastandrea and federal taxes. No common shares were issued. The total expense incurred by us of $2,177,000 is shown separately in our consolidated financial statements. In addition, we issued a note receivable for $975,000 to the buyer, with an interest rate of 4.5% and a maturity of December 31, 2013. On December 5, 2013, the note was renewed through June 30, 2014 and bears interest at a rate of 5.2% during the renewal period. We are currently working with the buyer to renew the note receivable. As a result of this transaction, we also recorded a related party receivable of $652,000 , which represents the federal income tax withholding not deducted from our payment to Mr. Mastandrea. Subsequent to December 31, 2012, we received the $652,000 and paid it to the federal government on behalf of Mr. Mastandrea. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | EQUITY Under our declaration of trust, as amended, we have authority to issue up to 400 million common shares of beneficial interest, $0.001 par value per share, and up to 50 million preferred shares of beneficial interest, $0.001 par value per share. Equity Offerings On June 26, 2015, we completed the sale of 3,750,000 common shares, $0.001 par value per share, at a purchase price of $13.3386 per share. Total net proceeds from the offering, after deducting offering expenses, were approximately $49.7 million , which were contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from this offering to repay a portion of the Facility and for general corporate purposes. On October 8, 2013, we completed the sale of 4,000,000 common shares, $0.001 par value per share, and on October 28, 2013, upon the underwriters' exercise of the over-allotment option, we completed the sale of 600,000 additional common shares, at a price to the public of $13.54 per share. Total net proceeds from the offering, including the over-allotment shares, and after deducting the underwriting discount and offering expenses, were approximately $59.7 million , which we contributed to the Operating Partnership in exchange for OP units. The Operating Partnership used the net proceeds from this offering for general corporate purposes, which included acquisitions of additional properties, the repayment of outstanding indebtedness, capital expenditures (including tenant improvements), the expansion, redevelopment and/or re-tenanting of properties in our portfolio, working capital and other general purposes. On June 19, 2013, we entered into five equity distribution agreements for an at-the-market distribution program. On August 14, 2013, we entered into a sixth equity distribution agreement on substantially similar terms as the existing equity distribution agreements and amended the existing equity distribution agreements in order to add an additional placement agent (together, the “2013 equity distribution agreements”). Pursuant to the terms and conditions of the 2013 equity distribution agreements, we could issue and sell up to an aggregate of $50 million of our common shares. Actual sales depended 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 were 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 (the “Securities Act”). We had no obligation to sell any of our common shares, and could at any time suspend offers under the 2013 equity distribution agreements or terminate the 2013 equity distribution agreements. For the year ended December 31, 2015 , we sold 456,090 common shares under the 2013 equity distribution agreements, with net proceeds to us of approximately $6.4 million . In connection with such sales, we paid compensation of $0.1 million to the sales agents. For the year ended December 31, 2014 , we sold 282,239 common shares under the 2013 equity distribution agreements, with net proceeds to us of approximately $4.2 million . In connection with such sales, we paid compensation of $0.2 million to the sales agents. On June 4, 2015, we entered into nine amended and restated equity distribution agreements (the “2015 equity distribution agreements”). Pursuant to the terms and conditions of the 2015 equity distribution 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. We have no obligation to sell any of our common shares, and can at any time suspend offers under the 2015 equity distribution agreements or terminate the 2015 equity distribution agreements. We have not sold any common shares under the 2015 equity distribution agreements. Operating Partnership Units Substantially all of our business is conducted through the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2015 , we owned a 98.2% interest in the Operating Partnership. Limited partners in the Operating Partnership holding OP units have the right to redeem their OP units for cash or, at our option, common shares at a ratio of one OP unit for one common share. Distributions to OP unit holders are paid at the same rate per unit as distributions per share to Whitestone common shares. As of December 31, 2015 and 2014 , there were 27,367,704 and 22,926,599 OP units outstanding, respectively. We owned 26,870,671 and 22,528,207 OP units as of December 31, 2015 and 2014 , 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 98.3% , 97.9% and 96.8% for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the year ended December 31, 2015 and 2014 , 21,359 and 163,700 OP units, respectively, were redeemed for an equal number of common shares. Distributions The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2015 Fourth Quarter $ 0.2850 $ 7,666 $ 0.2850 $ 143 $ 7,809 Third Quarter 0.2850 7,664 0.2850 122 7,786 Second Quarter 0.2850 6,601 0.2850 111 6,712 First Quarter 0.2850 6,526 0.2850 113 6,639 Total $ 1.1400 $ 28,457 $ 1.1400 $ 489 $ 28,946 2014 Fourth Quarter $ 0.2850 $ 6,484 $ 0.2850 $ 114 $ 6,598 Third Quarter 0.2850 6,457 0.2850 126 6,583 Second Quarter 0.2850 6,367 0.2850 152 6,519 First Quarter 0.2850 6,231 0.2850 158 6,389 Total $ 1.1400 $ 25,539 $ 1.1400 $ 550 $ 26,089 |
Incentive Share Plan
Incentive Share Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
INCENTIVE SHARE PLAN | INCENTIVE SHARE PLAN On July 29, 2008, our shareholders approved the 2008 Long-Term Equity Incentive Ownership Plan (the “Plan”). On December 22, 2010, our board of trustees amended the Plan to allow for the issuance of common shares pursuant to the Plan. The Plan, as amended, provides that awards may be made with respect to common shares of Whitestone or OP units. The maximum aggregate number of common shares that may be issued under the Plan is increased upon each issuance of common shares by Whitestone so that at any time the maximum number of shares that may be issued under the Plan shall equal 12.5% of the aggregate number of common shares of Whitestone and OP units issued and outstanding (other than shares and/or units issued to or held by Whitestone). The Compensation Committee of our board of trustees administers the Plan, except with respect to awards to non-employee trustees, for which the Plan is administered by our board of trustees. The Compensation Committee is authorized to grant share options, including both incentive share options and non-qualified share options, as well as share appreciation rights, either with or without a related option. The Compensation Committee is also authorized to grant restricted common shares, restricted common share units, performance awards and other share-based awards. On April 2, 2014, the Compensation Committee approved the modification of the vesting provisions with respect to awards of an aggregate of 633,704 restricted common shares and restricted common share units for 51 of our employees. The modified time-based shares will vest annually in three equal installments. The modified performance-based restricted common shares and restricted common share units were modified to include performance-based vesting based on achievement of certain absolute financial goals, as well as one to two years of time-based vesting post achievement of financial goals. Continued employment is required through the applicable vesting date. Additionally, 2,049,116 restricted performance-based common share units were granted with the same vesting conditions as the modified performance-based grants described above. If the performance targets are not met prior to December 31, 2018, any unvested restricted common shares and restricted common units will be forfeited. A summary of the share-based incentive plan activity as of and for the year ended December 31, 2015 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2015 2,411,068 $ 14.45 Granted 327,122 13.49 Modified to new agreements — — Modified from existing agreements — — Vested (348,786 ) 14.25 Forfeited (101,144 ) 14.45 Non-vested at December 31, 2015 2,288,260 $ 14.34 Available for grant at December 31, 2015 957,084 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. A summary of our nonvested and vested shares activity for the years ended December 31, 2015 , 2014 and 2013 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2015 327,122 $ 13.49 (348,786 ) $ 4,969 Year Ended December 31, 2014 2,058,930 $ 14.40 (133,774 ) $ 1,721 Year Ended December 31, 2013 328,005 $ 15.43 (15,270 ) $ 224 Total compensation recognized in earnings for share-based payments for the years ended December 31, 2015 , 2014 and 2013 was $7.3 million , $4.7 million and $2.3 million , respectively. Based on our current financial projections, we expect approximately 82% of the unvested awards to vest over the next 39 months. As of December 31, 2015 , there was approximately $9.9 million in unrecognized compensation cost related to outstanding non-vested performance-based shares, which are expected to vest over a period of 39 months, and approximately $3.4 million in unrecognized compensation cost related to outstanding non-vested time-based shares, which are expected to be recognized over a period of approximately 15 months beginning on January 1, 2016. We expect to record approximately $13.3 million in share-based compensation subsequent to the year ended December 31, 2015 . The unrecognized share-based compensation cost is expected to vest over a weighted average period of 25 months. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Grants to Trustees [Abstract] | |
GRANTS TO TRUSTEES | GRANTS TO TRUSTEES On December 21, 2015, each of our four independent trustees and one trustee emeritus was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our trustees had a grant date fair value of $12.10 per share. On December 21, 2015, one of our independent trustees elected to receive a total of 992 common shares with a grant date fair value of $12.10 in lieu of cash for board fees. The fair value of the shares granted during the year ended December 31, 2015 was determined using quoted prices available on the date of grant. On October 24, 2014, each of our four independent trustees and one trustee emeritus was granted 1,500 common shares, which vested immediately. The 7,500 common shares granted to our trustees had a grant date fair value of $14.53 per share. On December 9, 2014, two of our independent trustees elected to receive a total of 2,314 common shares with a grant date fair value of $14.69 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are a participant in various legal proceedings and claims that arise in the ordinary course of our business. These matters are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we believe that the final outcome of these matters will not have a material effect on our financial position, results of operations, or cash flows. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our management historically has not differentiated by property types and therefore does not present segment information. |
Select Quarterly Financial Data
Select Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECT QUARTERLY FINANCIAL DATA (unaudited) | SELECT QUARTERLY FINANCIAL DATA (unaudited) The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenues from continuing operations $ 21,252 $ 21,970 $ 24,599 $ 25,595 Income from continuing operations 1,629 1,593 1,551 2,081 Income (loss) from discontinued operations (8 ) (33 ) 44 8 Net income attributable to Whitestone REIT 1,594 1,534 1,570 2,051 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.07 $ 0.06 $ 0.05 $ 0.07 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.07 $ 0.06 $ 0.05 $ 0.07 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.06 $ 0.06 $ 0.05 $ 0.07 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.06 $ 0.06 $ 0.05 $ 0.07 2014 Revenues $ 17,376 $ 17,261 $ 18,540 $ 19,205 Income from continuing operations $ 2,312 $ 1,135 $ 1,012 $ 890 Income from discontinued operations $ 120 $ 145 $ 109 $ 2,023 Net income attributable to Whitestone REIT $ 2,372 $ 1,252 $ 1,100 $ 2,862 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.10 $ 0.05 $ 0.04 $ 0.04 Income from discontinued operations attributable to Whitestone REIT 0.01 0.00 0.01 0.08 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.11 $ 0.05 $ 0.05 $ 0.12 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.10 $ 0.05 $ 0.04 $ 0.03 Income from discontinued operations attributable to Whitestone REIT 0.01 0.00 0.01 0.09 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.11 $ 0.05 $ 0.05 $ 0.12 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 17, 2016, we completed the sale of approximately 0.5 acres of our 4.45 acre Pinnacle Phase II development parcel, located in Scottsdale, Arizona, for $1.1 million . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | (in thousands) Balance at Charged to Deductions Balance at Beginning Costs and from End of Description of Year Expense Reserves Year Allowance for doubtful accounts: Year ended December 31, 2015 $ 4,964 $ 1,974 $ (291 ) $ 6,647 Year ended December 31, 2014 3,613 1,602 (251 ) 4,964 Year ended December 31, 2013 2,226 1,638 (251 ) 3,613 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Retail Communities: Ahwatukee Plaza $ 5,126 $ 4,086 $ 322 $ — $ 5,126 $ 4,408 $ 9,534 Anthem Marketplace 4,790 17,973 160 — 4,790 18,133 22,923 Bellnott Square 1,154 4,638 411 — 1,154 5,049 6,203 Bissonnet Beltway 415 1,947 428 — 415 2,375 2,790 Centre South 481 1,596 590 — 481 2,186 2,667 The Citadel 472 1,777 2,595 — 472 4,372 4,844 City View Village 2,044 4,149 (12 ) — 2,044 4,137 6,181 Corporate Park Woodland II 2,758 — 5 — 2,758 5 2,763 Desert Canyon 1,976 1,704 629 — 1,976 2,333 4,309 Fountain Hills Plaza 5,113 15,340 64 — 5,113 15,404 20,517 Fountain Square 5,573 9,828 1,630 — 5,573 11,458 17,031 Fulton Ranch Towne Center 7,604 22,612 93 — 7,604 22,705 30,309 Gilbert Tuscany Village 1,767 3,233 1,441 — 1,767 4,674 6,441 Heritage Trace Plaza 6,209 13,821 30 — 6,209 13,851 20,060 Holly Knight 320 1,293 165 — 320 1,458 1,778 Headquarters Village 7,171 18,439 230 — 7,171 18,669 25,840 Keller Place 5,977 7,577 (79 ) — 5,977 7,498 13,475 Kempwood Plaza 733 1,798 764 — 733 2,562 3,295 Lion Square 1,546 4,289 3,202 — 1,546 7,491 9,037 The Marketplace at Central 1,305 5,324 1,067 — 1,305 6,391 7,696 Market Street at DC Ranch 9,710 26,779 1,687 — 9,710 28,466 38,176 Mercado at Scottsdale Ranch 8,728 12,560 495 — 8,728 13,055 21,783 Paradise Plaza 6,155 10,221 859 — 6,155 11,080 17,235 Parkside Village North 3,877 8,629 62 — 3,877 8,691 12,568 Parkside Village South 5,562 27,154 19 — 5,562 27,173 32,735 Pinnacle of Scottsdale 6,648 22,466 1,267 — 6,648 23,733 30,381 Providence 918 3,675 669 — 918 4,344 5,262 Quinlan Crossing 9,561 28,683 1 — 9,561 28,684 38,245 Shaver 184 633 (41 ) — 184 592 776 Shops at Pecos Ranch 3,781 15,123 560 — 3,781 15,683 19,464 Shops at Starwood 4,093 11,487 154 — 4,093 11,641 15,734 The Shops at Williams Trace 5,920 14,297 66 — 5,920 14,363 20,283 South Richey 778 2,584 1,929 — 778 4,513 5,291 Spoerlein Commons 2,340 7,296 530 — 2,340 7,826 10,166 The Strand at Huebner Oaks 5,805 12,335 82 — 5,805 12,417 18,222 SugarPark Plaza 1,781 7,125 512 — 1,781 7,637 9,418 Sunridge 276 1,186 331 — 276 1,517 1,793 Sunset at Pinnacle Peak 3,610 2,734 432 — 3,610 3,166 6,776 Terravita Marketplace 7,171 9,392 573 — 7,171 9,965 17,136 Torrey Square 1,981 2,971 1,208 — 1,981 4,179 6,160 Town Park 850 2,911 176 — 850 3,087 3,937 Village Square at Dana Park 10,877 40,252 2,306 — 10,877 42,558 53,435 Webster Pointe 720 1,150 197 — 720 1,347 2,067 Westchase 423 1,751 2,763 — 423 4,514 4,937 Williams Trace Plaza 6,800 14,003 30 — 6,800 14,033 20,833 Windsor Park 2,621 10,482 7,473 — 2,621 17,955 20,576 $ 173,704 $ 439,303 $ 38,075 $ — $ 173,704 $ 477,378 $ 651,082 Costs Capitalized Subsequent Gross Amount at which Carried at Initial Cost (in thousands) to Acquisition (in thousands) End of Period (in thousands) (1) (2) Building and Improvements Carrying Building and Property Name Land Improvements (net) Costs Land Improvements Total Office/Flex Communities: Brookhill $ 186 $ 788 $ 375 $ — $ 186 $ 1,163 $ 1,349 Corporate Park Northwest 1,534 6,306 2,032 — 1,534 8,338 9,872 Corporate Park West 2,555 10,267 980 — 2,555 11,247 13,802 Corporate Park Woodland 652 5,330 653 — 652 5,983 6,635 Dairy Ashford 226 1,211 80 — 226 1,291 1,517 Holly Hall Industrial Park 608 2,516 396 — 608 2,912 3,520 Interstate 10 Warehouse 208 3,700 374 — 208 4,074 4,282 Main Park 1,328 2,721 580 — 1,328 3,301 4,629 Plaza Park 902 3,294 1,059 — 902 4,353 5,255 Westbelt Plaza 568 2,165 735 — 568 2,900 3,468 Westgate Service Center 672 2,776 693 — 672 3,469 4,141 $ 9,439 $ 41,074 $ 7,957 $ — $ 9,439 $ 49,031 $ 58,470 Office Communities: 9101 LBJ Freeway $ 1,597 $ 6,078 $ 1,300 $ — $ 1,597 $ 7,378 $ 8,975 Pima Norte 1,086 7,162 2,067 517 1,086 9,746 10,832 Uptown Tower 1,621 15,551 3,928 — 1,621 19,479 21,100 Woodlake Plaza 1,107 4,426 1,543 — 1,107 5,969 7,076 $ 5,411 $ 33,217 $ 8,838 $ 517 $ 5,411 $ 42,572 $ 47,983 Total Operating Portfolio $ 188,554 $ 513,594 $ 54,870 $ 517 $ 188,554 $ 568,981 $ 757,535 Davenport Village $ 11,367 $ 34,101 $ 20 $ — $ 11,367 $ 34,121 $ 45,488 Gilbert Tuscany Village Hard Corner 856 794 — — 856 794 1,650 The Promenade at Fulton Ranch 5,198 13,367 124 — 5,198 13,491 18,689 Total - Development Portfolio (3) $ 17,421 $ 48,262 $ 144 $ — $ 17,421 $ 48,406 $ 65,827 Anthem Marketplace $ 204 $ — $ — $ — $ 204 $ — $ 204 Dana Park Development 4,000 — 7 — 4,000 7 4,007 Fountain Hills 277 — — — 277 — 277 Market Street at DC Ranch 704 — — — 704 — 704 Pinnacle Phase II 1,000 — 338 399 1,000 737 1,737 Shops at Starwood Phase III 1,818 — 3,034 395 1,818 3,429 5,247 Total - Property Held for Development $ 8,003 $ — $ 3,379 $ 794 $ 8,003 $ 4,173 $ 12,176 Grand Totals $ 213,978 $ 561,856 $ 58,393 $ 1,311 $ 213,978 $ 621,560 $ 835,538 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Retail Communities: Ahwatukee Plaza $ 549 8/16/2011 5-39 years Anthem Marketplace (4) 1,192 6/28/2013 5-39 years Bellnott Square 1,817 1/1/2002 5-39 years Bissonnet Beltway 1,572 1/1/1999 5-39 years Centre South 1,071 1/1/2000 5-39 years The Citadel 948 9/28/2010 5-39 years City View Village 80 3/31/2015 5-39 years Corporate Park Woodland II 5 10/17/2013 5-39 years Desert Canyon 385 4/13/2011 5-39 years Fountain Hills Plaza 889 10/7/2013 5-39 years Fountain Square 1,001 9/21/2012 5-39 years Fulton Ranch Towne Center 676 11/5/2014 5-39 years Gilbert Tuscany Village 892 6/28/2011 5-39 years Heritage Trace Plaza 539 7/1/2014 5-39 years Holly Knight 974 8/1/2000 5-39 years Headquarters Village (5) 1,353 3/28/2013 5-39 years Keller Place 66 8/26/2015 5-39 years Kempwood Plaza 1,201 2/2/1999 5-39 years Lion Square 3,186 1/1/2000 5-39 years The Marketplace at Central 911 11/1/2010 5-39 years Market Street at DC Ranch 1,670 12/5/2013 5-39 years Mercado at Scottsdale Ranch (6) 871 6/19/2013 5-39 years Paradise Plaza (7) 995 8/8/2012 5-39 years Parkside Village North 111 7/2/2015 5-39 years Parkside Village South 348 7/2/2015 5-39 years Pinnacle of Scottsdale (8) 2,559 12/22/2011 5-39 years Providence 1,839 3/30/2001 5-39 years Quinlan Crossing 245 8/26/2015 5-39 years Shaver 295 12/17/1999 5-39 years Shops at Pecos Ranch (9) 1,256 12/28/2012 5-39 years Shops at Starwood (10) 1,237 12/28/2011 5-39 years The Shops at Williams Trace 367 12/24/2014 5-39 years South Richey 1,803 8/25/1999 5-39 years Spoerlein Commons 1,503 1/16/2009 5-39 years The Strand at Huebner Oaks 397 9/19/2014 5-39 years SugarPark Plaza 2,284 9/8/2004 5-39 years Sunridge 622 1/1/2002 5-39 years Sunset at Pinnacle Peak 312 5/29/2012 5-39 years Terravita Marketplace (11) 1,212 8/8/2011 5-39 years Torrey Square 2,048 1/1/2000 5-39 years Town Park 1,704 1/1/1999 5-39 years Village Square at Dana Park (12) 3,535 9/21/2012 5-39 years Webster Pointe 686 1/1/2000 5-39 years Westchase 1,529 1/1/2002 5-39 years Williams Trace Plaza 359 12/24/2014 5-39 years Windsor Park 5,789 12/16/2003 5-39 years $ 54,883 Accumulated Depreciation Date of Date Depreciation Property Name Encumbrances (in thousands) Construction Acquired Life Office/Flex Communities: Brookhill $ 454 1/1/2002 5-39 years Corporate Park Northwest 2,907 1/1/2002 5-39 years Corporate Park West (13) 4,358 1/1/2002 5-39 years Corporate Park Woodland (13) 3,008 11/1/2000 5-39 years Dairy Ashford (13) 647 1/1/1999 5-39 years Holly Hall Industrial Park (13) 1,151 1/1/2002 5-39 years Interstate 10 Warehouse (13) 2,581 1/1/1999 5-39 years Main Park (13) 1,583 1/1/1999 5-39 years Plaza Park (13) 2,192 1/1/2000 5-39 years Westbelt Plaza (13) 1,678 1/1/1999 5-39 years Westgate Service Center (13) 1,386 1/1/2002 5-39 years $ 21,945 Office Communities: 9101 LBJ Freeway $ 2,205 8/10/2005 5-39 years Pima Norte 1,842 10/4/2007 5-39 years Uptown Tower (14) 6,007 11/22/2005 5-39 years Woodlake Plaza (15) 1,776 3/14/2005 5-39 years $ 11,830 Total Operating Portfolio $ 88,658 Davenport Village $ 510 5/27/2015 5-39 years Gilbert Tuscany Village Hard Corner 10 8/28/2015 5-39 years The Promenade at Fulton Ranch 402 11/5/2014 5-39 years Total - Development Portfolio (3) $ 922 Anthem Marketplace $ — 6/28/2013 Land - Not Depreciated Dana Park Development — 9/21/2012 Land - Not Depreciated Fountain Hills — 10/7/2013 Land - Not Depreciated Market Street at DC Ranch — 12/5/2013 Land - Not Depreciated Pinnacle Phase II — 12/28/2011 Land - Not Depreciated Shops at Starwood Phase III — 12/28/2011 Land - Not Depreciated Total - Property Held For Development $ — Grand Total $ 89,580 (1) Reconciliations of total real estate carrying value for the three years ended December 31, follows: ( in thousands) 2015 2014 2013 Balance at beginning of period $ 673,655 $ 537,872 $ 401,325 Additions during the period: Acquisitions 150,331 132,734 130,731 Improvements 12,653 9,330 6,164 162,984 142,064 136,895 Deductions - cost of real estate sold or retired (1,101 ) (6,281 ) (348 ) Balance at close of period $ 835,538 $ 673,655 $ 537,872 (2) The aggregate cost of real estate (in thousands) for federal income tax purposes is $807,349 . (3) Includes (i) new acquisitions, through the earlier of attainment of 90% occupancy or 18 months of ownership, and (ii) properties that are undergoing significant redevelopment or re-tenanting. (4) This property secures a $15.1 million mortgage note. (5) This property secures a $19.0 million mortgage note. (6) This property secures a $11.1 million mortgage note. (7) This property secures a $9.2 million mortgage note. (8) This property secures a $14.1 million mortgage note. (9) This property secures a $14.0 million mortgage note. (10) This property secures a $14.3 million mortgage note. (11) This property secures a $10.5 million mortgage note. (12) This property secures a $2.6 million mortgage note. (13) These properties secure a $37.0 million mortgage note. (14) This property secures a $16.5 million mortgage note. (15) This property secures a $6.5 million mortgage note. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation. We are the sole general partner of the Operating Partnership and possess full legal control and authority over the operations of the Operating Partnership. As of December 31, 2015 , 2014 and 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 interest in the accompanying consolidated financial statements represents the share of equity and earnings of the Operating Partnership allocable to holders of partnership interests other than us. Net income or loss is allocated to noncontrolling interests based on the weighted-average percentage ownership of the Operating Partnership during the year. Issuance of additional common shares of beneficial interest in Whitestone (the “common shares”) and units of limited partnership interest in the Operating Partnership that are convertible into cash or, at our option, common shares on a one -for- one basis (the “OP units”) changes the percentage of ownership interests of both the noncontrolling interests and Whitestone. |
Basis of Accounting | Basis of Accounting. Our financial records are maintained on the accrual basis of accounting whereby revenues are recognized when earned and expenses are recorded when incurred. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates that we use include the estimated fair values of properties acquired, the estimated useful lives for depreciable and amortizable assets and costs, the estimated allowance for doubtful accounts, the estimated fair value of interest rate swaps and the estimates supporting our impairment analysis for the carrying values of our real estate assets. Actual results could differ from those estimates. |
Reclassifications | Reclassifications. We have reclassified certain prior year amounts in the accompanying consolidated financial statements in order to be consistent with the current fiscal year presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity. During 2014, we reclassified certain properties classified as discontinued operations to conform to the current year presentation. See Note 4 for additional discussion. |
Restricted Cash | Restricted Cash. We classify all cash pledged as collateral to secure certain obligations and all cash whose use is limited as restricted cash. During 2015, pursuant to the terms of our $15.1 million 4.99% Note, due January 6, 2024 (See Note 8), which is collateralized by our Anthem Marketplace property, we were required by the lenders thereunder to establish a cash management account controlled by the lenders to collect all amounts generated by our Anthem Marketplace property in order to collateralize such promissory note. As a result, these amounts are reported in the consolidated statements of cash flows under cash flows from financing activities. |
Share-Based Compensation | Share-Based Compensation. From time to time, we award nonvested restricted common share awards or restricted common share unit awards, which may be converted into common shares, to executive officers and employees under our 2008 Long-Term Equity Incentive Ownership Plan (the “2008 Plan”). The vast majority of the awarded shares and units vest when certain performance conditions are met. We recognize compensation expense when achievement of the performance conditions is probable based on management’s most recent estimates using the fair value of the shares as of the grant date. |
Noncontrolling Interests | Noncontrolling Interests. Noncontrolling interests are the portion of equity in a subsidiary not attributable to a parent. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, we have reported noncontrolling interests in equity on the consolidated balance sheets but separate from Whitestone’s equity. On the consolidated statements of operations and comprehensive income, subsidiaries are reported at the consolidated amount, including both the amount attributable to Whitestone and noncontrolling interests. Consolidated statements of changes in equity are included for both quarterly and annual financial statements, including beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. |
Revenue Recognition | Revenue Recognition. All leases on our properties are classified as operating leases, and the related rental income is recognized on a straight-line basis over the terms of the related leases. Differences between rental income earned and amounts due per the respective lease agreements are capitalized or charged, as applicable, to accrued rents and accounts receivable. Percentage rents are recognized as rental income when the thresholds upon which they are based have been met. Recoveries from tenants for taxes, insurance, and other operating expenses are recognized as revenues in the period the corresponding costs are incurred. We have established an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents as of December 31, 2015 and 2014 consisted of demand deposits at commercial banks and brokerage accounts. |
Marketable Securities | Marketable Securities. We classify our existing marketable equity securities as available-for-sale in accordance with the Financial Accounting Standards Board's (“FASB”) Investments-Debt and Equity Securities guidance. These securities are carried at fair value with unrealized gains and losses reported in equity as a component of accumulated other comprehensive income or loss. The fair value of the marketable securities is determined using Level 1 inputs under FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements and Disclosures.” Level 1 inputs represent quoted prices available in an active market for identical investments as of the reporting date. Gains and losses on securities sold are based on the specific identification method, and are reported as a component of interest, dividend and other investment income. |
Development Properties | Development Properties. Land, buildings and improvements are recorded at cost. Expenditures related to the development of real estate are carried at cost which includes capitalized carrying charges and development costs. Carrying charges (interest and real estate taxes) 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. |
Acquired Properties and Acquired Lease Intangibles | Acquired Properties and Acquired Lease Intangibles. We allocate the purchase price of the acquired properties to land, building and improvements, identifiable intangible assets and to the acquired liabilities based on their respective fair values at the time of purchase. Identifiable intangibles include amounts allocated to acquired out-of-market leases, the value of in-place leases and customer relationship value, if any. We determine fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in our analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. |
Depreciation | Depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of 5 to 39 years for improvements and buildings, respectively. Tenant improvements are depreciated using the straight-line method over the life of the improvement or remaining term of the lease, whichever is shorter. |
Impairment | Impairment. We review our properties for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of the assets, including accrued rental income, may not be recoverable through operations. We determine whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the estimated residual value of the property, with the carrying cost of the property. If impairment is indicated, a loss will be recorded for the amount by which the carrying value of the property exceeds its fair value. Management has determined that there has been no impairment in the carrying value of our real estate assets as of December 31, 2015 . |
Accrued Rents and Accounts Receivable | Accrued Rents and Accounts Receivable. Included in accrued rent and accounts receivable are base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon customer credit-worthiness (including expected recovery of our claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. As of December 31, 2015 and 2014 , we had an allowance for uncollectible accounts of $6.6 million and $5.0 million , respectively. As of December 31, 2015 , 2014 and 2013 , we recorded bad debt expense in the amount of $2.0 million , $1.6 million and $1.6 million , respectively, related to tenant receivables that we specifically identified as potentially uncollectible based on our assessment of each tenant’s credit-worthiness. Bad debt expenses and any related recoveries are included in property operation and maintenance expense. |
Unamortized Lease Commissions and Loan Costs | Unamortized Lease Commissions and Loan Costs. Leasing commissions are amortized using the straight-line method over the terms of the related lease agreements. Loan costs are amortized on the straight-line method over the terms of the loans, which approximates the interest method. Costs allocated to in-place leases whose terms differ from market terms related to acquired properties are amortized over the remaining life of the respective leases. |
Prepaids and Other Assets, Policy | Prepaids and Other Assets. Prepaids and other assets include escrows established pursuant to certain mortgage financing arrangements for real estate taxes and insurance and acquisition deposits which include earnest money deposits on future acquisitions. |
Federal Income and State Taxes | Federal Income Taxes. We elected to be taxed as a REIT under the Code beginning with our taxable year ended December 31, 1999. As a REIT, we generally are not subject to federal income tax on income that we distribute to our shareholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate rates. We believe that we are organized and operate in such a manner as to qualify to be taxed as a REIT, and we intend to operate so as to remain qualified as a REIT for federal income tax purposes. State Taxes. We are subject to the Texas Margin Tax, which is computed by applying the applicable tax rate ( 1% for us) to the profit margin, which, generally, will be determined for us as total revenue less a 30% standard deduction. Although the Texas Margin Tax is not considered an income tax, FASB ASC 740, “Income Taxes” (“ASC 740”) applies to the Texas Margin Tax. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. Our financial instruments consist primarily of cash, cash equivalents, accounts receivable, accounts and notes payable and investments in marketable securities. The carrying value of cash, cash equivalents, accounts receivable and accounts payable are representative of their respective fair values due to their short-term nature. The fair value of our long-term debt, consisting of fixed rate secured notes, variable rate secured notes and an unsecured revolving credit facility aggregate to approximately $498.8 million and $394.9 million as compared to the book value of approximately $499.7 million and $394.1 million as of December 31, 2015 and 2014 , respectively. The fair value of our long-term debt is estimated on a Level 2 basis (as provided by ASC 820, “Fair Value Measurements and Disclosures ” (“ASC 820”)), using a discounted cash flow analysis based on the borrowing rates currently available to us for loans with similar terms and maturities, discounting the future contractual interest and principal payments. Disclosure about fair value of financial instruments is based on pertinent information available to management as of December 31, 2015 and 2014 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2015 and current estimates of fair value may differ significantly from the amounts presented herein. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. We occasionally utilize derivative financial instruments, principally interest rate swaps, to manage our exposure to fluctuations in interest rates. We have established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. We recognize our interest rate swaps as cash flow hedges with the effective portion of the changes in fair value recorded in comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Any ineffective portion of a cash flow hedges' change in fair value is recorded immediately into earnings. Our cash flow hedges are determined using Level 2 inputs under ASC 820. Level 2 inputs represent quoted prices in active markets for similar assets or liabilities; quoted prices in markets that are not active; and model-derived valuations whose inputs are observable. As of December 31, 2015 , we consider our cash flow hedges to be highly effective. |
Concentration of Risk | Concentration of Risk. Substantially all of our revenues are obtained from office, warehouse and retail locations in the Austin, Chicago, Dallas-Fort Worth, Houston, Phoenix and San Antonio metropolitan areas. We maintain cash accounts in major U.S. financial institutions. The terms of these deposits are on demand to minimize risk. The balances of these accounts sometimes exceed the federally insured limits, although no losses have been incurred in connection with these deposits. |
Recent accounting pronouncements | Recent accounting pronouncements. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued guidance to clarify that debt issuance costs related to line-of-credit agreements may still be presented as an asset and subsequently amortized ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015 and is to be applied retrospectively. We expect this guidance to reduce total assets and total notes payable on our consolidated balance sheets for amounts classified as deferred financing costs specific to debt issuance costs. We do not expect this guidance to have any other effect on our consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | Available-for-sale securities consist of the following (in thousands): December 31, 2015 Amortized Cost Gains in Accumulated Other Comprehensive Income Losses in Accumulated Other Comprehensive Income Estimated Fair Value Real estate sector common stock $ 654 $ — $ (219 ) $ 435 Total available-for-sale securities $ 654 $ — $ (219 ) $ 435 December 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 $ — $ (133 ) $ 973 Total available-for-sale securities $ 1,106 $ — $ (133 ) $ 973 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of pro forma results of operations | The pro forma unaudited results summarized below reflect our consolidated pro forma results of operations as if our acquisitions for the years ended December 31, 2015 , 2014 and 2013 were acquired on January 1, 2013 and includes no other material adjustments: INCOME STATEMENT DATA Year Ended December 31, 2015 2014 2013 Operating revenue $ 100,860 $ 97,353 $ 96,333 Net income $ 8,773 $ 15,005 $ 14,517 |
Schedule of operating results for properties classified as discontinued operations | The operating results for properties classified as discontinued operations consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Property revenues $ 51 $ 1,626 $ 1,653 Property expenses 41 734 832 Depreciation and amortization — 314 329 Interest expense — 58 175 Provision for income taxes — 10 12 Loss (gain) on sale or disposal of assets (1 ) — 7 Operating income from discontinued operations 11 510 298 Gain on sale of property from discontinued operations — 1,887 — Income from discontinued operations $ 11 $ 2,397 $ 298 |
Accrued Rents and Accounts Re32
Accrued Rents and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accrued Rent and Accounts Receivable, Net | Accrued rents and accounts receivable, net, consists of amounts accrued, billed and due from tenants, allowance for doubtful accounts and other receivables as follows (in thousands): December 31, 2015 2014 Tenant receivables $ 10,494 $ 7,998 Accrued rents and other recoveries 11,619 8,800 Allowance for doubtful accounts (6,647 ) (4,964 ) Totals $ 15,466 $ 11,834 |
Unamortized Lease Commissions33
Unamortized Lease Commissions and Loan Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Unamortized Leasing Comissions and Loan Costs | Costs which have been deferred consist of the following (in thousands): December 31, 2015 2014 Leasing commissions $ 7,226 $ 5,936 Deferred financing cost 6,490 5,785 Total cost 13,716 11,721 Less: leasing commissions accumulated amortization (2,960 ) (2,373 ) Less: deferred financing cost accumulated amortization (786 ) (469 ) Total cost, net of accumulated amortization $ 9,970 $ 8,879 |
Schedule of Expected Future Amortization of Deferred Costs | A summary of expected future amortization of deferred costs is as follows (in thousands): Years Ended December 31, Leasing Commissions Deferred Financing Costs Total 2016 $ 1,220 $ 1,253 $ 2,473 2017 1,001 1,239 2,240 2018 728 1,126 1,854 2019 524 612 1,136 2020 379 568 947 Thereafter 414 906 1,320 Total $ 4,266 $ 5,704 $ 9,970 |
Future Minimum Lease Income (Ta
Future Minimum Lease Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | A summary of minimum future rents to be received (exclusive of renewals, tenant reimbursements, and contingent rents) under noncancelable operating leases in existence as of December 31, 2015 is as follows (in thousands): Years Ended December 31, Minimum Future Rents 2016 $ 71,537 2017 61,511 2018 48,913 2019 37,588 2020 27,078 Thereafter 88,948 Total $ 335,575 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Mortgages and other notes payable consist of the following (in thousands): December 31, Description 2015 2014 Fixed rate notes $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 (1) $ 10,220 $ 10,460 $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 (2) 50,000 50,000 $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 (3) 50,000 50,000 $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 (4) 100,000 — $37.0 million 3.76% Note, due December 1, 2020 35,146 36,090 $6.5 million 3.80% Note, due January 1, 2019 6,190 6,355 $19.0 million 4.15% Note, due December 1, 2024 19,000 19,000 $20.2 million 4.28% Note, due June 6, 2023 20,040 20,200 $14.0 million 4.34% Note, due September 11, 2024 14,000 14,000 $14.3 million 4.34% Note, due September 11, 2024 14,300 14,300 $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% Note, due December 29, 2017 (5) 7,886 7,888 $2.6 million 5.46% Note, due October 1, 2023 2,550 2,583 $11.1 million 5.87% Note, due August 6, 2016 11,305 11,607 Floating rate notes Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 127,600 120,100 $ 499,747 $ 394,093 (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 Term Loan 1 (as defined below) at 0.84% through February 3, 2017 and 1.75% beginning February 3, 2017 through October 30, 2020. (3) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 2 (as defined below) at 1.50% . (4) Promissory note includes an interest rate swap that fixed the LIBOR portion of Term Loan 3 (as defined below) at 1.73% . (5) Promissory note includes an interest rate swap that fixed the interest rate at 5.72% for the duration of the term. As part of our acquisition of Paradise Plaza in August 2012, we recorded a discount on the note of $1.3 million , which amortizes into interest expense over the life of the loan and results in an imputed interest rate of 4.13% . |
Schedule of Maturities of Debt | Annual maturities of notes payable as of December 31, 2015 are due during the following years: Amount Due Year (in thousands) 2016 $ 13,269 2017 10,213 2018 12,136 2019 135,649 2020 82,827 Thereafter 245,653 Total $ 499,747 |
Schedule of Contractual Obligations | As of December 31, 2015 , we had the following contractual obligations: Payment due by period (in thousands) Contractual Obligations Total Less than 1 1 - 3 years 3 - 5 years More than Long-Term Debt - Principal $ 499,747 $ 13,269 $ 22,349 $ 218,476 $ 245,653 Long-Term Debt - Fixed Interest 80,589 13,030 24,753 23,002 19,804 Long-Term Debt - Variable Interest (1) 8,036 2,096 4,193 1,747 — Unsecured credit facility - Unused commitment fee (2) 1,322 345 690 287 — Operating Lease Obligations 186 74 88 21 3 Total $ 589,880 $ 28,814 $ 52,073 $ 243,533 $ 265,460 |
Derivatives and Hedging Activ36
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: December 31, 2015 Accounts payable and accrued expenses $ 617 December 31, 2014 Accounts payable and accrued expenses $ 1,016 A summary of our interest rate swap activity is as follows (in thousands): Amount Recognized as Comprehensive Income (Loss) Location of Loss Recognized in Earnings Amount of Loss Recognized in Earnings (1) Year ended December 31, 2015 $ 46 Interest expense $ (991 ) Year ended December 31, 2014 $ (136 ) Interest expense $ (838 ) Year ended December 31, 2013 $ 173 Interest expense $ (363 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Year Ended December 31, (in thousands, except per share data) 2015 2014 2013 Numerator: Income from continuing operations $ 6,854 $ 5,349 $ 3,621 Less: Net income attributable to noncontrolling interests (116 ) (111 ) (115 ) Distributions paid on unvested restricted shares (528 ) (201 ) (50 ) Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares 6,210 5,037 3,456 Income from discontinued operations 11 2,397 298 Less: Net income attributable to noncontrolling interests — (49 ) (10 ) Income from discontinued operations attributable to Whitestone REIT 11 2,348 288 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 6,221 $ 7,385 $ 3,744 Denominator: Weighted average number of common shares - basic 24,631 22,278 18,027 Effect of dilutive securities: Unvested restricted shares 1,052 515 246 Weighted average number of common shares - dilutive 25,683 22,793 18,273 Earnings Per Share: Basic: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.25 $ 0.23 $ 0.19 Income from discontinued operations attributable to Whitestone REIT 0.00 0.10 0.02 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.25 $ 0.33 $ 0.21 Diluted: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.24 $ 0.22 $ 0.19 Income from discontinued operations attributable to Whitestone REIT 0.00 0.10 0.01 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.24 $ 0.32 $ 0.20 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Characterization of Cash Dividends Distrubuted for Income Tax Purpose | For federal income tax purposes, the cash distributions to shareholders are characterized as follows for the years ended December 31: 2015 2014 2013 Ordinary income (unaudited) 60.9 % 53.3 % 38.5 % Return of capital (unaudited) 37.7 % 21.3 % 61.3 % Capital gain distributions (unaudited) 1.4 % 25.4 % 0.2 % Total 100.0 % 100.0 % 100.0 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Distributions | The following table reflects the total distributions we have paid (including the total amount paid and the amount paid per share) in each indicated quarter (in thousands, except per share data): Common Shares Noncontrolling OP Unit Holders Total Quarter Paid Distribution Per Common Share Total Amount Paid Distribution Per OP Unit Total Amount Paid Total Amount Paid 2015 Fourth Quarter $ 0.2850 $ 7,666 $ 0.2850 $ 143 $ 7,809 Third Quarter 0.2850 7,664 0.2850 122 7,786 Second Quarter 0.2850 6,601 0.2850 111 6,712 First Quarter 0.2850 6,526 0.2850 113 6,639 Total $ 1.1400 $ 28,457 $ 1.1400 $ 489 $ 28,946 2014 Fourth Quarter $ 0.2850 $ 6,484 $ 0.2850 $ 114 $ 6,598 Third Quarter 0.2850 6,457 0.2850 126 6,583 Second Quarter 0.2850 6,367 0.2850 152 6,519 First Quarter 0.2850 6,231 0.2850 158 6,389 Total $ 1.1400 $ 25,539 $ 1.1400 $ 550 $ 26,089 |
Incentive Share Plan (Tables)
Incentive Share Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-Based Incentive Plan Activity | A summary of the share-based incentive plan activity as of and for the year ended December 31, 2015 is as follows: Shares Weighted-Average Grant Date Fair Value (1) Non-vested at January 1, 2015 2,411,068 $ 14.45 Granted 327,122 13.49 Modified to new agreements — — Modified from existing agreements — — Vested (348,786 ) 14.25 Forfeited (101,144 ) 14.45 Non-vested at December 31, 2015 2,288,260 $ 14.34 Available for grant at December 31, 2015 957,084 (1) The fair value of the shares granted were determined based on observable market transactions occurring near the date of the grants. |
Schedule of Nonvested and Vested Shares Activity | A summary of our nonvested and vested shares activity for the years ended December 31, 2015 , 2014 and 2013 is presented below: Shares Granted Shares Vested Year Ended Non-Vested Shares Issued Weighted-Average Grant-Date Fair Value Vested Shares Total Vest-Date Fair Value (in thousands) Year Ended December 31, 2015 327,122 $ 13.49 (348,786 ) $ 4,969 Year Ended December 31, 2014 2,058,930 $ 14.40 (133,774 ) $ 1,721 Year Ended December 31, 2013 328,005 $ 15.43 (15,270 ) $ 224 |
Select Quarterly Financial Da41
Select Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | The following is a summary of our unaudited quarterly financial information for the years ended December 31, 2015 and 2014 (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenues from continuing operations $ 21,252 $ 21,970 $ 24,599 $ 25,595 Income from continuing operations 1,629 1,593 1,551 2,081 Income (loss) from discontinued operations (8 ) (33 ) 44 8 Net income attributable to Whitestone REIT 1,594 1,534 1,570 2,051 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.07 $ 0.06 $ 0.05 $ 0.07 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.07 $ 0.06 $ 0.05 $ 0.07 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.06 $ 0.06 $ 0.05 $ 0.07 Income from discontinued operations attributable to Whitestone REIT 0.00 0.00 0.00 0.00 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.06 $ 0.06 $ 0.05 $ 0.07 2014 Revenues $ 17,376 $ 17,261 $ 18,540 $ 19,205 Income from continuing operations $ 2,312 $ 1,135 $ 1,012 $ 890 Income from discontinued operations $ 120 $ 145 $ 109 $ 2,023 Net income attributable to Whitestone REIT $ 2,372 $ 1,252 $ 1,100 $ 2,862 Basic Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.10 $ 0.05 $ 0.04 $ 0.04 Income from discontinued operations attributable to Whitestone REIT 0.01 0.00 0.01 0.08 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.11 $ 0.05 $ 0.05 $ 0.12 Diluted Earnings per share: Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares $ 0.10 $ 0.05 $ 0.04 $ 0.03 Income from discontinued operations attributable to Whitestone REIT 0.01 0.00 0.01 0.09 Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (1) $ 0.11 $ 0.05 $ 0.05 $ 0.12 (1) The sum of individual quarterly basic and diluted earnings per share amounts may not agree with the year-to-date basic and diluted earning per share amounts as the result of each period's computation being based on the weighted average number of common shares outstanding during that period. |
Description of Business and N42
Description of Business and Nature of Operations (Details) | 1 Months Ended | |||
Jul. 31, 2004shares | Dec. 31, 2015CommercialProperties | Dec. 31, 2014CommercialProperties | Dec. 31, 2013CommercialProperties | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Reorganization and conversion, number of common shares (in shares) | shares | 1.42857 | |||
Wholly Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of properties | CommercialProperties | 70 | 63 | 60 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 7,337 | $ 4,631 | $ 2,284 |
Conversion ratio for class A common stock to OP unit (in shares) | 1 | ||
Interest expense capitalized | $ 106 | 93 | 114 |
Real estate taxes capitalized | 69 | 58 | 100 |
Allowance for doubtful accounts | (6,647) | (4,964) | |
Provision for doubtful accounts | 1,974 | 1,602 | 1,638 |
Fair value of long-term debt | 498,800 | 394,900 | |
Book value of long-term debt | 499,700 | 394,100 | |
2008 Long-Term Equity Incentive Ownership Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 7,300 | $ 4,700 | $ 2,300 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Depreciation (Details) - Building and Building Improvements [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 05, 2013 | May. 31, 2013 |
Related Party Transaction [Line Items] | |||
Stated interest rate | 5.695% | ||
Four Point Five Percent Due December 2013 [Member] | Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Note receivable, related party | $ 975 | ||
Stated interest rate | 4.50% | 5.20% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Taxes (Details) - TEXAS - State and Local Jurisdiction [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination [Line Items] | |||
Applicable tax rate used to determine state margin tax | 1.00% | ||
Standard deduction rate used to determine state margin tax | 30.00% | ||
Margin tax provision recognized | $ 0.4 | $ 0.3 | $ 0.3 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2015 | May. 31, 2013 |
Debt Instrument [Line Items] | ||
Face amount of debt | $ 14.1 | |
Stated interest rate | 5.695% | |
Anthem Marketplace Note [Member] | ||
Debt Instrument [Line Items] | ||
Face amount of debt | $ 15.1 | |
Stated interest rate | 4.99% |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 654 | $ 1,106 | |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | |
Losses in Accumulated Other Comprehensive Income | (219) | (133) | |
Estimated Fair Value | 435 | 973 | |
Proceeds from sales of marketable securities | 496 | 0 | $ 747 |
Gross realized gains on sale of marketable securities | 44 | 44 | |
Gross realized losses on sale of marketable securities | 0 | $ (3) | |
Real estate sector common stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 654 | 1,106 | |
Gains in Accumulated Other Comprehensive Income | 0 | 0 | |
Losses in Accumulated Other Comprehensive Income | (219) | (133) | |
Estimated Fair Value | $ 435 | $ 973 |
Real Estate (Details)
Real Estate (Details) $ in Thousands | Aug. 29, 2015USD ($)ft² | Aug. 28, 2015USD ($)ft² | Aug. 26, 2015USD ($)ft²aparcelshares | Jul. 02, 2015USD ($)ft² | May. 27, 2015USD ($)ft² | Mar. 31, 2015USD ($)ft² | Dec. 24, 2014USD ($)ft² | Dec. 19, 2014USD ($)a | Nov. 06, 2014USD ($) | Sep. 19, 2014USD ($)ft² | Jul. 01, 2014USD ($)ft² | Dec. 05, 2013USD ($)ft² | Oct. 17, 2013USD ($)ft²a | Oct. 07, 2013USD ($)ft² | Jun. 28, 2013USD ($)ft²a | Jun. 19, 2013USD ($)ft² | Mar. 28, 2013USD ($)ft² | Dec. 31, 2015USD ($)ft²CommercialPropertiesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)propertyCommercialProperties | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)ft²CommercialPropertiesshares | Dec. 31, 2014USD ($)propertyCommercialProperties | Dec. 31, 2013USD ($)CommercialProperties | Nov. 06, 2015ft² | May. 31, 2013USD ($) |
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Payments to acquire property | $ 147,950 | $ 129,439 | $ 119,102 | |||||||||||||||||||||||||||
Face amount of debt | $ 14,100 | |||||||||||||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | 1 | ||||||||||||||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||||||||||||
Operating revenue | $ 100,860 | 97,353 | 96,333 | |||||||||||||||||||||||||||
Net income | 8,773 | 15,005 | 14,517 | |||||||||||||||||||||||||||
Acquisition-related costs | 1,700 | 1,300 | 1,000 | |||||||||||||||||||||||||||
Gain on property dispositions | (185) | (111) | (49) | |||||||||||||||||||||||||||
Operating results for properties classified as discontinued operations | ||||||||||||||||||||||||||||||
Operating income from discontinued operations | 11 | 510 | 298 | |||||||||||||||||||||||||||
Gain on sale of property from discontinued operations | 0 | 1,887 | 0 | |||||||||||||||||||||||||||
Income from discontinued operations | $ 8 | $ 44 | $ (33) | $ (8) | $ 2,023 | $ 109 | $ 145 | $ 120 | 11 | $ 2,397 | 298 | |||||||||||||||||||
Gilbert Tuscany Village [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 14,603 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 1,700 | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 0 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | (32) | |||||||||||||||||||||||||||||
Keller Place [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 93,541 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 12,000 | |||||||||||||||||||||||||||||
Property percentage occupied | 92.00% | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 471 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | $ 237 | |||||||||||||||||||||||||||||
Number of undeveloped parcels | parcel | 2 | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 3.12 | |||||||||||||||||||||||||||||
Issuance of OP units (in shares) | shares | 120,000 | |||||||||||||||||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | 1 | ||||||||||||||||||||||||||||
Quinlan Crossing [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 109,892 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 37,500 | |||||||||||||||||||||||||||||
Property percentage occupied | 95.00% | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | $ 1,283 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | 555 | |||||||||||||||||||||||||||||
Parkside Village North [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 27,045 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 12,500 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 596 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | 289 | |||||||||||||||||||||||||||||
Parkside Village South [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 90,101 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 32,500 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 1,738 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | 844 | |||||||||||||||||||||||||||||
Davenport Village [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 128,934 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 45,500 | |||||||||||||||||||||||||||||
Property percentage occupied | 85.00% | |||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 2,390 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | 967 | |||||||||||||||||||||||||||||
City View Village [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 17,870 | 17,870 | ||||||||||||||||||||||||||||
Payments to acquire property | $ 6,300 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Revenue since date of acqusition included in results of operations | 612 | |||||||||||||||||||||||||||||
Income (loss) since date of acqusition included in results of operations | 273 | |||||||||||||||||||||||||||||
Village Square at Dana Park Hard Corner [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 12,047 | |||||||||||||||||||||||||||||
Property acquisitions, purchase price | $ 4,700 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 2,100 | |||||||||||||||||||||||||||||
Property percentage occupied | 88.00% | |||||||||||||||||||||||||||||
Face amount of debt | $ 2,600 | |||||||||||||||||||||||||||||
The Shops at Williams Trace [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 132,991 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 20,200 | |||||||||||||||||||||||||||||
Property percentage occupied | 87.00% | |||||||||||||||||||||||||||||
Williams Trace Plaza [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 129,222 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 20,400 | |||||||||||||||||||||||||||||
Property percentage occupied | 95.00% | |||||||||||||||||||||||||||||
Fulton Ranch Towne Center Adjacent Parcel [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Payments to acquire property | $ 900 | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 1.39 | |||||||||||||||||||||||||||||
Fulton Ranch Towne Center [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 113,281 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 29,300 | |||||||||||||||||||||||||||||
Property percentage occupied | 86.00% | |||||||||||||||||||||||||||||
The Promenade at Fulton Ranch [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 98,792 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 18,600 | |||||||||||||||||||||||||||||
Property percentage occupied | 76.00% | |||||||||||||||||||||||||||||
The Strand at Huebner Oaks [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 73,920 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 18,000 | |||||||||||||||||||||||||||||
Property percentage occupied | 90.00% | |||||||||||||||||||||||||||||
Heritage Trace Plaza [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 70,431 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 20,100 | |||||||||||||||||||||||||||||
Property percentage occupied | 98.00% | |||||||||||||||||||||||||||||
Market Street at DC Ranch [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 241,280 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 37,400 | |||||||||||||||||||||||||||||
Property percentage occupied | 80.00% | |||||||||||||||||||||||||||||
Corporate Park Woodland Parcel [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 16,220 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 2,800 | |||||||||||||||||||||||||||||
Property percentage occupied | 63.00% | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 2.50 | |||||||||||||||||||||||||||||
Fountain Hills Plaza [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 111,289 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 20,600 | |||||||||||||||||||||||||||||
Property percentage occupied | 87.00% | |||||||||||||||||||||||||||||
Anthem Marketplace [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 113,293 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 23,300 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||||||||||
Area of land (in acres) | a | 0.83 | |||||||||||||||||||||||||||||
Mercado at Scottsdale Ranch [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 118,730 | |||||||||||||||||||||||||||||
Property acquisitions, purchase price | $ 21,300 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 9,300 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||||||||||
Face amount of debt | $ 11,100 | |||||||||||||||||||||||||||||
Mercado at Scottsdale Ranch [Member] | Interest Rate Supplement [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Face amount of debt | $ 900 | |||||||||||||||||||||||||||||
Headquarters Village Shopping Center [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 89,134 | |||||||||||||||||||||||||||||
Payments to acquire property | $ 25,700 | |||||||||||||||||||||||||||||
Property percentage occupied | 100.00% | |||||||||||||||||||||||||||||
Zeta, Royal Crest and Featherwood [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Number of properties | property | 3 | 3 | ||||||||||||||||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||||||||||||
Proceeds from sale of real estate | $ 10,300 | |||||||||||||||||||||||||||||
Short-term seller financing provided | $ 2,500 | 2,500 | ||||||||||||||||||||||||||||
Gain on property dispositions | 4,400 | |||||||||||||||||||||||||||||
Gain on sale of properties recognized | 1,900 | |||||||||||||||||||||||||||||
Deferred gain on sale of property | $ 2,500 | 2,500 | ||||||||||||||||||||||||||||
Operating results for properties classified as discontinued operations | ||||||||||||||||||||||||||||||
Property revenues | 51 | 1,626 | 1,653 | |||||||||||||||||||||||||||
Property expenses | 41 | 734 | 832 | |||||||||||||||||||||||||||
Depreciation and amortization | 0 | 314 | 329 | |||||||||||||||||||||||||||
Interest expense | 0 | 58 | 175 | |||||||||||||||||||||||||||
Provision for income taxes | 0 | 10 | 12 | |||||||||||||||||||||||||||
Loss (gain) on sale or disposal of assets | (1) | 0 | 7 | |||||||||||||||||||||||||||
Operating income from discontinued operations | 11 | 510 | 298 | |||||||||||||||||||||||||||
Gain on sale of property from discontinued operations | 0 | 1,887 | 0 | |||||||||||||||||||||||||||
Income from discontinued operations | $ 11 | $ 2,397 | $ 298 | |||||||||||||||||||||||||||
Corporate Park Northwest [Member] | Fire [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 11,268 | |||||||||||||||||||||||||||||
Involuntary conversion | ||||||||||||||||||||||||||||||
Loss from catastrophes | $ 447 | |||||||||||||||||||||||||||||
Demolition costs | 55 | |||||||||||||||||||||||||||||
Insurance recoveries | 569 | |||||||||||||||||||||||||||||
Corporate Park Northwest [Member] | Fire [Member] | Loss on Sale or Disposal of Asset [Member] | ||||||||||||||||||||||||||||||
Involuntary conversion | ||||||||||||||||||||||||||||||
Gain on business interruption insurance recovery | $ 67 | |||||||||||||||||||||||||||||
Wholly Owned Properties [Member] | ||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||
Number of properties | CommercialProperties | 70 | 63 | 70 | 63 | 60 | |||||||||||||||||||||||||
Gross leasable area (in square feet) | ft² | 6,000,000 | 6,000,000 |
Accrued Rents and Accounts Re50
Accrued Rents and Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Tenant receivables | $ 10,494 | $ 7,998 |
Accrued rents and other recoveries | 11,619 | 8,800 |
Allowance for doubtful accounts | (6,647) | (4,964) |
Totals | $ 15,466 | $ 11,834 |
Unamortized Lease Commissions51
Unamortized Lease Commissions and Loan Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Leasing commissions | $ 7,226 | $ 5,936 |
Deferred financing cost | 6,490 | 5,785 |
Total cost | 13,716 | 11,721 |
Less: leasing commissions accumulated amortization | (2,960) | (2,373) |
Less: deferred financing cost accumulated amortization | (786) | (469) |
Total cost, net of accumulated amortization | $ 9,970 | $ 8,879 |
Unamortized Lease Commissions52
Unamortized Lease Commissions and Loan Costs (Details 2) $ in Thousands | Dec. 31, 2014USD ($) |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Expected Amortization of Deferred Leasing Commissions Year 2016 | $ 1,220 |
Expected Amortization of Deferred Leasing Commissions Year 2017 | 1,001 |
Expected Amortization of Deferred Leasing Commissions Year 2018 | 728 |
Expected Amortization of Deferred Leasing Commissions Year 2019 | 524 |
Expected Amortization of Deferred Leasing Commissions Year 2020 | 379 |
Expected Amortization of Deferred Leasing Commissions Thereafter | 414 |
Expected Amortization of Deferred Leasing Commissions | 4,266 |
Expected Amortization of Deferred Financing Costs Year 2016 | 1,253 |
Expected Amortization of Deferred Financing Costs Year 2017 | 1,239 |
Expected Amortization of Deferred Financing Costs Year 2018 | 1,126 |
Expected Amortization of Deferred Financing Costs Year 2019 | 612 |
Expected Amortization of Deferred Financing Costs Year 2020 | 568 |
Expected Amortization of Deferred Financing Costs Thereafter | 906 |
Expected Amortization of Deferred Financing Costs | 5,704 |
Expected Amortization of Deferred Costs Year 2016 | 2,473 |
Expected Amortization of Deferred Costs Year 2017 | 2,240 |
Expected Amortization of Deferred Costs Year 2018 | 1,854 |
Expected Amortization of Deferred Costs Year 2019 | 1,136 |
Expected Amortization of Deferred Costs Year 2020 | 947 |
Expected Amortization of Deferred Costs Thereafter | 1,320 |
Expected Amortization of Deferred Costs | $ 9,970 |
Future Minimum Lease Income (De
Future Minimum Lease Income (Details) $ in Thousands | Dec. 31, 2014USD ($) |
Leases [Abstract] | |
2,016 | $ 71,537 |
2,017 | 61,511 |
2,018 | 48,913 |
2,019 | 37,588 |
2,020 | 27,078 |
Thereafter | 88,948 |
Total | $ 335,575 |
Debt (Schedule of Debt) (Detail
Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands | Nov. 07, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 03, 2017 | May. 31, 2013 | Aug. 08, 2012 |
Debt Instrument [Line Items] | ||||||
Notes payable | $ 499,747 | $ 394,093 | ||||
Face amount of debt | $ 14,100 | |||||
Stated interest rate | 5.695% | |||||
Fixed Rate Notes [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | 10,220 | 10,460 | ||||
Face amount of debt | $ 10,500 | $ 10,500 | ||||
Basis spread on variable rate | 2.00% | 2.00% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 50,000 | $ 50,000 | ||||
Face amount of debt | $ 50,000 | $ 50,000 | ||||
Imputed interest rate | 0.84% | 0.84% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | 1.35% | ||||
Fixed Rate Notes [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | 1.90% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 50,000 | $ 50,000 | ||||
Face amount of debt | $ 50,000 | $ 50,000 | ||||
Imputed interest rate | 1.50% | 1.50% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | 1.35% | ||||
Fixed Rate Notes [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.90% | 1.90% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 100,000 | $ 0 | ||||
Face amount of debt | $ 100,000 | $ 100,000 | ||||
Imputed interest rate | 1.73% | 1.73% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.65% | 1.65% | ||||
Fixed Rate Notes [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | 2.25% | ||||
Fixed Rate Notes [Member] | $37.0 million 3.76% Note, due December 1, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 35,146 | $ 36,090 | ||||
Face amount of debt | $ 37,000 | $ 37,000 | ||||
Stated interest rate | 3.76% | 3.76% | ||||
Fixed Rate Notes [Member] | $6.5 million 3.80% Note, due January 1, 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 6,190 | $ 6,355 | ||||
Face amount of debt | $ 6,500 | $ 6,500 | ||||
Stated interest rate | 3.80% | 3.80% | ||||
Fixed Rate Notes [Member] | $19.0 million 4.15% Note, due December 1, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 19,000 | $ 19,000 | ||||
Face amount of debt | $ 19,000 | $ 19,000 | ||||
Stated interest rate | 4.15% | 4.15% | ||||
Fixed Rate Notes [Member] | $20.2 million 4.28% Note, due June 6, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 20,040 | $ 20,200 | ||||
Face amount of debt | $ 20,200 | $ 20,200 | ||||
Stated interest rate | 4.28% | 4.28% | ||||
Fixed Rate Notes [Member] | $14.0 million 4.34% Note, due September 11, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 14,000 | $ 14,000 | ||||
Face amount of debt | $ 14,000 | $ 14,000 | ||||
Stated interest rate | 4.34% | 4.34% | ||||
Fixed Rate Notes [Member] | $14.3 million 4.34% Note, due September 11, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 14,300 | $ 14,300 | ||||
Face amount of debt | $ 14,300 | $ 14,300 | ||||
Stated interest rate | 4.34% | 4.34% | ||||
Fixed Rate Notes [Member] | $16.5 million 4.97% Note, due September 26, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 16,450 | $ 16,450 | ||||
Face amount of debt | $ 16,500 | $ 16,500 | ||||
Stated interest rate | 4.97% | 4.97% | ||||
Fixed Rate Notes [Member] | $15.1 million 4.99% Note, due January 6, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 15,060 | $ 15,060 | ||||
Face amount of debt | $ 15,100 | $ 15,100 | ||||
Stated interest rate | 4.99% | 4.99% | ||||
Fixed Rate Notes [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Debt discount | $ 1,300 | |||||
Imputed interest rate | 4.13% | |||||
Fixed Rate Notes [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 7,886 | $ 7,888 | ||||
Face amount of debt | $ 9,200 | $ 9,200 | ||||
Basis spread on variable rate | 2.00% | 2.00% | ||||
Fixed Rate Notes [Member] | $2.6 million 5.46% Note, due October 1, 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 2,550 | $ 2,583 | ||||
Face amount of debt | $ 2,600 | $ 2,600 | ||||
Stated interest rate | 5.46% | 5.46% | ||||
Fixed Rate Notes [Member] | $11.1 million 5.87% Note, due August 6, 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 11,305 | $ 11,607 | ||||
Face amount of debt | $ 11,100 | $ 11,100 | ||||
Stated interest rate | 5.87% | 5.87% | ||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | |||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% | |||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $ 127,600 | $ 120,100 | ||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | 1.40% | ||||
Floating Rate Notes [Member] | Unsecured line of credit, LIBOR plus 1.40% to 1.95%, due October 30, 2019 | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% | 1.95% | ||||
Interest Rate Swap [Member] | $10.5 million, LIBOR plus 2.00% Note, due September 24, 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 3.55% | |||||
Interest Rate Swap [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 0.84% | |||||
Interest Rate Swap [Member] | $50.0 million, 1.50% plus 1.35% to 1.90% Note, due January 29, 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.50% | |||||
Interest Rate Swap [Member] | $100.0 million, 1.73% plus 1.65% to 2.25% Note, due October 30, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.73% | |||||
Interest Rate Swap [Member] | $9.2 million, Prime Rate less 2.00%, due December 29, 2017 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 5.72% | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.35% | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.40% | |||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.95% | |||||
Scenario, Forecast [Member] | Interest Rate Swap [Member] | $50.0 million, 0.84% plus 1.35% to 1.90% Note, due October 30, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate | 1.75% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Nov. 07, 2014USD ($) | Nov. 26, 2013USD ($) | Sep. 24, 2013USD ($) | Jun. 19, 2013USD ($) | Dec. 31, 2015USD ($)propertyCollateralizedPropertiesloan | Dec. 31, 2014USD ($)CollateralizedProperties | Dec. 24, 2014USD ($) | Nov. 26, 2014USD ($) | Sep. 03, 2014USD ($) | Aug. 26, 2014USD ($) | Dec. 23, 2013USD ($) | Dec. 16, 2013USD ($) | Sep. 26, 2013USD ($) | May. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | $ 499,700,000 | $ 394,100,000 | ||||||||||||
Notes payable | $ 499,747,000 | $ 394,093,000 | ||||||||||||
Stated interest rate | 5.695% | |||||||||||||
Number of collateralized properties | CollateralizedProperties | 20 | 20 | ||||||||||||
Carrying value of collateralized properties | $ 213,900,000 | $ 216,900,000 | ||||||||||||
Face amount of debt | $ 14,100,000 | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, commitment fee | 0.20% | |||||||||||||
Credit facility, usage | 50.00% | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, commitment fee | 0.25% | |||||||||||||
Credit facility, usage | 50.00% | |||||||||||||
Floating Rate Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extinguishment of debt | $ 26,900,000 | |||||||||||||
Fixed Rate Indebtedness [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extinguishment of debt | $ 10,100,000 | |||||||||||||
Mercado at Scottsdale Ranch [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 5.87% | |||||||||||||
Other liabilities assumed | $ 932,000 | |||||||||||||
Face amount of debt | $ 11,100,000 | |||||||||||||
Imputed interest rate | 3.052% | |||||||||||||
Village Square at Dana Park Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 5.46% | |||||||||||||
Face amount of debt | $ 2,600,000 | |||||||||||||
Headquarters Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.15% | |||||||||||||
Face amount of debt | $ 19,000,000 | |||||||||||||
Pecos Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.34% | |||||||||||||
Face amount of debt | $ 14,000,000 | |||||||||||||
Starwood Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.34% | |||||||||||||
Face amount of debt | $ 14,300,000 | |||||||||||||
Woodlake Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 3.80% | |||||||||||||
Face amount of debt | $ 6,500,000 | |||||||||||||
Anthem Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.99% | |||||||||||||
Face amount of debt | $ 15,100,000 | |||||||||||||
Industrial Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 3.76% | |||||||||||||
Number of collateralized properties | property | 9 | |||||||||||||
Face amount of debt | $ 37,000,000 | |||||||||||||
Uptown Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.97% | |||||||||||||
Face amount of debt | $ 16,500,000 | |||||||||||||
Terravita Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of debt | $ 10,500,000 | |||||||||||||
Terravita Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.00% | |||||||||||||
Pinnacle Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.2805% | |||||||||||||
Face amount of debt | $ 20,200,000 | |||||||||||||
Floating Rate Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | $ 127,600,000 | |||||||||||||
Number of loans (in loans) | loan | 1 | |||||||||||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.35% | |||||||||||||
Floating Rate Notes [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.95% | |||||||||||||
Floating Rate Notes [Member] | one-month LIBOR [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.243% | |||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||
Credit facility, amount outstanding | $ 327,600,000 | |||||||||||||
Credit facility, remaining borrowing capacity | 172,400,000 | |||||||||||||
Credit facility, increased borrowing capacity | $ 700,000,000 | |||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.40% | |||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.95% | |||||||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.35% | |||||||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||
Term Loan [Member] | Term Loan 3 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of debt | $ 100,000,000 | |||||||||||||
Term Loan [Member] | Term Loan 1 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of debt | 50,000,000 | |||||||||||||
Term Loan [Member] | Term Loan 2 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face amount of debt | $ 50,000,000 |
Debt (Schedule of Maturities of
Debt (Schedule of Maturities of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 13,269 | |
2,017 | 10,213 | |
2,018 | 12,136 | |
2,019 | 135,649 | |
2,020 | 82,827 | |
Thereafter | 245,653 | |
Long-Term Debt - Principal, Total | $ 499,747 | $ 394,093 |
Debt (Contractual Obligations)
Debt (Contractual Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Long-Term Debt - Principal, Total | $ 499,747 | $ 394,093 |
Long-Term Debt - Principal, Less than 1 year (2016) | 13,269 | |
Long-Term Debt - Principal, 1 - 3 years (2017 - 2018) | 22,349 | |
Long-Term Debt - Principal, 3 - 5 years (2019 - 2020) | 218,476 | |
Long-Term Debt - Principal, More than 5 years (after 2020) | 245,653 | |
Long-Term Debt - Fixed Interest, Total | 80,589 | |
Long-Term Debt - Fixed Interest, Less than 1 year (2016) | 13,030 | |
Long-Term Debt - Fixed Interest, 1 - 3 years (2017 - 2018) | 24,753 | |
Long-Term Debt - Fixed Interest, 3 - 5 years (2018 - 2020) | 23,002 | |
Long-Term Debt - Fixed Interest, More than 5 years (after 2020) | 19,804 | |
Long-Term Debt - Variable Interest, Total | 8,036 | |
Long-Term Debt - Variable Interest, Less than 1 year (2016) | 2,096 | |
Long-Term Debt - Variable Interest, 1 - 3 years (2017 - 2018) | 4,193 | |
Long-Term Debt - Variable Interest, 3 - 5 years (2019 - 2020) | 1,747 | |
Long-Term Debt - Variable Interest, More than 5 years (after 2020) | 0 | |
Unsecured revolving credit facility - Unused commitment fee, Total | 1,322 | |
Unsecured revolving credit facility - Unused commitment fee, Less than 1 year (2016) | 345 | |
Unsecured revolving credit facility - Unused commitment fee, 1 - 3 years (2017 - 2018) | 690 | |
Unsecured revolving credit facility - Unused commitment fee, 3 - 5 years (2019 - 2020) | 287 | |
Unsecured revolving credit facility - Unused commitment fee, More than 5 years (after 2019) | 0 | |
Operating Lease Obligations, Total | 186 | |
Operating Lease Obligations, Less than 1 year (2016) | 74 | |
Operating Lease Obligations, 1 - 3 years (2017 - 2018) | 88 | |
Operating Lease Obligations, 3 - 5 years (2019 - 2020) | 21 | |
Operating Lease Obligations, More than 5 years (after 2020) | 3 | |
Contractual Obligations, Total | 589,880 | |
Contractual Obligations, Less than 1 year (2016) | 28,814 | |
Contractual Obligations, 1 - 3 years (2017 - 2018) | 52,073 | |
Contractual Obligations, 3 - 5 years (2019 - 2020) | 243,533 | |
Contractual Obligations, More than 5 years (after 2020) | $ 265,460 |
Derivatives and Hedging Activ58
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 19, 2015 | Nov. 01, 2013 | Mar. 08, 2013 | |
Interest Rate Swaps [Member] | Interest Expense [Member] | |||||||
Derivative [Line Items] | |||||||
Amount Recognized as Comprehensive Income (Loss) | $ 46 | $ (136) | $ 173 | ||||
Amount of Gain (Loss) Recognized in Earnings | (991) | (838) | $ (363) | ||||
Interest Rate Swaps [Member] | Accounts Payable and Accrued Expenses [Member] | |||||||
Derivative [Line Items] | |||||||
Estimated Fair Value | $ 617 | $ 617 | $ 1,016 | ||||
Term Loan 3 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.725% | ||||||
Term Loan 3 [Member] | U.S. Bank National Association [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 35,000 | ||||||
Term Loan 3 [Member] | SunTrust Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 15,000 | ||||||
Term Loan 1 [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 1 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.75% | 0.84% | |||||
Term Loan 1 [Member] | U.S. Bank National Association [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 6,500 | ||||||
Term Loan 1 [Member] | Wells Fargo Bank, National Association [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 1 [Member] | SunTrust Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 5,000 | ||||||
Term Loan 1 [Member] | Regions Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 3,800 | ||||||
Term Loan 2 [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.502% | ||||||
Term Loan 2 [Member] | U.S. Bank National Association [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 6,500 | ||||||
Term Loan 2 [Member] | Wells Fargo Bank, National Association [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 2 [Member] | Bank of American, N.A. [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 14,000 | ||||||
Term Loan 2 [Member] | SunTrust Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | 5,000 | ||||||
Term Loan 2 [Member] | Regions Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Swap amount assigned to counterparty | $ 3,800 | ||||||
Terravita Note [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Fixed interest rate | 1.5475% |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Income from continuing operations | $ 2,081 | $ 1,551 | $ 1,593 | $ 1,629 | $ 890 | $ 1,012 | $ 1,135 | $ 2,312 | $ 6,854 | $ 5,349 | $ 3,621 |
Less: Net income attributable to noncontrolling interests | (116) | (111) | (115) | ||||||||
Distributions paid on unvested restricted shares | (528) | (201) | (50) | ||||||||
Income from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares | 6,210 | 5,037 | 3,456 | ||||||||
Income from discontinued operations | $ 8 | $ 44 | $ (33) | $ (8) | $ 2,023 | $ 109 | $ 145 | $ 120 | 11 | 2,397 | 298 |
Less: Net income attributable to noncontrolling interests | 0 | (49) | (10) | ||||||||
Income from discontinued operations attributable to Whitestone REIT | 11 | 2,348 | 288 | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 6,221 | $ 7,385 | $ 3,744 | ||||||||
Denominator: | |||||||||||
Weighted average number of common shares - basic | 24,631,000 | 22,278,000 | 18,027,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted shares | 1,052,000 | 515,000 | 246,000 | ||||||||
Weighted average number of common shares - dilutive | 25,683,000 | 22,793,000 | 18,273,000 | ||||||||
Basic: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.07 | $ 0.05 | $ 0.06 | $ 0.07 | $ 0.04 | $ 0.04 | $ 0.05 | $ 0.10 | $ 0.25 | $ 0.23 | $ 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | 0 | 0.08 | 0.01 | 0 | 0.01 | 0 | 0.10 | 0.02 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.07 | 0.05 | 0.06 | 0.07 | 0.12 | 0.05 | 0.05 | 0.11 | 0.25 | 0.33 | 0.21 |
Diluted: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.07 | 0.05 | 0.06 | 0.06 | 0.03 | 0.04 | 0.05 | 0.10 | 0.24 | 0.22 | 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | 0 | 0.09 | 0.01 | 0 | 0.01 | 0 | 0.10 | 0.01 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.07 | $ 0.05 | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.05 | $ 0.05 | $ 0.11 | $ 0.24 | $ 0.32 | $ 0.20 |
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 (in shares) | 429,809 | 471,310 | 595,782 | ||||||||
Restricted Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Distributions to holders of certain restricted common shares | $ 564 | $ 272 | $ 177 | ||||||||
Distributions to holders of certain restricted common shares charged against earnings | $ 36 | $ 71 | $ 127 |
Federal Income Taxes (Details)
Federal Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income (unaudited) | 60.90% | 53.30% | 38.50% |
Return of capital (unaudited) | 37.70% | 21.30% | 61.30% |
Capital gain distributions (unaudited) | 1.40% | 25.40% | 0.20% |
Total | 100.00% | 100.00% | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Dec. 21, 2012 | Jul. 09, 2010 | Dec. 31, 2014 | Dec. 05, 2013 | May. 31, 2013 |
Related Party Transaction [Line Items] | |||||
Stated interest rate | 5.695% | ||||
Related party receivable | $ 652,000 | ||||
Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of residence, shortfall threshold | $ 2,450,000 | ||||
Term of payment of housing expenses | 1 year | ||||
Sale of residence, amount | $ 1,125,000 | ||||
Shortfall paid in cash | 1,325,000 | ||||
Expenses paid in cash | 852,000 | ||||
Involuntary conversion | $ 2,177,000 | ||||
Four Point Five Percent Due December 2013 [Member] | Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Note receivable, related party | $ 975,000 | ||||
Stated interest rate | 4.50% | 5.20% |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | Jun. 26, 2015USD ($)$ / sharesshares | Oct. 08, 2013USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Jun. 04, 2015USD ($)agreement | Jun. 19, 2013USD ($)agreement |
Class of Stock [Line Items] | |||||||||||||||
Common shares, authorized (in shares) | shares | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||
Common shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred shares, shares authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
Preferred shares, par value per share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common shares, issued (in shares) | shares | 3,750,000 | 4,000,000 | 26,991,493 | 22,835,695 | 26,991,493 | 22,835,695 | |||||||||
Amount authorized | $ | $ 50,000 | $ 50,000 | |||||||||||||
Share price of equity offering (in dollars per share) | $ / shares | $ 13.3386 | $ 13.54 | |||||||||||||
Proceeds from issuance of common shares, net of offering costs | $ | $ 49,700 | $ 59,700 | $ 49,649 | $ 6,458 | $ 63,887 | ||||||||||
Ownership interest in operating partnership | 98.20% | ||||||||||||||
Conversion ratio for class A common stock to OP unit (in shares) | shares | 1 | 1 | |||||||||||||
Weighted-average share ownership in operating partnership | 98.30% | 97.90% | 96.80% | ||||||||||||
Number of equity distribution agreements | agreement | 9 | 5 | |||||||||||||
Payments of exchange offer costs | $ | $ 0 | $ 136 | $ 40 | ||||||||||||
OP Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
OP units outstanding (in shares) | shares | 27,367,704 | 22,926,599 | 27,367,704 | 22,926,599 | |||||||||||
Conversion of stock, shares converted (in shares) | shares | 21,359 | 163,700 | |||||||||||||
OP units owned (in shares) | shares | 26,870,671 | 22,528,207 | 26,870,671 | 22,528,207 | |||||||||||
Cash Distribution [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Total Amount Paid | $ | $ 7,809 | $ 7,786 | $ 6,712 | $ 6,639 | $ 6,598 | $ 6,583 | $ 6,519 | $ 6,389 | $ 28,946 | $ 26,089 | |||||
Cash Distribution [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||||
Total Amount Paid | $ | $ 7,666 | $ 7,664 | $ 6,601 | $ 6,526 | $ 6,484 | $ 6,457 | $ 6,367 | $ 6,231 | $ 28,457 | $ 25,539 | |||||
Cash Distribution [Member] | OP Units [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Distribution Per Common Share (in dollars per share) | $ / shares | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 0.2850 | $ 1.1400 | $ 1.1400 | |||||
Total Amount Paid | $ | $ 143 | $ 122 | $ 111 | $ 113 | $ 114 | $ 126 | $ 152 | $ 158 | $ 489 | $ 550 | |||||
Portion Attributable to Over-Allotment Option [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares, issued (in shares) | shares | 600,000 | ||||||||||||||
ATM Program [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Offering costs | $ | $ 100 | $ 200 | |||||||||||||
ATM Program [Member] | Common Stock [Member] | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Common shares sold | shares | 456,090 | 282,239 | |||||||||||||
Proceeds from issuance | $ | $ 6,400 | $ 4,200 | |||||||||||||
Payments of exchange offer costs | $ | $ 100 |
Incentive Share Plan (Narrative
Incentive Share Plan (Narrative) (Details) $ in Thousands | Apr. 02, 2014employeeshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 22, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ 7,337 | $ 4,631 | $ 2,284 | ||
2008 Long-Term Equity Incentive Ownership Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of maximum number of shares issued under plan to aggregate shares (as a percent) | 12.50% | ||||
Share-based compensation | 7,300 | $ 4,700 | $ 2,300 | ||
Unrecognized compensation cost | $ 13,300 | ||||
Period from recognition | 25 months | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Time-Based Vesting [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 2 years | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other than options vesting percentage | 82.00% | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Time and Performance-Based Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-option equity instruments granted (in shares) | shares | 633,704 | ||||
Number of employees granted an award | employee | 51 | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Restricted Common Shares and Restricted Share Units [Member] | Performance Vesting [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-option equity instruments granted (in shares) | shares | 2,049,116 | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 39 months | ||||
Unrecognized compensation cost | $ 9,900 | ||||
2008 Long-Term Equity Incentive Ownership Plan [Member] | Non-Vested Time Based Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 3,400 | ||||
Period from recognition | 15 years |
Incentive Share Plan (Schedule
Incentive Share Plan (Schedule of Share-Based Incentive Plan Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Non-vested (in shares) | 2,411,068 | ||
Shares, Granted (in shares) | 327,122 | 2,058,930 | 328,005 |
Modified to new agreements (in shares) | 0 | ||
Modified from existing agreements (in shares) | 0 | ||
Shares, Vested (in shares) | (348,786) | (133,774) | (15,270) |
Shares, Forfeited (in shares) | (101,144) | ||
Shares, Non-vested (in shares) | 2,288,260 | 2,411,068 | |
Shares, Available for grant (in shares) | 957,084 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $ 14.45 | ||
Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | 13.49 | $ 14.40 | $ 15.43 |
Modified to new agreements (in dollars per share) | 0 | ||
Modified from existing agreements (in dollars per share) | 0 | ||
Weighted-Average Grant Date Fair Value, Vested (in dollars per share) | 14.25 | ||
Weighted-Average Grant Date Fair Value, Forfeited (in dollars per share) | 14.45 | ||
Weighted-Average Grant Date Fair Value, Non-vested (in dollars per share) | $ 14.34 | $ 14.45 |
Incentive Share Plan (Schedul65
Incentive Share Plan (Schedule of Nonvested and Vested Shares Activity) (Details) - 2008 Long-Term Equity Incentive Ownership Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Granted, Non-Vested Shares Isused (in shares) | 327,122 | 2,058,930 | 328,005 |
Shares, Vested (in shares) | 348,786 | 133,774 | 15,270 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Shares Granted, Weighted-Average Grant Date Fair Value, Granted (in dollars per share) | $ 13.49 | $ 14.40 | $ 15.43 |
Shares Vested, Total Vest-Date Fair Value | $ 4,969 | $ 1,721 | $ 224 |
Grants to Trustees (Details)
Grants to Trustees (Details) | Dec. 21, 2015trustee$ / sharesshares | Dec. 09, 2014trustee$ / sharesshares | Oct. 24, 2014trustee$ / sharesshares |
Individual Trustee Grant Agreements [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | trustee | 2 | 4 | |
Number of trustee emeritus | trustee | 1 | ||
Individual Trustee Grant Agreements [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees (in shares) | shares | 2,314 | 7,500 | |
Stock granted to trustees, vested in period (in shares) | shares | 1,500 | ||
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.69 | $ 14.53 | |
Individual Trustee Grant Agreements 1 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | trustee | 4 | ||
Number of trustee emeritus | trustee | 1 | ||
Individual Trustee Grant Agreements 1 [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees (in shares) | shares | 7,500 | ||
Stock granted to trustees, vested in period (in shares) | shares | 1,500 | ||
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 12.10 | ||
Individual Trustee Grant Agreements 2 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of independent trustees | trustee | 1 | ||
Individual Trustee Grant Agreements 2 [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted to trustees (in shares) | shares | 992 | ||
Stock granted to trustees, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 12.10 |
Select Quarterly Financial Da67
Select Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues from continuing operations | $ 25,595 | $ 24,599 | $ 21,970 | $ 21,252 | $ 19,205 | $ 18,540 | $ 17,261 | $ 17,376 | $ 93,416 | $ 72,382 | $ 60,492 |
Income from continuing operations | 2,081 | 1,551 | 1,593 | 1,629 | 890 | 1,012 | 1,135 | 2,312 | 6,854 | 5,349 | 3,621 |
Income from discontinued operations | 8 | 44 | (33) | (8) | 2,023 | 109 | 145 | 120 | 11 | 2,397 | 298 |
Net income (loss) attributable to Whitestone REIT | $ 2,051 | $ 1,570 | $ 1,534 | $ 1,594 | $ 2,862 | $ 1,100 | $ 1,252 | $ 2,372 | $ 6,749 | $ 7,586 | $ 3,794 |
Basic Earnings Per Share: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.07 | $ 0.05 | $ 0.06 | $ 0.07 | $ 0.04 | $ 0.04 | $ 0.05 | $ 0.10 | $ 0.25 | $ 0.23 | $ 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | 0 | 0.08 | 0.01 | 0 | 0.01 | 0 | 0.10 | 0.02 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.07 | 0.05 | 0.06 | 0.07 | 0.12 | 0.05 | 0.05 | 0.11 | 0.25 | 0.33 | 0.21 |
Diluted Earnings Per Share: | |||||||||||
Income (loss) from continuing operations attributable to Whitestone REIT excluding amounts attributable to unvested restricted shares (in dollars per share) | 0.07 | 0.05 | 0.06 | 0.06 | 0.03 | 0.04 | 0.05 | 0.10 | 0.24 | 0.22 | 0.19 |
Income from discontinued operations attributable to Whitestone REIT (in dollars per share) | 0 | 0 | 0 | 0 | 0.09 | 0.01 | 0 | 0.01 | 0 | 0.10 | 0.01 |
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares (in dollars per share) | $ 0.07 | $ 0.05 | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.05 | $ 0.05 | $ 0.11 | $ 0.24 | $ 0.32 | $ 0.20 |
Subsequent Events f (Details)
Subsequent Events f (Details) - Pinnacle Phase II [Member] - Subsequent Event [Member] $ in Millions | Feb. 17, 2016USD ($)a |
Subsequent Event [Line Items] | |
Area of land sold (in acres) | 0.5 |
Area of land (in acres) | 4.45 |
Proceeds from sale of real estate | $ | $ 1.1 |
Schedule II - Valuation and Q69
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 4,964 | $ 3,613 | $ 2,226 |
Charged to Costs and Expense | 1,974 | 1,602 | 1,638 |
Deductions from Reserves | (291) | (251) | (251) |
Balance at End of Year | $ 6,647 | $ 4,964 | $ 3,613 |
Schedule III - Real Estate an70
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Initial Cost | ||||
Land | $ 213,978 | |||
Building and Improvements | 561,856 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 58,393 | |||
Carrying Costs | 1,311 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 213,978 | |||
Building and Improvements | 621,560 | |||
Total | $ 673,655 | $ 537,872 | $ 401,325 | 835,538 |
Accumulated Depreciation | 89,580 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of period | 673,655 | 537,872 | 401,325 | |
Additions during the period: | ||||
Acquisitions | 150,331 | 132,734 | 130,731 | |
Improvements | 12,653 | 9,330 | 6,164 | |
Real estate, total additions | 162,984 | 142,064 | 136,895 | |
Deductions - cost of real estate sold or retired | (1,101) | (6,281) | (348) | |
Balance at close of period | $ 835,538 | $ 673,655 | $ 537,872 | |
Aggregate cost of real estate for federal income tax purposes | $ 807,349 | |||
New Acquisitions Through Earlier Attainment, Percent Occupancy | 90.00% | |||
New Acquisitions Through Earlier Attainment, Term of Ownership | 18 months | |||
Anthem Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | $ 15,100 | |||
Headquarters Village [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 19,000 | |||
Mercado at Scottsdale Ranch [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 11,100 | |||
Paradise Plaza [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 9,200 | |||
Pinnacle of Scottsdale [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,100 | |||
Shops at Pecos Ranch [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,000 | |||
Shops at Starwood [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 14,300 | |||
Terravita Marketplace [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 10,500 | |||
Village Square at Dana Park [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 2,600 | |||
Uptown Tower [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 16,500 | |||
Woodlake Plaza [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 6,500 | |||
All Office/Flex Communities Except Corporate Park Northwest and Brookhill [Member] | ||||
Additions during the period: | ||||
Amount of encumbrances | 37,000 | |||
Total Operating Portfolio [Member] | ||||
Initial Cost | ||||
Land | 188,554 | |||
Building and Improvements | 513,594 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 54,870 | |||
Carrying Costs | 517 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 188,554 | |||
Building and Improvements | 568,981 | |||
Total | $ 757,535 | 757,535 | ||
Accumulated Depreciation | 88,658 | |||
Additions during the period: | ||||
Balance at close of period | 757,535 | |||
Retail Communities [Member] | ||||
Initial Cost | ||||
Land | 173,704 | |||
Building and Improvements | 439,303 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 38,075 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 173,704 | |||
Building and Improvements | 477,378 | |||
Total | 651,082 | 651,082 | ||
Accumulated Depreciation | 54,883 | |||
Additions during the period: | ||||
Balance at close of period | 651,082 | |||
Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,126 | |||
Building and Improvements | 4,086 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 322 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,126 | |||
Building and Improvements | 4,408 | |||
Total | $ 9,534 | 9,534 | ||
Accumulated Depreciation | 549 | |||
Date Acquired | Aug. 16, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 9,534 | |||
Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 4,790 | |||
Building and Improvements | 17,973 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 160 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,790 | |||
Building and Improvements | 18,133 | |||
Total | $ 22,923 | 22,923 | ||
Accumulated Depreciation | 1,192 | |||
Date Acquired | Jun. 28, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 22,923 | |||
Retail Communities [Member] | Bellnot Square [Member] | ||||
Initial Cost | ||||
Land | 1,154 | |||
Building and Improvements | 4,638 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 411 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,154 | |||
Building and Improvements | 5,049 | |||
Total | $ 6,203 | 6,203 | ||
Accumulated Depreciation | 1,817 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 6,203 | |||
Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Initial Cost | ||||
Land | 415 | |||
Building and Improvements | 1,947 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 428 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 415 | |||
Building and Improvements | 2,375 | |||
Total | $ 2,790 | 2,790 | ||
Accumulated Depreciation | 1,572 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 2,790 | |||
Retail Communities [Member] | Centre South [Member] | ||||
Initial Cost | ||||
Land | 481 | |||
Building and Improvements | 1,596 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 590 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 481 | |||
Building and Improvements | 2,186 | |||
Total | $ 2,667 | 2,667 | ||
Accumulated Depreciation | 1,071 | |||
Date Acquired | Jan. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 2,667 | |||
Retail Communities [Member] | The Citadel [Member] | ||||
Initial Cost | ||||
Land | 472 | |||
Building and Improvements | 1,777 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,595 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 472 | |||
Building and Improvements | 4,372 | |||
Total | 4,844 | 4,844 | ||
Additions during the period: | ||||
Balance at close of period | 4,844 | |||
Retail Communities [Member] | City View Village [Member] | ||||
Initial Cost | ||||
Land | 2,044 | |||
Building and Improvements | 4,149 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | (12) | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,044 | |||
Building and Improvements | 4,137 | |||
Total | $ 6,181 | 6,181 | ||
Accumulated Depreciation | 80 | |||
Date Acquired | Mar. 31, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 6,181 | |||
Retail Communities [Member] | Corporate Park Woodland II [Member] | ||||
Initial Cost | ||||
Land | 2,758 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 5 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,758 | |||
Building and Improvements | 5 | |||
Total | 2,763 | 2,763 | ||
Additions during the period: | ||||
Balance at close of period | 2,763 | |||
Retail Communities [Member] | Desert Canyon [Member] | ||||
Initial Cost | ||||
Land | 1,976 | |||
Building and Improvements | 1,704 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 629 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,976 | |||
Building and Improvements | 2,333 | |||
Total | 4,309 | 4,309 | ||
Additions during the period: | ||||
Balance at close of period | 4,309 | |||
Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Initial Cost | ||||
Land | 5,113 | |||
Building and Improvements | 15,340 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 64 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,113 | |||
Building and Improvements | 15,404 | |||
Total | 20,517 | 20,517 | ||
Additions during the period: | ||||
Balance at close of period | 20,517 | |||
Retail Communities [Member] | Fountain Square [Member] | ||||
Initial Cost | ||||
Land | 5,573 | |||
Building and Improvements | 9,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,630 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,573 | |||
Building and Improvements | 11,458 | |||
Total | 17,031 | 17,031 | ||
Additions during the period: | ||||
Balance at close of period | 17,031 | |||
Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Initial Cost | ||||
Land | 7,604 | |||
Building and Improvements | 22,612 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 93 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,604 | |||
Building and Improvements | 22,705 | |||
Total | 30,309 | 30,309 | ||
Additions during the period: | ||||
Balance at close of period | 30,309 | |||
Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Initial Cost | ||||
Land | 1,767 | |||
Building and Improvements | 3,233 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,441 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,767 | |||
Building and Improvements | 4,674 | |||
Total | 6,441 | 6,441 | ||
Additions during the period: | ||||
Balance at close of period | 6,441 | |||
Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,209 | |||
Building and Improvements | 13,821 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 30 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,209 | |||
Building and Improvements | 13,851 | |||
Total | 20,060 | 20,060 | ||
Additions during the period: | ||||
Balance at close of period | 20,060 | |||
Retail Communities [Member] | Holly Knight [Member] | ||||
Initial Cost | ||||
Land | 320 | |||
Building and Improvements | 1,293 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 165 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 320 | |||
Building and Improvements | 1,458 | |||
Total | $ 1,778 | 1,778 | ||
Accumulated Depreciation | 974 | |||
Date Acquired | Aug. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,778 | |||
Retail Communities [Member] | Headquarters Village [Member] | ||||
Initial Cost | ||||
Land | 7,171 | |||
Building and Improvements | 18,439 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 230 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171 | |||
Building and Improvements | 18,669 | |||
Total | $ 25,840 | 25,840 | ||
Accumulated Depreciation | 1,353 | |||
Date Acquired | Mar. 28, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 25,840 | |||
Retail Communities [Member] | Keller Place [Member] | ||||
Initial Cost | ||||
Land | 5,977 | |||
Building and Improvements | 7,577 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | (79) | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,977 | |||
Building and Improvements | 7,498 | |||
Total | $ 13,475 | 13,475 | ||
Accumulated Depreciation | 66 | |||
Date Acquired | Aug. 26, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 13,475 | |||
Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Initial Cost | ||||
Land | 733 | |||
Building and Improvements | 1,798 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 764 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 733 | |||
Building and Improvements | 2,562 | |||
Total | $ 3,295 | 3,295 | ||
Accumulated Depreciation | 1,201 | |||
Date Acquired | Feb. 2, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 3,295 | |||
Retail Communities [Member] | Lion Square [Member] | ||||
Initial Cost | ||||
Land | 1,546 | |||
Building and Improvements | 4,289 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,202 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,546 | |||
Building and Improvements | 7,491 | |||
Total | $ 9,037 | 9,037 | ||
Accumulated Depreciation | 3,186 | |||
Date Acquired | Jan. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 9,037 | |||
Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Initial Cost | ||||
Land | 1,305 | |||
Building and Improvements | 5,324 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,067 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,305 | |||
Building and Improvements | 6,391 | |||
Total | 7,696 | 7,696 | ||
Additions during the period: | ||||
Balance at close of period | 7,696 | |||
Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 9,710 | |||
Building and Improvements | 26,779 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,687 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,710 | |||
Building and Improvements | 28,466 | |||
Total | 38,176 | 38,176 | ||
Additions during the period: | ||||
Balance at close of period | 38,176 | |||
Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Initial Cost | ||||
Land | 8,728 | |||
Building and Improvements | 12,560 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 495 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 8,728 | |||
Building and Improvements | 13,055 | |||
Total | $ 21,783 | 21,783 | ||
Accumulated Depreciation | 871 | |||
Date Acquired | Jun. 19, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 21,783 | |||
Retail Communities [Member] | Paradise Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,155 | |||
Building and Improvements | 10,221 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 859 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,155 | |||
Building and Improvements | 11,080 | |||
Total | 17,235 | 17,235 | ||
Additions during the period: | ||||
Balance at close of period | 17,235 | |||
Retail Communities [Member] | Parkside Village North [Member] | ||||
Initial Cost | ||||
Land | 3,877 | |||
Building and Improvements | 8,629 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 62 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,877 | |||
Building and Improvements | 8,691 | |||
Total | $ 12,568 | 12,568 | ||
Accumulated Depreciation | 111 | |||
Date Acquired | Jul. 2, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 12,568 | |||
Retail Communities [Member] | Parkside Village South [Member] | ||||
Initial Cost | ||||
Land | 5,562 | |||
Building and Improvements | 27,154 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 19 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,562 | |||
Building and Improvements | 27,173 | |||
Total | 32,735 | 32,735 | ||
Additions during the period: | ||||
Balance at close of period | 32,735 | |||
Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Initial Cost | ||||
Land | 6,648 | |||
Building and Improvements | 22,466 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,267 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,648 | |||
Building and Improvements | 23,733 | |||
Total | $ 30,381 | 30,381 | ||
Accumulated Depreciation | 2,559 | |||
Date Acquired | Dec. 22, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 30,381 | |||
Retail Communities [Member] | Providence [Member] | ||||
Initial Cost | ||||
Land | 918 | |||
Building and Improvements | 3,675 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 669 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 918 | |||
Building and Improvements | 4,344 | |||
Total | $ 5,262 | 5,262 | ||
Accumulated Depreciation | 1,839 | |||
Date Acquired | Mar. 30, 2001 | |||
Additions during the period: | ||||
Balance at close of period | $ 5,262 | |||
Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Initial Cost | ||||
Land | 9,561 | |||
Building and Improvements | 28,683 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,561 | |||
Building and Improvements | 28,684 | |||
Total | $ 38,245 | 38,245 | ||
Accumulated Depreciation | 245 | |||
Date Acquired | Aug. 26, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 38,245 | |||
Retail Communities [Member] | Shaver [Member] | ||||
Initial Cost | ||||
Land | 184 | |||
Building and Improvements | 633 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | (41) | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 184 | |||
Building and Improvements | 592 | |||
Total | $ 776 | 776 | ||
Accumulated Depreciation | 295 | |||
Date Acquired | Dec. 17, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 776 | |||
Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Initial Cost | ||||
Land | 3,781 | |||
Building and Improvements | 15,123 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 560 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,781 | |||
Building and Improvements | 15,683 | |||
Total | $ 19,464 | 19,464 | ||
Accumulated Depreciation | 1,256 | |||
Date Acquired | Dec. 28, 2012 | |||
Additions during the period: | ||||
Balance at close of period | $ 19,464 | |||
Retail Communities [Member] | Shops at Starwood [Member] | ||||
Initial Cost | ||||
Land | 4,093 | |||
Building and Improvements | 11,487 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 154 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,093 | |||
Building and Improvements | 11,641 | |||
Total | $ 15,734 | 15,734 | ||
Accumulated Depreciation | 1,237 | |||
Date Acquired | Dec. 28, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 15,734 | |||
Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Initial Cost | ||||
Land | 5,920 | |||
Building and Improvements | 14,297 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 66 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,920 | |||
Building and Improvements | 14,363 | |||
Total | $ 20,283 | 20,283 | ||
Accumulated Depreciation | 367 | |||
Date Acquired | Dec. 24, 2014 | |||
Additions during the period: | ||||
Balance at close of period | $ 20,283 | |||
Retail Communities [Member] | South Richey [Member] | ||||
Initial Cost | ||||
Land | 778 | |||
Building and Improvements | 2,584 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,929 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 778 | |||
Building and Improvements | 4,513 | |||
Total | $ 5,291 | 5,291 | ||
Accumulated Depreciation | 1,803 | |||
Date Acquired | Aug. 25, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 5,291 | |||
Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Initial Cost | ||||
Land | 2,340 | |||
Building and Improvements | 7,296 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 530 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,340 | |||
Building and Improvements | 7,826 | |||
Total | $ 10,166 | 10,166 | ||
Accumulated Depreciation | 1,503 | |||
Date Acquired | Jan. 16, 2009 | |||
Additions during the period: | ||||
Balance at close of period | $ 10,166 | |||
Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Initial Cost | ||||
Land | 5,805 | |||
Building and Improvements | 12,335 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 82 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,805 | |||
Building and Improvements | 12,417 | |||
Total | $ 18,222 | 18,222 | ||
Accumulated Depreciation | 397 | |||
Date Acquired | Sep. 19, 2014 | |||
Additions during the period: | ||||
Balance at close of period | $ 18,222 | |||
Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,781 | |||
Building and Improvements | 7,125 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 512 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,781 | |||
Building and Improvements | 7,637 | |||
Total | $ 9,418 | 9,418 | ||
Accumulated Depreciation | 2,284 | |||
Date Acquired | Sep. 8, 2004 | |||
Additions during the period: | ||||
Balance at close of period | $ 9,418 | |||
Retail Communities [Member] | Sunridge [Member] | ||||
Initial Cost | ||||
Land | 276 | |||
Building and Improvements | 1,186 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 331 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 276 | |||
Building and Improvements | 1,517 | |||
Total | $ 1,793 | 1,793 | ||
Accumulated Depreciation | 622 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,793 | |||
Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Initial Cost | ||||
Land | 3,610 | |||
Building and Improvements | 2,734 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 432 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 3,610 | |||
Building and Improvements | 3,166 | |||
Total | $ 6,776 | 6,776 | ||
Accumulated Depreciation | 312 | |||
Date Acquired | May 29, 2012 | |||
Additions during the period: | ||||
Balance at close of period | $ 6,776 | |||
Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Initial Cost | ||||
Land | 7,171 | |||
Building and Improvements | 9,392 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 573 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 7,171 | |||
Building and Improvements | 9,965 | |||
Total | $ 17,136 | 17,136 | ||
Accumulated Depreciation | 1,212 | |||
Date Acquired | Aug. 8, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 17,136 | |||
Retail Communities [Member] | Torrey Square [Member] | ||||
Initial Cost | ||||
Land | 1,981 | |||
Building and Improvements | 2,971 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,208 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,981 | |||
Building and Improvements | 4,179 | |||
Total | $ 6,160 | 6,160 | ||
Accumulated Depreciation | 2,048 | |||
Date Acquired | Jan. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 6,160 | |||
Retail Communities [Member] | Town Park [Member] | ||||
Initial Cost | ||||
Land | 850 | |||
Building and Improvements | 2,911 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 176 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 850 | |||
Building and Improvements | 3,087 | |||
Total | $ 3,937 | 3,937 | ||
Accumulated Depreciation | 1,704 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 3,937 | |||
Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Initial Cost | ||||
Land | 10,877 | |||
Building and Improvements | 40,252 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,306 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 10,877 | |||
Building and Improvements | 42,558 | |||
Total | $ 53,435 | 53,435 | ||
Accumulated Depreciation | 3,535 | |||
Date Acquired | Sep. 21, 2012 | |||
Additions during the period: | ||||
Balance at close of period | $ 53,435 | |||
Retail Communities [Member] | Webster Pointe [Member] | ||||
Initial Cost | ||||
Land | 720 | |||
Building and Improvements | 1,150 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 197 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 720 | |||
Building and Improvements | 1,347 | |||
Total | $ 2,067 | 2,067 | ||
Accumulated Depreciation | 686 | |||
Date Acquired | Jan. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 2,067 | |||
Retail Communities [Member] | Westchase [Member] | ||||
Initial Cost | ||||
Land | 423 | |||
Building and Improvements | 1,751 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,763 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 423 | |||
Building and Improvements | 4,514 | |||
Total | $ 4,937 | 4,937 | ||
Accumulated Depreciation | 1,529 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 4,937 | |||
Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Initial Cost | ||||
Land | 6,800 | |||
Building and Improvements | 14,003 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 30 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 6,800 | |||
Building and Improvements | 14,033 | |||
Total | $ 20,833 | 20,833 | ||
Accumulated Depreciation | 359 | |||
Date Acquired | Dec. 24, 2014 | |||
Additions during the period: | ||||
Balance at close of period | $ 20,833 | |||
Retail Communities [Member] | Windsor Park [Member] | ||||
Initial Cost | ||||
Land | 2,621 | |||
Building and Improvements | 10,482 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 7,473 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,621 | |||
Building and Improvements | 17,955 | |||
Total | $ 20,576 | 20,576 | ||
Accumulated Depreciation | 5,789 | |||
Date Acquired | Dec. 16, 2003 | |||
Additions during the period: | ||||
Balance at close of period | $ 20,576 | |||
Office Flex Communities [Member] | ||||
Initial Cost | ||||
Land | 9,439 | |||
Building and Improvements | 41,074 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 7,957 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 9,439 | |||
Building and Improvements | 49,031 | |||
Total | 58,470 | 58,470 | ||
Accumulated Depreciation | 21,945 | |||
Additions during the period: | ||||
Balance at close of period | 58,470 | |||
Office Flex Communities [Member] | Brookhill [Member] | ||||
Initial Cost | ||||
Land | 186 | |||
Building and Improvements | 788 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 375 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 186 | |||
Building and Improvements | 1,163 | |||
Total | $ 1,349 | 1,349 | ||
Accumulated Depreciation | 454 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,349 | |||
Office Flex Communities [Member] | Corporate Park Northwest [Member] | ||||
Initial Cost | ||||
Land | 1,534 | |||
Building and Improvements | 6,306 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,032 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,534 | |||
Building and Improvements | 8,338 | |||
Total | $ 9,872 | 9,872 | ||
Accumulated Depreciation | 2,907 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 9,872 | |||
Office Flex Communities [Member] | Corporate Park West [Member] | ||||
Initial Cost | ||||
Land | 2,555 | |||
Building and Improvements | 10,267 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 980 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 2,555 | |||
Building and Improvements | 11,247 | |||
Total | $ 13,802 | 13,802 | ||
Accumulated Depreciation | 4,358 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 13,802 | |||
Office Flex Communities [Member] | Corporate Park Woodland [Member] | ||||
Initial Cost | ||||
Land | 652 | |||
Building and Improvements | 5,330 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 653 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 652 | |||
Building and Improvements | 5,983 | |||
Total | $ 6,635 | 6,635 | ||
Accumulated Depreciation | 3,008 | |||
Date of Construction | Nov. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 6,635 | |||
Office Flex Communities [Member] | Dairy Ashford [Member] | ||||
Initial Cost | ||||
Land | 226 | |||
Building and Improvements | 1,211 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 80 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 226 | |||
Building and Improvements | 1,291 | |||
Total | $ 1,517 | 1,517 | ||
Accumulated Depreciation | 647 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,517 | |||
Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ||||
Initial Cost | ||||
Land | 608 | |||
Building and Improvements | 2,516 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 396 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 608 | |||
Building and Improvements | 2,912 | |||
Total | $ 3,520 | 3,520 | ||
Accumulated Depreciation | 1,151 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 3,520 | |||
Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ||||
Initial Cost | ||||
Land | 208 | |||
Building and Improvements | 3,700 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 374 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 208 | |||
Building and Improvements | 4,074 | |||
Total | $ 4,282 | 4,282 | ||
Accumulated Depreciation | 2,581 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 4,282 | |||
Office Flex Communities [Member] | Main Park [Member] | ||||
Initial Cost | ||||
Land | 1,328 | |||
Building and Improvements | 2,721 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 580 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,328 | |||
Building and Improvements | 3,301 | |||
Total | $ 4,629 | 4,629 | ||
Accumulated Depreciation | 1,583 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 4,629 | |||
Office Flex Communities [Member] | Plaza Park [Member] | ||||
Initial Cost | ||||
Land | 902 | |||
Building and Improvements | 3,294 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,059 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 902 | |||
Building and Improvements | 4,353 | |||
Total | $ 5,255 | 5,255 | ||
Accumulated Depreciation | 2,192 | |||
Date Acquired | Jan. 1, 2000 | |||
Additions during the period: | ||||
Balance at close of period | $ 5,255 | |||
Office Flex Communities [Member] | Westbelt Plaza [Member] | ||||
Initial Cost | ||||
Land | 568 | |||
Building and Improvements | 2,165 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 735 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 568 | |||
Building and Improvements | 2,900 | |||
Total | $ 3,468 | 3,468 | ||
Accumulated Depreciation | 1,678 | |||
Date Acquired | Jan. 1, 1999 | |||
Additions during the period: | ||||
Balance at close of period | $ 3,468 | |||
Office Flex Communities [Member] | Westgate Service Center [Member] | ||||
Initial Cost | ||||
Land | 672 | |||
Building and Improvements | 2,776 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 693 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 672 | |||
Building and Improvements | 3,469 | |||
Total | $ 4,141 | 4,141 | ||
Accumulated Depreciation | 1,386 | |||
Date Acquired | Jan. 1, 2002 | |||
Additions during the period: | ||||
Balance at close of period | $ 4,141 | |||
Office Communities [Member] | ||||
Initial Cost | ||||
Land | 5,411 | |||
Building and Improvements | 33,217 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 8,838 | |||
Carrying Costs | 517 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,411 | |||
Building and Improvements | 42,572 | |||
Total | 47,983 | 47,983 | ||
Accumulated Depreciation | 11,830 | |||
Additions during the period: | ||||
Balance at close of period | 47,983 | |||
Office Communities [Member] | 9101 LBJ Freeway [Member] | ||||
Initial Cost | ||||
Land | 1,597 | |||
Building and Improvements | 6,078 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,300 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,597 | |||
Building and Improvements | 7,378 | |||
Total | $ 8,975 | 8,975 | ||
Accumulated Depreciation | 2,205 | |||
Date Acquired | Aug. 10, 2005 | |||
Additions during the period: | ||||
Balance at close of period | $ 8,975 | |||
Office Communities [Member] | Pima Norte [Member] | ||||
Initial Cost | ||||
Land | 1,086 | |||
Building and Improvements | 7,162 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 2,067 | |||
Carrying Costs | 517 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,086 | |||
Building and Improvements | 9,746 | |||
Total | $ 10,832 | 10,832 | ||
Accumulated Depreciation | 1,842 | |||
Date Acquired | Oct. 4, 2007 | |||
Additions during the period: | ||||
Balance at close of period | $ 10,832 | |||
Office Communities [Member] | Uptown Tower [Member] | ||||
Initial Cost | ||||
Land | 1,621 | |||
Building and Improvements | 15,551 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,928 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,621 | |||
Building and Improvements | 19,479 | |||
Total | $ 21,100 | 21,100 | ||
Accumulated Depreciation | 6,007 | |||
Date Acquired | Nov. 22, 2005 | |||
Additions during the period: | ||||
Balance at close of period | $ 21,100 | |||
Office Communities [Member] | Woodlake Plaza [Member] | ||||
Initial Cost | ||||
Land | 1,107 | |||
Building and Improvements | 4,426 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 1,543 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,107 | |||
Building and Improvements | 5,969 | |||
Total | $ 7,076 | 7,076 | ||
Accumulated Depreciation | 1,776 | |||
Date Acquired | Mar. 14, 2005 | |||
Additions during the period: | ||||
Balance at close of period | $ 7,076 | |||
Development Portfolio [Member] | ||||
Initial Cost | ||||
Land | 17,421 | |||
Building and Improvements | 48,262 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 144 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 17,421 | |||
Building and Improvements | 48,406 | |||
Total | 65,827 | 65,827 | ||
Accumulated Depreciation | 922 | |||
Additions during the period: | ||||
Balance at close of period | $ 65,827 | |||
Development Portfolio [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 948 | |||
Date Acquired | Sep. 28, 2010 | |||
Development Portfolio [Member] | Corporate Park Woodland II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 5 | |||
Date Acquired | Oct. 17, 2013 | |||
Development Portfolio [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 385 | |||
Date Acquired | Apr. 13, 2011 | |||
Development Portfolio [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 889 | |||
Date Acquired | Oct. 7, 2013 | |||
Development Portfolio [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 1,001 | |||
Date Acquired | Sep. 21, 2012 | |||
Development Portfolio [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 676 | |||
Date Acquired | Nov. 5, 2014 | |||
Development Portfolio [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 892 | |||
Date Acquired | Jun. 28, 2011 | |||
Development Portfolio [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 539 | |||
Date Acquired | Jul. 1, 2014 | |||
Development Portfolio [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 911 | |||
Date Acquired | Nov. 1, 2010 | |||
Development Portfolio [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 1,670 | |||
Date Acquired | Dec. 5, 2013 | |||
Development Portfolio [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 995 | |||
Date Acquired | Aug. 8, 2012 | |||
Development Portfolio [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Accumulated Depreciation | 348 | |||
Date Acquired | Jul. 2, 2015 | |||
Development Portfolio [Member] | Davenport Village [Member] | ||||
Initial Cost | ||||
Land | 11,367 | |||
Building and Improvements | 34,101 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 20 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 11,367 | |||
Building and Improvements | 34,121 | |||
Total | $ 45,488 | 45,488 | ||
Accumulated Depreciation | 510 | |||
Date Acquired | May 27, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 45,488 | |||
Development Portfolio [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Initial Cost | ||||
Land | 856 | |||
Building and Improvements | 794 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 856 | |||
Building and Improvements | 794 | |||
Total | $ 1,650 | 1,650 | ||
Accumulated Depreciation | 10 | |||
Date Acquired | Aug. 28, 2015 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,650 | |||
Development Portfolio [Member] | The Promenade at Fulton Ranch [Member] | ||||
Initial Cost | ||||
Land | 5,198 | |||
Building and Improvements | 13,367 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 124 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 5,198 | |||
Building and Improvements | 13,491 | |||
Total | $ 18,689 | 18,689 | ||
Accumulated Depreciation | 402 | |||
Date Acquired | Nov. 5, 2014 | |||
Additions during the period: | ||||
Balance at close of period | $ 18,689 | |||
Property Held for Development [Member] | ||||
Initial Cost | ||||
Land | 8,003 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,379 | |||
Carrying Costs | 794 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 8,003 | |||
Building and Improvements | 4,173 | |||
Total | 12,176 | 12,176 | ||
Accumulated Depreciation | 0 | |||
Additions during the period: | ||||
Balance at close of period | 12,176 | |||
Property Held for Development [Member] | Anthem Marketplace [Member] | ||||
Initial Cost | ||||
Land | 204 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 204 | |||
Building and Improvements | 0 | |||
Total | $ 204 | 204 | ||
Accumulated Depreciation | 0 | |||
Date Acquired | Jun. 28, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 204 | |||
Property Held for Development [Member] | Market Street at DC Ranch [Member] | ||||
Initial Cost | ||||
Land | 704 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 704 | |||
Building and Improvements | 0 | |||
Total | $ 704 | 704 | ||
Accumulated Depreciation | 0 | |||
Date Acquired | Dec. 5, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 704 | |||
Property Held for Development [Member] | Dana Park Development [Member] | ||||
Initial Cost | ||||
Land | 4,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 7 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 4,000 | |||
Building and Improvements | 7 | |||
Total | $ 4,007 | 4,007 | ||
Accumulated Depreciation | 0 | |||
Date Acquired | Sep. 21, 2012 | |||
Additions during the period: | ||||
Balance at close of period | $ 4,007 | |||
Property Held for Development [Member] | Fountain Hills [Member] | ||||
Initial Cost | ||||
Land | 277 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 0 | |||
Carrying Costs | 0 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 277 | |||
Building and Improvements | 0 | |||
Total | $ 277 | 277 | ||
Accumulated Depreciation | 0 | |||
Date Acquired | Oct. 7, 2013 | |||
Additions during the period: | ||||
Balance at close of period | $ 277 | |||
Property Held for Development [Member] | Pinnacle Phase II [Member] | ||||
Initial Cost | ||||
Land | 1,000 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 338 | |||
Carrying Costs | 399 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,000 | |||
Building and Improvements | 737 | |||
Total | $ 1,737 | 1,737 | ||
Accumulated Depreciation | 0 | |||
Date Acquired | Dec. 28, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 1,737 | |||
Property Held for Development [Member] | Shops at Starwood Phase III [Member] | ||||
Initial Cost | ||||
Land | 1,818 | |||
Building and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Improvements (net) | 3,034 | |||
Carrying Costs | 395 | |||
Gross Amount at which Carried at End of Period | ||||
Land | 1,818 | |||
Building and Improvements | 3,429 | |||
Total | $ 5,247 | 5,247 | ||
Accumulated Depreciation | $ 0 | |||
Date Acquired | Dec. 28, 2011 | |||
Additions during the period: | ||||
Balance at close of period | $ 5,247 | |||
Minimum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Bellnot Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Centre South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Corporate Park Woodland II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Holly Knight [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Torrey Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Webster Pointe [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Brookhill [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Corporate Park Northwest [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Corporate Park West [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Corporate Park Woodland [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Dairy Ashford [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Main Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Plaza Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Westbelt Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Flex Communities [Member] | Westgate Service Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Communities [Member] | 9101 LBJ Freeway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Communities [Member] | Uptown Tower [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Office Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Development Portfolio [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Development Portfolio [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Minimum [Member] | Development Portfolio [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 5 years | |||
Maximum [Member] | Retail Communities [Member] | Ahwatukee Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Anthem Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Bellnot Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Bissonnet Beltway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Centre South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | The Citadel [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | City View Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Corporate Park Woodland II [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Desert Canyon [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Fountain Hills Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Fountain Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Fulton Ranch Towne Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Gilbert Tuscany Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Heritage Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Holly Knight [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Headquarters Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Keller Place [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Kempwood Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Lion Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | MarketPlace at Central [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Market Street at DC Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Mercado at Scottsdale Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Paradise Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Parkside Village North [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Parkside Village South [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Pinnacle of Scottsdale [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Providence [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Quinlan Crossing [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Shaver [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Shops at Pecos Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Shops at Starwood [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | The Shops at Williams Trace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | South Richey [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Spoerlein Commons [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | The Strand at Huebner Oaks [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | SugarPark Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Sunridge [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Sunset at Pinnacle Peak [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Terravita Marketplace [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Torrey Square [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Town Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Village Square at Dana Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Webster Pointe [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Westchase [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Williams Trace Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Retail Communities [Member] | Windsor Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Brookhill [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Corporate Park Northwest [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Corporate Park West [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Corporate Park Woodland [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Dairy Ashford [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Holly Hall Industrial Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Interstate 10 Warehouse [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Main Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Plaza Park [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Westbelt Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Flex Communities [Member] | Westgate Service Center [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Communities [Member] | 9101 LBJ Freeway [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Communities [Member] | Pima Norte [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Communities [Member] | Uptown Tower [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Office Communities [Member] | Woodlake Plaza [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Development Portfolio [Member] | Davenport Village [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Development Portfolio [Member] | Gilbert Tuscany Village Hard Corner [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years | |||
Maximum [Member] | Development Portfolio [Member] | The Promenade at Fulton Ranch [Member] | ||||
Gross Amount at which Carried at End of Period | ||||
Depreciation Life | 39 years |