Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Mar. 06, 2014 | Jun. 28, 2013 | Mar. 06, 2014 | Jun. 28, 2013 | |
Class E [Member] | Class A [Member] | Class A [Member] | Class M [Member] | Class M [Member] | |||
Document Type | '10-K | ' | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'Jones Lang LaSalle Income Property Trust, Inc. | ' | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001314152 | ' | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | ' | 14,122,188 | ' | 28,992,015 | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | ' | ' |
Entity Public Float | ' | $378,900,021 | $268,123,606 | ' | $94,282,569 | ' | $16,493,846 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ' | ' |
Land | $134,407 | $126,555 |
Buildings and equipment | 593,078 | 669,901 |
Less accumulated depreciation | -54,686 | -82,428 |
Net property and equipment | 672,799 | 714,028 |
Investments in unconsolidated real estate affiliates | 0 | 19,988 |
Net investments in real estate | 672,799 | 734,016 |
Cash and cash equivalents | 35,124 | 36,986 |
Restricted cash | 14,781 | 15,880 |
Tenant accounts receivable, net | 2,112 | 1,825 |
Deferred expenses, net | 7,449 | 6,208 |
Acquired intangible assets, net | 35,488 | 41,125 |
Deferred rent receivable, net | 6,012 | 4,575 |
Prepaid expenses and other assets | 1,174 | 1,419 |
TOTAL ASSETS | 774,939 | 842,034 |
LIABILITIES AND EQUITY | ' | ' |
Mortgage notes and other debt payable, net | 357,806 | 492,985 |
Accounts payable and other accrued expenses | 14,636 | 15,615 |
Distributions payable | 3,852 | 2,975 |
Accrued interest | 820 | 2,033 |
Accrued real estate taxes | 1,012 | 937 |
Advisor fees payable | 450 | 324 |
Acquired intangible liabilities, net | 5,015 | 10,080 |
TOTAL LIABILITIES | 383,591 | 524,949 |
Commitments and contingencies | 0 | 0 |
Equity: | ' | ' |
Additional paid-in capital | 624,589 | 512,383 |
Accumulated other comprehensive (loss) income | -95 | 542 |
Distributions to stockholders | -104,919 | -90,691 |
Accumulated deficit | -140,798 | -115,851 |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholdersb equity | 379,193 | 306,684 |
Noncontrolling interests | 12,155 | 10,401 |
Total equity | 391,348 | 317,085 |
TOTAL LIABILITIES AND EQUITY | 774,939 | 842,034 |
Class E Shares [Member] | ' | ' |
Equity: | ' | ' |
Common Stock, Value, Issued | 0 | 264 |
Class A Shares [Member] | ' | ' |
Equity: | ' | ' |
Common Stock, Value, Issued | 130 | 36 |
Class M Shares [Member] | ' | ' |
Equity: | ' | ' |
Common Stock, Value, Issued | $286 | $1 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Land | $134,407 | $126,555 |
Buildings and equipment | 593,078 | 669,901 |
Less accumulated depreciation | -54,686 | -82,428 |
Cash and cash equivalents | 35,124 | 36,986 |
Restricted cash | 14,781 | 15,880 |
Tenant accounts receivable, net | 2,112 | 1,825 |
Deferred expenses, net | 7,449 | 6,208 |
Acquired intangible assets, net | 35,488 | 41,125 |
Deferred Rent Receivables, Net | 6,012 | 4,575 |
Prepaid Expense and Other Assets | 1,174 | 1,419 |
Mortgage notes and other debt payable, net | 357,806 | 492,985 |
Accounts payable and other accrued expenses | 14,636 | 15,615 |
Accrued interest | 820 | 2,033 |
Accrued real estate taxes | 1,012 | 937 |
Variable Interest Entity | ' | ' |
Land | 29,660 | 32,593 |
Buildings and equipment | 203,513 | 232,423 |
Less accumulated depreciation | -23,466 | -28,027 |
Cash and cash equivalents | 3,257 | 2,500 |
Restricted cash | 819 | 3,051 |
Tenant accounts receivable, net | 1,064 | 1,203 |
Deferred expenses, net | 1,356 | 783 |
Acquired intangible assets, net | 4,038 | 4,548 |
Deferred Rent Receivables, Net | 874 | 1,074 |
Prepaid Expense and Other Assets | 647 | 364 |
Mortgage notes and other debt payable, net | 163,151 | 187,234 |
Accounts payable and other accrued expenses | 2,834 | 2,953 |
Accrued interest | 368 | 909 |
Accrued real estate taxes | $117 | $638 |
Class E Shares [Member] | ' | ' |
Common stock, par value | $0.01 | ' |
Common Stock, shares authorized | 200,000,000 | ' |
Common stock, shares issued | 26,444,842 | 23,995,352 |
Common stock, shares outstanding | 26,444,842 | 23,995,352 |
Class A Shares [Member] | ' | ' |
Common stock, par value | $0.01 | ' |
Common Stock, shares authorized | 400,000,000 | ' |
Common stock, shares issued | 3,612,169 | ' |
Common stock, shares outstanding | 3,612,169 | ' |
Class M Shares [Member] | ' | ' |
Common stock, par value | $0.01 | ' |
Common Stock, shares authorized | 400,000,000 | ' |
Common stock, shares issued | 104,282 | ' |
Common stock, shares outstanding | 104,282 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Minimum rents | $67,755 | $49,656 | $53,445 |
Tenant recoveries and other rental income | 8,761 | 7,452 | 8,053 |
Total revenues | 76,516 | 57,108 | 61,498 |
Operating expenses: | ' | ' | ' |
Real estate taxes | 8,103 | 6,560 | 6,716 |
Property operating | 22,008 | 18,357 | 16,483 |
Provision for doubtful accounts | 325 | 147 | 249 |
Advisor fees | 4,668 | 2,739 | 2,806 |
Company level expenses | 1,917 | 2,275 | 2,091 |
General and administrative | 1,247 | 893 | 290 |
Provision for impairment of real estate | 38,356 | 0 | 0 |
Depreciation and amortization | 22,288 | 14,452 | 15,015 |
Total operating expenses | 98,912 | 45,423 | 43,650 |
Operating (loss) income | -22,396 | 11,685 | 17,848 |
Other (expenses) and income: | ' | ' | ' |
Interest expense | -19,913 | -20,971 | -21,074 |
Debt modification expense | -926 | 0 | 0 |
Gain (loss) on extinguishment of debt | -1,109 | 86 | 0 |
Equity in income (loss) of unconsolidated affiliates | -32 | 176 | 1,493 |
Gain on sale of unconsolidated affiliate | 7,290 | 0 | 0 |
Gain on consolidation of real estate affiliate | 0 | 34,852 | 0 |
Total other (expenses) and income | -12,408 | 13,619 | -22,567 |
(Loss) income from continuing operations | -34,804 | 25,304 | -4,719 |
Discontinued operations: | ' | ' | ' |
Loss from discontinued operations | -10,903 | -2,545 | -14,919 |
Gain (loss) on sale of discontinued operations | 15,266 | -117 | 0 |
Gain on transfer of property and extinguishment of debt | 0 | 14,693 | 0 |
Total income (loss) from discontinued operations | 4,363 | 12,031 | -14,919 |
Net (loss) income | -30,441 | 37,335 | -19,638 |
Plus: Net Loss attributable to the noncontrolling interests | 5,494 | 141 | 250 |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | -24,947 | 37,476 | -19,388 |
Net (loss) income from continuing operations attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | ($0.80) | $0.99 | ($0.19) |
Total income (loss) from discontinued operations per share-basic and diluted | $0.12 | $0.47 | ($0.62) |
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | ($0.68) | $1.46 | ($0.81) |
Weighted average common stock outstanding-basic and diluted | 36,681,847 | 25,651,220 | 23,938,406 |
Other comprehensive (loss) income: | ' | ' | ' |
Foreign currency translation adjustment | -637 | 220 | -140 |
Total other comprehensive (loss) income | -637 | 220 | -140 |
Net comprehensive (loss) income | ($25,584) | $37,696 | ($19,528) |
Consolidated_Statements_Equity
Consolidated Statements Equity (USD $) | Total | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions to Stockholders [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | Class E [Member] | Class A [Member] | Class M [Member] | ||||||
Beginning balance at Dec. 31, 2010 | $252,709 | $41 | $0 | $0 | $453,244 | $462 | ($78,361) | ($133,939) | $11,262 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | 23,995,352 | 0 | 0 | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 66,568 | 0 | 0 | ' | ' | ' | ' | ' |
Issuance of common stock | 617 | 0 | 0 | 0 | 617 | 0 | 0 | 0 | 0 |
Net income (loss) | -19,638 | ' | ' | ' | ' | ' | ' | -19,388 | -250 |
Other comprehensive income (loss) | -140 | ' | ' | ' | ' | -140 | ' | ' | ' |
Proceeds from Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 756 |
Cash distributed to noncontrolling interests | -950 | ' | ' | ' | ' | ' | ' | ' | -950 |
Dividends, Common Stock | -2,275 | ' | ' | ' | ' | ' | -2,275 | ' | ' |
Ending balance at Dec. 31, 2011 | 231,079 | 41 | 0 | 0 | 453,861 | 322 | -80,636 | -153,327 | 10,818 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | 26,444,843 | 3,612,169 | 104,282 | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 5,202,625 | 3,612,169 | 100,282 | ' | ' | ' | ' | ' |
Issuance of common stock | 88,846 | 9 | 36 | 1 | 88,800 | 0 | 0 | 0 | 0 |
Repurchase of shares (in shares) | ' | -2,753,134 | 0 | 0 | ' | ' | ' | ' | ' |
Repurchase of shares | -26,885 | -5 | 0 | 0 | -26,880 | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -3,219 | ' | ' | ' | -3,219 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' |
Stock based compensation | 40 | ' | ' | ' | 40 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Dividend | ' | -219 | ' | ' | -219 | ' | ' | ' | ' |
Net income (loss) | 37,335 | ' | ' | ' | ' | ' | ' | 37,476 | -141 |
Other comprehensive income (loss) | 220 | ' | ' | ' | ' | 220 | ' | ' | ' |
Proceeds from Noncontrolling Interests | 458 | ' | ' | ' | ' | ' | ' | ' | 458 |
Cash distributed to noncontrolling interests | -734 | ' | ' | ' | ' | ' | ' | ' | -734 |
Dividends, Common Stock | -10,055 | ' | ' | ' | ' | ' | -10,055 | ' | ' |
Ending balance at Dec. 31, 2012 | 317,085 | 264 | 36 | 1 | 512,383 | 542 | -90,691 | -115,851 | 10,401 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, Issued | ' | 0 | 13,043,452 | 28,634,822 | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 0 | 9,462,512 | 2,365,700 | ' | ' | ' | ' | ' |
Issuance of common stock | 121,049 | 0 | 94 | 23 | 120,932 | 0 | 0 | 0 | 0 |
Repurchase of shares (in shares) | ' | -238,087 | -31,229 | -71,685 | ' | ' | ' | ' | ' |
Repurchase of shares | -3,377 | -2 | 0 | 0 | -3,375 | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -5,392 | ' | ' | ' | -5,392 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' |
Stock based compensation | 41 | ' | ' | ' | 41 | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | -26,206,756 | ' | -26,232,525 | ' | ' | ' | ' | ' |
Conversion of Stock, Amount Converted | ' | -262 | ' | -262 | ' | ' | ' | ' | ' |
Net income (loss) | -30,441 | ' | ' | ' | ' | ' | ' | -24,947 | -5,494 |
Other comprehensive income (loss) | -637 | ' | ' | ' | ' | -637 | ' | ' | ' |
Proceeds from Noncontrolling Interests | 9,712 | ' | ' | ' | ' | ' | ' | ' | 9,712 |
Cash distributed to noncontrolling interests | -2,464 | ' | ' | ' | ' | ' | ' | ' | -2,464 |
Dividends, Common Stock | -14,228 | ' | ' | ' | ' | ' | -14,228 | ' | ' |
Ending balance at Dec. 31, 2013 | $391,348 | $0 | $130 | $286 | $624,589 | ($95) | ($104,919) | ($140,798) | $12,155 |
Consolidated_Statements_Equity1
Consolidated Statements Equity Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.41 | $0.39 | $0.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Income (Loss) | ($30,441,000) | $37,335,000 | ($19,638,000) |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization (including discontinued operations) | 27,206,000 | 21,531,000 | 23,535,000 |
Amortization of net above- and below- market leases (including discontinued operations) | 4,844,000 | 882,000 | 2,396,000 |
Gain (loss) on sale of discontinued operations | -15,266,000 | 117,000 | 0 |
Gain on disposal of fixed assets | -22,556,000 | 117,000 | -124,000 |
Gain on consolidation of real estate affiliate | 0 | 34,852,000 | 0 |
Gain on transfer of property and extinguishment of debt (including discontinued operations) | -1,109,000 | -14,607,000 | 0 |
Provision for doubtful accounts (including discontinued operations) | 39,000 | 557,000 | 452,000 |
Straight line rent | -3,140,000 | -499,000 | -112,000 |
Impairment of real estate (including discontinued operations) | 48,538,000 | 913,000 | 14,934,000 |
Equity in income (loss) of unconsolidated affiliates | -32,000 | 176,000 | 1,493,000 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 54,000 | -176,000 | -1,493,000 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | -211,000 | 3,133,000 | -1,209,000 |
Net cash provided by operating activities | 18,272,000 | 13,804,000 | 19,331,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of real estate investments | -141,859,000 | -8,831,000 | 0 |
Proceeds from sales of real estate investments | 172,087,000 | 5,120,000 | 344,000 |
Capital improvements and lease commissions | -18,715,000 | -9,190,000 | -6,382,000 |
Deposits for investments under contracts | -1,961,000 | ' | ' |
Loan escrows | -865,000 | -4,057,000 | -6,618,000 |
Net cash (used in) provided by investing activities | 8,687,000 | -16,958,000 | -12,656,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of common stock | 119,113,000 | 88,092,000 | 200,000 |
Offering Costs | -3,603,000 | -460,000 | 0 |
Repurchase of shares | -3,377,000 | -26,885,000 | 0 |
Distributions to stockholders | -11,353,000 | -6,286,000 | -1,858,000 |
Distributions paid to noncontrolling interests | -2,464,000 | -734,000 | -950,000 |
Contributions received from noncontrolling interests | 9,712,000 | 458,000 | ' |
Proceeds from (Payments to) Noncontrolling Interests | 7,405,000 | 458,000 | 756,000 |
Proceeds from mortgage notes | 169,680,000 | 0 | 0 |
Debt issuance costs | -2,982,000 | 0 | -617,000 |
Principal payments on mortgage notes and other debt payable | -301,162,000 | -42,090,000 | -9,633,000 |
Net cash provided by (used in) financing activities | -28,743,000 | 12,095,000 | -12,102,000 |
Net increase (decrease) in cash and cash equivalents | -1,784,000 | 8,941,000 | -5,427,000 |
Effect of exchange rates | -78,000 | 12,000 | 29,000 |
Cash and cash equivalents at the beginning of the year | 36,986,000 | 28,033,000 | 33,431,000 |
Cash and cash equivalents at the end of the year | 35,124,000 | 36,986,000 | 28,033,000 |
Interest paid | 25,710,000 | 27,054,000 | 31,981,000 |
Non-cash activities: | ' | ' | ' |
Write-offs of receivables | 568,000 | 718,000 | 540,000 |
Write-offs of retired assets | 8,014,000 | 7,071,000 | 16,055,000 |
Change in liability for capital expenditures | -1,648,000 | -2,894,000 | -31,000 |
Liabilities Assumed | 1,226,000 | ' | ' |
Stock issued through dividend reinvestment plan | 1,998,000 | 794,000 | 417,000 |
Stock based compensation | 41,000 | 40,000 | ' |
Accrued offering costs | 1,789,000 | 2,759,000 | ' |
Assumption of mortgage loan and other debt payable | 0 | 54,130,000 | 0 |
Distributions payable | 3,852,000 | 2,975,000 | ' |
Transfers of property in extinguishment of debt settlement | 0 | 101,800,000 | 0 |
Noncontrolling Interest, Increase from Business Combination | -2,307,000 | ' | ' |
Consolidation of 111 Sutter Street net assets in excess of cash paid | 0 | 52,845,000 | ' |
Sutter Street [Member] | ' | ' | ' |
Non-cash activities: | ' | ' | ' |
Seller provided financing | $0 | $12,000,000 | $0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
Nature of Operations [Text Block] | ' |
ORGANIZATION | |
General | |
Except where the context suggests otherwise, the terms “we,” “us,” “our” and the “Company” refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc. | |
Jones Lang LaSalle Income Property Trust, Inc. is an externally managed, non-listed, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of office, retail, industrial and apartment properties located primarily in the United States. We expect over time that our real estate portfolio will be further diversified on a global basis through the acquisition of additional properties outside of the United States and will be complemented by investments in real estate-related debt and securities. We were originally incorporated on May 28, 2004 under the laws of the State of Maryland. We believe that we have operated in such a manner to qualify to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 2004, when we first elected REIT status. As of December 31, 2013, we owned interests in a total of 24 properties located in 10 states and one in Canada. | |
From our inception to October 1, 2012, we raised proceeds through private offerings of shares of our undesignated common stock. On October 1, 2012, the Securities and Exchange Commission (the “SEC”) declared effective our Registration Statement on Form S-11 (Commission File No. 333-177963) (the "Registration Statement") with respect to our continuous public Offering of up to $3,000,000 in any combination of Class A and Class M shares of common stock (the "Offering"). On September 27, 2012, we designated our previously undesignated common stock as Class E common stock. On October 1, 2012, we effected a stock dividend for all Class E shares at a ratio of 4.786-to-1 in order to achieve a Net Asset Value ("NAV") per share for each of the Class A, Class M and Class E shares of $10.00 as of the date we commenced the Offering. Affiliates of our sponsor, Jones Lang LaSalle Incorporated ("Jones Lang LaSalle" or our "Sponsor"), have invested an aggregate of $60,200 through purchases of shares of our Class E common stock. On October 1, 2013, all of our Class E shares converted to Class M shares. Holders of Class E shares received approximately 1.001 shares of Class M stock for each share of Class E stock owned. As of December 31, 2013, 13,043,452, shares of Class A common stock and 28,634,822 shares of Class M common stock were outstanding and held by a total of 3,202 stockholders. | |
Prior to November 14, 2011, the Company (previously named Excelsior LaSalle Property Fund, Inc.) was managed by Bank of America Capital Advisors LLC (the “Former Manager”), a registered investment adviser with the SEC, that had the day-to-day responsibility for our management and administration pursuant to a management agreement between the Company and the Former Manager (the “Management Agreement”). On November 14, 2011, the Former Manager assigned its right, duties and obligations as manager of the Company under the Management Agreement to LaSalle and since that date, the Former Manager has had no responsibility for the management of the Company. | |
LaSalle acts as our advisor pursuant to the amended and restated advisory agreement between the Company and LaSalle, which became effective on October 1, 2012 (the “Advisory Agreement”). Our Advisor, a registered investment adviser with the SEC, has broad discretion with respect to our investment decisions and is responsible for selecting our investments and for managing our investment portfolio pursuant to the terms of the Advisory Agreement. LaSalle is a wholly owned, but operationally independent subsidiary of Jones Lang LaSalle, a New York Stock Exchange-listed real estate services and money management firm. We have no employees as all operations are managed by our Advisor. We have certain executive officers, but they are employees of and compensated by our Advisor. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities and the unconsolidated investments in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of variable interest entities in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of variable interest entities' ("VIE") assets and liabilities that are consolidated. Our VIEs include The District at Howell Mill, Cabana Beach San Marcos, Cabana Beach Gainesville, The Lodge of Athens, Campus Lodge Columbia, The Edge at Lafayette, and Campus Lodge Tampa as we maintain control over significant decisions, which began at the time of acquisition of the properties. The creditors of our VIEs do not have general recourse to us. | |||||||||||||
Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and non-controlling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2013, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above. | |||||||||||||
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners. | |||||||||||||
Investments in Real Estate | |||||||||||||
Real estate assets are stated at cost. Our real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. A real estate asset is considered to be impaired when the estimated future undiscounted operating cash flow over the expected hold period is less than its carrying value in accordance with the authoritative guidance on accounting for the impairment or disposal of long-lived assets. To the extent impairment has occurred, the excess of the carrying value of the asset over its estimated fair value will be charged to operations. The valuation adjustments were calculated based on market conditions and assumptions made by management at the time the valuation adjustments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change in the future. When we have committed to a plan to sell a property that is available for immediate sale, have the necessary approvals and marketing in place, and believe that the sale of the property is probable the assets selected for disposal will be classified as held-for-sale and carried at the lower of their carrying values (i.e., cost less accumulated depreciation and any impairment loss recognized, where applicable) or estimated fair values less costs to sell. Carrying values are reassessed at each balance sheet date. Due to market fluctuation, actual proceeds realized on the ultimate sale of these properties may differ from estimates and such differences could be material. Depreciation and amortization cease once a property is classified as held-for-sale. We recorded impairment charges on consolidated real estate properties for years ended December 31, 2013, 2012 and 2011 totaling $48,538, $913 and $14,934, respectively, including amounts reflected in discontinued operations. | |||||||||||||
Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: | |||||||||||||
Asset Category | Estimated Useful Life | ||||||||||||
Buildings and improvements | 40-50 Years | ||||||||||||
Tenant improvements | Life of related lease | ||||||||||||
Equipment and fixtures | 2-10 Years | ||||||||||||
Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized. | |||||||||||||
Revenue Recognition | |||||||||||||
Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases. Straight-line rent revenue (representing rents recognized prior to being billed and collectible as provided by the terms of the leases) caused net increases to rent revenue of $3,128, $403 and $101 for the years ended December 31, 2013, 2012 and 2011, respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2013, 2012 and 2011, are $4,844, $882 and $2,396, respectively, of net amortization related to above-and below-market in-place leases at properties acquired as provided by authoritative guidance on goodwill and intangible assets. Tenant recoveries are recognized as revenues in the period the applicable costs are incurred. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
An allowance for doubtful accounts is provided against the portion of accounts receivable and deferred rent receivable that is estimated to be uncollectible. Such allowance is reviewed periodically based upon our recovery experience. At December 31, 2013 and 2012, our allowance for doubtful accounts was $41 and $570, respectively. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
We consider all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. We maintain a portion of our cash in bank deposit accounts, which, at times, may exceed the federally insured limits. No losses have been experienced related to such accounts. We believe our bank deposit accounts are held with quality financial institutions. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes amounts established pursuant to various agreements for tax deferred exchanges, loan escrow accounts and loan commitments. | |||||||||||||
Deferred Expenses | |||||||||||||
Deferred expenses consist of debt issuance costs and lease commissions. Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2013 and 2012 was $2,286 and $4,013, respectively. | |||||||||||||
Foreign Exchange | |||||||||||||
We utilize the U.S. dollar as our functional currency, except for our Canadian operations, which use the Canadian dollar as the functional currency. When preparing consolidated financial statements, assets and liabilities of foreign entities are translated at the exchange rates at the balance sheet date, while income and expense items are translated at average rates for the period. Income statement amounts of significant transactions are translated at the rate in effect as of the date of the transactions. Foreign currency translation adjustments are recorded in accumulated other comprehensive (loss) income. | |||||||||||||
Acquisitions | |||||||||||||
We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. Acquisition related costs are expensed as incurred. We record land and building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents. | |||||||||||||
We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||||
The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2013 and 2012, we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to ten years. | |||||||||||||
Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $15,181 and $26,515 at December 31, 2013 and 2012, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $948 and $5,465 at December 31, 2013 and 2012, respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations. | |||||||||||||
Future amortization related to amortizing acquired intangible assets and liabilities as of December 31, 2013 is as follows: | |||||||||||||
Acquired in-place leases | Acquired above-market leases | Acquired below-market leases | |||||||||||
2014 | $ | 7,705 | $ | 412 | $ | (1,243 | ) | ||||||
2015 | 7,563 | 310 | (866 | ) | |||||||||
2016 | 3,550 | 191 | (670 | ) | |||||||||
2017 | 2,957 | 123 | (466 | ) | |||||||||
2018 | 2,668 | 71 | (457 | ) | |||||||||
Thereafter | 9,706 | 232 | (1,313 | ) | |||||||||
$ | 34,149 | $ | 1,339 | $ | (5,015 | ) | |||||||
Income Taxes | |||||||||||||
We made the election to be taxed as a REIT under sections 856-860 of the Internal Revenue Code of 1986 (the “Code”) as of December 23, 2004. To qualify as a REIT, we must meet a number of organizational and operational requirements, including requirements to distribute at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding net capital gains, and to meet certain quarterly asset and annual income tests. It is our current intention to adhere to these requirements. As a REIT, we will generally not be subject to corporate-level federal income tax to the extent we distribute 100% of our taxable income to our stockholders. Accordingly, the consolidated statements of operations do not reflect a provision for income taxes. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income or property, and to certain federal income and excise taxes. | |||||||||||||
Earnings and profits, which determine the tax ability of dividends to stockholders, differ from net income reported for financial reporting purposes due to differences for federal income tax reporting purposes in computing, among other things, estimated useful lives, depreciable basis of properties and permanent and timing differences on the inclusion or deductibility of elements of income and expense for such purposes. | |||||||||||||
Business Segments | |||||||||||||
We align our internal operations along the four primary property types we are targeting for investments resulting in four operating segments: apartment properties, industrial properties, office properties and retail properties. | |||||||||||||
At December 31, 2013 and 2012, we held one investment outside the United States. For the years ended December 31, 2013, 2012 and 2011, total revenues of this foreign investment were $4,166, $3,874 and $4,462, respectively. For the years ended December 31, 2013, 2012 and 2011, total revenues of U.S. domiciled investments were $72,350, $53,234 and $57,036, respectively. At December 31, 2013 and 2012, total assets of our foreign investment were $37,564 and $40,917, respectively. The change in total assets from December 31, 2012 to December 31, 2013 at our foreign investment was mainly a result of the change in foreign currency rate between those dates. At December 31, 2013 and 2012, total assets of U.S domiciled investments were $737,375 and $801,117, respectively. | |||||||||||||
Assets and Liabilities Measured at Fair Value | |||||||||||||
The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||
• | Level 1—Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. | ||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. | ||||||||||||
• | Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. | ||||||||||||
The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. We have estimated the fair value of our mortgage notes payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes payable using level two inputs was approximately $296 higher and $17,136 higher than the aggregate carrying amounts at December 31, 2013 and 2012, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
We record all derivatives on the consolidated balance sheets at fair value. Changes in the fair value of our derivatives are recorded on our consolidated statements of operations and comprehensive (loss) income as we have not designated our derivative instruments as hedges. Our objectives in using interest rate derivatives are to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps. | |||||||||||||
As of December 31, 2013, we had the following outstanding interest rate derivatives related to managing our interest rate risk: | |||||||||||||
Interest Rate Derivative | Number of Instruments | Notional Amount | |||||||||||
Interest Rate Caps | 5 | $88,680 | |||||||||||
The interest rate caps were of nominal value at December 31, 2013. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. |
Property
Property | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||
PROPERTY | |||||||||||||||||
The primary reason we make acquisitions of real estate investments in the apartment, industrial, office and retail property sectors is to invest capital in a diversified portfolio of real estate. The consolidated properties held by us as of December 31, 2013 were as follows: | |||||||||||||||||
Property | Sector | Square | Location | Ownership | Acquisition | Acquisition | |||||||||||
Feet | % | Date | Price | ||||||||||||||
(Unaudited) | |||||||||||||||||
Monument IV at Worldgate | Office | 228,000 | Herndon, VA | 100 | % | 8/27/04 | $ | 59,608 | |||||||||
111 Sutter Street (1) | Office | 286,000 | San Francisco, CA | 100 | % | 3/29/05 | 100,779 | ||||||||||
Kendall Distribution Center | Industrial | 409,000 | Atlanta, GA | 100 | % | 6/30/05 | 18,781 | ||||||||||
14600 Sherman Way | Office | 50,000 | Van Nuys, CA | 100 | % | 12/21/05 | 8,623 | ||||||||||
14624 Sherman Way | Office | 53,000 | Van Nuys, CA | 100 | % | 12/21/05 | 9,755 | ||||||||||
Stirling Slidell Shopping Centre | Retail | 139,000 | Slidell, LA | 100 | % | 12/14/06 | 23,367 | ||||||||||
Norfleet Distribution Center | Industrial | 702,000 | Kansas City, MO | 100 | % | 2/27/07 | 37,579 | ||||||||||
Station Nine Apartments | Apartment | 312,000 | Durham, NC | 100 | % | 4/16/07 | 56,417 | ||||||||||
4 Research Park Drive | Office | 60,000 | St. Charles, MO | 100 | % | 6/13/07 | 11,330 | ||||||||||
36 Research Park Drive | Office | 81,000 | St. Charles, MO | 100 | % | 6/13/07 | 17,232 | ||||||||||
The District at Howell Mill | Retail | 306,000 | Atlanta, GA | 87.85 | % | 6/15/07 | 78,661 | ||||||||||
Railway Street Corporate Centre | Office | 137,000 | Calgary, Canada | 100 | % | 8/30/07 | 42,614 | ||||||||||
Cabana Beach San Marcos (2) | Apartment | 278,000 | San Marcos, TX | 78 | % | 11/21/07 | 29,375 | ||||||||||
Cabana Beach Gainesville (2) | Apartment | 545,000 | Gainesville, FL | 78 | % | 11/21/07 | 74,277 | ||||||||||
Campus Lodge Athens (2) | Apartment | 229,000 | Athens, GA | 78 | % | 11/21/07 | 20,980 | ||||||||||
Campus Lodge Columbia (2) | Apartment | 256,000 | Columbia, MO | 78 | % | 11/21/07 | 24,852 | ||||||||||
The Edge at Lafayette (2) | Apartment | 207,000 | Lafayette, LA | 78 | % | 1/15/08 | 26,870 | ||||||||||
Campus Lodge Tampa (2) | Apartment | 431,000 | Tampa, FL | 78 | % | 2/29/08 | 46,787 | ||||||||||
Joliet Distribution Center | Industrial | 442,000 | Joliet, IL | 100 | % | 6/26/13 | 21,000 | ||||||||||
Suwanee Distribution Center | Industrial | 559,000 | Suwanee, GA | 100 | % | 6/28/13 | 37,943 | ||||||||||
Grand Lakes Marketplace | Retail | 131,000 | Katy, TX | 90 | % | 9/17/13 | 42,975 | ||||||||||
3800 1st Avenue South | Industrial | 162,000 | Seattle, WA | 100 | % | 12/18/13 | 18,705 | ||||||||||
3844 1st Avenue South | Industrial | 101,000 | Seattle, WA | 100 | % | 12/18/13 | 12,070 | ||||||||||
3601 2nd Avenue South | Industrial | 60,000 | Seattle, WA | 100 | % | 12/18/13 | 7,925 | ||||||||||
-1 | On March 29, 2005, we acquired an 80% interest in the property. On December 4, 2012, we acquired the remaining 20% interest. | ||||||||||||||||
-2 | The other owner, owning a 22% interest, is an investment fund advised by our Advisor and in which the parent company of our Advisor owns a noncontrolling interest. | ||||||||||||||||
During the years ended December 31, 2013 and 2012, we incurred $599 and $33, respectively, of acquisition expenses that were recorded in general and administrative expenses on the consolidated statements of operations and other comprehensive (loss) income. For properties acquired during 2013, we recorded total revenue of $3,482 and net income of $414 during the year end December 31, 2013. For properties acquired during 2012, we recorded total revenue of $1,024 and net loss of $165 during the year ended December 31, 2012. | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||
On June 26, 2013, we acquired Joliet Distribution Center, a 442,000 square foot industrial property located in Joliet, Illinois for approximately $21,000, using cash on hand. The property is 100% leased to two tenants with a weighted average remaining lease term of approximately six years. | |||||||||||||||||
On June 28, 2013, we acquired Suwanee Distribution Center, a 559,000 square foot industrial property located in suburban Atlanta, Georgia for $37,943, using a $7,000 draw on our revolving line of credit and cash on hand. The property is 100% leased to Mitsubishi Electric & Electronics USA with a remaining lease term of ten years. | |||||||||||||||||
On September 17, 2013, we acquired a 90% interest in a joint venture that owns Grand Lakes Marketplace, a 131,000 square foot retail property located in Katy, Texas for $42,975. This acquisition was financed with a $23,900 mortgage note payable secured by Grand Lakes Marketplace. The mortgage note payable has a ten-year term, carries a fixed interest rate of 4.20% and is interest only. | |||||||||||||||||
On December 18, 2013, we acquired South Seattle Distribution Center, a three building, 323,000 square foot industrial portfolio located in Seattle, Washington for approximately $39,000, using cash on hand. The portfolio is 100% leased to three tenants with a weighted average remaining lease term of approximately eight years. | |||||||||||||||||
We allocated the purchase price of our 2013 acquisitions in accordance with authoritative guidance as follows: | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||
Land | $ | 29,744 | |||||||||||||||
Building | 97,199 | ||||||||||||||||
In-place lease value (acquired intangible assets) | 18,631 | ||||||||||||||||
Above-market leases value (acquired intangible assets) | 566 | ||||||||||||||||
Below-market leases value (acquired intangible liabilities) | (747 | ) | |||||||||||||||
$ | 145,393 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 2 - 11 years | ||||||||||||||||
Proforma Information (Unaudited) | |||||||||||||||||
If these acquisitions had occurred on January 1, 2012, the Company's consolidated total revenues and net loss for the year ended December 31, 2013 would have been $85,726 and $27,912, respectively and the Company's total consolidated revenues and net income for the year ended December 31, 2012 would have been $65,988 and $38,828, respectively. Net loss per share for the year ended December 31, 2013 would have been $0.76 and net income per share for the year ended December 31, 2012 would have been $1.51. Basic per share amounts are based on the weighted average of shares outstanding of 36,681,847 and 25,651,220 for the year ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
2012 Acquisition | |||||||||||||||||
On December 4, 2012, we acquired the remaining 20% interest in 111 Sutter Street, a 286,000 square foot, multi-tenant office building in San Francisco, California. We had previously owned a majority, but non-controlling, interest in 111 Sutter Street from March 29, 2005 through December 4, 2012. The purchase price for the remaining interest was $22,000. The seller financed $12,000 of the purchase price in the form of a note payable due September 30, 2013. We retired the note payable in January 2013. We funded the balance of the acquisition using cash on hand. 111 Sutter Street was previously accounted for as an investment in an unconsolidated real estate affiliate as all decisions required unanimous approval. Effective December 5, 2012, we have consolidated the balance sheet and operations of 111 Sutter Street, which included the existing $54,130 mortgage loan at an interest rate of 5.58%, maturing in July 2015. As a result of the consolidation, we recorded a gain on consolidation of real estate affiliate of $34,852 within our 2012 Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||
Fair value for our investment in 111 Sutter Street was determined through the use of an income approach and was measured using Level 3 inputs. The income approach estimates an income stream for the property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Rent growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The terminal cap rate and discount rate are significant inputs to this valuation. The fair value measurements determined during the year included rent growth assumptions ranging between 3% and 7%, terminal cap rate of 6.25% and discount rate of 7.75%. Changes in these inputs could result in a significant change in the valuation of our original joint venture investment and a change in the gain on consolidation of real estate affiliate during the period. We allocated the purchase price of our 2012 acquisition in accordance with authoritative guidance as follows: | |||||||||||||||||
111 Sutter Street | |||||||||||||||||
Land | $ | 39,919 | |||||||||||||||
Building | 72,712 | ||||||||||||||||
In-place lease value (acquired intangible assets) | 12,772 | ||||||||||||||||
Above-market leases value (acquired intangible assets) | 729 | ||||||||||||||||
Below-market leases value (acquired intangible liabilities) | (5,289 | ) | |||||||||||||||
In-place debt premium (mortgage notes payable) | (3,868 | ) | |||||||||||||||
Assumption of mortgage note payable | (54,130 | ) | |||||||||||||||
$ | 62,845 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 3 years, 1 month | ||||||||||||||||
Amortization period for debt premium | 2 years, 7 months | ||||||||||||||||
Proforma Information (Unaudited) | |||||||||||||||||
If the acquisition of 111 Sutter Street had occurred on January 1, 2011, the Company's consolidated revenues and net loss for the year ended December 31, 2012 would have been $86,471 and $1,591, respectively, and the Company's consolidated revenues and net income for the year ended December 31, 2011 would have been $89,229 and $10,203, respectively. | |||||||||||||||||
Impairment of Investments in Real Estate | |||||||||||||||||
In accordance with authoritative guidance for impairment of long-lived assets we recorded the following impairments of investments in real estate during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||
Continuing Operations | |||||||||||||||||
4 Research Park Drive | $ | 2,888 | $ | — | $ | — | |||||||||||
Stirling Slidell Shopping Centre | 7,270 | — | — | ||||||||||||||
Cabana Beach Gainesville | 23,466 | — | — | ||||||||||||||
14600 Sherman Way | 1,726 | — | — | ||||||||||||||
14624 Sherman Way | 3,006 | — | — | ||||||||||||||
Provision for impairment of real estate classified as continuing operations | $ | 38,356 | $ | — | $ | — | |||||||||||
Discontinued Operations | |||||||||||||||||
Georgia Door Sales Distribution Center | $ | — | $ | 913 | $ | — | |||||||||||
Marketplace at Northglenn | — | — | 14,934 | ||||||||||||||
Canyon Plaza | 10,182 | — | — | ||||||||||||||
Provision for impairment of real estate classified as discontinued operations | $ | 10,182 | $ | 913 | $ | 14,934 | |||||||||||
The valuation of these assets is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset as well as the income capitalization approach considering prevailing market capitalization and discount rates. We review each investment based on the highest and best use of the investment and market participation assumptions. The significant assumptions include the capitalization rate used in the income capitalization valuation and projected property net operating income and net cash flows. Additionally, the valuation considered bid and ask prices for similar properties. We have determined that the significant inputs used to value the impaired assets fall within Level 3 except for the impairment of Canyon Plaza which based on a sale price falls within Level 1. These significant inputs are based on market conditions and our expected growth rates. Capitalization rates ranging from 7.25% to 9.00% and discount rates ranging from 8.25% to 10.00% were utilized in the models and are based upon observable rates that we believe to be within a reasonable range of current market rates. | |||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||
On August 23, 2013, Canyon Plaza, a 199,000 square foot office property located in San Diego, California, was classified as held for sale and evaluated for impairment as of that date. We determined the carrying value of the investment exceeded the sale price less cost to sell. As such, we recognized an impairment charge of $10,182. | |||||||||||||||||
We intend to increase our investments in the industrial and retail property sectors (along with other property types), repay or refinance loans and evaluate dispositions of properties that may allow us to redeploy capital in manner better aligned with our current investment objectives and strategy. Three suburban office properties within our portfolio, 4 Research Park Drive, in suburban St. Louis and 14600 and 14624 Sherman Way, the remaining two properties from our Dignity Health Office Portfolio, no longer fit within our long-term investment strategy. The December loan modifications of our student housing properties enabled us to review our hold/sell outlook on these properties on an individual basis. Cabana Beach Gainesville was determined to be no longer in keeping with our core strategy. Stirling Slidell Shopping Centre’s loan matures in April 2014 and is a likely disposition candidate given our strategy to move more towards grocery-anchored retail properties. Our change in strategy for each of these properties resulted in a reduction to our expected hold period. As such, we determined that 4 Research Park Drive, Stirling Slidell Shopping Centre, Cabana Beach Gainesville, 14600 Sherman Way and 14624 Sherman Way were impaired due to the carrying value of the investments exceeding the undiscounted cash flows over our new expected hold period. We recognized impairment charges totaling $38,356 which represents the difference between the fair value and the carrying value of the properties. | |||||||||||||||||
For the year ended December 31, 2012 | |||||||||||||||||
On March 16, 2012, Georgia Door Sales Distribution Center, a 254,000 square foot industrial property located in Austell, Georgia, was classified as held for sale and evaluated for impairment as of that date. We determined the carrying value of the investment exceeded the fair value less cost to sell. As such, we recognized an impairment charge of approximately $913. | |||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||
As of June 30, 2011, we determined that Marketplace at Northglenn was impaired due to the carrying value of the investment exceeding the undiscounted cash flows over our expected hold period. As such, we recognized an impairment charge of $14,934 which represents the difference between the fair value and the carrying value of the property. The impairment stemmed from decreasing our expected hold period of the property due to the property’s cash flows being forecast to no longer cover debt service as a result of Border’s bankruptcy and lower rental rates on a newly signed lease renewal that occurred during the three months ending June 30, 2011. | |||||||||||||||||
Note 3A -Discontinued Operations | |||||||||||||||||
On March 23, 2012, we relinquished our ownership of Metropolitan Park North, a 187,000 square foot office building located in Seattle, Washington, through a deed in lieu of foreclosure with the lender. | |||||||||||||||||
On March 16, 2012, Georgia Door Sales Distribution Center, a 254,000 square foot industrial property located in Austell, Georgia, was classified as held for sale. | |||||||||||||||||
The following table summarizes income (loss) from discontinued operations for those properties described in Note 3A for the year ended December 31, 2011: | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Total revenue | $ | 7,848 | |||||||||||||||
Real estate taxes | (624 | ) | |||||||||||||||
Property operating | (1,222 | ) | |||||||||||||||
Provision for doubtful accounts | (19 | ) | |||||||||||||||
General and administrative | (137 | ) | |||||||||||||||
Depreciation and amortization | (1,917 | ) | |||||||||||||||
Interest expense | (3,392 | ) | |||||||||||||||
Income from discontinued operations | $ | 537 | |||||||||||||||
Note 3B -Discontinued Operations | |||||||||||||||||
On March 16, 2012, in accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of Georgia Door Sales Distribution Center exceeded the fair value less cost to sell. As such, we recognized impairment charges of approximately $913. On April 20, 2012, we sold the property for $5,150 resulting in a loss of $117. The results of operations and loss on sale of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On March 23, 2012, upon our relinquishment of Metropolitan Park North, we were relieved of approximately $56,513 of mortgage obligations plus accrued default interest associated with the mortgage loan. A non-cash accounting gain of $6,018 was recognized on the transfer of property representing the difference between the fair value and the net book value of the property as of the date of transfer. Upon extinguishment of the mortgage debt obligation, a $5,773 non-cash accounting gain was recognized representing the difference between the book value of the debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. The results of operations and gain on transfer of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On July 11, 2012, we relinquished our ownership of Marketplace at Northglenn, a 439,000 square foot retail center located in Northglenn, Colorado, via a foreclosure proceeding. The Company has been relieved of approximately $66,480 of mortgage obligations plus accrued default interest associated with the mortgage loan. A non-cash accounting loss of $6 was recognized on the transfer of property representing the differences between fair value and the net book value of the property as of the date of the transfer. Upon extinguishment of the mortgage debt obligation, a $2,908 non-cash accounting gain was recognized representing the difference between the book value of the debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. The results of operations and gain on transfer of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On August 23, 2013, in accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of Canyon Plaza exceeded the fair value less cost to sell. As such, we recognized impairment charges of approximately $10,182. On December 10, 2013 we sold the property for $33,750 resulting in a gain of $218. The results of operations and gain on sale of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On October 24, 2013, we completed the sale of the Dignity Health Disposition Portfolio for $111,260. In conjunction with the sale, we prepaid the three remaining mortgage loan pools associated with the properties for approximately $60,950 including accrued interest. We recorded a gain on sale of $15,048. The results of operations and gain on sale of the properties are reported as discontinued operations for all periods presented. | |||||||||||||||||
The following table summarizes the loss from discontinued operations for Canyon Plaza and the Dignity Health Disposition Portfolio for the years ended December 31, 2013, 2012, and 2011, the loss from discontinued operations of Marketplace at Northglenn for the years ended December 31, 2012 and 2011 as well as the loss from discontinued operations of Georgia Door Sales Distribution Center and Metropolitan Park North for the year ended December 31, 2012: | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||
Total revenue | $ | 20,471 | $ | 25,173 | $ | 28,005 | |||||||||||
Real estate taxes | (1,452 | ) | (2,704 | ) | (3,236 | ) | |||||||||||
Property operating | (5,180 | ) | (6,162 | ) | (6,629 | ) | |||||||||||
Net recovery of (provision for) net recovery of doubtful accounts | 286 | (409 | ) | (185 | ) | ||||||||||||
General and administrative | (514 | ) | (258 | ) | (253 | ) | |||||||||||
Provision for impairment | (10,182 | ) | (913 | ) | (14,934 | ) | |||||||||||
Depreciation and amortization | (9,689 | ) | (7,278 | ) | (8,448 | ) | |||||||||||
Interest expense | (4,643 | ) | (9,994 | ) | (9,776 | ) | |||||||||||
Loss from discontinued operations | $ | (10,903 | ) | $ | (2,545 | ) | $ | (15,456 | ) |
Unconsolidated_Real_Estate_Aff
Unconsolidated Real Estate Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Unconsolidated Real Estate Affiliates [Abstract] | ' | ||||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
Legacy Village | |||||||||||||
On August 25, 2004, we acquired a 46.5% membership interest in Legacy Village Investors, LLC which owns Legacy Village, a 595,000 square-foot lifestyle center in Lyndhurst, Ohio, built in 2003. The aggregate consideration for our 46.5% ownership interest was approximately $35,000. On October 29, 2013, we sold our interest in Legacy Village Investors, LLC to our joint venture partners for $27,350 and recorded a gain on that sale of $7,290. | |||||||||||||
111 Sutter Street | |||||||||||||
On March 29, 2005, we acquired an 80% membership interest in CEP Investors XII LLC, which owns 111 Sutter Street in San Francisco, California, a 286,000 square-foot, multi-tenant office building built in 1926 and renovated in 2001. The aggregate consideration paid for the 80% membership interest was approximately $24,646. On December 4, 2012, we acquired the remaining 20% membership interest and consolidated the property as of the purchase date. | |||||||||||||
SUMMARIZED FINANCIAL INFORMATION OF INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
The following is summarized financial information for our unconsolidated real estate affiliates: | |||||||||||||
SUMMARIZED COMBINED BALANCE SHEETS—UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
31-Dec-12 | |||||||||||||
Total assets | $ | 104,882 | |||||||||||
Total liabilities | 91,176 | ||||||||||||
Members’ equity | 13,706 | ||||||||||||
Total liabilities and members' equity | $ | 104,882 | |||||||||||
COMPANY INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
31-Dec-12 | |||||||||||||
Members’ equity | $ | 13,706 | |||||||||||
Less: other members’ equity | (8,442 | ) | |||||||||||
Basis differential in investment in unconsolidated real estate affiliates, net (1) | 14,724 | ||||||||||||
Investments in unconsolidated real estate affiliates | $ | 19,988 | |||||||||||
-1 | The basis differential in investment in the equity of the unconsolidated real estate affiliates was attributable to a difference in the fair value of Legacy Village over its historical cost at acquisition plus our own acquisition costs for Legacy Village. We amortized the basis differential over the lives of the related assets and liabilities that made up the fair value difference, primarily buildings and improvements. In some instances, the useful lives of these assets and liabilities differ from the useful lives being used to amortize the assets and liabilities by the other members. The basis differential allocated to land was not subject to amortization. | ||||||||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS—UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||
Total revenues | $ | 15,158 | $ | 25,379 | $ | 25,229 | |||||||
Total operating expenses | 11,065 | 17,483 | 18,450 | ||||||||||
Operating income | 4,093 | 7,896 | 6,779 | ||||||||||
Total other expenses | (3,987 | ) | (7,827 | ) | (8,298 | ) | |||||||
Net income (loss) | $ | 106 | $ | 69 | $ | (1,519 | ) | ||||||
COMPANY EQUITY IN INCOME OF UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||
Net income (loss) of unconsolidated real estate affiliates | $ | 106 | $ | 69 | $ | (1,519 | ) | ||||||
Other members’ share of net (income) loss | (56 | ) | (272 | ) | (45 | ) | |||||||
Adjustments and other expenses | 5 | 37 | 74 | ||||||||||
Other expense from unconsolidated real estate affiliates | (23 | ) | (10 | ) | (3 | ) | |||||||
Company equity in income (loss) of unconsolidated real estate affiliates | $ | 32 | $ | (176 | ) | $ | (1,493 | ) | |||||
Mortgage_Notes_Payable_Notes
Mortgage Notes Payable (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Mortgage Notes Payable [Abstract] | ' | |||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE | ||||||||||||||||
Mortgage notes and other debt payable have various maturities through 2027 and consist of the following: | ||||||||||||||||
Property | Maturity/Extinguishment Date | Fixed / | Interest | Amount payable as of | ||||||||||||
Floating | Rate | December 31, 2013 | December 31, 2012 | |||||||||||||
Monument IV at Worldgate | April 30, 2013 | Fixed | 5.29 | % | $ | — | $ | 35,195 | ||||||||
36 Research Park Drive (1) | July 1, 2013 | Fixed | 5.6 | % | — | 10,682 | ||||||||||
Dignity Health Office Portfolio | September 3, 2013 | Fixed | 5.75 | % | — | 13,860 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.75 | % | — | 15,926 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.75 | % | — | 14,354 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.79 | % | — | 31,427 | ||||||||||
Canyon Plaza | December 10, 2013 | Fixed | 5.9 | % | — | 29,001 | ||||||||||
Stirling Slidell Shopping Centre | April 1, 2014 | Fixed | 5.15 | % | 12,171 | 12,483 | ||||||||||
4 Research Park Drive | March 1, 2015 | Fixed | 6.05 | % | 6,212 | 6,419 | ||||||||||
Campus Lodge Tampa | October 1, 2016 | Fixed | 5.95 | % | 32,638 | 33,053 | ||||||||||
Norfleet Distribution Center | February 1, 2017 | Floating | 2.92 | % | 12,000 | — | ||||||||||
Station Nine Apartments | May 1, 2017 | Fixed | 5.5 | % | 36,885 | 36,885 | ||||||||||
The District at Howell Mill | June 1, 2017 | Fixed | 6.14 | % | 9,807 | 9,931 | ||||||||||
Railway Street Corporate Centre (2) | September 1, 2017 | Fixed | 5.16 | % | 27,266 | 29,614 | ||||||||||
Cabana Beach Gainesville | December 1, 2018 | Floating | 2.77 | % | 20,300 | 47,163 | ||||||||||
Cabana Beach San Marcos | December 1, 2018 | Floating | 2.46 | % | 16,720 | 18,872 | ||||||||||
Campus Lodge Columbia | December 1, 2018 | Floating | 2.52 | % | 22,400 | 15,694 | ||||||||||
Campus Lodge Athens | December 1, 2018 | Floating | 2.62 | % | 11,580 | 13,180 | ||||||||||
The Edge at Lafayette | December 1, 2018 | Floating | 2.66 | % | 17,680 | 16,812 | ||||||||||
Suwanee Distribution Center | October 1, 2020 | Fixed | 3.66 | % | 19,100 | — | ||||||||||
111 Sutter Street (3) | April 1, 2023 | Fixed | 4.5 | % | 53,922 | 54,061 | ||||||||||
Grand Lakes Marketplace | October 1, 2023 | Fixed | 4.2 | % | 23,900 | — | ||||||||||
The District at Howell Mill | March 1, 2027 | Fixed | 5.3 | % | 34,084 | 34,594 | ||||||||||
TOTAL | $ | 356,665 | $ | 479,206 | ||||||||||||
Other debt payable (4) | 30-Sep-13 | Floating | 4.75 | % | — | 12,000 | ||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE | $ | 356,665 | $ | 491,206 | ||||||||||||
Net debt premium on assumed debt | 1,141 | 1,779 | ||||||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET | $ | 357,806 | $ | 492,985 | ||||||||||||
-1 | On July 1, 2013, we retired the mortgage note payable on 36 Research Park Drive. The outstanding balance on the mortgage note payable, including accrued interest, was $10,649 . We negotiated a discounted payoff in the amount of $9,500 resulting in a $1,149 gain on extinguishment of debt. | |||||||||||||||
-2 | This loan is denominated in Canadian dollars, but is reported in U.S. dollars at the exchange rate in effect on the balance sheet date. | |||||||||||||||
-3 | Loan assumed as part of acquisition of 111 Sutter Street on December 4, 2012 and modified on March 27, 2013. | |||||||||||||||
-4 | The seller of 111 Sutter Street provided a short-term financing at closing at the prime rate (3.25% at December 31, 2012) plus 150 basis points. In January 2013, we retired that $12,000 note payable. | |||||||||||||||
We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows: | ||||||||||||||||
Property | Debt Premium / | Effective | ||||||||||||||
(Discount) | Interest Rate | |||||||||||||||
Stirling Slidell Shopping Centre | (6 | ) | 5.57 | % | ||||||||||||
4 Research Park Drive | (3 | ) | 6.17 | % | ||||||||||||
The District at Howell Mill | (2,564 | ) | 6.34 | % | ||||||||||||
Campus Lodge Tampa | 506 | 5.95 | % | |||||||||||||
111 Sutter Street | 3,208 | 2.66 | % | |||||||||||||
Net debt premium on assumed debt | $ | 1,141 | ||||||||||||||
Aggregate principal payments of mortgage notes and other debt payable as of December 31, 2013 are as follows: | ||||||||||||||||
Year | Amount | |||||||||||||||
2014 | $ | 13,892 | ||||||||||||||
2015 | 7,616 | |||||||||||||||
2016 | 32,949 | |||||||||||||||
2017 | 85,436 | |||||||||||||||
2018 | 90,242 | |||||||||||||||
Thereafter | 126,530 | |||||||||||||||
Total | $ | 356,665 | ||||||||||||||
Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $641,000 and $932,000 at December 31, 2013 and 2012, respectively, have been pledged as collateral, and are not available to satisfy debts and obligations of the Company unless first satisfying the mortgage note payable on the property. As our mortgage notes mature, we will explore refinancing and paying off the loans as well as full or partial sales of the properties. To accomplish these refinancings and pay downs, we would use cash on hand, cash from future property operations and capital from the proceeds of the Offering. | ||||||||||||||||
Line of Credit | ||||||||||||||||
On June 25, 2013, we entered into a $40,000 revolving line of credit agreement with Bank of America, N.A. to cover short-term capital needs for new property acquisitions and working capital. The line of credit has a two-year term and bears interest based on LIBOR plus a spread ranging from 1.50% to 2.75% depending on the Company's leverage ratio (2.00% spread at December 31, 2013). We may not draw funds on our line of credit if we experience a material adverse effect, which is defined to include, among other things, (a) a material adverse effect upon the operations, business, assets, liabilities, or financial condition of the Company, taken as a whole; (b) a material impairment of the rights and remedies of lender under any loan document or the ability of any loan party to perform its obligations under any loan document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any loan party of any loan document to which it is a party. As of December 31, 2013, no material adverse effects had occurred. Our line of credit does require us to meet certain customary debt covenants which include a maximum leverage ratio, a minimum debt service coverage ratio as well as maintaining minimum amounts of equity and liquidity. As of December 31, 2013, we had no borrowings outstanding on the revolving line of credit. | ||||||||||||||||
Covenants | ||||||||||||||||
At December 31, 2013, we were in compliance with all debt covenants. |
Common_Stock
Common Stock | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ||||||||||||||||||||||||
COMMON STOCK | ' | ||||||||||||||||||||||||
COMMON STOCK | |||||||||||||||||||||||||
We have two classes of common stock outstanding as of December 31, 2013. Our previously existing undesignated common stock was designated as Class E common stock on September 27, 2012. The outstanding shares of Class E common stock were converted to Class M common stock on October 1, 2013. Holders of Class E stock received approximately 1.001 shares of Class M stock for each share of Class E stock owned. We will not issue any additional shares of Class E common stock. Class A and M common stock are currently being sold under our continuous public Offering. The fees payable to our dealer manager with respect to each share class, as a percentage of NAV, are as follows: | |||||||||||||||||||||||||
Selling Commission | Dealer Manager Fee | Distribution Fee | |||||||||||||||||||||||
Class A Shares | up to 3.5% | 0.55% | 0.50% | ||||||||||||||||||||||
Class M Shares | None | 0.55% | None | ||||||||||||||||||||||
The selling commission, dealer manager fee and distribution fee are offering costs and will be recorded as a reduction of capital in excess of par value. | |||||||||||||||||||||||||
Stock Issuances | |||||||||||||||||||||||||
The stock issuances for our three classes of shares for the years ending December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
# of shares | $ Amount | # of shares | $ Amount | ||||||||||||||||||||||
Class A Shares | 9,462,512 | $ | 96,945 | 3,612,169 | $ | 37,035 | |||||||||||||||||||
Class M Shares | 2,369,700 | 24,145 | 104,282 | 1,057 | |||||||||||||||||||||
Class E Shares (1) | — | — | 5,202,625 | 50,794 | |||||||||||||||||||||
Total | $ | 121,090 | $ | 88,886 | |||||||||||||||||||||
(1) On August 8, 2012, we sold 5,120,355 shares of our undesignated common stock to an affiliate of our Advisor at our June 30, 2012 net asset value of $9.76 per share. On November 14, 2011, we sold 21,588 shares of our undesignated common stock for $200 to an affiliate of our Advisor at our September 30, 2011 net asset value of $9.26 per share. | |||||||||||||||||||||||||
Stock Dividend | |||||||||||||||||||||||||
On October 1, 2012, we declared a stock dividend with respect to all Class E shares at a ratio of 4.786-to-1. The effects of the stock dividend, which was effected as a stock split, have been applied retroactively to all share and per share amounts for all periods presented. | |||||||||||||||||||||||||
Tender Offer | |||||||||||||||||||||||||
Pursuant to our original share repurchase program, we provided limited liquidity to our stockholders by conducting tender offers to repurchase a specific dollar amount of outstanding shares of our common stock. Beginning on August 15, 2012 and expiring on September 13, 2012, we conducted a tender offer to repurchase up to $25,000 of outstanding shares at approximately $9.76 per share. Because the tender offer was oversubscribed, we accepted, on a pro rata basis and in accordance with the terms of the offer, $26,840, or approximately 33% of each stockholder's validity tendered shares. The original share repurchase program was canceled on October 1, 2012 and replaced by our new share repurchase plan. | |||||||||||||||||||||||||
Period Ending | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||||
Sep-12 | 2,748,659 | $ | 9.76 | 2,748,659 | $ | — | |||||||||||||||||||
Share Repurchase Plan | |||||||||||||||||||||||||
On October 1, 2012, we adopted a new share repurchase plan whereby on a daily basis stockholders may request we repurchase all or a portion of their shares of Class A and Class M common stock at that day's NAV per share. The share repurchase plan is subject to a one-year holding period, with certain exceptions, and limited to 5% of NAV per quarter with certain limitations based on the size of the capital raise. Class E shares were not eligible to participate in the share repurchase plan. For the year ended December 31, 2013, we repurchased 31,229 and 71,685 shares of Class A and Class M common stock, respectively, that were issued through our distribution reinvestment plan. We did not repurchase any shares under the share repurchase plan for the year ended December 31, 2012. | |||||||||||||||||||||||||
During the year ended December 31, 2013, we repurchased 238,087 shares of Class E common stock in private negotiated transactions outside the share repurchase plan described above for $2,328 or $9.78 per share. The repurchases were made at 2% to 5% discounts to that days NAV. | |||||||||||||||||||||||||
Distribution Reinvestment Plan | |||||||||||||||||||||||||
From January 1, 2012 through September 30, 2012, we issued 82,270 shares of common stock for $794 pursuant to our dividend reinvestment plan that was in effect prior to the commencement of our public Offering on October 1, 2012. For the year ended December 31, 2011, we issued 44,980 shares for $417. On October 1, 2012, we terminated our existing dividend reinvestment plan and adopted a new distribution reinvestment plan whereby Class A and Class M shares may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share on the distribution date. Class E shares were not eligible to participate in distribution reinvestment plan. From October 1, 2012 through December 31, 2012, no shares were issued under the distribution reinvestment plan. For the year ended December 31, 2013, we issued 158,317 and 38,473 shares of Class A and Class M common stock, respectively, for $1,998 under the distribution reinvestment plan. | |||||||||||||||||||||||||
Tax Treatment of Distributions | |||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, we paid distributions to stockholders of $13,351 and $7,080, respectively. For income tax purposes, 100% of the distributions paid in 2013 and 2012 will qualify as a nondividend distribution or return of capital. The distribution declared on November 4, 2013, paid on February 7, 2014, will be taxable in 2014 and is not reflected in the 2013 tax allocation. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class A stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Net Distribution per share (1) | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.08909 | $ | — | — | % | $ | — | — | % | $ | 0.08909 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.07956 | — | — | — | — | 0.07956 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.07818 | — | — | — | — | 0.07818 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.07555 | — | — | — | — | 0.07555 | 100 | |||||||||||||||||
Total | $ | 0.32238 | $ | — | — | % | $ | — | — | % | $ | 0.32238 | 100 | % | |||||||||||
(1) Distributions per share are net of distribution and dealer manager fees of 0.50% and 0.55% of net asset value, respectively. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class M stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Net Distribution per share (2) | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.09239 | $ | — | — | % | $ | — | — | % | $ | 0.09239 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.09198 | — | — | — | — | 0.09198 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.08881 | — | — | — | — | 0.08881 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.08738 | — | — | — | — | 0.08738 | 100 | |||||||||||||||||
Total | $ | 0.36056 | $ | — | — | % | $ | — | — | % | $ | 0.36056 | 100 | % | |||||||||||
(2) Distributions per share are net of dealer manager fees of 0.55% of net asset value. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class E stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Total Distribution per share | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.1 | $ | — | — | % | $ | — | — | % | $ | 0.1 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
Total | $ | 0.4 | $ | — | — | % | $ | — | — | % | $ | 0.4 | 100 | % | |||||||||||
The table below summarizes the income tax treatment of distributions paid during the years ended December 31, 2012: | |||||||||||||||||||||||||
Record Date | Payment Date | Total Distribution per share | Ordinary Income | Capital Gain Income | Return of Capital (1) | ||||||||||||||||||||
3/30/12 | 5/4/12 | $ | 0.09506 | $ | — | — | % | $ | — | — | % | $ | 0.09506 | 100 | % | ||||||||||
6/29/12 | 8/3/12 | 0.09506 | — | — | — | — | 0.09506 | 100 | |||||||||||||||||
9/28/12 | 11/2/12 | 0.09506 | — | — | — | — | 0.09506 | 100 | |||||||||||||||||
Total | $ | 0.28518 | $ | — | — | % | $ | — | — | % | $ | 0.28518 | 100 | % | |||||||||||
(1) Distributions represent a return of stockholder capital and are adjusted for the 4.786-to-1 stock dividend which occurred on October 1, 2012. | |||||||||||||||||||||||||
Earnings Per Share (“EPS”) | |||||||||||||||||||||||||
Basic per share amounts are based on the weighted average of shares outstanding of 36,681,847, 25,651,220 and 23,938,406 for the years ended December 31, 2013, 2012 and 2011, respectively. We have no dilutive or potentially dilutive securities. The computations of basic and diluted EPS were adjusted retroactively for all periods presented to reflect the stock dividend that occurred on October 1, 2012. | |||||||||||||||||||||||||
Organization and Offering Costs | |||||||||||||||||||||||||
Organization and offering costs include, but are not limited to, legal, accounting and printing fees and personnel costs of our Advisor (including reimbursement of personnel costs for our executive officers) attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses through October 1, 2012, which is the date the SEC declared our registration statement effective, following which time we commenced reimbursing LaSalle over 36 months for organization and offering costs incurred prior to the commencement date. Following the Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Offering period (other than selling commissions, the dealer manager fee and distribution fees) as and when incurred. After the termination of the Offering, our Advisor has agreed to reimburse us to the extent that the organization and offering costs that we incur exceed 15% of our gross proceeds from the Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2013 and December 31, 2012, LaSalle paid approximately $3,815 and $2,719, respectively, of organization and offering costs on our behalf which we had not reimbursed. These costs are included in Accounts payable and other accrued expenses. |
Rentals_Under_Operating_Leases
Rentals Under Operating Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
RENTALS UNDER OPERATING LEASES | |||||
We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at December 31, 2013 are as follows: | |||||
Year | Amount (1) | ||||
2014 | $ | 62,593 | |||
2015 | 41,249 | ||||
2016 | 32,995 | ||||
2017 | 23,755 | ||||
2018 | 19,413 | ||||
Thereafter | 81,708 | ||||
Total | $ | 261,713 | |||
-1 | Amounts included related to Railway Street Corporate Centre have been converted from Canadian dollars to U.S. dollars using the appropriate exchange rate as of December 31, 2013. | ||||
Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the years ended December 31, 2013, 2012 and 2011, no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2014 future rents to 2015 is related to our apartment properties which usually have a one year lease life. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Effective as of October 1, 2012, we entered into a First Amended and Restated Advisory Agreement with LaSalle, pursuant to which we pay a fixed advisory fee of 1.25% of our NAV calculated daily. The Advisory Agreement allows for a performance fee to be earned for each share class based on the total return of that share class during the calendar year. The performance fee is calculated as 10% of the return in excess of 7% per annum. On August 6, 2013, the Advisory Agreement was renewed for another year commencing on October 1, 2013. | |
Prior to October 1, 2012, under the terms of the Management and Advisory Agreements, we paid each of the Former Manager and Advisor an annual fixed fee equal to 0.75% of NAV, calculated quarterly. Effective January 1, 2010, the Former Manager's fixed fee was reduced from 0.75% of NAV to 0.10% of NAV. Beginning on November 14, 2011, when the Former Manager assigned the Management Agreement to the Advisor, we began paying the Former Manager's fixed fee to the Advisor. As a result, we began paying the Advisor total aggregate compensation of 0.85% of NAV for management and advisory services provided to the Company. Additionally, under the terms of the Management and Advisory Agreements, we paid the Former Manager and our Advisor an aggregate annual variable fee equal to 7.50% of the Variable Fee Base Amount, as defined in the Advisory Agreement, calculated quarterly. The Former Manager was allocated an increasing proportion of the variable fee to the extent the Company's NAV increased, up to a maximum of 1.87% of the 7.50% fee paid. Effective January 1, 2010, the Former Manager waived its participation in the variable fee and the Advisor waived its participation in the variable fee per the terms of the Management Agreement. | |
The fixed management and advisory fees for the years ended December 31, 2013, 2012 and 2011 were $4,668, $2,406 and $1,789, respectively. Included in Advisor fees payable at December 31, 2013 and 2012 was $450 and $324, respectively, of fixed fee expense. The variable fee for the years ended December 31, 2012 and 2011 was $333 and $1,017, respectively. There was no variable fee or performance fee for the year ended December 31, 2013. | |
Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, is paid for property management and leasing services performed at various properties we own, on terms no less favorable than we could receive from other third party service providers. For the years ended December 31, 2013, 2012 and 2011, JLL Americas was paid $678, $634 and $453, respectively. During the year ended December 31, 2013, we paid JLL Americas $196 in loan placement fees related to the mortgage debt on Norfleet Distribution Center, Suwanee Distribution Center and the line of credit. During the year ended December 31, 2013, we paid JLL Americas $338 in sales brokerage commissions related to the disposition of Canyon Plaza. | |
LaSalle Investment Management Distributors, LLC, an affiliate of our Advisor, is the dealer manager (the “Dealer Manager”) for our Offering. For the year ended December 31, 2013, we paid the Dealer Manager selling commissions, dealer manager fees and distribution fees totaling $2,210. A majority of the selling commissions, distribution fees and dealer manager fees are reallowed to participating broker-dealers. | |
As of December 31, 2013 and 2012, we owed $3,815 and $2,719, respectively, for organization and offering costs paid by LaSalle (see Note 6-Common Stock). |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
As part of the lease with our single tenant at Norfleet Distribution Center, we provided the tenant a right to expand the current building by up to 286,000 square feet of space. If the tenant exercises this right, we will be obligated to construct this expansion space. The tenant has the right to provide notice to us of its desire to expand at any time prior to February 28, 2016 (the end of the ninth year of the lease), or if the lease is extended, until any time prior to the end of the fourth year of any extension. As of December 31, 2013, we had not received an expansion notice from the tenant. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||
SEGMENT REPORTING | |||||||||||||||||||||
We align our internal operations along the four primary property types we are targeting for investments resulting in four operating segments: apartment properties, industrial properties, office properties and retail properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by reportable operating segment and reconciled to income (loss) from continuing operations for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Year Ended December 31, 2013 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Assets | $ | 205,058 | $ | 141,352 | $ | 260,734 | $ | 129,374 | $ | 736,518 | |||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 31,354 | $ | 6,036 | $ | 23,483 | $ | 6,882 | $ | 67,755 | |||||||||||
Tenant recoveries and other rental income | 1,786 | 1,078 | 3,586 | 2,311 | 8,761 | ||||||||||||||||
Total revenues | $ | 33,140 | $ | 7,114 | $ | 27,069 | $ | 9,193 | $ | 76,516 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 3,308 | $ | 885 | $ | 2,905 | $ | 1,005 | $ | 8,103 | |||||||||||
Property operating | 13,941 | 272 | 6,402 | 1,393 | 22,008 | ||||||||||||||||
Provision for (recovery of) doubtful accounts | 293 | — | (4 | ) | 36 | 325 | |||||||||||||||
Total segment operating expenses | $ | 17,542 | $ | 1,157 | $ | 9,303 | $ | 2,434 | $ | 30,436 | |||||||||||
Operating income - Segments | $ | 15,598 | $ | 5,957 | $ | 17,766 | $ | 6,759 | $ | 46,080 | |||||||||||
Capital expenditures by segment | $ | 2,353 | $ | 131 | $ | 11,557 | $ | 244 | $ | 14,285 | |||||||||||
Reconciliation to loss from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 46,080 | |||||||||||||||||||
Advisor fees | 4,668 | ||||||||||||||||||||
Company level expenses | 1,917 | ||||||||||||||||||||
General and administrative | 1,247 | ||||||||||||||||||||
Provision for impairment of real estate | 38,356 | ||||||||||||||||||||
Depreciation and amortization | 22,288 | ||||||||||||||||||||
Operating income | $ | (22,396 | ) | ||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (19,913 | ) | ||||||||||||||||||
Debt modification expense | (926 | ) | |||||||||||||||||||
Gain on extinguishment of debt | 1,109 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 32 | ||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 7,290 | ||||||||||||||||||||
Total other income and (expenses) | $ | (12,408 | ) | ||||||||||||||||||
Loss from continuing operations | $ | (34,804 | ) | ||||||||||||||||||
Reconciliation to total consolidation assets | |||||||||||||||||||||
Assets per reportable segments | $ | 736,518 | |||||||||||||||||||
Corporate level assets | 38,421 | ||||||||||||||||||||
Total consolidated assets | $ | 774,939 | |||||||||||||||||||
Year Ended December 31, 2012 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Assets | $ | 232,387 | $ | 43,867 | $ | 277,059 | $ | 91,222 | $ | 644,535 | |||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 31,023 | $ | 4,140 | $ | 8,513 | $ | 5,980 | $ | 49,656 | |||||||||||
Tenant recoveries and other rental income | 1,762 | 662 | 3,009 | 2,019 | 7,452 | ||||||||||||||||
Total revenues | $ | 32,785 | $ | 4,802 | $ | 11,522 | $ | 7,999 | $ | 57,108 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 2,970 | $ | 595 | $ | 2,019 | $ | 976 | $ | 6,560 | |||||||||||
Property operating | 13,658 | 122 | 3,236 | 1,341 | 18,357 | ||||||||||||||||
Provision for (recovery of) doubtful accounts | 169 | — | (13 | ) | (9 | ) | 147 | ||||||||||||||
Total segment operating expenses | $ | 16,797 | $ | 717 | $ | 5,242 | $ | 2,308 | $ | 25,064 | |||||||||||
Operating income - Segments | $ | 15,988 | $ | 4,085 | $ | 6,280 | $ | 5,691 | $ | 32,044 | |||||||||||
Capital expenditures by segment | $ | 2,026 | $ | 168 | $ | 7,390 | $ | 864 | $ | 10,448 | |||||||||||
Reconciliation to income from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 32,044 | |||||||||||||||||||
Advisor fees | 2,739 | ||||||||||||||||||||
Company level expenses | 2,275 | ||||||||||||||||||||
General and administrative | 893 | ||||||||||||||||||||
Depreciation and amortization | 14,452 | ||||||||||||||||||||
Operating income | $ | 11,685 | |||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (20,971 | ) | ||||||||||||||||||
Loss on extinguishment of debt | (86 | ) | |||||||||||||||||||
Equity in loss of unconsolidated affiliates | (176 | ) | |||||||||||||||||||
Gain on consolidation of real estate affiliate | 34,852 | ||||||||||||||||||||
Total other income and (expenses) | $ | 13,619 | |||||||||||||||||||
Income from continuing operations | $ | 25,304 | |||||||||||||||||||
Reconciliation to total consolidation assets | |||||||||||||||||||||
Assets per reportable segments | $ | 644,535 | |||||||||||||||||||
Assets from discontinued operations | 152,348 | ||||||||||||||||||||
Corporate level assets | 45,151 | ||||||||||||||||||||
Total consolidated assets | $ | 842,034 | |||||||||||||||||||
Year Ended December 31, 2011 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 29,886 | $ | 4,131 | $ | 12,595 | $ | 6,833 | $ | 53,445 | |||||||||||
Tenant recoveries and other rental income | 1,683 | 829 | 3,527 | 2,014 | $ | 8,053 | |||||||||||||||
Total revenues | $ | 31,569 | $ | 4,960 | $ | 16,122 | $ | 8,847 | $ | 61,498 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 3,040 | $ | 760 | $ | 1,842 | $ | 1,074 | $ | 6,716 | |||||||||||
Property operating | 13,111 | 134 | 2,072 | 1,166 | $ | 16,483 | |||||||||||||||
Provision for doubtful accounts | 203 | — | 13 | 33 | $ | 249 | |||||||||||||||
Total segment operating expenses | $ | 16,354 | $ | 894 | $ | 3,927 | $ | 2,273 | $ | 23,448 | |||||||||||
Operating income - Segments | $ | 15,215 | $ | 4,066 | $ | 12,195 | $ | 6,574 | $ | 38,050 | |||||||||||
Capital expenditures by segment | $ | 1,791 | $ | 8 | $ | 3,720 | $ | 392 | $ | 5,911 | |||||||||||
Reconciliation to income from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 38,050 | |||||||||||||||||||
Advisor fees | 2,806 | ||||||||||||||||||||
Company level expenses | 2,091 | ||||||||||||||||||||
General and administrative | 290 | ||||||||||||||||||||
Depreciation and amortization | 15,015 | ||||||||||||||||||||
Operating income | $ | 17,848 | |||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (21,074 | ) | ||||||||||||||||||
Equity in loss of unconsolidated affiliates | (1,493 | ) | |||||||||||||||||||
Total other income and (expenses) | $ | (22,567 | ) | ||||||||||||||||||
Loss from continuing operations | $ | (4,719 | ) |
Distributions_Payable
Distributions Payable | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
DISTRIBUTIONS PAYABLE | ' |
DISTRIBUTIONS PAYABLE | |
On November 4, 2013, our board of directors declared for the fourth quarter of 2013 a gross dividend in the amount of $0.11 per share to holders of each class of our common stock of record as of December 30, 2013. The dividend was paid on February 7, 2014. Class A and Class M stockholders received $0.11 per share less applicable class-specific fees. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||||||
Total revenues | $ | 17,941 | $ | 18,742 | $ | 19,157 | $ | 20,676 | |||||||||
Operating income (loss) | 4,567 | 3,956 | 2,809 | (33,728 | ) | ||||||||||||
Loss from continuing operations | (748 | ) | (1,181 | ) | (899 | ) | (31,976 | ) | |||||||||
Total (loss) income from discontinued operations | (2,086 | ) | 1,834 | (10,521 | ) | 15,136 | |||||||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | (2,873 | ) | 626 | (11,059 | ) | (11,641 | ) | ||||||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | (0.09 | ) | $ | 0.02 | $ | (0.28 | ) | $ | (0.28 | ) | ||||||
Weighted average common stock outstanding-basic and diluted | 31,526,688 | 35,343,798 | 38,860,238 | 40,870,052 | |||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||
Total revenues | $ | 14,904 | $ | 14,499 | $ | 13,076 | $ | 14,629 | |||||||||
Operating income | 4,061 | 3,386 | 1,468 | 2,770 | |||||||||||||
(Loss) income from continuing operations | (1,274 | ) | (2,062 | ) | (3,626 | ) | 32,266 | ||||||||||
Total income (loss) from discontinued operations | 9,948 | (805 | ) | 2,945 | (57 | ) | |||||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | 8,582 | (2,912 | ) | (357 | ) | 32,163 | |||||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | 0.36 | $ | (0.12 | ) | $ | (0.01 | ) | $ | 1.16 | |||||||
Weighted average common stock outstanding-basic and diluted | 23,995,352 | 24,022,500 | 26,680,357 | 27,756,964 | |||||||||||||
All significant fluctuations between the quarters are attributable to acquisitions and dispositions made in 2013 and 2012 and impairment charges taken during 2013 and 2012. | |||||||||||||||||
The computations of basic and diluted EPS were adjusted retroactively for all periods presented to reflect the stock dividend that occurred on October 1, 2012. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
On January 17, 2014, we acquired Oak Grove Plaza, a retail property located in Sachse, Texas, for approximately $22,500. The acquisition was financed with a $10,550, ten-year fixed rate mortgage loan, at 4.17%, interest only and cash on hand. | |
On January 22, 2014, we acquired Grand Prairie Distribution Center, a 277,000 square foot industrial building located in Grand Prairie, Texas for approximately $17,200, using cash on hand. The property is 100% leased to a single tenant for ten years. | |
On January 28, 2014, we acquired South Beach Garage, a 340 stall, multi-level parking facility located on South Beach in Miami, Florida for approximately $22,050, using cash on hand and a $13,000 draw on our line of credit. | |
On March 4, 2014, our board of directors approved a gross dividend of $0.11 per share to stockholders of record as of March 28, 2014, payable on May 2, 2014. | |
* * * * * * |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||
Schedule III—Real Estate and Accumulated Depreciation as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||||||||||||||||||||
Description | Encumbrances | Initial Cost | Costs Capitalized | Gross Amounts at which | Total | ||||||||||||||||||||||||||||||||
Subsequent to Acquisition (1) | Carried at the Close of Period | ||||||||||||||||||||||||||||||||||||
Land | Building | Land | Building | Carrying | Land | Building | |||||||||||||||||||||||||||||||
and | and | Costs | and | ||||||||||||||||||||||||||||||||||
Equipment | Equipment | Equipment | |||||||||||||||||||||||||||||||||||
Office Properties: | |||||||||||||||||||||||||||||||||||||
Monument IV at Worldgate—Herndon, VA | $ | — | $ | 5,186 | $ | 57,013 | — | $ | 7,568 | — | $ | 5,186 | $ | 64,581 | $ | 69,767 | |||||||||||||||||||||
111 Sutter Street—San Francisco, CA | 53,922 | 39,919 | 72,712 | — | 1,113 | — | 39,919 | 73,825 | 113,744 | ||||||||||||||||||||||||||||
14600 Sherman Way—Van Nuys, CA | — | — | 6,348 | — | (1,470 | ) | — | — | 4,878 | 4,878 | |||||||||||||||||||||||||||
14624 Sherman Way—Van Nuys, CA | — | — | 7,685 | — | (2,918 | ) | — | — | 4,767 | 4,767 | |||||||||||||||||||||||||||
4 Research Park Drive—St. Charles, MO | 6,212 | 1,830 | 6,743 | (672 | ) | (2,990 | ) | — | 1,158 | 3,753 | 4,911 | ||||||||||||||||||||||||||
36 Research Park Drive—St. Charles, MO | — | 2,655 | 11,089 | — | (2 | ) | — | 2,655 | 11,087 | 13,742 | |||||||||||||||||||||||||||
Railway Street Corporate Centre—Calgary, Canada | 27,266 | 6,022 | 35,441 | (428 | ) | (973 | ) | — | 5,594 | 34,468 | 40,062 | ||||||||||||||||||||||||||
Sherman Way Land | — | 4,010 | — | (1,082 | ) | — | — | 2,928 | — | 2,928 | |||||||||||||||||||||||||||
Total Office Properties | 87,400 | 59,622 | 197,031 | (2,182 | ) | 328 | — | 57,440 | 197,359 | 254,799 | |||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||
Stirling Slidell Shopping Centre—Slidell, LA | 12,171 | 5,442 | 16,843 | (1,863 | ) | (6,641 | ) | — | 3,579 | 10,202 | 13,781 | ||||||||||||||||||||||||||
The District at Howell Mill—Atlanta, GA | 43,891 | 10,000 | 56,040 | — | 785 | — | 10,000 | 56,825 | 66,825 | ||||||||||||||||||||||||||||
Grand Lakes Marketplace—Katy, TX | 23,900 | 5,215 | 34,770 | — | — | — | 5,215 | 34,770 | 39,985 | ||||||||||||||||||||||||||||
Total Retail Properties | 79,962 | 20,657 | 107,653 | (1,863 | ) | (5,856 | ) | — | 18,794 | 101,797 | 120,591 | ||||||||||||||||||||||||||
Industrial Properties: | |||||||||||||||||||||||||||||||||||||
Kendall Distribution Center—Atlanta, GA | — | 2,656 | 12,836 | (293 | ) | (1,111 | ) | — | 2,363 | 11,725 | 14,088 | ||||||||||||||||||||||||||
Norfleet Distribution Center—Kansas City, MO | 12,000 | 2,134 | 31,397 | (205 | ) | (2,591 | ) | — | 1,929 | 28,806 | 30,735 | ||||||||||||||||||||||||||
Suwanee Distribution Center—Suwanee, GA | 19,100 | 6,155 | 27,598 | — | — | — | 6,155 | 27,598 | 33,753 | ||||||||||||||||||||||||||||
Joliet Distribution Center—Joliet, IL | — | 2,800 | 15,762 | — | — | — | 2,800 | 15,762 | 18,562 | ||||||||||||||||||||||||||||
3800 1st Avenue —Seattle, WA | — | 7,238 | 9,673 | — | — | — | 7,238 | 9,673 | 16,911 | ||||||||||||||||||||||||||||
3844 1st Avenue—Seattle, WA | — | 5,563 | 6,031 | — | — | — | 5,563 | 6,031 | 11,594 | ||||||||||||||||||||||||||||
3601 2nd Avenue—Seattle, WA | — | 2,774 | 3,365 | — | — | — | 2,774 | 3,365 | 6,139 | ||||||||||||||||||||||||||||
Total Industrial Properties | 31,100 | 29,320 | 106,662 | (498 | ) | (3,702 | ) | — | 28,822 | 102,960 | 131,782 | ||||||||||||||||||||||||||
Apartment Properties: | |||||||||||||||||||||||||||||||||||||
Station Nine Apartments—Durham, NC | 36,885 | 9,690 | 43,400 | — | 874 | — | 9,690 | 44,274 | 53,964 | ||||||||||||||||||||||||||||
Cabana Beach San Marcos--San Marcos, TX | 16,720 | 2,530 | 24,421 | — | (1,738 | ) | — | 2,530 | 22,683 | 25,213 | |||||||||||||||||||||||||||
Cabana Beach Gainesville--Gainesville, FL | 20,300 | 7,244 | 60,548 | (2,933 | ) | (30,369 | ) | — | 4,311 | 30,179 | 34,490 | ||||||||||||||||||||||||||
Campus Lodge Columbia--Columbia, MO | 22,400 | 2,079 | 20,838 | — | (567 | ) | — | 2,079 | 20,271 | 22,350 | |||||||||||||||||||||||||||
Campus Lodge Athens--Athens, GA | 11,580 | 1,754 | 17,311 | — | 68 | — | 1,754 | 17,379 | 19,133 | ||||||||||||||||||||||||||||
Campus Edge Lafayette--Lafayette, LA | 17,680 | 1,782 | 23,266 | — | (1,467 | ) | — | 1,782 | 21,799 | 23,581 | |||||||||||||||||||||||||||
Campus Lodge Tampa--Tampa, FL | 32,638 | 7,205 | 33,310 | — | 1,067 | — | 7,205 | 34,377 | 41,582 | ||||||||||||||||||||||||||||
Total Apartment Properties | 158,203 | 32,284 | 223,094 | (2,933 | ) | (32,132 | ) | — | 29,351 | 190,962 | 220,313 | ||||||||||||||||||||||||||
Total Consolidated Properties: | $ | 356,665 | $ | 141,883 | $ | 634,440 | $ | (7,476 | ) | $ | (41,362 | ) | $ | — | $ | 134,407 | $ | 593,078 | $ | 727,485 | |||||||||||||||||
The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $852,979 and $136,576, respectively. | |||||||||||||||||||||||||||||||||||||
-1 | Includes net provisions for impairment of real estate taken since acquisition of property. | ||||||||||||||||||||||||||||||||||||
Col. A | Col. F | Col. G | Col. H | Col. I | |||||||||||||||||||||||||||||||||
Description | Accumulated | Date of | Date of | Life on which | |||||||||||||||||||||||||||||||||
Depreciation | Construction | Acquisition | depreciation | ||||||||||||||||||||||||||||||||||
in latest | |||||||||||||||||||||||||||||||||||||
income | |||||||||||||||||||||||||||||||||||||
statement is | |||||||||||||||||||||||||||||||||||||
computed | |||||||||||||||||||||||||||||||||||||
Office Properties: | |||||||||||||||||||||||||||||||||||||
Monument IV at Worldgate—Herndon, VA | $ | (10,608 | ) | 2001 | 8/27/04 | 50 years | |||||||||||||||||||||||||||||||
111 Sutter Street—San Francisco, CA | (2,020 | ) | 1926 | 12/4/12 | 40 years | ||||||||||||||||||||||||||||||||
14600 Sherman Way—Van Nuys, CA | — | 1991 | 12/21/05 | 40 years | |||||||||||||||||||||||||||||||||
14624 Sherman Way—Van Nuys, CA | — | 1981 | 12/21/05 | 40 years | |||||||||||||||||||||||||||||||||
4 Research Park Drive—St. Charles, MO | — | 2000 | 6/14/07 | 50 years | |||||||||||||||||||||||||||||||||
36 Research Park Drive—St. Charles, MO | (1,460 | ) | 2007 | 6/15/07 | 50 years | ||||||||||||||||||||||||||||||||
Railway Street Corporate Centre—Calgary, Canada | (4,347 | ) | 2007 | 8/30/07 | 50 years | ||||||||||||||||||||||||||||||||
Total Office Properties | (18,435 | ) | |||||||||||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||
Stirling Slidell Shopping Centre—Slidell, LA | — | 2003 | 12/14/06 | 50 years | |||||||||||||||||||||||||||||||||
The District at Howell Mill—Atlanta, GA | (7,492 | ) | 2006 | 6/15/07 | 50 years | ||||||||||||||||||||||||||||||||
Grand Lakes Marketplace—Katy, TX | (232 | ) | 2013 | 9/17/13 | 50 years | ||||||||||||||||||||||||||||||||
Total Retail Properties | (7,724 | ) | |||||||||||||||||||||||||||||||||||
Industrial Properties: | |||||||||||||||||||||||||||||||||||||
Kendall Distribution Center—Atlanta, GA | (2,057 | ) | 2002 | 6/30/05 | 50 years | ||||||||||||||||||||||||||||||||
Norfleet Distribution Center—Kansas City, MO | (3,951 | ) | 2007 | 2/27/07 | 50 years | ||||||||||||||||||||||||||||||||
Suwanee Distribution Center—Suwanee, GA | (276 | ) | 2012 | 6/28/13 | 50 years | ||||||||||||||||||||||||||||||||
Joliet Distribution Center—Joliet, IL | (197 | ) | 2005 | 6/26/13 | 50 years | ||||||||||||||||||||||||||||||||
3800 1st Avenue —Seattle, WA | — | 1968 | 12/17/13 | 40 years | |||||||||||||||||||||||||||||||||
3844 1st Avenue—Seattle, WA | — | 1949 | 12/17/13 | 40 years | |||||||||||||||||||||||||||||||||
3601 2nd Avenue—Seattle, WA | — | 1980 | 12/17/13 | 40 years | |||||||||||||||||||||||||||||||||
Total Industrial Properties | (6,481 | ) | |||||||||||||||||||||||||||||||||||
Apartment Properties: | |||||||||||||||||||||||||||||||||||||
Station Nine Apartments—Durham, NC | (6,072 | ) | 2005 | 4/16/07 | 50 years | ||||||||||||||||||||||||||||||||
Cabana Beach San Marcos--San Marcos, TX | (3,061 | ) | 2006 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Cabana Beach Gainesville--Gainesville, FL | — | 2005 | 11/21/07 | 50 years | |||||||||||||||||||||||||||||||||
Campus Lodge Columbia--Columbia, MO | (2,633 | ) | 2005 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Campus Lodge Athens--Athens, GA | (2,303 | ) | 2003 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Campus Edge Lafayette--Lafayette, LA | (2,699 | ) | 2007 | 1/15/08 | 50 years | ||||||||||||||||||||||||||||||||
Campus Lodge Tampa--Tampa, FL | (5,278 | ) | 2001 | 2/29/08 | 40 years | ||||||||||||||||||||||||||||||||
Total Apartment Properties | (22,046 | ) | |||||||||||||||||||||||||||||||||||
Total Consolidated Properties: | $ | (54,686 | ) | ||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate | |||||||||||||||||||||||||||||||||||||
Consolidated Properties | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 796,456 | $ | 798,628 | $ | 819,740 | |||||||||||||||||||||||||||||||
Additions | 141,242 | 120,996 | 4,076 | ||||||||||||||||||||||||||||||||||
Assets sold/ written off | (142,795 | ) | (122,255 | ) | (10,254 | ) | |||||||||||||||||||||||||||||||
Write-downs for impairment charges | (67,418 | ) | (913 | ) | (14,934 | ) | |||||||||||||||||||||||||||||||
Balance at close of year | $ | 727,485 | $ | 796,456 | $ | 798,628 | |||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
Consolidated Properties | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 82,428 | $ | 83,137 | $ | 76,028 | |||||||||||||||||||||||||||||||
Additions | 16,998 | 16,054 | 17,194 | ||||||||||||||||||||||||||||||||||
Assets sold/ written off | (25,558 | ) | (16,763 | ) | (10,085 | ) | |||||||||||||||||||||||||||||||
Write-downs for impairment charges | (19,182 | ) | — | — | |||||||||||||||||||||||||||||||||
Balance at close of year | $ | 54,686 | $ | 82,428 | $ | 83,137 | |||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation and Principles of Consolidation | ' | ||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the instructions to Form 10-K and include the accounts of our wholly-owned subsidiaries, consolidated variable interest entities and the unconsolidated investments in real estate affiliates accounted for under the equity method of accounting. We consider the authoritative guidance of accounting for investments in common stock, investments in real estate ventures, investors accounting for an investee when the investor has the majority of the voting interest but the minority partners have certain approval or veto rights, determining whether a general partner or general partners as a group controls a limited partnership or similar entity when the limited partners have certain rights, and the consolidation of variable interest entities in which we own less than a 100% interest. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
Parenthetical disclosures are shown on our Consolidated Balance Sheets regarding the amounts of variable interest entities' ("VIE") assets and liabilities that are consolidated. Our VIEs include The District at Howell Mill, Cabana Beach San Marcos, Cabana Beach Gainesville, The Lodge of Athens, Campus Lodge Columbia, The Edge at Lafayette, and Campus Lodge Tampa as we maintain control over significant decisions, which began at the time of acquisition of the properties. The creditors of our VIEs do not have general recourse to us. | |||||||||||||
Noncontrolling interests represent the minority members’ proportionate share of the equity in our VIEs. At acquisition, the assets, liabilities and non-controlling interests were measured and recorded at the estimated fair value. Noncontrolling interests will increase for the minority members’ share of net income of these entities and contributions and decrease for the minority members’ share of net loss and distributions. As of December 31, 2013, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above. | |||||||||||||
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each party has the right to initiate a purchase or sale of its interest in the joint ventures at an agreed upon fair value. Under these provisions, we are not obligated to purchase the interest of its outside joint venture partners. | |||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
An allowance for doubtful accounts is provided against the portion of accounts receivable and deferred rent receivable that is estimated to be uncollectible. Such allowance is reviewed periodically based upon our recovery experience. At December 31, 2013 and 2012, our allowance for doubtful accounts was $41 and $570, respectively. | |||||||||||||
Deferred Expenses | ' | ||||||||||||
Deferred Expenses | |||||||||||||
Deferred expenses consist of debt issuance costs and lease commissions. Debt issuance costs are capitalized and amortized over the terms of the respective agreements as a component of interest expense. Lease commissions are capitalized and amortized over the term of the related lease as a component of depreciation and amortization expense. Accumulated amortization of deferred expenses at December 31, 2013 and 2012 was $2,286 and $4,013, respectively. | |||||||||||||
Derivatives, Reporting of Derivative Activity [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
We record all derivatives on the consolidated balance sheets at fair value. Changes in the fair value of our derivatives are recorded on our consolidated statements of operations and comprehensive (loss) income as we have not designated our derivative instruments as hedges. Our objectives in using interest rate derivatives are to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps. | |||||||||||||
As of December 31, 2013, we had the following outstanding interest rate derivatives related to managing our interest rate risk: | |||||||||||||
Interest Rate Derivative | Number of Instruments | Notional Amount | |||||||||||
Interest Rate Caps | 5 | $88,680 | |||||||||||
The interest rate caps were of nominal value at December 31, 2013. | |||||||||||||
Acquisitions | ' | ||||||||||||
Acquisitions | |||||||||||||
We use estimates of future cash flows and other valuation techniques to allocate the fair value of acquired property among land, building and other identifiable asset and liability intangibles. Acquisition related costs are expensed as incurred. We record land and building values using an as-if-vacant methodology. We record above- and below-market in-place lease values for acquired properties based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease plus any below-market lease extension option periods. We amortize the capitalized above-market lease values as a reduction of minimum rents over the remaining non-cancelable terms of the respective leases. We amortize the capitalized below-market lease values as an increase to minimum rents over the term of the respective leases plus any below-market lease extension option terms. Should a tenant terminate its lease prior to the contractual expiration, the unamortized portion of the above-market and below-market in-place lease value is immediately charged to minimum rents. | |||||||||||||
We measure the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases and (ii) the property valued as-if-vacant. Our estimates of value are made using methods similar to those used by independent appraisers, primarily discounted cash flow analyses. Factors considered by us in our analysis include an estimate of carrying costs during the hypothetical expected lease-up periods considering current market conditions at the date of acquisition, and costs to execute similar leases. We also consider information obtained about each property as a result of the pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. In estimating carrying costs, we will include estimates of lost rentals during the expected lease-up periods, which is expected to primarily range from one to two years, depending on specific local market conditions, and costs to execute similar leases, including leasing commissions, legal and other related expenses to the extent that such costs are not already incurred in connection with a new lease origination as part of the transaction. | |||||||||||||
The total amount of other intangible assets acquired is further allocated to in-place lease values and customer relationship intangible values based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include, among other factors, the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement). As of December 31, 2013 and 2012, we have allocated no value to customer relationship value. We amortize the value of in-place leases to expense over the weighted average lease term of the respective leases, which generally range from one to ten years. | |||||||||||||
Purchase price has been allocated to acquired intangible assets, which include acquired in-place lease intangibles, acquired above-market in-place lease intangibles and acquired ground lease intangibles, which are reported net of accumulated amortization of $15,181 and $26,515 at December 31, 2013 and 2012, respectively, on the accompanying Consolidated Balance Sheets. The acquired intangible liabilities represent acquired below-market in-place leases, which are reported net of accumulated amortization of $948 and $5,465 at December 31, 2013 and 2012, respectively, on the accompanying Consolidated Balance Sheets. Our amortizing intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. According to authoritative guidance, an amortizing intangible asset is considered to be impaired when the estimated future undiscounted operating cash flow is less than its carrying value. To the extent impairment has occurred, the excess of the carrying value of the amortizing intangible asset over its estimated fair value will be charged to operations. | |||||||||||||
Future amortization related to amortizing acquired intangible assets and liabilities as of December 31, 2013 is as follows: | |||||||||||||
Acquired in-place leases | Acquired above-market leases | Acquired below-market leases | |||||||||||
2014 | $ | 7,705 | $ | 412 | $ | (1,243 | ) | ||||||
2015 | 7,563 | 310 | (866 | ) | |||||||||
2016 | 3,550 | 191 | (670 | ) | |||||||||
2017 | 2,957 | 123 | (466 | ) | |||||||||
2018 | 2,668 | 71 | (457 | ) | |||||||||
Thereafter | 9,706 | 232 | (1,313 | ) | |||||||||
$ | 34,149 | $ | 1,339 | $ | (5,015 | ) | |||||||
Assets and Liabilities Measured at Fair Value | ' | ||||||||||||
Assets and Liabilities Measured at Fair Value | |||||||||||||
The Financial Accounting Standards Board’s (“FASB”) guidance for fair value measurement and disclosure states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering assumptions, authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||
• | Level 1—Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement. | ||||||||||||
• | Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers. | ||||||||||||
• | Level 3—Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Company’s own assumptions that market participants would use to price the asset or liability based on the best available information. | ||||||||||||
The authoritative guidance requires the disclosure of the fair value of our financial instruments for which it is practicable to estimate that value. The guidance does not apply to all balance sheet items. Market information as available or present value techniques have been utilized to estimate the amounts required to be disclosed. Since such amounts are estimates, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. We have estimated the fair value of our mortgage notes payable reflected in the accompanying Consolidated Balance Sheets at amounts that are based upon an interpretation of available market information and valuation methodologies (including discounted cash flow analysis with regard to fixed rate debt) for similar loans made to borrowers with similar credit ratings and for the same maturities. The fair value of our mortgage notes payable using level two inputs was approximately $296 higher and $17,136 higher than the aggregate carrying amounts at December 31, 2013 and 2012, respectively. Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition of our mortgage notes payable. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. For example, significant estimates and assumptions have been made with respect to useful lives of assets, recoverable amounts of receivables, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions. Actual results could differ from those estimates. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of fixed asset useful lives [Table Text Block] | ' | ||||||||||||
Depreciation expense is computed using the straight-line method based upon the following estimated useful lives: | |||||||||||||
Asset Category | Estimated Useful Life | ||||||||||||
Buildings and improvements | 40-50 Years | ||||||||||||
Tenant improvements | Life of related lease | ||||||||||||
Equipment and fixtures | 2-10 Years | ||||||||||||
Maintenance and repairs are charged to expense when incurred. Expenditures for significant betterments and improvements are capitalized. | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||
Future amortization related to amortizing acquired intangible assets and liabilities as of December 31, 2013 is as follows: | |||||||||||||
Acquired in-place leases | Acquired above-market leases | Acquired below-market leases | |||||||||||
2014 | $ | 7,705 | $ | 412 | $ | (1,243 | ) | ||||||
2015 | 7,563 | 310 | (866 | ) | |||||||||
2016 | 3,550 | 191 | (670 | ) | |||||||||
2017 | 2,957 | 123 | (466 | ) | |||||||||
2018 | 2,668 | 71 | (457 | ) | |||||||||
Thereafter | 9,706 | 232 | (1,313 | ) | |||||||||
$ | 34,149 | $ | 1,339 | $ | (5,015 | ) | |||||||
Property_PropertyTables
Property Property(Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||||||
The primary reason we make acquisitions of real estate investments in the apartment, industrial, office and retail property sectors is to invest capital in a diversified portfolio of real estate. The consolidated properties held by us as of December 31, 2013 were as follows: | |||||||||||||||||
Property | Sector | Square | Location | Ownership | Acquisition | Acquisition | |||||||||||
Feet | % | Date | Price | ||||||||||||||
(Unaudited) | |||||||||||||||||
Monument IV at Worldgate | Office | 228,000 | Herndon, VA | 100 | % | 8/27/04 | $ | 59,608 | |||||||||
111 Sutter Street (1) | Office | 286,000 | San Francisco, CA | 100 | % | 3/29/05 | 100,779 | ||||||||||
Kendall Distribution Center | Industrial | 409,000 | Atlanta, GA | 100 | % | 6/30/05 | 18,781 | ||||||||||
14600 Sherman Way | Office | 50,000 | Van Nuys, CA | 100 | % | 12/21/05 | 8,623 | ||||||||||
14624 Sherman Way | Office | 53,000 | Van Nuys, CA | 100 | % | 12/21/05 | 9,755 | ||||||||||
Stirling Slidell Shopping Centre | Retail | 139,000 | Slidell, LA | 100 | % | 12/14/06 | 23,367 | ||||||||||
Norfleet Distribution Center | Industrial | 702,000 | Kansas City, MO | 100 | % | 2/27/07 | 37,579 | ||||||||||
Station Nine Apartments | Apartment | 312,000 | Durham, NC | 100 | % | 4/16/07 | 56,417 | ||||||||||
4 Research Park Drive | Office | 60,000 | St. Charles, MO | 100 | % | 6/13/07 | 11,330 | ||||||||||
36 Research Park Drive | Office | 81,000 | St. Charles, MO | 100 | % | 6/13/07 | 17,232 | ||||||||||
The District at Howell Mill | Retail | 306,000 | Atlanta, GA | 87.85 | % | 6/15/07 | 78,661 | ||||||||||
Railway Street Corporate Centre | Office | 137,000 | Calgary, Canada | 100 | % | 8/30/07 | 42,614 | ||||||||||
Cabana Beach San Marcos (2) | Apartment | 278,000 | San Marcos, TX | 78 | % | 11/21/07 | 29,375 | ||||||||||
Cabana Beach Gainesville (2) | Apartment | 545,000 | Gainesville, FL | 78 | % | 11/21/07 | 74,277 | ||||||||||
Campus Lodge Athens (2) | Apartment | 229,000 | Athens, GA | 78 | % | 11/21/07 | 20,980 | ||||||||||
Campus Lodge Columbia (2) | Apartment | 256,000 | Columbia, MO | 78 | % | 11/21/07 | 24,852 | ||||||||||
The Edge at Lafayette (2) | Apartment | 207,000 | Lafayette, LA | 78 | % | 1/15/08 | 26,870 | ||||||||||
Campus Lodge Tampa (2) | Apartment | 431,000 | Tampa, FL | 78 | % | 2/29/08 | 46,787 | ||||||||||
Joliet Distribution Center | Industrial | 442,000 | Joliet, IL | 100 | % | 6/26/13 | 21,000 | ||||||||||
Suwanee Distribution Center | Industrial | 559,000 | Suwanee, GA | 100 | % | 6/28/13 | 37,943 | ||||||||||
Grand Lakes Marketplace | Retail | 131,000 | Katy, TX | 90 | % | 9/17/13 | 42,975 | ||||||||||
3800 1st Avenue South | Industrial | 162,000 | Seattle, WA | 100 | % | 12/18/13 | 18,705 | ||||||||||
3844 1st Avenue South | Industrial | 101,000 | Seattle, WA | 100 | % | 12/18/13 | 12,070 | ||||||||||
3601 2nd Avenue South | Industrial | 60,000 | Seattle, WA | 100 | % | 12/18/13 | 7,925 | ||||||||||
-1 | On March 29, 2005, we acquired an 80% interest in the property. On December 4, 2012, we acquired the remaining 20% interest. | ||||||||||||||||
-2 | The other owner, owning a 22% interest, is an investment fund advised by our Advisor and in which the parent company of our Advisor owns a noncontrolling interest. | ||||||||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | ' | ||||||||||||||||
During the years ended December 31, 2013 and 2012, we incurred $599 and $33, respectively, of acquisition expenses that were recorded in general and administrative expenses on the consolidated statements of operations and other comprehensive (loss) income. For properties acquired during 2013, we recorded total revenue of $3,482 and net income of $414 during the year end December 31, 2013. For properties acquired during 2012, we recorded total revenue of $1,024 and net loss of $165 during the year ended December 31, 2012. | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||
On June 26, 2013, we acquired Joliet Distribution Center, a 442,000 square foot industrial property located in Joliet, Illinois for approximately $21,000, using cash on hand. The property is 100% leased to two tenants with a weighted average remaining lease term of approximately six years. | |||||||||||||||||
On June 28, 2013, we acquired Suwanee Distribution Center, a 559,000 square foot industrial property located in suburban Atlanta, Georgia for $37,943, using a $7,000 draw on our revolving line of credit and cash on hand. The property is 100% leased to Mitsubishi Electric & Electronics USA with a remaining lease term of ten years. | |||||||||||||||||
On September 17, 2013, we acquired a 90% interest in a joint venture that owns Grand Lakes Marketplace, a 131,000 square foot retail property located in Katy, Texas for $42,975. This acquisition was financed with a $23,900 mortgage note payable secured by Grand Lakes Marketplace. The mortgage note payable has a ten-year term, carries a fixed interest rate of 4.20% and is interest only. | |||||||||||||||||
On December 18, 2013, we acquired South Seattle Distribution Center, a three building, 323,000 square foot industrial portfolio located in Seattle, Washington for approximately $39,000, using cash on hand. The portfolio is 100% leased to three tenants with a weighted average remaining lease term of approximately eight years. | |||||||||||||||||
We allocated the purchase price of our 2013 acquisitions in accordance with authoritative guidance as follows: | |||||||||||||||||
2013 Acquisitions | |||||||||||||||||
Land | $ | 29,744 | |||||||||||||||
Building | 97,199 | ||||||||||||||||
In-place lease value (acquired intangible assets) | 18,631 | ||||||||||||||||
Above-market leases value (acquired intangible assets) | 566 | ||||||||||||||||
Below-market leases value (acquired intangible liabilities) | (747 | ) | |||||||||||||||
$ | 145,393 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 2 - 11 years | ||||||||||||||||
Proforma Information (Unaudited) | |||||||||||||||||
If these acquisitions had occurred on January 1, 2012, the Company's consolidated total revenues and net loss for the year ended December 31, 2013 would have been $85,726 and $27,912, respectively and the Company's total consolidated revenues and net income for the year ended December 31, 2012 would have been $65,988 and $38,828, respectively. Net loss per share for the year ended December 31, 2013 would have been $0.76 and net income per share for the year ended December 31, 2012 would have been $1.51. Basic per share amounts are based on the weighted average of shares outstanding of 36,681,847 and 25,651,220 for the year ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
2012 Acquisition | |||||||||||||||||
On December 4, 2012, we acquired the remaining 20% interest in 111 Sutter Street, a 286,000 square foot, multi-tenant office building in San Francisco, California. We had previously owned a majority, but non-controlling, interest in 111 Sutter Street from March 29, 2005 through December 4, 2012. The purchase price for the remaining interest was $22,000. The seller financed $12,000 of the purchase price in the form of a note payable due September 30, 2013. We retired the note payable in January 2013. We funded the balance of the acquisition using cash on hand. 111 Sutter Street was previously accounted for as an investment in an unconsolidated real estate affiliate as all decisions required unanimous approval. Effective December 5, 2012, we have consolidated the balance sheet and operations of 111 Sutter Street, which included the existing $54,130 mortgage loan at an interest rate of 5.58%, maturing in July 2015. As a result of the consolidation, we recorded a gain on consolidation of real estate affiliate of $34,852 within our 2012 Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||
Fair value for our investment in 111 Sutter Street was determined through the use of an income approach and was measured using Level 3 inputs. The income approach estimates an income stream for the property and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. Rent growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The terminal cap rate and discount rate are significant inputs to this valuation. The fair value measurements determined during the year included rent growth assumptions ranging between 3% and 7%, terminal cap rate of 6.25% and discount rate of 7.75%. Changes in these inputs could result in a significant change in the valuation of our original joint venture investment and a change in the gain on consolidation of real estate affiliate during the period. We allocated the purchase price of our 2012 acquisition in accordance with authoritative guidance as follows: | |||||||||||||||||
111 Sutter Street | |||||||||||||||||
Land | $ | 39,919 | |||||||||||||||
Building | 72,712 | ||||||||||||||||
In-place lease value (acquired intangible assets) | 12,772 | ||||||||||||||||
Above-market leases value (acquired intangible assets) | 729 | ||||||||||||||||
Below-market leases value (acquired intangible liabilities) | (5,289 | ) | |||||||||||||||
In-place debt premium (mortgage notes payable) | (3,868 | ) | |||||||||||||||
Assumption of mortgage note payable | (54,130 | ) | |||||||||||||||
$ | 62,845 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 3 years, 1 month | ||||||||||||||||
Amortization period for debt premium | 2 years, 7 months | ||||||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | ' | ||||||||||||||||
In accordance with authoritative guidance for impairment of long-lived assets we recorded the following impairments of investments in real estate during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||
Continuing Operations | |||||||||||||||||
4 Research Park Drive | $ | 2,888 | $ | — | $ | — | |||||||||||
Stirling Slidell Shopping Centre | 7,270 | — | — | ||||||||||||||
Cabana Beach Gainesville | 23,466 | — | — | ||||||||||||||
14600 Sherman Way | 1,726 | — | — | ||||||||||||||
14624 Sherman Way | 3,006 | — | — | ||||||||||||||
Provision for impairment of real estate classified as continuing operations | $ | 38,356 | $ | — | $ | — | |||||||||||
Discontinued Operations | |||||||||||||||||
Georgia Door Sales Distribution Center | $ | — | $ | 913 | $ | — | |||||||||||
Marketplace at Northglenn | — | — | 14,934 | ||||||||||||||
Canyon Plaza | 10,182 | — | — | ||||||||||||||
Provision for impairment of real estate classified as discontinued operations | $ | 10,182 | $ | 913 | $ | 14,934 | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
On March 23, 2012, we relinquished our ownership of Metropolitan Park North, a 187,000 square foot office building located in Seattle, Washington, through a deed in lieu of foreclosure with the lender. | |||||||||||||||||
On March 16, 2012, Georgia Door Sales Distribution Center, a 254,000 square foot industrial property located in Austell, Georgia, was classified as held for sale. | |||||||||||||||||
The following table summarizes income (loss) from discontinued operations for those properties described in Note 3A for the year ended December 31, 2011: | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Total revenue | $ | 7,848 | |||||||||||||||
Real estate taxes | (624 | ) | |||||||||||||||
Property operating | (1,222 | ) | |||||||||||||||
Provision for doubtful accounts | (19 | ) | |||||||||||||||
General and administrative | (137 | ) | |||||||||||||||
Depreciation and amortization | (1,917 | ) | |||||||||||||||
Interest expense | (3,392 | ) | |||||||||||||||
Income from discontinued operations | $ | 537 | |||||||||||||||
Note 3B -Discontinued Operations | |||||||||||||||||
On March 16, 2012, in accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of Georgia Door Sales Distribution Center exceeded the fair value less cost to sell. As such, we recognized impairment charges of approximately $913. On April 20, 2012, we sold the property for $5,150 resulting in a loss of $117. The results of operations and loss on sale of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On March 23, 2012, upon our relinquishment of Metropolitan Park North, we were relieved of approximately $56,513 of mortgage obligations plus accrued default interest associated with the mortgage loan. A non-cash accounting gain of $6,018 was recognized on the transfer of property representing the difference between the fair value and the net book value of the property as of the date of transfer. Upon extinguishment of the mortgage debt obligation, a $5,773 non-cash accounting gain was recognized representing the difference between the book value of the debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. The results of operations and gain on transfer of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On July 11, 2012, we relinquished our ownership of Marketplace at Northglenn, a 439,000 square foot retail center located in Northglenn, Colorado, via a foreclosure proceeding. The Company has been relieved of approximately $66,480 of mortgage obligations plus accrued default interest associated with the mortgage loan. A non-cash accounting loss of $6 was recognized on the transfer of property representing the differences between fair value and the net book value of the property as of the date of the transfer. Upon extinguishment of the mortgage debt obligation, a $2,908 non-cash accounting gain was recognized representing the difference between the book value of the debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. The results of operations and gain on transfer of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On August 23, 2013, in accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of Canyon Plaza exceeded the fair value less cost to sell. As such, we recognized impairment charges of approximately $10,182. On December 10, 2013 we sold the property for $33,750 resulting in a gain of $218. The results of operations and gain on sale of the property are reported as discontinued operations for all periods presented. | |||||||||||||||||
On October 24, 2013, we completed the sale of the Dignity Health Disposition Portfolio for $111,260. In conjunction with the sale, we prepaid the three remaining mortgage loan pools associated with the properties for approximately $60,950 including accrued interest. We recorded a gain on sale of $15,048. The results of operations and gain on sale of the properties are reported as discontinued operations for all periods presented. | |||||||||||||||||
The following table summarizes the loss from discontinued operations for Canyon Plaza and the Dignity Health Disposition Portfolio for the years ended December 31, 2013, 2012, and 2011, the loss from discontinued operations of Marketplace at Northglenn for the years ended December 31, 2012 and 2011 as well as the loss from discontinued operations of Georgia Door Sales Distribution Center and Metropolitan Park North for the year ended December 31, 2012: | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||
Total revenue | $ | 20,471 | $ | 25,173 | $ | 28,005 | |||||||||||
Real estate taxes | (1,452 | ) | (2,704 | ) | (3,236 | ) | |||||||||||
Property operating | (5,180 | ) | (6,162 | ) | (6,629 | ) | |||||||||||
Net recovery of (provision for) net recovery of doubtful accounts | 286 | (409 | ) | (185 | ) | ||||||||||||
General and administrative | (514 | ) | (258 | ) | (253 | ) | |||||||||||
Provision for impairment | (10,182 | ) | (913 | ) | (14,934 | ) | |||||||||||
Depreciation and amortization | (9,689 | ) | (7,278 | ) | (8,448 | ) | |||||||||||
Interest expense | (4,643 | ) | (9,994 | ) | (9,776 | ) | |||||||||||
Loss from discontinued operations | $ | (10,903 | ) | $ | (2,545 | ) | $ | (15,456 | ) |
Unconsolidated_Real_Estate_Aff1
Unconsolidated Real Estate Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Real Estate Properties [Line Items] | ' | ||||||||||||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||||
31-Dec-12 | |||||||||||||
Total assets | $ | 104,882 | |||||||||||
Total liabilities | 91,176 | ||||||||||||
Members’ equity | 13,706 | ||||||||||||
Total liabilities and members' equity | $ | 104,882 | |||||||||||
COMPANY INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
31-Dec-12 | |||||||||||||
Members’ equity | $ | 13,706 | |||||||||||
Less: other members’ equity | (8,442 | ) | |||||||||||
Basis differential in investment in unconsolidated real estate affiliates, net (1) | 14,724 | ||||||||||||
Investments in unconsolidated real estate affiliates | $ | 19,988 | |||||||||||
-1 | The basis differential in investment in the equity of the unconsolidated real estate affiliates was attributable to a difference in the fair value of Legacy Village over its historical cost at acquisition plus our own acquisition costs for Legacy Village. We amortized the basis differential over the lives of the related assets and liabilities that made up the fair value difference, primarily buildings and improvements. In some instances, the useful lives of these assets and liabilities differ from the useful lives being used to amortize the assets and liabilities by the other members. The basis differential allocated to land was not subject to amortization. | ||||||||||||
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ||||||||||||
For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||
Total revenues | $ | 15,158 | $ | 25,379 | $ | 25,229 | |||||||
Total operating expenses | 11,065 | 17,483 | 18,450 | ||||||||||
Operating income | 4,093 | 7,896 | 6,779 | ||||||||||
Total other expenses | (3,987 | ) | (7,827 | ) | (8,298 | ) | |||||||
Net income (loss) | $ | 106 | $ | 69 | $ | (1,519 | ) | ||||||
COMPANY EQUITY IN INCOME OF UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||
Net income (loss) of unconsolidated real estate affiliates | $ | 106 | $ | 69 | $ | (1,519 | ) | ||||||
Other members’ share of net (income) loss | (56 | ) | (272 | ) | (45 | ) | |||||||
Adjustments and other expenses | 5 | 37 | 74 | ||||||||||
Other expense from unconsolidated real estate affiliates | (23 | ) | (10 | ) | (3 | ) | |||||||
Company equity in income (loss) of unconsolidated real estate affiliates | $ | 32 | $ | (176 | ) | $ | (1,493 | ) | |||||
Mortgage_Notes_Payable_Table_1
Mortgage Notes Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Table 1 - Mortgages and Other Debt Payable [Abstract] | ' | |||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||||||||||
Mortgage notes and other debt payable have various maturities through 2027 and consist of the following: | ||||||||||||||||
Property | Maturity/Extinguishment Date | Fixed / | Interest | Amount payable as of | ||||||||||||
Floating | Rate | December 31, 2013 | December 31, 2012 | |||||||||||||
Monument IV at Worldgate | April 30, 2013 | Fixed | 5.29 | % | $ | — | $ | 35,195 | ||||||||
36 Research Park Drive (1) | July 1, 2013 | Fixed | 5.6 | % | — | 10,682 | ||||||||||
Dignity Health Office Portfolio | September 3, 2013 | Fixed | 5.75 | % | — | 13,860 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.75 | % | — | 15,926 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.75 | % | — | 14,354 | ||||||||||
Dignity Health Office Portfolio | October 24, 2013 | Fixed | 5.79 | % | — | 31,427 | ||||||||||
Canyon Plaza | December 10, 2013 | Fixed | 5.9 | % | — | 29,001 | ||||||||||
Stirling Slidell Shopping Centre | April 1, 2014 | Fixed | 5.15 | % | 12,171 | 12,483 | ||||||||||
4 Research Park Drive | March 1, 2015 | Fixed | 6.05 | % | 6,212 | 6,419 | ||||||||||
Campus Lodge Tampa | October 1, 2016 | Fixed | 5.95 | % | 32,638 | 33,053 | ||||||||||
Norfleet Distribution Center | February 1, 2017 | Floating | 2.92 | % | 12,000 | — | ||||||||||
Station Nine Apartments | May 1, 2017 | Fixed | 5.5 | % | 36,885 | 36,885 | ||||||||||
The District at Howell Mill | June 1, 2017 | Fixed | 6.14 | % | 9,807 | 9,931 | ||||||||||
Railway Street Corporate Centre (2) | September 1, 2017 | Fixed | 5.16 | % | 27,266 | 29,614 | ||||||||||
Cabana Beach Gainesville | December 1, 2018 | Floating | 2.77 | % | 20,300 | 47,163 | ||||||||||
Cabana Beach San Marcos | December 1, 2018 | Floating | 2.46 | % | 16,720 | 18,872 | ||||||||||
Campus Lodge Columbia | December 1, 2018 | Floating | 2.52 | % | 22,400 | 15,694 | ||||||||||
Campus Lodge Athens | December 1, 2018 | Floating | 2.62 | % | 11,580 | 13,180 | ||||||||||
The Edge at Lafayette | December 1, 2018 | Floating | 2.66 | % | 17,680 | 16,812 | ||||||||||
Suwanee Distribution Center | October 1, 2020 | Fixed | 3.66 | % | 19,100 | — | ||||||||||
111 Sutter Street (3) | April 1, 2023 | Fixed | 4.5 | % | 53,922 | 54,061 | ||||||||||
Grand Lakes Marketplace | October 1, 2023 | Fixed | 4.2 | % | 23,900 | — | ||||||||||
The District at Howell Mill | March 1, 2027 | Fixed | 5.3 | % | 34,084 | 34,594 | ||||||||||
TOTAL | $ | 356,665 | $ | 479,206 | ||||||||||||
Other debt payable (4) | 30-Sep-13 | Floating | 4.75 | % | — | 12,000 | ||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE | $ | 356,665 | $ | 491,206 | ||||||||||||
Net debt premium on assumed debt | 1,141 | 1,779 | ||||||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET | $ | 357,806 | $ | 492,985 | ||||||||||||
-1 | On July 1, 2013, we retired the mortgage note payable on 36 Research Park Drive. The outstanding balance on the mortgage note payable, including accrued interest, was $10,649 . We negotiated a discounted payoff in the amount of $9,500 resulting in a $1,149 gain on extinguishment of debt. | |||||||||||||||
-2 | This loan is denominated in Canadian dollars, but is reported in U.S. dollars at the exchange rate in effect on the balance sheet date. | |||||||||||||||
-3 | Loan assumed as part of acquisition of 111 Sutter Street on December 4, 2012 and modified on March 27, 2013. | |||||||||||||||
-4 | The seller of 111 Sutter Street provided a short-term financing at closing at the prime rate (3.25% at December 31, 2012) plus 150 basis points. |
Mortgage_Notes_Payable_Table_2
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule of Net Debt Premium / Discount [Abstract] | ' | |||||||
Summary of Assumed Debt Premium / Discount [Table Text Block] | ' | |||||||
We have recognized a premium or discount on debt we assumed with the following property acquisitions, the remaining premium or discount is as follows: | ||||||||
Property | Debt Premium / | Effective | ||||||
(Discount) | Interest Rate | |||||||
Stirling Slidell Shopping Centre | (6 | ) | 5.57 | % | ||||
4 Research Park Drive | (3 | ) | 6.17 | % | ||||
The District at Howell Mill | (2,564 | ) | 6.34 | % | ||||
Campus Lodge Tampa | 506 | 5.95 | % | |||||
111 Sutter Street | 3,208 | 2.66 | % | |||||
Net debt premium on assumed debt | $ | 1,141 | ||||||
Table_3_Summary_of_Aggregate_P
Table 3 - Summary of Aggregate Principa Pmts (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | ' | ||||
Aggregate principal payments of mortgage notes payable | ' | ||||
Aggregate principal payments of mortgage notes and other debt payable as of December 31, 2013 are as follows: | |||||
Year | Amount | ||||
2014 | $ | 13,892 | |||
2015 | 7,616 | ||||
2016 | 32,949 | ||||
2017 | 85,436 | ||||
2018 | 90,242 | ||||
Thereafter | 126,530 | ||||
Total | $ | 356,665 | |||
Common_Stock_Common_Stock_Tabl
Common Stock Common Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Common Stock [Abstract] | ' | ||||||||||||||||||||||||
Offering Cost Fees [Table Text Block] | ' | ||||||||||||||||||||||||
Selling Commission | Dealer Manager Fee | Distribution Fee | |||||||||||||||||||||||
Class A Shares | up to 3.5% | 0.55% | 0.50% | ||||||||||||||||||||||
Class M Shares | None | 0.55% | None | ||||||||||||||||||||||
The selling commission, dealer manager fee and distribution fee are offering costs and will be recorded as a reduction of capital in excess of par value. | |||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||||||||||||||
The stock issuances for our three classes of shares for the years ending December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
# of shares | $ Amount | # of shares | $ Amount | ||||||||||||||||||||||
Class A Shares | 9,462,512 | $ | 96,945 | 3,612,169 | $ | 37,035 | |||||||||||||||||||
Class M Shares | 2,369,700 | 24,145 | 104,282 | 1,057 | |||||||||||||||||||||
Class E Shares (1) | — | — | 5,202,625 | 50,794 | |||||||||||||||||||||
Total | $ | 121,090 | $ | 88,886 | |||||||||||||||||||||
(1) On August 8, 2012, we sold 5,120,355 shares of our undesignated common stock to an affiliate of our Advisor at our June 30, 2012 net asset value of $9.76 per share. On November 14, 2011, we sold 21,588 shares of our undesignated common stock for $200 to an affiliate of our Advisor at our September 30, 2011 net asset value of $9.26 per share. | |||||||||||||||||||||||||
Tender Offer Results [Table Text Block] | ' | ||||||||||||||||||||||||
Period Ending | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||||
Sep-12 | 2,748,659 | $ | 9.76 | 2,748,659 | $ | — | |||||||||||||||||||
Tax treatment of dividends [Table Text Block] | ' | ||||||||||||||||||||||||
Tax Treatment of Distributions | |||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, we paid distributions to stockholders of $13,351 and $7,080, respectively. For income tax purposes, 100% of the distributions paid in 2013 and 2012 will qualify as a nondividend distribution or return of capital. The distribution declared on November 4, 2013, paid on February 7, 2014, will be taxable in 2014 and is not reflected in the 2013 tax allocation. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class A stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Net Distribution per share (1) | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.08909 | $ | — | — | % | $ | — | — | % | $ | 0.08909 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.07956 | — | — | — | — | 0.07956 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.07818 | — | — | — | — | 0.07818 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.07555 | — | — | — | — | 0.07555 | 100 | |||||||||||||||||
Total | $ | 0.32238 | $ | — | — | % | $ | — | — | % | $ | 0.32238 | 100 | % | |||||||||||
(1) Distributions per share are net of distribution and dealer manager fees of 0.50% and 0.55% of net asset value, respectively. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class M stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Net Distribution per share (2) | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.09239 | $ | — | — | % | $ | — | — | % | $ | 0.09239 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.09198 | — | — | — | — | 0.09198 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.08881 | — | — | — | — | 0.08881 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.08738 | — | — | — | — | 0.08738 | 100 | |||||||||||||||||
Total | $ | 0.36056 | $ | — | — | % | $ | — | — | % | $ | 0.36056 | 100 | % | |||||||||||
(2) Distributions per share are net of dealer manager fees of 0.55% of net asset value. | |||||||||||||||||||||||||
The table below summarizes the income tax treatment of distributions paid to Class E stockholders during the year ended December 31, 2013: | |||||||||||||||||||||||||
Record Date | Payment Date | Total Distribution per share | Ordinary Income | Capital Gain Income | Return of Capital | ||||||||||||||||||||
12/28/12 | 3/28/13 | $ | 0.1 | $ | — | — | % | $ | — | — | % | $ | 0.1 | 100 | % | ||||||||||
3/27/13 | 5/3/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
6/27/13 | 8/2/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
9/27/13 | 11/1/13 | 0.1 | — | — | — | — | 0.1 | 100 | |||||||||||||||||
Total | $ | 0.4 | $ | — | — | % | $ | — | — | % | $ | 0.4 | 100 | % | |||||||||||
The table below summarizes the income tax treatment of distributions paid during the years ended December 31, 2012: | |||||||||||||||||||||||||
Record Date | Payment Date | Total Distribution per share | Ordinary Income | Capital Gain Income | Return of Capital (1) | ||||||||||||||||||||
3/30/12 | 5/4/12 | $ | 0.09506 | $ | — | — | % | $ | — | — | % | $ | 0.09506 | 100 | % | ||||||||||
6/29/12 | 8/3/12 | 0.09506 | — | — | — | — | 0.09506 | 100 | |||||||||||||||||
9/28/12 | 11/2/12 | 0.09506 | — | — | — | — | 0.09506 | 100 | |||||||||||||||||
Total | $ | 0.28518 | $ | — | — | % | $ | — | — | % | $ | 0.28518 | 100 | % | |||||||||||
(1) Distributions represent a return of stockholder capital and are adjusted for the 4.786-to-1 stock dividend which occurred on October 1, 2012. |
Rentals_Under_Operating_Leases1
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | ' | ||||
We receive rental income from operating leases. The minimum future rentals from consolidated properties based on operating leases in place at December 31, 2013 are as follows: | |||||
Year | Amount (1) | ||||
2014 | $ | 62,593 | |||
2015 | 41,249 | ||||
2016 | 32,995 | ||||
2017 | 23,755 | ||||
2018 | 19,413 | ||||
Thereafter | 81,708 | ||||
Total | $ | 261,713 | |||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
Consistent with how we review and manage our properties, the financial information summarized below is presented by reportable operating segment and reconciled to income (loss) from continuing operations for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Year Ended December 31, 2013 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Assets | $ | 205,058 | $ | 141,352 | $ | 260,734 | $ | 129,374 | $ | 736,518 | |||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 31,354 | $ | 6,036 | $ | 23,483 | $ | 6,882 | $ | 67,755 | |||||||||||
Tenant recoveries and other rental income | 1,786 | 1,078 | 3,586 | 2,311 | 8,761 | ||||||||||||||||
Total revenues | $ | 33,140 | $ | 7,114 | $ | 27,069 | $ | 9,193 | $ | 76,516 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 3,308 | $ | 885 | $ | 2,905 | $ | 1,005 | $ | 8,103 | |||||||||||
Property operating | 13,941 | 272 | 6,402 | 1,393 | 22,008 | ||||||||||||||||
Provision for (recovery of) doubtful accounts | 293 | — | (4 | ) | 36 | 325 | |||||||||||||||
Total segment operating expenses | $ | 17,542 | $ | 1,157 | $ | 9,303 | $ | 2,434 | $ | 30,436 | |||||||||||
Operating income - Segments | $ | 15,598 | $ | 5,957 | $ | 17,766 | $ | 6,759 | $ | 46,080 | |||||||||||
Capital expenditures by segment | $ | 2,353 | $ | 131 | $ | 11,557 | $ | 244 | $ | 14,285 | |||||||||||
Reconciliation to loss from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 46,080 | |||||||||||||||||||
Advisor fees | 4,668 | ||||||||||||||||||||
Company level expenses | 1,917 | ||||||||||||||||||||
General and administrative | 1,247 | ||||||||||||||||||||
Provision for impairment of real estate | 38,356 | ||||||||||||||||||||
Depreciation and amortization | 22,288 | ||||||||||||||||||||
Operating income | $ | (22,396 | ) | ||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (19,913 | ) | ||||||||||||||||||
Debt modification expense | (926 | ) | |||||||||||||||||||
Gain on extinguishment of debt | 1,109 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates | 32 | ||||||||||||||||||||
Gain on sale of unconsolidated affiliates | 7,290 | ||||||||||||||||||||
Total other income and (expenses) | $ | (12,408 | ) | ||||||||||||||||||
Loss from continuing operations | $ | (34,804 | ) | ||||||||||||||||||
Reconciliation to total consolidation assets | |||||||||||||||||||||
Assets per reportable segments | $ | 736,518 | |||||||||||||||||||
Corporate level assets | 38,421 | ||||||||||||||||||||
Total consolidated assets | $ | 774,939 | |||||||||||||||||||
Year Ended December 31, 2012 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Assets | $ | 232,387 | $ | 43,867 | $ | 277,059 | $ | 91,222 | $ | 644,535 | |||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 31,023 | $ | 4,140 | $ | 8,513 | $ | 5,980 | $ | 49,656 | |||||||||||
Tenant recoveries and other rental income | 1,762 | 662 | 3,009 | 2,019 | 7,452 | ||||||||||||||||
Total revenues | $ | 32,785 | $ | 4,802 | $ | 11,522 | $ | 7,999 | $ | 57,108 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 2,970 | $ | 595 | $ | 2,019 | $ | 976 | $ | 6,560 | |||||||||||
Property operating | 13,658 | 122 | 3,236 | 1,341 | 18,357 | ||||||||||||||||
Provision for (recovery of) doubtful accounts | 169 | — | (13 | ) | (9 | ) | 147 | ||||||||||||||
Total segment operating expenses | $ | 16,797 | $ | 717 | $ | 5,242 | $ | 2,308 | $ | 25,064 | |||||||||||
Operating income - Segments | $ | 15,988 | $ | 4,085 | $ | 6,280 | $ | 5,691 | $ | 32,044 | |||||||||||
Capital expenditures by segment | $ | 2,026 | $ | 168 | $ | 7,390 | $ | 864 | $ | 10,448 | |||||||||||
Reconciliation to income from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 32,044 | |||||||||||||||||||
Advisor fees | 2,739 | ||||||||||||||||||||
Company level expenses | 2,275 | ||||||||||||||||||||
General and administrative | 893 | ||||||||||||||||||||
Depreciation and amortization | 14,452 | ||||||||||||||||||||
Operating income | $ | 11,685 | |||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (20,971 | ) | ||||||||||||||||||
Loss on extinguishment of debt | (86 | ) | |||||||||||||||||||
Equity in loss of unconsolidated affiliates | (176 | ) | |||||||||||||||||||
Gain on consolidation of real estate affiliate | 34,852 | ||||||||||||||||||||
Total other income and (expenses) | $ | 13,619 | |||||||||||||||||||
Income from continuing operations | $ | 25,304 | |||||||||||||||||||
Reconciliation to total consolidation assets | |||||||||||||||||||||
Assets per reportable segments | $ | 644,535 | |||||||||||||||||||
Assets from discontinued operations | 152,348 | ||||||||||||||||||||
Corporate level assets | 45,151 | ||||||||||||||||||||
Total consolidated assets | $ | 842,034 | |||||||||||||||||||
Year Ended December 31, 2011 | Apartments | Industrial | Office | Retail | Total | ||||||||||||||||
Revenues: | |||||||||||||||||||||
Minimum rents | $ | 29,886 | $ | 4,131 | $ | 12,595 | $ | 6,833 | $ | 53,445 | |||||||||||
Tenant recoveries and other rental income | 1,683 | 829 | 3,527 | 2,014 | $ | 8,053 | |||||||||||||||
Total revenues | $ | 31,569 | $ | 4,960 | $ | 16,122 | $ | 8,847 | $ | 61,498 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Real estate taxes | $ | 3,040 | $ | 760 | $ | 1,842 | $ | 1,074 | $ | 6,716 | |||||||||||
Property operating | 13,111 | 134 | 2,072 | 1,166 | $ | 16,483 | |||||||||||||||
Provision for doubtful accounts | 203 | — | 13 | 33 | $ | 249 | |||||||||||||||
Total segment operating expenses | $ | 16,354 | $ | 894 | $ | 3,927 | $ | 2,273 | $ | 23,448 | |||||||||||
Operating income - Segments | $ | 15,215 | $ | 4,066 | $ | 12,195 | $ | 6,574 | $ | 38,050 | |||||||||||
Capital expenditures by segment | $ | 1,791 | $ | 8 | $ | 3,720 | $ | 392 | $ | 5,911 | |||||||||||
Reconciliation to income from continuing operations | |||||||||||||||||||||
Operating income - Segments | $ | 38,050 | |||||||||||||||||||
Advisor fees | 2,806 | ||||||||||||||||||||
Company level expenses | 2,091 | ||||||||||||||||||||
General and administrative | 290 | ||||||||||||||||||||
Depreciation and amortization | 15,015 | ||||||||||||||||||||
Operating income | $ | 17,848 | |||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||
Interest expense | $ | (21,074 | ) | ||||||||||||||||||
Equity in loss of unconsolidated affiliates | (1,493 | ) | |||||||||||||||||||
Total other income and (expenses) | $ | (22,567 | ) | ||||||||||||||||||
Loss from continuing operations | $ | (4,719 | ) |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | ||||||||||||||
Total revenues | $ | 17,941 | $ | 18,742 | $ | 19,157 | $ | 20,676 | |||||||||
Operating income (loss) | 4,567 | 3,956 | 2,809 | (33,728 | ) | ||||||||||||
Loss from continuing operations | (748 | ) | (1,181 | ) | (899 | ) | (31,976 | ) | |||||||||
Total (loss) income from discontinued operations | (2,086 | ) | 1,834 | (10,521 | ) | 15,136 | |||||||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. | (2,873 | ) | 626 | (11,059 | ) | (11,641 | ) | ||||||||||
Net (loss) income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | (0.09 | ) | $ | 0.02 | $ | (0.28 | ) | $ | (0.28 | ) | ||||||
Weighted average common stock outstanding-basic and diluted | 31,526,688 | 35,343,798 | 38,860,238 | 40,870,052 | |||||||||||||
Three Months | Three Months | Three Months | Three Months | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | ||||||||||||||
Total revenues | $ | 14,904 | $ | 14,499 | $ | 13,076 | $ | 14,629 | |||||||||
Operating income | 4,061 | 3,386 | 1,468 | 2,770 | |||||||||||||
(Loss) income from continuing operations | (1,274 | ) | (2,062 | ) | (3,626 | ) | 32,266 | ||||||||||
Total income (loss) from discontinued operations | 9,948 | (805 | ) | 2,945 | (57 | ) | |||||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | 8,582 | (2,912 | ) | (357 | ) | 32,163 | |||||||||||
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | 0.36 | $ | (0.12 | ) | $ | (0.01 | ) | $ | 1.16 | |||||||
Weighted average common stock outstanding-basic and diluted | 23,995,352 | 24,022,500 | 26,680,357 | 27,756,964 | |||||||||||||
Organization_Details
Organization (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 02, 2012 |
stockholders | ||||
Organization (Textual) [Abstract] | ' | ' | ' | ' |
Common Stock, Value Authorized during Offering | ' | $3,000,000 | ' | ' |
Dividend Ratio Class E | ' | ' | 1.001 | 4.786 |
Organization (Additional Textual) [Abstract] | ' | ' | ' | ' |
Incorporation date | 28-May-04 | ' | ' | ' |
Total number of stockholders | 3,202 | ' | ' | ' |
Affiliated Entity [Member] | ' | ' | ' | ' |
Organization (Textual) [Abstract] | ' | ' | ' | ' |
Aggregate investment through purchases of shares of our undesignated common stock | 60,200 | ' | ' | ' |
Consolidated properties [Member] | ' | ' | ' | ' |
Organization (Textual) [Abstract] | ' | ' | ' | ' |
Number of properties owned | 24 | ' | ' | ' |
Number of states | 10 | ' | ' | ' |
Class A [Member] | ' | ' | ' | ' |
Organization (Textual) [Abstract] | ' | ' | ' | ' |
Common stock, shares outstanding | 13,043,452 | ' | ' | ' |
Class M [Member] | ' | ' | ' | ' |
Organization (Textual) [Abstract] | ' | ' | ' | ' |
Common stock, shares outstanding | 28,634,822 | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Asset Impairment Charges | $48,538 | $913 | $14,934 |
Straight Line Rent | -3,128 | -403 | -101 |
Amortization of above and below Market Leases | 4,844 | 882 | 2,396 |
Finite-Lived Intangible Asset, Useful Life | '3 years 1 month | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 15,181 | 26,515 | ' |
Finite-Lived intangible liability, Accumulated Amortization | 948 | 5,465 | ' |
Total Revenue From Foreign Investments | 4,166 | 3,874 | 4,462 |
Total Revenue from US Investments | 72,350 | 53,234 | 57,036 |
Total Assets From Foreign Investments | 37,564 | 40,917 | ' |
Total Assets from US Investments | 737,375 | 801,117 | ' |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ' | ' | ' |
Allowance for doubtful accounts | 41 | 570 | ' |
Accumulated amortization of Deferred expenses | 2,286 | 4,013 | ' |
Level two [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Mortgage notes payable, fair value | 296 | 17,136 | ' |
Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Consolidation of variable interest entities, ownership percentage | 100.00% | ' | ' |
In-Place Leases [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Acquired In-Place Leases Next Twelve Months | 7,705 | ' | ' |
Acquired Above Market Leases Next Twelve Months | 412 | ' | ' |
Acquired Below Market Leases Next Twelve Months | -1,243 | ' | ' |
Acquired In-Place Leases Year Two | 7,563 | ' | ' |
Acquired Above Market Leases Year Two | 310 | ' | ' |
Acquired Below Market Leases Year Two | -866 | ' | ' |
Acquired In-Place Leases Year Three | 3,550 | ' | ' |
Acquired Above Market Leases Year Three | 191 | ' | ' |
Acquired Below Market Leases Year Three | -670 | ' | ' |
Acquired In-Place Leases Year Four | 2,957 | ' | ' |
Acquired Above Market Leases Year Four | 123 | ' | ' |
Acquired Below Market Leases Year Four | -466 | ' | ' |
Acquired In-Place Leases Year Five | 2,668 | ' | ' |
Acquired Above Market Leases Year Five | 71 | ' | ' |
Acquired Below Market Leases Year Five | -457 | ' | ' |
Acquired In-Place Leases After Year Five | 9,706 | ' | ' |
Acquired Above Market Leases After Year Five | 232 | ' | ' |
Acquired Below Market Leases After Year Five | -1,313 | ' | ' |
Acquired In Place Leases | 34,149 | ' | ' |
Acquired Above Market Leases | 1,339 | ' | ' |
Acquired Below Market Leases | ($5,015) | ' | ' |
In-Place Leases [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' | ' |
In-Place Leases [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' |
Building [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Building [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '50 years | ' | ' |
Equipment [Member] | Minimum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' |
Equipment [Member] | Maximum [Member] | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '10 years | ' | ' |
Property_Table_1_Property_Deta
Property Table 1 - Property Details (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 27, 2004 | Dec. 04, 2012 | Dec. 31, 2013 | Mar. 29, 2005 | Dec. 31, 2013 | Jun. 30, 2005 | Dec. 31, 2013 | Dec. 21, 2005 | Dec. 31, 2013 | Dec. 21, 2005 | Dec. 31, 2013 | Dec. 14, 2006 | Dec. 31, 2013 | Feb. 27, 2007 | Dec. 31, 2013 | Apr. 16, 2007 | Dec. 31, 2013 | Jun. 13, 2007 | Dec. 31, 2013 | Jun. 13, 2007 | Dec. 31, 2013 | Jun. 15, 2007 | Dec. 31, 2013 | Aug. 30, 2007 | Dec. 31, 2013 | Nov. 21, 2007 | Dec. 31, 2013 | Nov. 21, 2007 | Dec. 31, 2013 | Nov. 21, 2007 | Dec. 31, 2013 | Nov. 21, 2007 | Dec. 31, 2013 | Jan. 15, 2008 | Dec. 31, 2013 | Feb. 29, 2008 | Dec. 31, 2013 | Jun. 26, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 17, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 10, 2013 |
Apartment Properties [Member] | Monument IV at Worldgate [Member] | Monument IV at Worldgate [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 105 Kendall Park Lane [Member] | 105 Kendall Park Lane [Member] | 14600 Sherman Way [Member] | 14600 Sherman Way [Member] | 14624 Sherman Way [Member] | 14624 Sherman Way [Member] | Stirling Slidell Shopping Centre [Member] | Stirling Slidell Shopping Centre [Member] | 4001 North Norfleet Road [Member] | 4001 North Norfleet Road [Member] | Station Nine Apartments [Member] | Station Nine Apartments [Member] | 4 Research Park Drive [Member] | 4 Research Park Drive [Member] | 36 Research Park Drive [Member] | 36 Research Park Drive [Member] | The District at Howell Mill [Member] | The District at Howell Mill [Member] | Railway Street Corporate Centre [Member] | Railway Street Corporate Centre [Member] | Cabana Beach San Marcos [Member] | Cabana Beach San Marcos [Member] | Cabana Beach Gainesville [Member] | Cabana Beach Gainesville [Member] | Campus Lodge Athens [Member] | Campus Lodge Athens [Member] | Campus Lodge Columbia [Member] | Campus Lodge Columbia [Member] | The Edge at Lafayette [Member] | The Edge at Lafayette [Member] | Campus Lodge Tampa [Member] | Campus Lodge Tampa [Member] | Joliet Distribution Center [Member] | Joliet Distribution Center [Member] | Suwanne Distribution Center [Member] | Suwanne Distribution Center [Member] | Grand Lakes Marketplace [Member] | Grand Lakes Marketplace [Member] | 3800 1st Avenue South [Member] | 3800 1st Avenue South [Member] | 3844 1st Avenue South [Member] | 3844 1st Avenue South [Member] | 3601 2nd Avenue South [Member] | 3601 2nd Avenue South [Member] | Canyon Plaza [Member] | |
Office Properties [Member] | Office Properties [Member] | sqft | Office Properties [Member] | Office Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | Office Properties [Member] | Office Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Discontinued Operations [Member] | ||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | 228,000 | ' | 286,000 | 286,000 | ' | 409,000 | ' | 50,000 | ' | 53,000 | ' | 139,000 | ' | 702,000 | ' | 312,000 | ' | 60,000 | ' | 81,000 | ' | 306,000 | ' | 137,000 | ' | 278,000 | ' | 545,000 | ' | 229,000 | ' | 256,000 | ' | 207,000 | ' | 431,000 | ' | 442,000 | ' | 559,000 | ' | 131,000 | ' | 162,000 | ' | 101,000 | ' | 60,000 | ' | 199,000 |
Real Estate Property Ownership Percentage | ' | 100.00% | ' | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | 87.85% | ' | 100.00% | ' | 78.00% | ' | 78.00% | ' | 78.00% | ' | 78.00% | ' | 78.00% | ' | 78.00% | ' | 100.00% | ' | 100.00% | ' | 90.00% | ' | 100.00% | ' | 100.00% | ' | 100.00% | ' | ' |
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | ' | 27-Aug-04 | ' | ' | 29-Mar-05 | ' | 30-Jun-05 | ' | 21-Dec-05 | ' | 21-Dec-05 | ' | 14-Dec-06 | ' | 27-Feb-07 | ' | 16-Apr-07 | ' | 13-Jun-07 | ' | 13-Jun-07 | ' | 15-Jun-07 | ' | 30-Aug-07 | ' | 21-Nov-07 | ' | 21-Nov-07 | ' | 21-Nov-07 | ' | 21-Nov-07 | ' | 15-Jan-08 | ' | 29-Feb-08 | ' | 26-Jun-13 | ' | 28-Jun-13 | ' | 17-Sep-13 | ' | 18-Dec-13 | ' | 18-Dec-13 | ' | 18-Dec-13 | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | $59,608,000 | $62,845,000 | ' | $100,779,000 | ' | $18,781,000 | ' | $8,623,000 | ' | $9,755,000 | ' | $23,367,000 | ' | $37,579,000 | ' | $56,417,000 | ' | $11,330,000 | ' | $17,232,000 | ' | $78,661,000 | ' | $42,614,000 | ' | $29,375,000 | ' | $74,277,000 | ' | $20,980,000 | ' | $24,852,000 | ' | $26,870,000 | ' | $46,787,000 | ' | $21,000,000 | ' | $37,943,000 | ' | $42,975,000 | ' | $18,705,000 | ' | $12,070,000 | ' | $7,925,000 | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Table_2_Schedule_of_A
Property Table 2 - Schedule of Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 04, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 18, 2013 | Dec. 31, 2013 | Jun. 26, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | Suwanne Distribution Center [Member] | Grand Lakes Marketplace [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||
sqft | South Seattle Distribution Center [Member] | South Seattle Distribution Center [Member] | Joliet Distribution Center [Member] | Joliet Distribution Center [Member] | Suwanne Distribution Center [Member] | Suwanne Distribution Center [Member] | Grand Lakes Marketplace [Member] | Grand Lakes Marketplace [Member] | |||||||||||||||||
sqft | sqft | sqft | sqft | ||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Acquisition Related Costs | ' | ' | $599,000 | $33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | 3,482,000 | 1,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ' | ' | 414,000 | 165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | ' | ' | 29,744,000 | ' | ' | ' | ' | ' | ' | 39,919,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | '3 years 1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '11 years | ' | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | ' | ' | 323,000 | ' | 442,000 | ' | 559,000 | ' | 131,000 | ' | ' | ' | ' | ' | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other Long-term Debt | ' | 12,000,000 | ' | 12,000,000 | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Gain on consolidation of real estate affiliate | ' | ' | 0 | 34,852,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Land | ' | 126,555,000 | 134,407,000 | 126,555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Buildings and equipment | ' | 669,901,000 | 593,078,000 | 669,901,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | ' | ' | 18,631,000 | ' | ' | ' | ' | ' | ' | 12,772,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | ' | ' | 566,000 | ' | ' | ' | ' | ' | ' | 729,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Off-market Lease, Unfavorable | ' | ' | -747,000 | ' | ' | ' | ' | ' | ' | -5,289,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,868,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Secured Debt | ' | -492,985,000 | -357,806,000 | -492,985,000 | ' | ' | ' | ' | ' | -54,130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,845,000 | ' | ' | ' | 39,000,000 | ' | 21,000,000 | ' | 37,943,000 | ' | 42,975,000 | ' | ' | ' | ' | |
Mortgage Loans on Real Estate, Face Amount of Mortgages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,900 | ' | ' | ' | ' | |
Interest Rate | ' | ' | 4.75% | ' | ' | ' | 4.50% | ' | ' | 5.58% | [1] | 3.66% | 4.20% | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' |
Proceeds from Lines of Credit | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Real Estate Property Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 90.00% | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '3 years 1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Amortization Period of Debt Discount/Premium | ' | '2 years 7 months | '2 years 7 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | ' | ' | 97,199,000 | ' | ' | ' | ' | ' | ' | 72,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Revenue | ' | ' | 85,726,000 | 65,988,000 | ' | ' | ' | 86,471,000 | 89,229,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | 27,912,000 | 38,828,000 | ' | ' | -1,591,000 | ' | 10,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | $145,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Fair Value Inputs, Long-term Revenue Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 7.00% | |
Fair Value Inputs, Cap Rate | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | 9.00% | ' | |
Fair Value Inputs, Discount Rate | ' | ' | ' | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | 10.00% | ' | |
[1] | The seller of 111 Sutter Street provided a short-term financing at closing at the prime rate (3.25% at December 31, 2012) plus 150 basis points. |
Property_Table_3_Schedule_of_I
Property Table 3 - Schedule of Impairment on Real Estate (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Jul. 11, 2012 | Dec. 10, 2013 | Mar. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
4 Research Park Drive [Member] | 4 Research Park Drive [Member] | 4 Research Park Drive [Member] | Stirling Slidell Shopping Centre [Member] | Stirling Slidell Shopping Centre [Member] | Stirling Slidell Shopping Centre [Member] | Cabana Beach Gainesville [Member] | Cabana Beach Gainesville [Member] | Cabana Beach Gainesville [Member] | 14600 Sherman Way [Member] | 14600 Sherman Way [Member] | 14600 Sherman Way [Member] | 14624 Sherman Way [Member] | 14624 Sherman Way [Member] | 14624 Sherman Way [Member] | Georgia Door Sales Distribution Center [Member] | Georgia Door Sales Distribution Center [Member] | Georgia Door Sales Distribution Center [Member] | Marketplace at Northglenn [Member] | Marketplace at Northglenn [Member] | Marketplace at Northglenn [Member] | Canyon Plaza [Member] | Canyon Plaza [Member] | Canyon Plaza [Member] | Marketplace at Northglenn [Member] | Marketplace at Northglenn [Member] | Canyon Plaza [Member] | Georgia Door Sales Distribution Center [Member] | Minimum [Member] | Maximum [Member] | ||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||||||||||||||||||||||||||||
sqft | sqft | sqft | |||||||||||||||||||||||||||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Cap Rate | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | 9.00% |
Fair Value Inputs, Discount Rate | ' | 7.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 10.00% |
Provision for impairment of real estate | $38,356 | $0 | $0 | $2,888 | $0 | $0 | $7,270 | $0 | $0 | $23,466 | $0 | $0 | $1,726 | $0 | $0 | $3,006 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovery of Provision for Impairment of Real Estate Including Discontinued Operations | $10,182 | $913 | $14,934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $913 | $0 | $0 | $0 | $14,934 | $10,182 | $0 | $0 | $14,934 | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 439,000 | 199,000 | 254,000 | ' | ' |
Property_Table_4_Schedule_of_L
Property Table 4 - Schedule of Loss from Discontinued Operations 3A (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 23, 2012 | Mar. 16, 2012 | |
Havertys, 25850 S Ridgeland, Metropolitan Park North, Georgia Door [Member] | Metropolitan Park North [Member] | Georgia Door Sales Distribution Center [Member] | ||||||||||||
Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||||||
sqft | sqft | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000 | 254,000 |
Total revenues | $20,676,000 | $19,157,000 | $18,742,000 | $17,941,000 | $14,629,000 | $13,076,000 | $14,499,000 | $14,904,000 | $76,516,000 | $57,108,000 | $61,498,000 | $7,848,000 | ' | ' |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | -8,103,000 | -6,560,000 | -6,716,000 | -624,000 | ' | ' |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | -22,008,000 | -18,357,000 | -16,483,000 | -1,222,000 | ' | ' |
Provision for doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -39,000 | -557,000 | -452,000 | -19,000 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -1,247,000 | -893,000 | -290,000 | -137,000 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -22,288,000 | -14,452,000 | -15,015,000 | -1,917,000 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,913,000 | -20,971,000 | -21,074,000 | -3,392,000 | ' | ' |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($10,903,000) | ($2,545,000) | ($14,919,000) | $537,000 | ' | ' |
Property_Table_5_Schedule_of_L
Property Table 5 - Schedule of Loss from Discontinued Operations 3B (Details) (USD $) | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 11, 2012 | Apr. 20, 2012 | Mar. 31, 2012 | Mar. 23, 2012 | Dec. 10, 2013 | Sep. 30, 2013 | Oct. 24, 2013 | Jul. 11, 2012 | Mar. 23, 2012 | |
Dignity Health Disposition Portfolio, Canyon Plaza, Marketplace at Northglenn, Georgia Door [Member] | Marketplace at Northglenn [Member] | Georgia Door Sales Distribution Center [Member] | Georgia Door Sales Distribution Center [Member] | Metropolitan Park North [Member] | Canyon Plaza [Member] | Canyon Plaza [Member] | Dignity Health Office Portfolio [Member] | Mortgages [Member] | Mortgages [Member] | |||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Marketplace at Northglenn [Member] | Metropolitan Park North [Member] | ||||||
Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | $48,538,000 | $913,000 | $14,934,000 | ' | ' | ' | $913,000 | ' | ' | $10,182,000 | ' | ' | ' |
Assets of Disposal Group, Including Discontinued Operation | ' | ' | ' | ' | ' | ' | 5,150,000 | ' | ' | 33,750,000 | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,260 | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 66,480,000 | ' | ' | 56,513,000 | ' | ' | 60,950,000 | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | 15,266,000 | -117,000 | 0 | ' | 6,000 | 117,000 | ' | ' | 218,000 | ' | 15,048,000 | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | ' | 20,471,000 | 25,173,000 | ' | 28,005,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | ' | -1,452,000 | -2,704,000 | ' | -3,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Operating Expense | ' | -5,180,000 | -6,162,000 | ' | -6,629,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts Discontinued Operations | ' | -286,000 | -409,000 | ' | -185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and Administrative Expenses Discontinued operations | ' | -514,000 | -258,000 | ' | -253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | ' | -10,182,000 | -913,000 | ' | -14,934,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and Amortization, Discontinued Operations | ' | -9,689,000 | -7,278,000 | ' | -8,448,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Interest Expense | ' | -4,643,000 | -9,994,000 | ' | -9,776,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ' | -10,903,000 | -2,545,000 | -14,919,000 | -15,456,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | $1,149,000 | $1,109,000 | $14,607,000 | $0 | ' | ' | ' | ' | $6,018,000 | ' | ' | ' | $2,908,000 | $5,773,000 |
Unconsolidated_Real_Estate_Aff2
Unconsolidated Real Estate Affiliates (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' |
TOTAL ASSETS | $774,939 | $842,034 |
TOTAL LIABILITIES | 383,591 | 524,949 |
TOTAL LIABILITIES AND EQUITY | 774,939 | 842,034 |
Unconsolidated Real Estate Affiliates [Member] | ' | ' |
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' |
TOTAL ASSETS | ' | 104,882 |
TOTAL LIABILITIES | ' | 91,176 |
Members' Equity | ' | -13,706 |
TOTAL LIABILITIES AND EQUITY | ' | $104,882 |
Unconsolidated_Real_Estate_Aff3
Unconsolidated Real Estate Affiliates (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' |
Investments in unconsolidated real estate affiliates | $0 | $19,988 |
Unconsolidated Real Estate Affiliates [Member] | ' | ' |
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' |
Members' Equity | ' | -13,706 |
Less: other members' equity | ' | -8,442 |
Basis Differential in Investment in Unconsolidated Real Estate Affiliates, Net | ' | 14,724 |
Investments in unconsolidated real estate affiliates | ' | $19,988 |
Unconsolidated_Real_Estate_Aff4
Unconsolidated Real Estate Affiliates (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $20,676,000 | $19,157,000 | $18,742,000 | $17,941,000 | $14,629,000 | $13,076,000 | $14,499,000 | $14,904,000 | $76,516,000 | $57,108,000 | $61,498,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 98,912,000 | 45,423,000 | 43,650,000 |
Operating income | -33,728,000 | 2,809,000 | 3,956,000 | 4,567,000 | 2,770,000 | 1,468,000 | 3,386,000 | 4,061,000 | -22,396,000 | 11,685,000 | 17,848,000 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 12,408,000 | -13,619,000 | 22,567,000 |
Unconsolidated Real Estate Affiliates [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,158 | 25,379 | 25,229 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 11,065 | 17,483 | 18,450 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 4,093 | 7,896 | 6,779 |
Total other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,987 | 7,827 | 8,298 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $106 | $69 | ($1,519) |
Unconsolidated_Real_Estate_Aff5
Unconsolidated Real Estate Affiliates (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | $7,290,000 | $0 | $0 |
Equity in income (loss) of unconsolidated real estate affiliates | -32,000 | 176,000 | 1,493,000 |
Unconsolidated Real Estate Affiliates [Member] | ' | ' | ' |
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | ' | ' | ' |
Net income (loss) of unconsolidated real estate affiliates | 106 | 69 | -1,519 |
Other members' share of net (income) loss | -56 | -272 | -45 |
Adjustment for basis differential in investment in unconsolidated real estate affiliates | 5 | 37 | 74 |
Other expenses from unconsolidated real estate affiliates | -23 | -10 | -3 |
Equity in income (loss) of unconsolidated real estate affiliates | $32 | ($176) | ($1,493) |
Unconsolidated_Real_Estate_Aff6
Unconsolidated Real Estate Affiliates (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 29, 2013 | Aug. 25, 2004 | Dec. 31, 2013 | Dec. 04, 2012 | Mar. 29, 2005 | |
Legacy Village [Member] | Legacy Village [Member] | Legacy Village [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | ||||
sqft | sqft | ||||||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in unconsolidated real estate affiliates | ' | ' | ' | 46.50% | ' | ' | 80.00% | ' | ' |
Area of Real Estate Property | ' | ' | ' | 595,000 | ' | ' | 286,000 | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | $24,646,000 |
Assets of Disposal Group, Including Discontinued Operation | ' | ' | ' | ' | 27,350 | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | $7,290,000 | $0 | $0 | $7,290 | ' | ' | ' | ' | ' |
Table_1_Schedule_of_Mortgages_
Table 1 - Schedule of Mortgages ... (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
4001 North Norfleet Road [Member] | 4001 North Norfleet Road [Member] | 36 Research Park Drive [Member] | 36 Research Park Drive [Member] | Monument IV at Worldgate [Member] | Monument IV at Worldgate [Member] | Dignity Health Office Portfolio [Member] | Dignity Health Office Portfolio [Member] | Dignity Health Office Portfolio 2 [Member] | Dignity Health Office Portfolio 2 [Member] | Dignity Health Care Office Portfolio 3 [Member] | Dignity Health Care Office Portfolio 3 [Member] | Dignity Health Office Portfolio 4 [Member] | Dignity Health Office Portfolio 4 [Member] | Stirling Slidell Shopping Centre [Member] | Stirling Slidell Shopping Centre [Member] | Cabana Beach Gainesville [Member] | Cabana Beach Gainesville [Member] | Cabana Beach San Marcos [Member] | Cabana Beach San Marcos [Member] | Campus Lodge Columbia [Member] | Campus Lodge Columbia [Member] | Campus Lodge Athens [Member] | Campus Lodge Athens [Member] | The Edge at Lafayette [Member] | The Edge at Lafayette [Member] | Suwanne Distribution Center [Member] | Suwanne Distribution Center [Member] | 4 Research Park Drive [Member] | 4 Research Park Drive [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | 111 Sutter Street [Member] | Grand Lakes Marketplace [Member] | Grand Lakes Marketplace [Member] | Campus Lodge Tampa [Member] | Campus Lodge Tampa [Member] | Station Nine Apartments [Member] | Station Nine Apartments [Member] | Canyon Plaza [Member] | Canyon Plaza [Member] | The District at Howell Mill [Member] | The District at Howell Mill [Member] | Railway Street Corporate Centre [Member] | Railway Street Corporate Centre [Member] | The District at Howell Mill 2 [Member] | The District at Howell Mill 2 [Member] | Line of Credit [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Office Properties [Member] | Retail Properties [Member] | Retail Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | Apartment Properties [Member] | ||||||
36 Research Park Drive [Member] | 36 Research Park Drive [Member] | Monument IV at Worldgate [Member] | Dignity Health Office Portfolio [Member] | Suwanne Distribution Center [Member] | 4 Research Park Drive [Member] | 111 Sutter Street [Member] | Grand Lakes Marketplace [Member] | Canyon Plaza [Member] | Railway Street Corporate Centre [Member] | Stirling Slidell Shopping Centre [Member] | Grand Lakes Marketplace [Member] | 4001 North Norfleet Road [Member] | Cabana Beach Gainesville [Member] | Cabana Beach San Marcos [Member] | Campus Lodge Columbia [Member] | Campus Lodge Athens [Member] | The Edge at Lafayette [Member] | Campus Lodge Tampa [Member] | Station Nine Apartments [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of mortgage notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Maturity Date | 30-Sep-13 | ' | 1-Feb-17 | ' | 1-Jul-13 | ' | 30-Apr-13 | ' | 3-Sep-13 | ' | 24-Oct-13 | ' | 24-Oct-13 | ' | 24-Oct-13 | ' | 1-Apr-14 | ' | 1-Dec-18 | ' | 1-Dec-18 | ' | 1-Dec-18 | ' | 1-Dec-18 | ' | 1-Dec-18 | ' | 1-Oct-20 | ' | 1-Mar-15 | ' | 1-Apr-23 | ' | ' | 1-Oct-23 | ' | 1-Oct-16 | ' | 1-May-17 | ' | 10-Dec-13 | ' | 1-Jun-17 | [1] | ' | 1-Sep-17 | ' | 1-Mar-27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest Rate | 4.75% | ' | 2.92% | ' | 5.60% | ' | 5.29% | ' | 5.75% | ' | 5.75% | ' | 5.75% | ' | 5.79% | ' | 5.15% | ' | 2.77% | ' | 2.46% | ' | 2.52% | ' | 2.62% | ' | 2.66% | ' | 3.66% | ' | 6.05% | ' | 4.50% | ' | 5.58% | [2] | 4.20% | ' | 5.95% | ' | 5.50% | ' | 5.90% | ' | 6.14% | [1] | ' | 5.16% | ' | 5.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | |
Other Long-term Debt | ' | $12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total mortgage notes | 356,665 | 479,206 | ' | 0 | ' | 10,682 | ' | 35,195 | ' | 13,860 | 0 | 15,926 | 0 | 14,354 | 0 | 31,427 | ' | 12,483 | ' | 47,163 | ' | 18,872 | ' | 15,694 | ' | 13,180 | ' | 16,812 | ' | 0 | ' | 6,419 | ' | 54,061 | ' | ' | 0 | ' | 33,053 | ' | 36,885 | ' | 29,001 | 9,807 | [1] | 9,931 | [1] | ' | 29,614 | 34,084 | 34,594 | ' | 0 | 10,649 | 0 | 0 | 19,100 | 6,212 | 53,922 | 23,900 | 0 | 27,266 | 12,171 | ' | 12,000 | 20,300 | 16,720 | 22,400 | 11,580 | 17,680 | 32,638 | 36,885 | |
Long-term Debt | 356,665 | 491,206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net debt premium (discount) on assumed debt | 1,141 | 1,779 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Mortgage notes payable, net | $357,806 | $492,985 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | This loan is denominated in Canadian dollars, but is reported in U.S. dollars at the exchange rate in effect on the balance sheet date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The seller of 111 Sutter Street provided a short-term financing at closing at the prime rate (3.25% at December 31, 2012) plus 150 basis points. |
Mortgage_Notes_Payable_Table_21
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | $1,141 | $1,779 |
Stirling Slidell Shopping Centre [Member] | ' | ' |
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | -6 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.57% | ' |
4 Research Park Drive [Member] | ' | ' |
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | -3 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 6.17% | ' |
The District at Howell Mill [Member] | ' | ' |
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | -2,564 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 6.34% | ' |
Campus Lodge Tampa [Member] | ' | ' |
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | 506 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.95% | ' |
111 Sutter Street [Member] | ' | ' |
Summary of Assumed Debt Premium / Discount [Line Items] | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | $3,208 | ' |
Debt Instrument, Interest Rate, Effective Percentage | 2.66% | ' |
Table_3_Summary_of_Aggregate_P1
Table 3 - Summary of Aggregate Princip...(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aggregate principal payments of mortgage notes payable | ' | ' |
2013 | $13,892 | ' |
2014 | 7,616 | ' |
2015 | 32,949 | ' |
2016 | 85,436 | ' |
2017 | 90,242 | ' |
Thereafter | 126,530 | ' |
Long-term Debt | $356,665 | $491,206 |
Mortgage_Notes_Payable_Text_De
Mortgage Notes Payable Text Detail (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 02, 2013 | Jun. 30, 2013 | |
Minimum [Member] | Maximum [Member] | 36 Research Park Drive [Member] | 36 Research Park Drive [Member] | 36 Research Park Drive [Member] | 36 Research Park Drive [Member] | |||||
Office Properties [Member] | Office Properties [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | $356,665,000 | $479,206,000 | ' | ' | ' | $10,682,000 | $0 | $10,649,000 | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 |
Gains (Losses) on Extinguishment of Debt | 1,149,000 | 1,109,000 | 14,607,000 | 0 | ' | ' | ' | ' | ' | ' |
Mortgage Notes Payable (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prime Rate | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.00% | 150.00% | ' | 1.50% | 2.75% | ' | ' | ' | ' |
Debt Instrument, Collateral Amount | ' | 641,000,000 | 932,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $40,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Fees_Details
Common Stock Fees (Details) (USD $) | Sep. 13, 2012 | Aug. 08, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Class A Shares [Member] | Class M Shares [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | $9.76 | $9.76 | $9.26 | ' | ' |
Dealer Manager Fee | ' | ' | ' | 0.55% | 0.55% |
Distribution Fee | ' | ' | ' | 0.50% | ' |
Common_Stock_Details_Textual
Common Stock (Details Textual) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Nov. 14, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2012 | Sep. 13, 2012 | Aug. 08, 2012 | Sep. 30, 2011 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Outstanding Shares Basic and Diluted | ' | 40,870,052 | 38,860,238 | 35,343,798 | 31,526,688 | 27,756,964 | 26,680,357 | 24,022,500 | 23,995,352 | ' | 36,681,847 | 25,651,220 | 23,938,406 | ' | ' | ' | ' |
Tender offer to repurchase shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,377,000 | $26,885,000 | ' | ' | ' | ' | ' |
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | 21,588 | ' | ' | ' | ' | ' | ' | ' | ' | 5,120,355 | ' | ' | ' | ' | ' | ' | ' |
Amount of shares sold | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121,090,000 | 88,886,000 | ' | ' | ' | ' | ' |
Sale of shares, per share value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.76 | $9.76 | $9.26 |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,270 | 44,980 | ' | ' | ' | ' |
Stock issued through dividend reinvestment plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,998,000 | 794,000 | 417,000 | ' | ' | ' | ' |
Stockholder's validity tendered shares accepted on a pro rata basis, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' |
Stock repurchase limit | ' | 0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | 2,748,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.78 | ' | ' | ' | ' | ' | ' |
Oversubscribed amount of offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,840,000 | ' | ' | ' | ' | ' | ' |
Percentage of reimbursement of organization and offering expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Reimbursement of organization and offering expenses | ' | ' | ' | ' | ' | 2,719,000 | ' | ' | ' | ' | 3,815,000 | ' | ' | ' | ' | ' | ' |
Reimbursement period for Organization and offering expenses made prior Offer Commencement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' |
Dividend Ratio Class E | ' | ' | 1.001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.786 | ' | ' | ' |
Payments of Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,351,000 | 7,080,000 | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer to repurchase shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' |
Class A Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,462,512 | 3,612,169 | ' | ' | ' | ' | ' |
Amount of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,945,000 | 37,035,000 | ' | ' | ' | ' | ' |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,317 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,229 | ' | ' | ' | ' | ' | ' |
Class M Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,369,700 | 104,282 | ' | ' | ' | ' | ' |
Amount of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,145,000 | 1,057,000 | ' | ' | ' | ' | ' |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,473 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,685 | ' | ' | ' | ' | ' | ' |
Class E Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender offer to repurchase shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,328,000 | ' | ' | ' | ' | ' | ' |
Common Stock (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,202,625 | ' | ' | ' | ' | ' |
Amount of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,794,000 | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 238,087 | ' | ' | ' | ' | ' | ' |
Common_Stock_Common_Stock_Sold
Common Stock Common Stock Sold (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Nov. 14, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Oct. 02, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | 82,270 | 44,980 | ' | ' |
Stock issued through dividend reinvestment plan | ' | ' | ' | ' | ' | $1,998 | $794 | $417 | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | $0.10 | $0.10 | $0.10 | ' | ' | $0.29 | ' | ' | ' |
Dividend Ratio Class E | ' | ' | ' | ' | ' | ' | ' | ' | 1.001 | 4.786 |
Sale of Stock, Number of Shares Issued in Transaction | 21,588 | ' | ' | ' | 5,120,355 | ' | ' | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction | 200 | ' | ' | ' | ' | 121,090 | 88,886 | ' | ' | ' |
Class E Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | ' | 0 | 5,202,625 | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction | ' | ' | ' | ' | ' | ' | 50,794 | ' | ' | ' |
Class A Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | 158,317 | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | ' | 9,462,512 | 3,612,169 | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction | ' | ' | ' | ' | ' | 96,945 | 37,035 | ' | ' | ' |
Class M Shares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under dividend reinvestment plan, shares | ' | ' | ' | ' | ' | ' | 38,473 | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | ' | 2,369,700 | 104,282 | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction | ' | ' | ' | ' | ' | $24,145 | $1,057 | ' | ' | ' |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | 2,748,659 | ' | ' |
Summary of share repurchase program | ' | ' | ' |
Average Price Paid Per Share | $9.76 | ' | ' |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | 2,748,659 | ' | ' |
Maximum Number (or approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs | '0 | ' | ' |
Repurchase of shares | ' | $3,377 | $26,885 |
Class A Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 31,229 | ' |
Class M Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 71,685 | ' |
Class E Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 238,087 | ' |
Summary of share repurchase program | ' | ' | ' |
Repurchase of shares | ' | $2,328 | ' |
Common_Stock_Tax_Treatment_of_
Common Stock Tax Treatment of Dividends (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class E Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class M Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | Class A Shares [Member] | |||||
Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | Current Year [Domain] | |||||||||||
Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | Return of Capital [Member] | ||||||||||||||||||||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.10 | $0.10 | $0.10 | $0.29 | $0.10 | $0.10 | $0.10 | $0.29 | $0.10 | $0.10 | $0.10 | $0.10 | $0.40 | $0.10 | $0.10 | $0.10 | $0.10 | $0.40 | ' | $0.09 | $0.09 | $0.09 | $0.09 | $0.36 | $0.09 | $0.09 | $0.09 | $0.09 | $0.36 | ' | $0.08 | $0.08 | $0.08 | $0.09 | $0.32 | $0.08 | $0.08 | $0.08 | $0.09 | $0.32 |
Distribution Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer Manager Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rentals_Under_Operating_Leases2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating Leases, Future Minimum Payments Receivable, Current | $62,593 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 41,249 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 32,995 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 23,755 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 19,413 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 81,708 |
Operating Leases, Future Minimum Payments Receivable | $261,713 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Fixed fee [Member] | Fixed fee [Member] | Fixed fee [Member] | Fixed fee [Member] | performance fee [Member] | Hurdle Rate [Member] | Variable fees [Member] | Variable fees [Member] | Variable fees [Member] | Selling commission, Dealer Manager Fee, Distribution Fee [Member] | Organization and Offering Costs [Member] | Organization and Offering Costs [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and Advisory fee percentage on NAV | 0.85% | ' | ' | 1.25% | 0.75% | ' | ' | 10.00% | 7.00% | ' | ' | ' | ' | ' | ' |
Reduced percentage of Management and Advisory fee on NAV | ' | ' | ' | ' | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management and advisory fee percentage on cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' |
Increase in Management and Advisory fee percentage on cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.87% | ' | ' | ' | ' | ' |
Management and Advisory fees | ' | ' | ' | ' | $4,668 | $2,406 | $1,789 | ' | ' | ' | $333 | $1,017 | ' | ' | ' |
Manager and advisory fees payable | ' | ' | ' | 450 | 450 | 324 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | 3,603 | 460 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,210 | 2,719 | 3,815 |
Related Party Transactions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management services expense paid | $678 | $634 | $453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
sqft | |
Commitments and Contingencies (Textual) [Abstract] | ' |
Maximum expansion of building square footage | 286,000 |
Expansion of building till date | 28-Feb-16 |
Right to expand at any time before the lease period | 'ninth year |
Tenant has the right to expand till any time prior to the period | 'fourth year |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $774,939,000 | ' | ' | ' | $842,034,000 | ' | ' | ' | $774,939,000 | $842,034,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 67,755,000 | 49,656,000 | 53,445,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 8,761,000 | 7,452,000 | 8,053,000 |
Total revenues | 20,676,000 | 19,157,000 | 18,742,000 | 17,941,000 | 14,629,000 | 13,076,000 | 14,499,000 | 14,904,000 | 76,516,000 | 57,108,000 | 61,498,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,103,000 | 6,560,000 | 6,716,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 22,008,000 | 18,357,000 | 16,483,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -39,000 | -557,000 | -452,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 98,912,000 | 45,423,000 | 43,650,000 |
Operating income | -33,728,000 | 2,809,000 | 3,956,000 | 4,567,000 | 2,770,000 | 1,468,000 | 3,386,000 | 4,061,000 | -22,396,000 | 11,685,000 | 17,848,000 |
Advisor fees | ' | ' | ' | ' | ' | ' | ' | ' | 4,668,000 | 2,739,000 | 2,806,000 |
Company level expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,917,000 | 2,275,000 | 2,091,000 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,247,000 | 893,000 | 290,000 |
Provision for impairment of real estate | ' | ' | ' | ' | ' | ' | ' | ' | 38,356,000 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,288,000 | 14,452,000 | 15,015,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -19,913,000 | -20,971,000 | -21,074,000 |
Debt modification expense | ' | ' | ' | ' | ' | ' | ' | ' | -926,000 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | -1,109,000 | 86,000 | 0 |
Equity in loss of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 32,000 | -176,000 | -1,493,000 |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | ' | ' | ' | ' | ' | ' | ' | 7,290,000 | 0 | 0 |
Gain on consolidation of real estate affiliate | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 34,852,000 | 0 |
Total other income and (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | -12,408,000 | 13,619,000 | -22,567,000 |
Income (loss) from continuing operations | -31,976,000 | -899,000 | -1,181,000 | -748,000 | 32,266,000 | -3,626,000 | -2,062,000 | -1,274,000 | -34,804,000 | 25,304,000 | -4,719,000 |
Office Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 260,734,000 | ' | ' | ' | 277,059,000 | ' | ' | ' | 260,734,000 | 277,059,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 23,483,000 | 8,513,000 | 12,595,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 3,586,000 | 3,009,000 | 3,527,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 27,069,000 | 11,522,000 | 16,122,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,905,000 | 2,019,000 | 1,842,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 6,402,000 | 3,236,000 | 2,072,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -4,000 | -13,000 | -13,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,303,000 | 5,242,000 | 3,927,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 17,766,000 | 6,280,000 | 12,195,000 |
Payments for Capital Improvements | ' | ' | ' | ' | ' | ' | ' | ' | 11,557,000 | 7,390,000 | 3,720,000 |
Retail Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 129,374,000 | ' | ' | ' | 91,222,000 | ' | ' | ' | 129,374,000 | 91,222,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 6,882,000 | 5,980,000 | 6,833,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 2,311,000 | 2,019,000 | 2,014,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,193,000 | 7,999,000 | 8,847,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,005,000 | 976,000 | 1,074,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 1,393,000 | 1,341,000 | 1,166,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -36,000 | -9,000 | -33,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,434,000 | 2,308,000 | 2,273,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 6,759,000 | 5,691,000 | 6,574,000 |
Payments for Capital Improvements | ' | ' | ' | ' | ' | ' | ' | ' | 244,000 | 864,000 | 392,000 |
Industrial Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 141,352,000 | ' | ' | ' | 43,867,000 | ' | ' | ' | 141,352,000 | 43,867,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 6,036,000 | 4,140,000 | 4,131,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 1,078,000 | 662,000 | 829,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,114,000 | 4,802,000 | 4,960,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 885,000 | 595,000 | 760,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 272,000 | 122,000 | 134,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,157,000 | 717,000 | 894,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 5,957,000 | 4,085,000 | 4,066,000 |
Payments for Capital Improvements | ' | ' | ' | ' | ' | ' | ' | ' | 131,000 | 168,000 | 8,000 |
Apartments Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 205,058,000 | ' | ' | ' | 232,387,000 | ' | ' | ' | 205,058,000 | 232,387,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 31,354,000 | 31,023,000 | 29,886,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 1,786,000 | 1,762,000 | 1,683,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33,140,000 | 32,785,000 | 31,569,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,308,000 | 2,970,000 | 3,040,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 13,941,000 | 13,658,000 | 13,111,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -293,000 | -169,000 | -203,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 17,542,000 | 16,797,000 | 16,354,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 15,598,000 | 15,988,000 | 15,215,000 |
Payments for Capital Improvements | ' | ' | ' | ' | ' | ' | ' | ' | 2,353,000 | 2,026,000 | 1,791,000 |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 736,518,000 | ' | ' | ' | 644,535,000 | ' | ' | ' | 736,518,000 | 644,535,000 | ' |
Minimum rents | ' | ' | ' | ' | ' | ' | ' | ' | 67,755,000 | 49,656,000 | 53,445,000 |
Tenant recoveries and other rental income | ' | ' | ' | ' | ' | ' | ' | ' | 8,761,000 | 7,452,000 | 8,053,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 76,516,000 | 57,108,000 | 61,498,000 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,103,000 | 6,560,000 | 6,716,000 |
Property operating | ' | ' | ' | ' | ' | ' | ' | ' | 22,008,000 | 18,357,000 | 16,483,000 |
Provision for (net recovery of) doubtful accounts | ' | ' | ' | ' | ' | ' | ' | ' | -325,000 | -147,000 | -249,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 30,436,000 | 25,064,000 | 23,448,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 46,080,000 | 32,044,000 | 38,050,000 |
Payments for Capital Improvements | ' | ' | ' | ' | ' | ' | ' | ' | 14,285,000 | 10,448,000 | 5,911,000 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 38,421,000 | ' | ' | ' | 45,151,000 | ' | ' | ' | 38,421,000 | 45,151,000 | ' |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | $152,347,000 | ' | ' | ' | ' | $152,347,000 | ' |
Distributions_Payable_Details
Distributions Payable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 14, 2012 | |
Class A [Member] | Class M [Member] | ||
Distributions Payable (Textual) [Abstract] | ' | ' | ' |
Distribution declared date | 4-Nov-13 | ' | ' |
Distribution declared per share | $0.11 | $0.11 | $0.10 |
Distribution recorded date | 30-Dec-13 | ' | ' |
Distribution payable date | 7-Feb-14 | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $20,676 | $19,157 | $18,742 | $17,941 | $14,629 | $13,076 | $14,499 | $14,904 | $76,516 | $57,108 | $61,498 |
Operating Income (Loss) | -33,728 | 2,809 | 3,956 | 4,567 | 2,770 | 1,468 | 3,386 | 4,061 | -22,396 | 11,685 | 17,848 |
Income (Loss) from continuing operations, Including Portion Attributable to Noncontrolling Interest | -31,976 | -899 | -1,181 | -748 | 32,266 | -3,626 | -2,062 | -1,274 | -34,804 | 25,304 | -4,719 |
Nonoperating Income (Expense) | 15,136 | -10,521 | 1,834 | -2,086 | -57 | 2,945 | -805 | 9,948 | 4,363 | 12,031 | -14,919 |
Net Income (Loss) Attributable to Parent | ($11,641) | ($11,059) | $626 | ($2,873) | $32,163 | ($357) | ($2,912) | $8,582 | ($24,947) | $37,476 | ($19,388) |
Earnings Per Share, Basic and Diluted | ($0.28) | ($0.28) | $0.02 | ($0.09) | $1.16 | ($0.01) | ($0.12) | $0.36 | ($0.68) | $1.46 | ($0.81) |
Weighted Average Number of Outstanding Shares Basic and Diluted | 40,870,052 | 38,860,238 | 35,343,798 | 31,526,688 | 27,756,964 | 26,680,357 | 24,022,500 | 23,995,352 | 36,681,847 | 25,651,220 | 23,938,406 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 12 Months Ended | 2 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 05, 2013 | |
Subsequent Event [Member] | ||||
Monument IV at Worldgate [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.41 | $0.39 | $0.10 | $0.11 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real estate aggregate cost for tax purposes | $852,979 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 356,665 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 141,883 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 634,440 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -7,476 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -41,362 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 134,407 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 593,078 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 727,485 |
real estate accumulated depreciation tax basis | 136,576 |
Office Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 87,400 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 59,622 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 197,031 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -2,182 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 328 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 57,440 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 197,359 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 254,799 |
Office Properties [Member] | Monument IV at Worldgate [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,186 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,013 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,568 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,186 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 64,581 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 69,767 |
Office Properties [Member] | 111 Sutter Street [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 39,919 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,712 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,113 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 39,919 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 73,825 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 113,744 |
Office Properties [Member] | Railway Street Corporate Centre [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,022 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,441 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -428 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -973 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,594 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,468 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 40,062 |
Office Properties [Member] | 14600 Sherman Way [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,348 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -1,470 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,878 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,878 |
Office Properties [Member] | 14624 Sherman Way [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,685 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -2,918 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,767 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,767 |
Office Properties [Member] | 36 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,655 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,089 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -2 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,655 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,087 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,742 |
Office Properties [Member] | 4 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,830 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,743 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -672 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -2,990 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,158 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,753 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,911 |
Office Properties [Member] | Sherman Way Land [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,010 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -1,082 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,928 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,928 |
Retail Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 79,962 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 20,657 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 107,653 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -1,863 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -5,856 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,794 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 101,797 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 120,591 |
Retail Properties [Member] | Stirling Slidell Shopping Centre [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,442 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,843 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -1,863 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -6,641 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,579 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,202 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,781 |
Retail Properties [Member] | The District at Howell Mill [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 43,891 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,000 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,040 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 785 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,000 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 56,825 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 66,825 |
Retail Properties [Member] | Grand Lakes Marketplace [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,215 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,770 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,215 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,770 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 39,985 |
Industrial Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 31,100 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 29,320 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 106,662 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -498 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -3,702 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 28,822 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 102,960 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 131,782 |
Industrial Properties [Member] | 105 Kendall Park Lane [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,656 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,836 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -293 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -1,111 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,363 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,725 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,088 |
Industrial Properties [Member] | 4001 North Norfleet Road [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,134 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,397 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -205 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -2,591 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,929 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,806 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 30,735 |
Industrial Properties [Member] | Suwanne Distribution Center [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,155 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,598 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,155 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,598 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,753 |
Industrial Properties [Member] | Joliet Distribution Center [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,800 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,762 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,800 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,762 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,562 |
Industrial Properties [Member] | 3800 1st Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,238 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,673 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,238 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,673 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 16,911 |
Industrial Properties [Member] | 3844 1st Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,563 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,031 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,563 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,031 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,594 |
Industrial Properties [Member] | 3601 2nd Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,774 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,365 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 0 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,774 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,365 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,139 |
Apartment Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 158,203 |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 32,284 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 223,094 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -2,933 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -32,132 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 29,351 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 190,962 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 220,313 |
Apartment Properties [Member] | Station Nine Apartments [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,690 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,400 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 874 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,690 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,274 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 53,964 |
Apartment Properties [Member] | Cabana Beach San Marcos [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,530 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,421 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -1,738 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,530 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,683 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 25,213 |
Apartment Properties [Member] | Cabana Beach Gainesville [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,244 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 60,548 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | -2,933 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -30,369 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,311 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,179 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 34,490 |
Apartment Properties [Member] | Campus Lodge Columbia [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,079 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,838 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -567 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,079 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 20,271 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,350 |
Apartment Properties [Member] | Campus Lodge Athens [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,754 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,311 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 68 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,754 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 17,379 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 19,133 |
Apartment Properties [Member] | The Edge at Lafayette [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,782 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,266 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -1,467 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,782 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 21,799 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,581 |
Apartment Properties [Member] | Campus Lodge Tampa [Member] | ' |
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | ' |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,205 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,310 |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements [Abstract] | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 |
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,067 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | ' |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,205 |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,377 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | $41,582 |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation Table 2 (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ($54,686) |
Office Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -18,435 |
Office Properties [Member] | Monument IV at Worldgate [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -10,608 |
Real Estate and Accumulated Depreciation, Construction | '2001 |
Real Estate and Accumulated Depreciation, Date Acquired | 27-Aug-04 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Office Properties [Member] | 111 Sutter Street [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,020 |
Real Estate and Accumulated Depreciation, Construction | '1926 |
Real Estate and Accumulated Depreciation, Date Acquired | 4-Dec-12 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Office Properties [Member] | 14600 Sherman Way [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '1991 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Dec-05 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Office Properties [Member] | 14624 Sherman Way [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '1981 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Dec-05 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Office Properties [Member] | 4 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '2000 |
Real Estate and Accumulated Depreciation, Date Acquired | 14-Jun-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Office Properties [Member] | 36 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,460 |
Real Estate and Accumulated Depreciation, Construction | '2007 |
Real Estate and Accumulated Depreciation, Date Acquired | 15-Jun-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Office Properties [Member] | Railway Street Corporate Centre [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,347 |
Real Estate and Accumulated Depreciation, Construction | '2007 |
Real Estate and Accumulated Depreciation, Date Acquired | 30-Aug-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Retail Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,724 |
Retail Properties [Member] | Stirling Slidell Shopping Centre [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '2003 |
Real Estate and Accumulated Depreciation, Date Acquired | 14-Dec-06 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Retail Properties [Member] | The District at Howell Mill [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,492 |
Real Estate and Accumulated Depreciation, Construction | '2006 |
Real Estate and Accumulated Depreciation, Date Acquired | 15-Jun-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Retail Properties [Member] | Grand Lakes Marketplace [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -232 |
Real Estate and Accumulated Depreciation, Construction | '2013 |
Real Estate and Accumulated Depreciation, Date Acquired | 17-Sep-13 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Industrial Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -6,481 |
Industrial Properties [Member] | 105 Kendall Park Lane [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,057 |
Real Estate and Accumulated Depreciation, Construction | '2002 |
Real Estate and Accumulated Depreciation, Date Acquired | 30-Jun-05 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Industrial Properties [Member] | 4001 North Norfleet Road [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,951 |
Real Estate and Accumulated Depreciation, Construction | '2007 |
Real Estate and Accumulated Depreciation, Date Acquired | 27-Feb-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Industrial Properties [Member] | Suwanne Distribution Center [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -276 |
Real Estate and Accumulated Depreciation, Construction | '2012 |
Real Estate and Accumulated Depreciation, Date Acquired | 28-Jun-13 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Industrial Properties [Member] | Joliet Distribution Center [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -197 |
Real Estate and Accumulated Depreciation, Construction | '2005 |
Real Estate and Accumulated Depreciation, Date Acquired | 26-Jun-13 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Industrial Properties [Member] | 3800 1st Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '1968 |
Real Estate and Accumulated Depreciation, Date Acquired | 17-Dec-13 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Industrial Properties [Member] | 3844 1st Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '1949 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Industrial Properties [Member] | 3601 2nd Avenue South [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '1980 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Apartment Properties [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -22,046 |
Apartment Properties [Member] | Station Nine Apartments [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -6,072 |
Real Estate and Accumulated Depreciation, Construction | '2005 |
Real Estate and Accumulated Depreciation, Date Acquired | 16-Apr-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | Cabana Beach San Marcos [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,061 |
Real Estate and Accumulated Depreciation, Construction | '2006 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Nov-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | Cabana Beach Gainesville [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real Estate and Accumulated Depreciation, Construction | '2005 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Nov-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | Campus Lodge Columbia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,633 |
Real Estate and Accumulated Depreciation, Construction | '2005 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Nov-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | Campus Lodge Athens [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,303 |
Real Estate and Accumulated Depreciation, Construction | '2003 |
Real Estate and Accumulated Depreciation, Date Acquired | 21-Nov-07 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | The Edge at Lafayette [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,699 |
Real Estate and Accumulated Depreciation, Construction | '2007 |
Real Estate and Accumulated Depreciation, Date Acquired | 15-Jan-08 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '50 years |
Apartment Properties [Member] | Campus Lodge Tampa [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ($5,278) |
Real Estate and Accumulated Depreciation, Construction | '2001 |
Real Estate and Accumulated Depreciation, Date Acquired | 29-Feb-08 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '40 years |
Minimum [Member] | Office Properties [Member] | 4 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '2000 |
Minimum [Member] | Office Properties [Member] | Canyon Plaza [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '1986 |
Minimum [Member] | Apartment Properties [Member] | Cabana Beach Gainesville [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '2005 |
Maximum [Member] | Office Properties [Member] | 4 Research Park Drive [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '2004 |
Maximum [Member] | Office Properties [Member] | Canyon Plaza [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '1993 |
Maximum [Member] | Apartment Properties [Member] | Cabana Beach Gainesville [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Construction | '2007 |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation Table 3 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Real Estate Gross At Carrying Value Excluding Furniture Fixtures And Equipment | $796,456 | $798,628 | $819,740 |
Real Estate Improvements Excluding Furniture Fixtures And Equipment | 141,242 | 120,996 | 4,076 |
Real Estate, Period Increase (Decrease) | -142,795 | -122,255 | -10,254 |
Net provision for impairment | -48,538 | -913 | -14,934 |
Real Estate Gross At Carrying Value Excluding Furniture Fixtures And Equipment | 727,485 | 796,456 | 798,628 |
Land and Building [Member] | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Net provision for impairment | ($67,418) | ' | ' |
Schedule_III_Real_Estate_and_A4
Schedule III - Real Estate and Accumulated Depreciation Table 4 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Real estate accumulated depreciation excluding furniture fixtures and equipment | $82,428 | $83,137 | $76,028 |
Real Estate Accumulated Depreciation Depreciation Expense Excluding Furniture Fixtures And Equipment | 16,998 | 16,054 | 17,194 |
Real Estate Accumulated Depreciation Real Estate Sold Excluding Furniture Fixtures And Equipment | -25,558 | -16,763 | -10,085 |
Real estate accumulated depreciation excluding furniture fixtures and equipment | 54,686 | 82,428 | 83,137 |
Net provision for impairment | ($19,182) | ' | ' |