Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 05, 2015 | |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | Jones Lang LaSalle Income Property Trust, Inc. | ||
Entity Central Index Key | 1314152 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $477,666,118 | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 17,791,900 | ||
Entity Public Float | 171,877,179 | ||
Class M [Member] | |||
Entity Common Stock, Shares Outstanding | 23,404,764 | ||
Entity Public Float | $305,788,939 | ||
Common Class A-I [Member] | |||
Entity Common Stock, Shares Outstanding | 4,066,054 | ||
Class M-I Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 929,328 | ||
Common Class D [Member] | |||
Entity Common Stock, Shares Outstanding | 3,396,123 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments in real estate: | ||
Land | $145,357 | $134,407 |
Buildings and equipment | 601,569 | 593,078 |
Less accumulated depreciation | -60,569 | -54,686 |
Net property and equipment | 686,357 | 672,799 |
Investments in unconsolidated real estate affiliates | 17,069 | 0 |
Investments in real estate and other assets held for sale | 95,161 | 0 |
Net investments in real estate | 798,587 | 672,799 |
Cash and cash equivalents | 32,211 | 35,124 |
Restricted cash | 1,457 | 14,781 |
Tenant accounts receivable, net | 3,593 | 2,112 |
Deferred expenses, net | 7,825 | 7,449 |
Acquired intangible assets, net | 45,075 | 35,488 |
Deferred rent receivable, net | 7,918 | 6,012 |
Prepaid expenses and other assets | 2,100 | 1,174 |
TOTAL ASSETS | 898,766 | 774,939 |
LIABILITIES AND EQUITY | ||
Mortgage notes and other debt payable, net | 350,331 | 357,806 |
Liabilities held for sale | 73,264 | 0 |
Accounts payable and other accrued expenses | 13,936 | 14,636 |
Distributions payable | 5,137 | 3,852 |
Accrued interest | 1,326 | 820 |
Accrued real estate taxes | 2,018 | 1,012 |
Advisor fees payable | 790 | 450 |
Acquired intangible liabilities, net | 10,840 | 5,015 |
TOTAL LIABILITIES | 457,642 | 383,591 |
Commitments and contingencies | 0 | 0 |
Equity: | ||
Additional paid-in capital | 687,984 | 624,589 |
Accumulated other comprehensive (loss) income | -879 | -95 |
Distributions to stockholders | -123,340 | -104,919 |
Accumulated deficit | -135,745 | -140,798 |
Total Jones Lang LaSalle Income Property Trust, Inc. stockholders’ equity | 428,503 | 379,193 |
Noncontrolling interests | 12,621 | 12,155 |
Total equity | 441,124 | 391,348 |
TOTAL LIABILITIES AND EQUITY | 898,766 | 774,939 |
Class A Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 162 | 130 |
Class M Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 234 | 286 |
Class A-I Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 46 | 0 |
Class M-I Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | 7 | 0 |
Class D Shares [Member] | ||
Equity: | ||
Common Stock, Value, Issued | $34 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Land | $145,357 | $134,407 |
Buildings and equipment | 601,569 | 593,078 |
Less accumulated depreciation | -60,569 | -54,686 |
Investments in real estate and other assets held for sale | 95,161 | 0 |
Cash and cash equivalents | 32,211 | 35,124 |
Restricted cash | 1,457 | 14,781 |
Tenant accounts receivable, net | 3,593 | 2,112 |
Deferred expenses, net | 7,825 | 7,449 |
Acquired intangible assets, net | 45,075 | 35,488 |
Deferred Rent Receivables, Net | 7,918 | 6,012 |
Prepaid Expense and Other Assets | 2,100 | 1,174 |
Mortgage notes and other debt payable, net | 350,331 | 357,806 |
Liabilities held for sale | 73,264 | 0 |
Accounts payable and other accrued expenses | 13,936 | 14,636 |
Accrued interest | 1,326 | 820 |
Accrued real estate taxes | 2,018 | 1,012 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Land | 18,986 | 29,660 |
Buildings and equipment | 103,822 | 203,513 |
Less accumulated depreciation | -7,811 | -23,466 |
Investments in real estate and other assets held for sale | 95,161 | 0 |
Cash and cash equivalents | 6,539 | 3,257 |
Restricted cash | 792 | 819 |
Tenant accounts receivable, net | 1,724 | 1,064 |
Deferred expenses, net | 285 | 1,356 |
Acquired intangible assets, net | 3,528 | 4,038 |
Deferred Rent Receivables, Net | 508 | 874 |
Prepaid Expense and Other Assets | 159 | 647 |
Mortgage notes and other debt payable, net | 91,047 | 163,151 |
Accounts payable and other accrued expenses | 1,059 | 2,834 |
Accrued interest | 403 | 368 |
Accrued real estate taxes | $533 | $117 |
Class A Shares [Member] | ||
Common stock, par value | $0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 16,243,819 | |
Common stock, shares outstanding | 16,243,819 | |
Class M Shares [Member] | ||
Common stock, par value | $0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 23,432,192 | |
Common stock, shares outstanding | 23,432,192 | |
Class M-I Shares [Member] | ||
Common stock, par value | $0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 735,052 | |
Common stock, shares outstanding | 735,052 | |
Class A-I Shares [Member] | ||
Common stock, par value | $0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 4,580,309 | |
Common stock, shares outstanding | 4,580,309 | |
Class D Shares [Member] | ||
Common stock, par value | $0.01 | |
Common Stock, shares authorized | 200,000,000 | |
Common stock, shares issued | 3,358,562 | |
Common stock, shares outstanding | 3,358,562 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Minimum rents | $81,495 | $67,755 | $49,656 |
Tenant recoveries and other rental income | 16,707 | 8,761 | 7,452 |
Total revenues | 98,202 | 76,516 | 57,108 |
Operating expenses: | |||
Real estate taxes | 11,924 | 8,103 | 6,560 |
Property operating | 25,329 | 22,008 | 18,357 |
Provision for doubtful accounts | 365 | 325 | 147 |
Advisor fees | 6,181 | 4,668 | 2,739 |
Company level expenses | 2,361 | 1,917 | 2,275 |
General and administrative | 831 | 648 | 860 |
Acquisition Related Costs | 545 | 599 | 33 |
Provision for impairment of real estate | 38,356 | 0 | |
Depreciation and amortization | 27,854 | 22,288 | 14,452 |
Total operating expenses | 75,390 | 98,912 | 45,423 |
Operating income (loss) | 22,812 | -22,396 | 11,685 |
Other (expenses) and income: | |||
Interest expense | -18,394 | -19,913 | -20,971 |
Debt modification expense | 0 | -926 | 0 |
Income (Loss) from Equity Method Investments | 0 | 32 | -176 |
Gain (Loss) on disposition of property and extinguishment of debt | 589 | 1,109 | -86 |
Gain on sale of unconsolidated affiliate | 0 | 7,290 | 0 |
Gain on consolidation of real estate affiliate | 0 | 0 | 34,852 |
Total other (expenses) and income | -17,805 | -12,408 | 13,619 |
Income (loss) from continuing operations | 5,007 | -34,804 | 25,304 |
Discontinued operations: | |||
Income (loss) from discontinued operations | 808 | -10,903 | -2,545 |
Gain (loss) on sale of discontinued operations | 0 | 15,266 | -117 |
Gain on transfer of property and extinguishment of debt | 0 | 0 | 14,693 |
Total income from discontinued operations | 808 | 4,363 | 12,031 |
Net income (loss) | 5,815 | -30,441 | 37,335 |
Plus: Net (income) loss attributable to the noncontrolling interests | -762 | 5,494 | 141 |
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. | 5,053 | -24,947 | 37,476 |
Net income (loss) from continuing operations attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $0.09 | ($0.80) | $0.99 |
Total income from discontinued operations per share-basic and diluted | $0.02 | $0.12 | $0.47 |
Net income (loss) attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $0.11 | ($0.68) | $1.46 |
Weighted average common stock outstanding-basic and diluted | 45,658,735 | 36,681,847 | 25,651,220 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustment | -784 | -637 | 220 |
Total other comprehensive (loss) income | -784 | -637 | 220 |
Net comprehensive income (loss) | $4,269 | ($25,584) | $37,696 |
Consolidated_Statements_Equity
Consolidated Statements Equity Statement (USD $) | Total | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions to Stockholders [Member] | Accumulated Deficit [Member] | Noncontrolling Interest [Member] |
USD ($) | USD ($) | Common Class A [Member] | Class M [Member] | Class E [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2011 | $231,079,000 | $41,000 | $453,861,000 | $322,000 | ($80,636,000) | ($153,327,000) | $10,818,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares, Issued | 30,161,294 | 3,612,169 | 104,282 | 26,444,843 | ||||||
Issuance of common stock (in shares) | 8,915,076 | 3,612,169 | 100,282 | 5,202,625 | ||||||
Issuance of common stock | 88,846,000 | 46,000 | 88,800,000 | 0 | 0 | 0 | 0 | |||
Stock Repurchased During Period, Shares | -2,753,134 | 0 | 0 | 2,753,134 | ||||||
Repurchase of shares | -26,885,000 | -5,000 | -26,880,000 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -3,219,000 | -3,219,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 4,000 | |||||||||
Stock based compensation | 40,000 | 4,000 | 40,000 | |||||||
Stock Issued During Period, Value, Stock Dividend | 219,000 | -219,000 | ||||||||
Other comprehensive income (loss) | 220,000 | 220,000 | ||||||||
Proceeds from Noncontrolling Interests | 458,000 | 458,000 | ||||||||
Cash distributed to noncontrolling interests | -734,000 | -734,000 | ||||||||
Net income (loss) | 37,335,000 | 37,476,000 | -141,000 | |||||||
Dividends, Common Stock | -10,055,000 | -10,055,000 | ||||||||
Ending balance at Dec. 31, 2012 | 317,085,000 | 301,000 | 512,383,000 | 542,000 | -90,691,000 | -115,851,000 | 10,401,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares, Issued | 41,678,274 | 13,043,452 | 28,634,822 | 0 | ||||||
Issuance of common stock (in shares) | 11,828,212 | 9,462,512 | 2,365,700 | 0 | ||||||
Issuance of common stock | 121,049,000 | 117,000 | 120,932,000 | 0 | 0 | 0 | 0 | |||
Stock Repurchased During Period, Shares | -341,001 | 31,229 | 71,685 | 238,087 | ||||||
Repurchase of shares | -3,377,000 | -2,000 | -3,375,000 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -5,392,000 | -5,392,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 4,000 | |||||||||
Stock based compensation | 41,000 | 4,000 | 41,000 | |||||||
Conversion of Stock, Shares Converted | 25,769 | 26,232,525 | 26,206,756 | |||||||
Other comprehensive income (loss) | -637,000 | -637,000 | ||||||||
Proceeds from Noncontrolling Interests | 9,712,000 | 9,712,000 | ||||||||
Cash distributed to noncontrolling interests | -2,464,000 | -2,464,000 | ||||||||
Net income (loss) | -30,441,000 | -24,947,000 | -5,494,000 | |||||||
Dividends, Common Stock | -14,228,000 | -14,228,000 | ||||||||
Ending balance at Dec. 31, 2013 | 391,348,000 | 416,000 | 624,589,000 | -95,000 | -104,919,000 | -140,798,000 | 12,155,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Shares, Issued | 48,349,934 | 16,243,819 | 23,432,192 | 0 | ||||||
Issuance of common stock (in shares) | 14,355,812 | 7,692,796 | 2,625,546 | |||||||
Issuance of common stock | 150,389,000 | 144,000 | 150,245,000 | 0 | 0 | 0 | 0 | |||
Stock Repurchased During Period, Shares | -7,676,095 | 292,407 | 7,383,688 | |||||||
Repurchase of shares | -80,427,000 | 77,000 | -80,350,000 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -6,541,000 | -6,541,000 | ||||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 4,000 | |||||||||
Stock based compensation | 41,000 | 4,000 | 41,000 | |||||||
Conversion of Stock, Shares Converted | -12,057 | 4,200,022 | -448,488 | |||||||
Other comprehensive income (loss) | -784,000 | -784,000 | ||||||||
Proceeds from Noncontrolling Interests | 399,000 | 399,000 | ||||||||
Cash distributed to noncontrolling interests | -695,000 | -695,000 | ||||||||
Net income (loss) | 5,815,000 | 5,053,000 | 762,000 | |||||||
Dividends, Common Stock | -18,421,000 | -18,421,000 | ||||||||
Ending balance at Dec. 31, 2014 | $441,124,000 | $483,000 | $687,984,000 | ($879,000) | ($123,340,000) | ($135,745,000) | $12,621,000 |
Consolidated_Statements_Equity1
Consolidated Statements Equity Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Statements of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $0.12 | $0.46 | $0.41 | $0.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net Income (Loss) | $5,815,000 | ($30,441,000) | $37,335,000 |
Adjustments to reconcile income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization (including discontinued operations) | 26,885,000 | 27,206,000 | 21,531,000 |
Amortization of net above- and below- market leases (including discontinued operations) | 1,395,000 | 4,844,000 | 882,000 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | -15,266,000 | 117,000 |
Gain (Loss) on Disposition of Property Plant Equipment | -908,000 | -23,665,000 | -14,490,000 |
Gain on consolidation of real estate affiliate | 0 | 0 | 34,852,000 |
Gain (Loss) on disposition of property and extinguishment of deb | -589,000 | -1,109,000 | 86,000 |
Provision for doubtful accounts (including discontinued operations) | 365,000 | 39,000 | 557,000 |
Straight line rent | -2,194,000 | -3,140,000 | -499,000 |
Impairment of real estate (including discontinued operations) | 0 | 48,538,000 | 913,000 |
Income (Loss) from Equity Method Investments | 0 | 32,000 | -176,000 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 0 | 54,000 | -176,000 |
Net changes in assets and liabilities: | |||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | -270,000 | -211,000 | 3,133,000 |
Net cash provided by operating activities | 29,693,000 | 18,272,000 | 13,804,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of real estate investments | -136,865,000 | -141,859,000 | -8,831,000 |
Proceeds from sales of real estate investments | 14,013,000 | 172,087,000 | 5,120,000 |
Capital improvements and lease commissions | -9,095,000 | -18,715,000 | -9,190,000 |
Investments in unconsolidated real estate affiliate | -17,069,000 | 0 | 0 |
Deposits for investments under contracts | 0 | -1,961,000 | 0 |
Loan escrows | 1,740,000 | -865,000 | -4,057,000 |
Net cash (used in) provided by investing activities | -147,276,000 | 8,687,000 | -16,958,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of common stock | 144,047,000 | 119,113,000 | 88,092,000 |
Offering Costs | -8,449,000 | -3,603,000 | -460,000 |
Repurchase of shares | -80,426,000 | -3,377,000 | -26,885,000 |
Distributions to stockholders | -11,631,000 | -11,353,000 | -6,286,000 |
Distributions paid to noncontrolling interests | -695,000 | -2,464,000 | -734,000 |
Contributions received from noncontrolling interests | 399,000 | 9,712,000 | 458,000 |
Contributions received from noncontrolling interests | 399,000 | 7,405,000 | 458,000 |
Proceeds from mortgage notes | 99,120,000 | 169,680,000 | 0 |
Debt issuance costs | -579,000 | -2,982,000 | 0 |
Principal payments on mortgage notes and other debt payable | -26,952,000 | -301,162,000 | -42,090,000 |
Net cash provided by (used in) financing activities | 114,834,000 | -28,743,000 | 12,095,000 |
Effect of exchange rates | -164,000 | -78,000 | 12,000 |
Cash and Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -2,749,000 | -1,784,000 | 8,941,000 |
Cash and cash equivalents at the beginning of the year | 35,124,000 | 36,986,000 | 28,033,000 |
Cash and cash equivalents at the end of the year | 32,211,000 | 35,124,000 | 36,986,000 |
Supplemental discolsure of cash flow information: | |||
Interest paid | 16,966,000 | 25,710,000 | 27,054,000 |
Non-cash activities: | |||
Write-offs of receivables | 348,000 | 568,000 | 718,000 |
Write-offs of retired assets | 753,000 | 8,014,000 | 7,071,000 |
Change in liability for capital expenditures | 2,793,000 | 1,648,000 | 2,894,000 |
Restricted cash used in purchase of real estate investment | -9,712,000 | ||
Liabilities Assumed | 748,000 | 1,226,000 | 0 |
Stock issued through dividend reinvestment plan | 5,505,000 | 1,998,000 | 794,000 |
Stock based compensation | 41,000 | 41,000 | 40,000 |
Accrued offering costs | -1,908,000 | 1,789,000 | 2,759,000 |
Assumption of mortgage loan and other debt payable | 0 | 0 | 54,130,000 |
Distributions payable | 5,137,000 | 3,852,000 | |
Transfers of property in extinguishment of debt settlement | 5,442,000 | 0 | 101,800,000 |
Noncontrolling Interest, Increase from Business Combination | 0 | -2,307,000 | 0 |
Consolidation of 111 Sutter Street net assets in excess of cash paid | 0 | 0 | 52,845,000 |
Sutter Street [Member] | |||
Non-cash activities: | |||
Seller provided financing | $0 | $0 | $12,000,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization [Abstract] | |
Nature of Operations [Text Block] | ORGANIZATION |
General | |
Except where the context suggests otherwise, the terms “we,” “us,” “our,” the “Company” and "JLL Income Property Trust" refer to Jones Lang LaSalle Income Property Trust, Inc. The terms “Advisor” and “LaSalle” refer to LaSalle Investment Management, Inc. | |
JLL Income Property Trust is an externally managed, non-listed, daily valued perpetual-life real estate investment trust ("REIT") that owns and manages a diversified portfolio of apartment, industrial, office, retail and other 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 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, 2014, we owned interests in a total of 28 properties, 27 of which are located in ten U.S. states and one of which is located 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 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 "Initial Public Offering"). Affiliates of our sponsor, Jones Lang LaSalle Incorporated ("JLL" or our "Sponsor"), have invested an aggregate of $60,200 through purchases of shares of our common stock. As of December 31, 2014, 16,243,819, shares of Class A common stock and 23,432,192 shares of Class M common stock were outstanding and held by a total of 3,812 stockholders. As of December 31, 2014, we have raised aggregate gross proceeds from the sale of shares of our Class A and Class M common stock in our Initial Public Offering of $208,902 and $50,574, respectively. | |
On June 18, 2014, we filed a registration statement on Form S-11 (Commission File No. 333-196886) with the SEC to register our second public offering of up to $2,700,000 in any combination of shares of our Class A, Class M, Class A-I and Class M-I common stock, consisting of up to $2,400,000 of shares offered in our primary offering and up to $300,000 in shares offered pursuant to our distribution reinvestment plan (the “Follow-on Offering”). On January 16, 2015, the Follow-on Offering was declared effective and our Initial Public Offering automatically terminated. We reserve the right to terminate the Follow-on Offering at any time and to extend the Follow-on Offering term to the extent permissible under applicable law. | |
On June 19, 2014, we began a private offering of up to $400,000 in any combination of our Class A-I, Class M-I and Class D shares of common stock (the "Private Offering"). Upon the SEC declaring the registration statement for our Follow-on Offering effective, we terminated the Private Offering. On March 3, 2015, we commenced a new private offering of up to $350,000 in shares of our Class D common stock with an indefinite duration. As of December 31, 2014, we have raised aggregate gross proceeds from the sale of shares of our Class A-I, Class M-I and Class D common stock in our Private Offering of approximately $42,100. | |
LaSalle acts as our advisor pursuant to the second amended and restated advisory agreement between the Company and LaSalle, which became effective on June 5, 2014 (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 JLL, a New York Stock Exchange-listed global real estate services firm that specializes in commercial property management, leasing and investment management. We have no employees, as all operations are managed by our Advisor. Our executive officers are employees of and compensated by our Advisor. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 ("VIE") 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 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 noncontrolling 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, 2014, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs and Grand Lakes Marketplace. | |||||||||||||||||
Certain of our 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 no impairment charges for the year ended December 31, 2014. We recorded impairment charges on consolidated real estate properties for years ended December 31, 2013 and 2012 totaling $48,538 and $913, 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. | |||||||||||||||||
Investments in Unconsolidated Real Estate Affiliates | |||||||||||||||||
We account for our investment in unconsolidated real estate affiliate using the equity method whereby the costs of the investment is adjusted for our share of equity in net income or loss from the date of acquisition and reduced by distributions received and increased by contributions provided. | |||||||||||||||||
We evaluate the carrying value of our investment in unconsolidated real estate affiliate in accordance with the authoritative guidance on the equity method of accounting for investments in common stock. We analyze our investment in unconsolidated real estate affiliate when circumstances change and at every reporting period and determine if an “other-than-temporary” impairment exists and, if so, we assess our ability to recover our carrying cost of the investment. We concluded that we did not have any “other than temporary” impairment in our investment in unconsolidated real estate affiliate in 2014. | |||||||||||||||||
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 $2,202, $3,128 and $403 for the years ended December 31, 2014, 2013 and 2012, respectively. Also included, as an increase to rent revenue, for the years ended December 31, 2014, 2013 and 2012, are $1,395, $4,844 and $882, 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, 2014 and 2013, our allowance for doubtful accounts was $58 and $41, 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, 2014 and 2013 was $3,276 and $2,286, 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 income (loss). | |||||||||||||||||
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, 2014 and 2013, 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 $25,048 and $15,181 at December 31, 2014 and 2013, 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 $2,660 and $948 at December 31, 2014 and 2013, 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, 2014 is as follows: | |||||||||||||||||
Acquired in-place leases | Acquired above-market leases | Below- market | Acquired below-market leases | ||||||||||||||
ground leases | |||||||||||||||||
2015 | $ | 9,534 | $ | 522 | $ | 15 | $ | (1,675 | ) | ||||||||
2016 | 5,619 | 396 | 15 | (1,440 | ) | ||||||||||||
2017 | 5,005 | 262 | 15 | (1,217 | ) | ||||||||||||
2018 | 4,676 | 149 | 15 | (1,176 | ) | ||||||||||||
2019 | 4,368 | 91 | 15 | (1,142 | ) | ||||||||||||
Thereafter | 13,470 | 569 | 339 | (4,190 | ) | ||||||||||||
$ | 42,672 | $ | 1,989 | $ | 414 | $ | (10,840 | ) | |||||||||
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, property or net worth, and to certain federal income and excise taxes. | |||||||||||||||||
Earnings and profits, which determine the tax treatment 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 five primary property types we are targeting for investments resulting in five operating segments: apartment properties, industrial properties, office properties, retail properties and other properties. | |||||||||||||||||
At December 31, 2014 and 2013, we held one investment outside the United States. For the years ended December 31, 2014, 2013 and 2012, total revenues of this foreign investment were $4,287, $4,166 and $3,874, respectively. For the years ended December 31, 2014, 2013 and 2012, total revenues of U.S. domiciled investments were $93,915, $72,350 and $53,234, respectively. At December 31, 2014 and 2013, total assets of our foreign investment were $34,471 and $37,564, respectively. The change in total assets from December 31, 2013 to December 31, 2014 at our foreign investment was mainly a result of the change in foreign currency rate between those dates. At December 31, 2014 and 2013, total assets of U.S. domiciled investments were $864,295 and $737,375, 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—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date. | ||||||||||||||||
• | Level 2—Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. 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—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our 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 $10,717 and $296 higher than the aggregate carrying amounts at December 31, 2014 and 2013, 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 in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income (Loss) as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps. | |||||||||||||||||
As of December 31, 2014, 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 | 6 | $97,930 | |||||||||||||||
Interest Rate Swap | 1 | $8,600 | |||||||||||||||
The fair value of our interest rate caps and swap represent a liability of $96 and an asset of $262 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions impact 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, fair value of derivatives and real estate assets, 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_Notes
Property (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. The consolidated properties held by us as of December 31, 2014 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 | ||||||||||
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 | ||||||||||
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) (3) | Apartment | 278,000 | San Marcos, TX | 78 | % | 11/21/07 | 29,375 | ||||||||||
Cabana Beach Gainesville (2) (3) | Apartment | 545,000 | Gainesville, FL | 78 | % | 11/21/07 | 74,277 | ||||||||||
Campus Lodge Athens (2) (3) | Apartment | 229,000 | Athens, GA | 78 | % | 11/21/07 | 20,980 | ||||||||||
Campus Lodge Columbia (2) (3) | 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 | ||||||||||
Oak Grove Plaza | Retail | 120,000 | Sachse, TX | 100 | % | 1/17/14 | 22,525 | ||||||||||
Grand Prairie Distribution Center | Industrial | 277,000 | Grand Prairie, TX | 100 | % | 1/22/14 | 17,200 | ||||||||||
South Beach Parking Garage (4) | Other | 130,000 | Miami Beach, FL | 100 | % | 1/28/14 | 22,050 | ||||||||||
Rancho Temecula Town Center | Retail | 165,000 | Temecula, CA | 100 | % | 6/16/14 | 60,000 | ||||||||||
Charlotte Distribution Center | Industrial | 347,000 | Charlotte, NC | 100 | % | 6/27/14 | 25,550 | ||||||||||
-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. | ||||||||||||||||
-3 | On December 19, 2014, the property was designated as held-for-sale. On January 27, 2015, this property was sold. | ||||||||||||||||
-4 | Property includes 127,000 square feet of parking space containing 343 parking spaces and 3,000 square feet of retail space. | ||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, we incurred $545, $599 and $33, respectively, of acquisition expenses recorded on the Consolidated Statements of Operations and Other Comprehensive Income (Loss). For properties acquired during 2014, we recorded total revenue of $10,481 and net income of $757 during the year end December 31, 2014. For properties acquired during 2013, we recorded total revenue of $3,482 and net income of $414 during the year ended 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. | |||||||||||||||||
2014 Acquisitions | |||||||||||||||||
On January 17, 2014, we acquired Oak Grove Plaza, a 120,000 square foot retail property located in Sachse, Texas, for approximately $22,525. The acquisition was financed with a ten-year mortgage loan in the amount of $10,550 that bears interest at fixed rate of 4.17% 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 Parking Garage, a 343 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 June 16, 2014, we acquired Rancho Temecula Town Center, a 165,000 square foot retail property located in Temecula, California, for approximately $60,000. The acquisition was financed with a 12-year fixed rate mortgage loan in the amount of $28,000 which bears interest at a fixed rate of 4.02%, interest-only and cash on hand. | |||||||||||||||||
On June 27, 2014, we acquired Charlotte Distribution Center, a 347,000 square foot industrial building located in Charlotte, North Carolina, for approximately $25,550, using cash on hand. The property is 100% leased to a single tenant for 14 years. | |||||||||||||||||
We allocated the purchase price of our 2014 acquisitions in accordance with authoritative guidance as follows: | |||||||||||||||||
2014 Acquisitions | |||||||||||||||||
Land | $ | 26,515 | |||||||||||||||
Building and equipment | 108,997 | ||||||||||||||||
Ground lease value (acquired intangible assets) | 428 | ||||||||||||||||
In-place lease intangible (acquired intangible assets) | 18,810 | ||||||||||||||||
Above-market lease intangible (acquired intangible assets) | 1,214 | ||||||||||||||||
Below-market lease intangible (acquired intangible liabilities) | (8,639 | ) | |||||||||||||||
$ | 147,325 | ||||||||||||||||
Weighted average amortization period for intangible assets and liabilities | 3-14 years | ||||||||||||||||
Proforma Information (Unaudited) | |||||||||||||||||
The following pro forma financial information is presented as if our 2014 acquisitions had been consummated on the earlier of January 1, 2013 or the date the property began operations. The pro forma financial information is for comparative purposes only and not necessarily indicative of what our actual results of operations would have been had our 2014 acquisitions been consummated on the earlier of January 1, 2013 or the date the property began operations, nor does it purport to represent the results of operations for future periods. | |||||||||||||||||
If these acquisitions had occurred on January 1, 2013, our consolidated total revenues and net income for the year ended December 31, 2014 would have been $102,702 and $7,419, respectively, and our total consolidated revenues and net loss for the year ended December 31, 2013 would have been $93,182 and $27,988, respectively. Net income per share for the years ended December 31, 2014 and 2013 would have been $0.16 and $0.76 per share, respectively. Basic per share amounts are based on the weighted average of shares outstanding of 45,658,735 and 36,681,847 for the year ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
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) | (748 | ) | |||||||||||||||
$ | 145,392 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 2 - 11 years | ||||||||||||||||
Proforma Information (Unaudited) | |||||||||||||||||
The following pro forma financial information is presented as if our 2013 acquisitions had been consummated on the earlier of January 1, 2012 or the date the property began operations. The pro forma financial information is for comparative purposes only and not necessarily indicative of what our actual results of operations would have been had our 2013 acquisitions been consummated on the earlier of January 1, 2012 or the date the property began operations, nor does it purport to represent the results of operations for future periods. | |||||||||||||||||
If these acquisitions had occurred on January 1, 2012, our consolidated total revenues and net loss for the year ended December 31, 2013 would have been $85,726 and $27,912, respectively, and our 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 | ||||||||||||||||
Impairment of Investments in Real Estate | |||||||||||||||||
In accordance with authoritative guidance for impairment of long-lived assets we recorded no impairment for the year ended December 31, 2014 and the following impairments of investments in real estate during the years ended December 31, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||
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 | |||||||||||||
Canyon Plaza | 10,182 | — | |||||||||||||||
Provision for impairment of real estate classified as discontinued operations | $ | 10,182 | $ | 913 | |||||||||||||
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. | |||||||||||||||||
As of December 31, 2013 we determined that 4 Research Park Drive, Stirling Slidell Shopping Centre, Cabana Beach Gainesville, 14600 Sherman Way and 14624 Sherman Way no longer fit our current investment objectives and strategy and thus reduced our expected hold period. As such we determined these assets 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. | |||||||||||||||||
2014 Dispositions | |||||||||||||||||
On August 8, 2014, we sold Stirling Slidell Shopping Centre, a 139,000 square foot retail property located in Slidell, Louisana for $14,600. In conjunction with the sale, we paid off the mortgage loan for $12,007. We recorded a gain on the sale of the property in the amount of $181 and recorded a loss on the extinguishment of the debt of $236. | |||||||||||||||||
On September 30, 2014, we transferred our ownership in 4 Research Park Drive, a 60,000 square foot office building located in St. Charles, Missouri, to the lender. We were relieved of a $6,049 mortgage debt obligation as part of the transfer. As a result, a $260 non-cash accounting gain was recognized on the transfer of property representing the difference between the fair value and net book value of the property transferred as of the date of transfer. Upon extinguishment of the mortgage debt obligation, a $384 non-cash accounting gain was recognized representing the difference between the book value of debt, interest payable and other obligations extinguished over the fair value of the property and other assets transferred as of the transfer date. The transfer resulted in a total non-cash accounting gain of $644. | |||||||||||||||||
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. As a result, we have 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, 2014, 2013, and 2012 and the loss from discontinued operations of Marketplace at Northglenn, Georgia Door Sales Distribution Center and Metropolitan Park North for the year ended December 31, 2012: | |||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||
Total revenue | $ | 839 | $ | 20,471 | $ | 25,173 | |||||||||||
Real estate taxes | — | (1,452 | ) | (2,704 | ) | ||||||||||||
Property operating | (26 | ) | (5,180 | ) | (6,162 | ) | |||||||||||
Net recovery of (provision for) doubtful accounts | — | 286 | (409 | ) | |||||||||||||
General and administrative | (5 | ) | (514 | ) | (258 | ) | |||||||||||
Provision for impairment | — | (10,182 | ) | (913 | ) | ||||||||||||
Depreciation and amortization | — | (9,689 | ) | (7,278 | ) | ||||||||||||
Interest expense | — | (4,643 | ) | (9,994 | ) | ||||||||||||
Loss from discontinued operations | $ | 808 | $ | (10,903 | ) | $ | (2,545 | ) | |||||||||
The dispositions of Stirling Slidell Centre and 4 Research Park Drive are not included in discontinued operations as a result of the adoption of new accounting guidance on January 1, 2014 (See Note 12). Discontinued operations presented for the year ended December 31, 2014 relate to operations of properties classified as discontinued operations prior to adopting the guidance on January 1, 2014. | |||||||||||||||||
2014 Held for Sale | |||||||||||||||||
As of December 19, 2014, Cabana Beach San Marcos, Cabana Beach Gainesville, Campus Lodge Athens and Campus Lodge Columbia were classified as held for sale. As of December 31, 2014, our investment in real estate and other assets held for sale was comprised of: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Land | $ | 10,674 | |||||||||||||||
Building and equipment, net | 81,538 | ||||||||||||||||
Other assets, net | 2,949 | ||||||||||||||||
Total assets | $ | 95,161 | |||||||||||||||
As of December 31, 2014, the liabilities held for sale were related to the properties listed as held for sale and were as follows: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Mortgage notes and other debt payable | $ | 71,000 | |||||||||||||||
Other liabilities | 2,264 | ||||||||||||||||
Total liabilities | $ | 73,264 | |||||||||||||||
Unconsolidated_Real_Estate_Aff
Unconsolidated Real Estate Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Unconsolidated Real Estate Affiliates [Abstract] | |||||||||||||
UNCONSOLIDATED REAL ESTATE AFFILIATES | UNCONSOLIDATED REAL ESTATE AFFILIATES | ||||||||||||
Chicago Parking Garage | |||||||||||||
On December 23, 2014, we acquired a condominium interest in Chicago Parking Garage, a 366 stall, multi-level parking facility located in a large mixed-use property in Chicago, Illinois for approximately $16,900 using cash on hand. In accordance with authoritative guidance, Chicago Parking Garage will be accounted for as an investment in an unconsolidated real estate affiliate. | |||||||||||||
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 AFFILIATE | |||||||||||||
31-Dec-14 | |||||||||||||
Building | $ | 17,093 | |||||||||||
Other assets | 30 | ||||||||||||
Total assets | $ | 17,123 | |||||||||||
Total liabilities | $ | 54 | |||||||||||
Members’ equity | 17,069 | ||||||||||||
Total liabilities and members' equity | $ | 17,123 | |||||||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS—UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
For the Period From December 23, 2014 through December 31, 2014 | For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | |||||||||||
Total revenues | $ | 30 | $ | 15,158 | $ | 25,379 | |||||||
Total operating expenses | 30 | 11,065 | 17,483 | ||||||||||
Operating income | — | 4,093 | 7,896 | ||||||||||
Total other expenses | — | (3,987 | ) | (7,827 | ) | ||||||||
Net income | $ | — | $ | 106 | $ | 69 | |||||||
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 | ||||||||||||
Net income of unconsolidated real estate affiliates | $ | 106 | $ | 69 | |||||||||
Other members’ share of net income | (56 | ) | (272 | ) | |||||||||
Adjustments and other expenses | 5 | 37 | |||||||||||
Other expense from unconsolidated real estate affiliates | (23 | ) | (10 | ) | |||||||||
Company equity in income (loss) of unconsolidated real estate affiliates | $ | 32 | $ | (176 | ) | ||||||||
Mortgage_Notes_Payable_Notes
Mortgage Notes Payable (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||
Stirling Slidell Shopping Centre | August 8, 2014 | Fixed | 5.15 | % | $ | — | $ | 12,171 | ||||||||
4 Research Park Drive | September 30, 2014 | Fixed | 6.05 | % | — | 6,212 | ||||||||||
Campus Lodge Tampa | October 1, 2016 | Fixed | 5.95 | % | 32,198 | 32,638 | ||||||||||
Norfleet Distribution Center | February 1, 2017 | Floating | 2.92 | % | 12,000 | 12,000 | ||||||||||
South Beach Parking Garage | March 1, 2017 | Floating | 2.07 | % | 9,250 | — | ||||||||||
Station Nine Apartments | May 1, 2017 | Fixed | 5.5 | % | 36,885 | 36,885 | ||||||||||
The District at Howell Mill | June 1, 2017 | Fixed | 6.14 | % | 9,675 | 9,807 | ||||||||||
Railway Street Corporate Centre (1) | September 1, 2017 | Fixed | 5.16 | % | 24,643 | 27,266 | ||||||||||
Cabana Beach Gainesville (2) | December 1, 2018 | Floating | 2.77 | % | — | 20,300 | ||||||||||
Cabana Beach San Marcos (2) | December 1, 2018 | Floating | 2.46 | % | — | 16,720 | ||||||||||
Campus Lodge Columbia (2) | December 1, 2018 | Floating | 2.52 | % | — | 22,400 | ||||||||||
Campus Lodge Athens (2) | December 1, 2018 | Floating | 2.62 | % | — | 11,580 | ||||||||||
The Edge at Lafayette | December 1, 2018 | Floating | 2.66 | % | 17,680 | 17,680 | ||||||||||
Grand Prairie Distribution Center | April 1, 2019 | Fixed | 3.58 | % | 8,600 | — | ||||||||||
Suwanee Distribution Center | October 1, 2020 | Fixed | 3.66 | % | 19,100 | 19,100 | ||||||||||
111 Sutter Street (3) | April 1, 2023 | Fixed | 4.5 | % | 53,922 | 53,922 | ||||||||||
Grand Lakes Marketplace | October 1, 2023 | Fixed | 4.2 | % | 23,900 | 23,900 | ||||||||||
Oak Grove Plaza | February 1, 2024 | Fixed | 4.17 | % | 10,400 | — | ||||||||||
South Seattle Distribution Center | March 1, 2024 | Fixed | 4.38 | % | 19,500 | — | ||||||||||
Charlotte Distribution Center | September 1, 2024 | Fixed | 3.66 | % | 10,220 | — | ||||||||||
Rancho Temecula Town Center | July 1, 2026 | Fixed | 4.02 | % | 28,000 | — | ||||||||||
The District at Howell Mill | March 1, 2027 | Fixed | 5.3 | % | 33,544 | 34,084 | ||||||||||
TOTAL | $ | 349,517 | $ | 356,665 | ||||||||||||
Net debt premium on assumed debt | 814 | 1,141 | ||||||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET | $ | 350,331 | $ | 357,806 | ||||||||||||
Cabana Beach Gainesville (2) | 1-Dec-18 | Floating | 2.77 | % | $ | 20,300 | $ | — | ||||||||
Cabana Beach San Marcos (2) | 1-Dec-18 | Floating | 2.46 | % | 16,720 | — | ||||||||||
Campus Lodge Columbia (2) | 1-Dec-18 | Floating | 2.52 | % | 22,400 | — | ||||||||||
Campus Lodge Athens (2) | 1-Dec-18 | Floating | 2.62 | % | 11,580 | — | ||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTIES | $ | 71,000 | $ | — | ||||||||||||
-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 loan associated with this property was designated as held for sale on December 19, 2014. The property associated with this loan was sold on January 27, 2015 and the loan was repaid. | |||||||||||||||
-3 | Loan assumed as part of acquisition of 111 Sutter Street on December 4, 2012 and modified on March 27, 2013. | |||||||||||||||
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 | |||||||||||||||
The District at Howell Mill | (2,372 | ) | 6.34 | % | ||||||||||||
Campus Lodge Tampa | 322 | 5.95 | % | |||||||||||||
111 Sutter Street | 2,864 | 2.66 | % | |||||||||||||
Net debt premium on assumed debt | $ | 814 | ||||||||||||||
Aggregate future principal payments of mortgage notes payable, excluding those classified as held for sale as of December 31, 2014 are as follows: | ||||||||||||||||
Year | Amount | |||||||||||||||
2015 | $ | 1,773 | ||||||||||||||
2016 | 33,344 | |||||||||||||||
2017 | 93,127 | |||||||||||||||
2018 | 19,994 | |||||||||||||||
2019 | 11,023 | |||||||||||||||
Thereafter | 190,256 | |||||||||||||||
Total | $ | 349,517 | ||||||||||||||
Land, buildings, equipment and acquired intangible assets related to the mortgage notes payable, with an aggregate cost of approximately $818,000 and $641,000 at December 31, 2014 and 2013, respectively, have been pledged as collateral, and are not available to satisfy our debts and obligations 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 Follow-on 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 our leverage ratio (1.75% spread at December 31, 2014). 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, 2014, we believe 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, 2014, we had no borrowings outstanding on the revolving line of credit. | ||||||||||||||||
Covenants | ||||||||||||||||
At December 31, 2014, we were in compliance with all debt covenants. |
Common_Stock
Common Stock | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||||||||||||||||
COMMON STOCK | COMMON STOCK | |||||||||||||||||||||
We have five classes of common stock authorized as of December 31, 2014, Class A, Class M, Class A-I, Class M-I, and Class D. The outstanding shares of Class E common stock converted to Class M common stock on October 1, 2013. We are no longer authorized to issue any additional shares of Class E common stock. On May 6, 2014, our board of directors approved the creation and designation of new Class A-I, Class M-I and Class D shares and from June 19, 2014 through December 31, 2014, our Class A-I, Class M-I and Class D shares were offered pursuant to the Private Offering. Shares of Class A and M common stock were sold in our Initial Public Offering, which terminated on January 16, 2015. The fees payable to our dealer manager with respect to each outstanding share of each class, as a percentage of NAV, are as follows: | ||||||||||||||||||||||
Initial Public Offering | ||||||||||||||||||||||
Selling Commission | Dealer Manager Fee | Distribution Fee | ||||||||||||||||||||
Class A Shares | up to 3.5% | 0.55 | % | 0.50% | ||||||||||||||||||
Class M Shares | None | 0.3 | % | -1 | None | |||||||||||||||||
(1) The dealer manager agreed to reduce the Dealer Manager Fee on Class M shares from 0.55% to 0.30% effective June 1, 2014. | ||||||||||||||||||||||
The selling commission, dealer manager fee and distribution fee are offering costs and will be recorded as a reduction of additional paid in capital. | ||||||||||||||||||||||
Private Offering | ||||||||||||||||||||||
Selling Commission | Dealer Manager Fee | Distribution Fee | ||||||||||||||||||||
Class A-I Shares | up to 1.5% | 0.30% | None | |||||||||||||||||||
Class M-I Shares | None | 0.05% | None | |||||||||||||||||||
Class D Shares | up to 1.0% | None | None | |||||||||||||||||||
Stock Transactions | ||||||||||||||||||||||
The stock transactions for each of our classes of common stock for the years ending December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||
Shares of | Shares of | Shares of | Shares of | Shares of | Shares of | |||||||||||||||||
Class E | Class A | Class M | Class A-I | Class M-I | Class D | |||||||||||||||||
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | |||||||||||||||||
Balance, December 31, 2011 | 23,995,352 | — | — | — | — | — | ||||||||||||||||
Issuance of common stock | 5,202,625 | 3,612,169 | 100,282 | — | — | — | ||||||||||||||||
Repurchase of shares | (2,753,134 | ) | — | — | — | — | — | |||||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Balance, December 31, 2012 | 26,444,843 | 3,612,169 | 104,282 | — | — | — | ||||||||||||||||
Issuance of common stock | — | 9,462,512 | 2,365,700 | — | — | — | ||||||||||||||||
Repurchase of shares | (238,087 | ) | (31,229 | ) | (71,685 | ) | — | — | — | |||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Stock conversion | (26,206,756 | ) | — | 26,232,525 | — | — | — | |||||||||||||||
Balance, December 31, 2013 | — | 13,043,452 | 28,634,822 | — | — | — | ||||||||||||||||
Issuance of common stock | — | 7,692,796 | 2,625,546 | 392,344 | 286,564 | 3,358,562 | ||||||||||||||||
Repurchase of shares | — | (292,407 | ) | (7,383,688 | ) | — | — | — | ||||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Stock conversion | — | (4,200,022 | ) | (448,488 | ) | 4,187,965 | 448,488 | — | ||||||||||||||
Balance, December 31, 2014 | — | 16,243,819 | 23,432,192 | 4,580,309 | 735,052 | 3,358,562 | ||||||||||||||||
Stock Issuances | ||||||||||||||||||||||
The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
# of shares | $ Amount | # of shares | $ Amount | # of shares | $ Amount | |||||||||||||||||
Class A Shares | 7,692,796 | $ | 80,485 | 9,462,512 | $ | 96,945 | 3,612,169 | $ | 37,035 | |||||||||||||
Class M Shares | 2,629,546 | 27,434 | 2,369,700 | 24,145 | 104,282 | 1,057 | ||||||||||||||||
Class E Shares (1) | — | — | — | — | 5,202,625 | 50,794 | ||||||||||||||||
Class A-I Shares | 392,344 | 4,100 | — | — | — | — | ||||||||||||||||
Class M-I Shares | 286,564 | 3,012 | — | — | — | — | ||||||||||||||||
Class D Shares | 3,358,562 | 35,399 | — | — | — | — | ||||||||||||||||
Total | $ | 150,430 | $ | 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. | ||||||||||||||||||||||
Share Repurchase Plan | ||||||||||||||||||||||
Our share repurchase plan allows stockholders to request that we repurchase all or a portion of their shares of Class A, Class M, Class A-I, Class M-I and Class D common stock on a daily basis 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 in our public and private offerings. On December 2, 2014, our board of directors voted unanimously to increase the repurchase limitation under our share repurchase plan for the quarter ended December 31, 2014 from 5% of the combined NAV of all classes of shares to 6% of the combined NAV of all classes of shares as of September 30, 2014. Unless our board takes further action to amend our share repurchase plan, this increase applies only to the quarter ended December 31, 2014. For the year ended December 31, 2014, we repurchased 292,407 and 2,814,586 shares of Class A and Class M common stock, respectively, under our share repurchase plan. During the year ended December 31, 2013, we repurchased 31,229 and 71,685 shares of Class A and Class M common stock, respectively. | ||||||||||||||||||||||
We repurchased 179,822 of our Class M common stock in privately negotiated transactions during the year ended December 31, 2014. 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. The repurchases were made at 2% to 5% discounts to that days NAV. | ||||||||||||||||||||||
Tender Offers | ||||||||||||||||||||||
We also use tender offers to provide liquidity to our stockholders. 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 validly tendered shares. Beginning on August 25, 2014 and concluding on September 24, 2014, we conducted a tender offer to repurchase up to $40,000 of outstanding shares of Class M common stock at $10.48 per share. Because the tender offer was oversubscribed, we accepted, on a pro rata basis and in accordance with the terms of the tender offer, $46,000, or approximately 71% of each stockholder's validly tendered shares. | ||||||||||||||||||||||
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 | $ | — | ||||||||||||||||
Sep-14 | 4,389,280 | 10.48 | 4,389,280 | — | -1 | |||||||||||||||||
(1) In compliance with SEC rules, the share repurchase plan for Class M common stock was suspended on August 25, 2014 and reopened for repurchases on October 8, 2014. | ||||||||||||||||||||||
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 Initial Public Offering on October 1, 2012. On October 1, 2012, we terminated our existing dividend reinvestment plan and adopted a new distribution reinvestment plan whereby stockholders may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share on the distribution date. 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 196,790 shares of common stock, respectively, for $1,998 under the distribution reinvestment plan. For the year ended December 31, 2014, we issued 529,036 shares of common stock, for $5,505 under the distribution reinvestment plan. | ||||||||||||||||||||||
Earnings Per Share (“EPS”) | ||||||||||||||||||||||
Basic per share amounts are based on the weighted average of shares outstanding of 45,658,735, 36,681,847 and 25,651,220 for the years ended December 31, 2014, 2013 and 2012, 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 of the Initial Public Offering. Following the Initial Public Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering costs incurred during the Initial Public Offering period (other than selling commissions, the dealer manager fee and distribution fees) as and when incurred. After the termination of the Initial Public 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 Initial Public Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2014 and December 31, 2013, LaSalle had paid approximately $1,986 and $3,815, 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. Upon the commencement of the Follow-on Offering, we will begin to reimburse LaSalle over 36 months for the organization and offering costs incurred prior to commencement of the Follow-on Offering. |
Rentals_Under_Operating_Leases
Rentals Under Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, excluding those classified as held for sale, based on operating leases in place at December 31, 2014 are as follows: | |||||
Year | Amount (1) | ||||
2015 | $ | 57,571 | |||
2016 | 43,974 | ||||
2017 | 35,037 | ||||
2018 | 30,103 | ||||
2019 | 28,567 | ||||
Thereafter | 132,643 | ||||
Total | $ | 327,895 | |||
-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, 2014. | ||||
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, 2014, 2013 and 2012, no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2015 future rents to 2016 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, 2014 | |
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 June 5, 2014, we entered into a Second Amended and Restated Advisory Agreement with our Advisor with a one year term expiring on June 5, 2015. | |
The fixed management and advisory fees for the years ended December 31, 2014, 2013 and 2012 were $5,931, $4,668 and $2,406, respectively. The performance fee for the year ended December 31, 2014 was $250. There was no performance fee for the year ended December 31, 2013. The variable fee for the year ended December 31, 2012 was $333. Included in Advisor fees payable at December 31, 2014 was $790 of fixed fee and performance fee expense. Included in Advisor fees payable at December 31, 2013 was $450 of fixed fee expense. | |
We pay Jones Lang LaSalle Americas, Inc. (“JLL Americas”), an affiliate of the Advisor, 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, 2014, 2013 and 2012, JLL Americas was paid $918, $678 and $634, respectively. During the year ended December 31, 2014, we paid JLL Americas $201 in loan placement fees related to the mortgage notes payable on South Seattle Distribution Center, Oak Grove Plaza, and Charlotte Distribution Center. 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, was the dealer manager (the “Dealer Manager”) for the Initial Public Offering and Private Offering. For the year ended December 31, 2014 and 2013 we paid the Dealer Manager selling commissions, dealer manager fees and distribution fees totaling $3,599 and $2,210, respectively. A majority of the selling commissions, distribution fees and dealer manager fees are reallowed to participating broker-dealers. | |
As of December 31, 2014 and 2013, we owed $1,986 and $3,815, 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, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
We are involved in various claims and litigation matters arising in the ordinary course of business, some of which involve claims for damages. Many of these matters are covered by insurance, although they may nevertheless be subject to deductibles or retentions. Although the ultimate liability for these matters cannot be determined, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations, or liquidity. | |
From time to time, we have entered into contingent agreements for the acquisition and financing of properties. Such acquisitions and financings are subject to satisfactory completion of due diligence. | |
We are subject to fixed ground lease payments on South Beach Parking Garage of $94 per year until September 30, 2016. The fixed amount will increase every five years thereafter by the lesser of 12% or the cumulative Consumer Price Index over the previous five year period. We are also subject to a variable ground lease payment calculated as 2.5% of revenue. The lease expires September 30, 2041 and has a ten-year renewal option. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | SEGMENT REPORTING | ||||||||||||||||||||||||
We have five operating segments: apartment, industrial, office, retail and other properties. Consistent with how we review and manage our properties, the financial information summarized below is presented by operating segment and reconciled to income (loss) from continuing operations for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
Year Ended December 31, 2014 | Apartments | Industrial | Office | Retail | Other | Total | |||||||||||||||||||
Assets | $ | 207,691 | $ | 182,338 | $ | 250,870 | $ | 204,077 | $ | 22,074 | $ | 867,050 | |||||||||||||
Revenues: | |||||||||||||||||||||||||
Minimum rents | $ | 31,643 | $ | 12,072 | $ | 25,124 | $ | 12,394 | $ | 262 | $ | 81,495 | |||||||||||||
Tenant recoveries and other rental income | 1,824 | 3,270 | 4,256 | 4,784 | 2,573 | 16,707 | |||||||||||||||||||
Total revenues | $ | 33,467 | $ | 15,342 | $ | 29,380 | $ | 17,178 | $ | 2,835 | $ | 98,202 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Real estate taxes | $ | 2,990 | $ | 2,472 | $ | 3,221 | $ | 2,899 | $ | 342 | $ | 11,924 | |||||||||||||
Property operating | 14,163 | 787 | 6,896 | 2,186 | 1,297 | 25,329 | |||||||||||||||||||
Provision for doubtful accounts | 250 | — | 63 | 51 | 1 | 365 | |||||||||||||||||||
Total segment operating expenses | $ | 17,403 | $ | 3,259 | $ | 10,180 | $ | 5,136 | $ | 1,640 | $ | 37,618 | |||||||||||||
Operating income - Segments | $ | 16,064 | $ | 12,083 | $ | 19,200 | $ | 12,042 | $ | 1,195 | $ | 60,584 | |||||||||||||
Capital expenditures by segment | $ | 3,225 | $ | 1,606 | $ | 6,512 | $ | 598 | $ | 28 | $ | 11,969 | |||||||||||||
Operating income - Segments | $ | 60,584 | |||||||||||||||||||||||
Advisor fees | 6,181 | ||||||||||||||||||||||||
Company level expenses | 2,361 | ||||||||||||||||||||||||
General and administrative | 831 | ||||||||||||||||||||||||
Acquisition related expenses | 545 | ||||||||||||||||||||||||
Depreciation and amortization | 27,854 | ||||||||||||||||||||||||
Operating income | $ | 22,812 | |||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (18,394 | ) | ||||||||||||||||||||||
Gain on disposition of property and extinguishment of debt | 589 | ||||||||||||||||||||||||
Total other income and (expenses) | $ | (17,805 | ) | ||||||||||||||||||||||
Income from continuing operations | $ | 5,007 | |||||||||||||||||||||||
Reconciliation to total consolidated assets as of December 31, 2014 | |||||||||||||||||||||||||
Assets per reportable segments (1) | $ | 867,050 | |||||||||||||||||||||||
Corporate level assets | 31,716 | ||||||||||||||||||||||||
Total consolidated assets | $ | 898,766 | |||||||||||||||||||||||
(1) Includes $95,161 of Apartments segment assets classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||
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 income from continuing operations | |||||||||||||||||||||||||
Operating income - Segments | $ | 46,080 | |||||||||||||||||||||||
Advisor fees | 4,668 | ||||||||||||||||||||||||
Company level expenses | 1,917 | ||||||||||||||||||||||||
General and administrative | 648 | ||||||||||||||||||||||||
Acquisition related expenses | 599 | ||||||||||||||||||||||||
Provision for impairment of real estate | 38,356 | ||||||||||||||||||||||||
Depreciation and amortization | 22,288 | ||||||||||||||||||||||||
Operating loss | $ | (22,396 | ) | ||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (19,913 | ) | ||||||||||||||||||||||
Debt modification expense | (926 | ) | |||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 32 | ||||||||||||||||||||||||
Gain on disposition of property and extinguishment of debt | 1,109 | ||||||||||||||||||||||||
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 as of December 31, 2013 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | 860 | ||||||||||||||||||||||||
Acquisition related expenses | 33 | ||||||||||||||||||||||||
Depreciation and amortization | 14,452 | ||||||||||||||||||||||||
Operating income | $ | 11,685 | |||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (20,971 | ) | ||||||||||||||||||||||
Equity in loss of unconsolidated affiliates | (176 | ) | |||||||||||||||||||||||
Gain (loss) on disposition of property and extinguishment of debt | (86 | ) | |||||||||||||||||||||||
Gain on consolidation of real estate affiliate | 34,852 | ||||||||||||||||||||||||
Total other income and (expenses) | $ | 13,619 | |||||||||||||||||||||||
Income from continuing operations | $ | 25,304 | |||||||||||||||||||||||
Distributions_Payable
Distributions Payable | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
DISTRIBUTIONS PAYABLE | DISTRIBUTIONS PAYABLE |
On November 4, 2014, our board of directors approved a gross distribution for the fourth quarter of 2014 of $0.12 per share to stockholders of record as of December 30, 2014. The distribution was paid on February 6, 2015. Class A, Class M, Class A-I, Class M-I and Class D stockholders received $0.12 per share, less applicable class-specific fees, if any. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This pronouncement will be effective for the first annual reporting period beginning after December 15, 2014 with early adoption permitted. We adopted this accounting pronouncement effective January 1, 2014 which resulted in reporting the results of operations of our 2014 sold properties in the continuing operations section of our consolidated statements of operations and comprehensive income (loss). | |
In May 2014, the FASB issued an accounting standard update that will use a five step model to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. The model will identify the contract, identify any separate performance obligations in the contract, determine the transaction price, allocate the transaction price and recognize revenue when the performance obligation is satisfied. The new standard will replace most existing revenue recognition in GAAP when it becomes effective for us on January 1, 2017. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis (Topic 810), which improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The amendments in the ASU are effective for annual and interim periods in fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect the guidance will have on our consolidated financial statements. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | ||||||||||||||
Total revenues | $ | 23,383 | $ | 24,172 | $ | 24,680 | $ | 25,967 | |||||||||
Operating income | 5,826 | 5,936 | 4,066 | 6,984 | |||||||||||||
Income (loss) from continuing operations | 1,574 | 1,139 | (32 | ) | 2,326 | ||||||||||||
Total income (loss) from discontinued operations | — | — | 813 | (5 | ) | ||||||||||||
Net income attributable to Jones Lang LaSalle Income Property Trust, Inc. | 1,287 | 871 | 969 | 1,926 | |||||||||||||
Net income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | 0.03 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||
Weighted average common stock outstanding-basic and diluted | 42,717,549 | 45,092,828 | 47,271,566 | 47,482,906 | |||||||||||||
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 | |||||||||||||
All significant fluctuations between the quarters are attributable to acquisitions and dispositions made in 2014 and 2013 and impairment charges taken during 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
On January 16, 2015, we commenced our Follow-on Offering of up to $2,700,000 in any combination of Class A, Class M, Class A-I and Class M-I shares of common stock. | |
On January 27, 2015, we sold Cabana Beach San Marcos, Cabana Beach Gainesville, Campus Lodge Athens and Campus Lodge Columbia for approximately $123,000. In connection with the disposition, the mortgage loans associated with the four properties totaling approximately $71,000 were repaid. We estimate a gain on sale of approximately $28,000. | |
On March 3, 2015, our board of directors approved a gross distribution for the first quarter of 2015 of $0.12 per share to stockholders of record as of March 30, 2015, payable on or around May 1, 2015. Class A, Class M, Class A-I, Class M-I and Class D stockholders will receive $0.12 per share, less applicable class-specific fees, if any. | |
On March 3, 2015, we commenced a new private offering of up $350,000 in shares of our Class D common stock with an indefinite duration. | |
* * * * * * |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
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, 2014 | ||||||||||||||||||||||||||||||||||||
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 | — | $ | 9,973 | — | $ | 5,186 | $ | 66,986 | $ | 72,172 | |||||||||||||||||||||
111 Sutter Street—San Francisco, CA | 53,922 | 39,919 | 72,712 | — | 2,706 | — | 39,919 | 75,418 | 115,337 | ||||||||||||||||||||||||||||
14600 Sherman Way—Van Nuys, CA | — | — | 6,348 | — | (1,411 | ) | — | — | 4,937 | 4,937 | |||||||||||||||||||||||||||
14624 Sherman Way—Van Nuys, CA | — | — | 7,685 | — | (2,428 | ) | — | — | 5,257 | 5,257 | |||||||||||||||||||||||||||
36 Research Park Drive—St. Charles, MO | — | 2,655 | 11,089 | — | (2 | ) | — | 2,655 | 11,087 | 13,742 | |||||||||||||||||||||||||||
Railway Street Corporate Centre—Calgary, Canada | 24,643 | 6,022 | 35,441 | (582 | ) | (3,837 | ) | — | 5,440 | 31,604 | 37,044 | ||||||||||||||||||||||||||
Sherman Way Land | — | 4,010 | — | (1,082 | ) | — | — | 2,928 | — | 2,928 | |||||||||||||||||||||||||||
Total Office Properties | 78,565 | 57,792 | 190,288 | (1,664 | ) | 5,001 | — | 56,128 | 195,289 | 251,417 | |||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||
The District at Howell Mill—Atlanta, GA | 43,219 | 10,000 | 56,040 | — | 1,139 | — | 10,000 | 57,179 | 67,179 | ||||||||||||||||||||||||||||
Grand Lakes Marketplace—Katy, TX | 23,900 | 5,215 | 34,770 | — | 4 | — | 5,215 | 34,774 | 39,989 | ||||||||||||||||||||||||||||
Oak Grove Plaza—Sachse, TX | 10,400 | 4,434 | 18,869 | — | 44 | — | 4,434 | 18,913 | 23,347 | ||||||||||||||||||||||||||||
Rancho Temecula Town Center—Temecula CA | 28,000 | 14,600 | 41,180 | — | — | — | 14,600 | 41,180 | 55,780 | ||||||||||||||||||||||||||||
Total Retail Properties | 105,519 | 34,249 | 150,859 | — | 1,187 | — | 34,249 | 152,046 | 186,295 | ||||||||||||||||||||||||||||
Industrial Properties: | |||||||||||||||||||||||||||||||||||||
Kendall Distribution Center—Atlanta, GA | — | 2,656 | 12,836 | (293 | ) | (1,107 | ) | — | 2,363 | 11,729 | 14,092 | ||||||||||||||||||||||||||
Norfleet Distribution Center—Kansas City, MO | 12,000 | 2,134 | 31,397 | (205 | ) | (2,051 | ) | — | 1,929 | 29,346 | 31,275 | ||||||||||||||||||||||||||
Suwanee Distribution Center—Suwanee, GA | 19,100 | 6,155 | 27,598 | — | 42 | — | 6,155 | 27,640 | 33,795 | ||||||||||||||||||||||||||||
Joliet Distribution Center—Joliet, IL | — | 2,800 | 15,762 | — | 19 | — | 2,800 | 15,781 | 18,581 | ||||||||||||||||||||||||||||
3800 1st Avenue —Seattle, WA | 9,891 | 7,238 | 9,673 | — | 51 | — | 7,238 | 9,724 | 16,962 | ||||||||||||||||||||||||||||
3844 1st Avenue—Seattle, WA | 6,167 | 5,563 | 6,031 | — | 32 | — | 5,563 | 6,063 | 11,626 | ||||||||||||||||||||||||||||
3601 2nd Avenue—Seattle, WA | 3,442 | 2,774 | 3,365 | — | 18 | — | 2,774 | 3,383 | 6,157 | ||||||||||||||||||||||||||||
Grand Prairie Distribution Center—Grand Prairie, TX | 8,600 | 2,100 | 12,478 | — | — | — | 2,100 | 12,478 | 14,578 | ||||||||||||||||||||||||||||
Charlotte Distribution Center—Charlotte, NC | 10,220 | 5,381 | 15,002 | — | — | — | 5,381 | 15,002 | 20,383 | ||||||||||||||||||||||||||||
Total Industrial Properties | 69,420 | 36,801 | 134,142 | (498 | ) | (2,996 | ) | — | 36,303 | 131,146 | 167,449 | ||||||||||||||||||||||||||
Apartment Properties: | |||||||||||||||||||||||||||||||||||||
Station Nine Apartments—Durham, NC | 36,885 | 9,690 | 43,400 | — | 1,196 | — | 9,690 | 44,596 | 54,286 | ||||||||||||||||||||||||||||
Campus Edge Lafayette--Lafayette, LA | 17,680 | 1,782 | 23,266 | — | (1,123 | ) | — | 1,782 | 22,143 | 23,925 | |||||||||||||||||||||||||||
Campus Lodge Tampa--Tampa, FL | 32,198 | 7,205 | 33,310 | — | 1,544 | — | 7,205 | 34,854 | 42,059 | ||||||||||||||||||||||||||||
Total Apartment Properties | 86,763 | 18,677 | 99,976 | — | 1,617 | — | 18,677 | 101,593 | 120,270 | ||||||||||||||||||||||||||||
Other Properties: | |||||||||||||||||||||||||||||||||||||
South Beach Parking Garage-- Miami, FL | 9,250 | — | 21,467 | — | 28 | — | — | 21,495 | 21,495 | ||||||||||||||||||||||||||||
Total Other Properties | 9,250 | — | 21,467 | — | 28 | — | — | 21,495 | 21,495 | ||||||||||||||||||||||||||||
Total Consolidated Properties: | $ | 349,517 | $ | 147,519 | $ | 596,732 | $ | (2,162 | ) | $ | 4,837 | $ | — | $ | 145,357 | $ | 601,569 | $ | 746,926 | ||||||||||||||||||
Properties Held For Sale: | |||||||||||||||||||||||||||||||||||||
Cabana Beach Gainesville--Gainesville, FL | 20,300 | 7,244 | 60,548 | (2,933 | ) | (30,001 | ) | — | 4,311 | 30,547 | 34,858 | ||||||||||||||||||||||||||
Cabana Beach San Marcos--San Marcos, TX | 16,720 | 2,530 | 24,421 | — | (1,612 | ) | — | 2,530 | 22,809 | 25,339 | |||||||||||||||||||||||||||
Campus Lodge Athens--Athens, GA | 11,580 | 1,754 | 17,311 | — | 166 | — | 1,754 | 17,477 | 19,231 | ||||||||||||||||||||||||||||
Campus Lodge Columbia--Columbia, MO | 22,400 | 2,079 | 20,838 | — | 208 | — | 2,079 | 21,046 | 23,125 | ||||||||||||||||||||||||||||
Total Properties Held For Sale | $ | 71,000 | $ | 13,607 | $ | 123,118 | $ | (2,933 | ) | $ | (31,239 | ) | — | $ | 10,674 | $ | 91,879 | $ | 102,553 | ||||||||||||||||||
The unaudited aggregate cost and accumulated depreciation for tax purposes was approximately $983,365 and $156,790, 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 in latest income statement is computed | |||||||||||||||||||||||||||||||||
Depreciation | Construction | Acquisition | |||||||||||||||||||||||||||||||||||
Office Properties: | |||||||||||||||||||||||||||||||||||||
Monument IV at Worldgate—Herndon, VA | $ | (12,798 | ) | 2001 | 8/27/04 | 50 years | |||||||||||||||||||||||||||||||
111 Sutter Street—San Francisco, CA | (4,147 | ) | 1926 | 12/4/12 | 40 years | ||||||||||||||||||||||||||||||||
14600 Sherman Way—Van Nuys, CA | (152 | ) | 1991 | 12/21/05 | 40 years | ||||||||||||||||||||||||||||||||
14624 Sherman Way—Van Nuys, CA | (173 | ) | 1981 | 12/21/05 | 40 years | ||||||||||||||||||||||||||||||||
36 Research Park Drive—St. Charles, MO | (1,681 | ) | 2007 | 6/15/07 | 50 years | ||||||||||||||||||||||||||||||||
Railway Street Corporate Centre—Calgary, Canada | (4,717 | ) | 2007 | 8/30/07 | 50 years | ||||||||||||||||||||||||||||||||
Total Office Properties | (23,668 | ) | |||||||||||||||||||||||||||||||||||
Retail Properties: | |||||||||||||||||||||||||||||||||||||
The District at Howell Mill—Atlanta, GA | (8,641 | ) | 2006 | 6/15/07 | 50 years | ||||||||||||||||||||||||||||||||
Grand Lakes Marketplace—Katy, TX | (928 | ) | 2013 | 9/17/13 | 50 years | ||||||||||||||||||||||||||||||||
Oak Grove Plaza—Sachse, TX | (474 | ) | 2003 | 1/17/14 | 50 years | ||||||||||||||||||||||||||||||||
Rancho Temecula Town Center—Temecula CA | (601 | ) | 2007 | 6/16/14 | 50 years | ||||||||||||||||||||||||||||||||
Total Retail Properties | (10,644 | ) | |||||||||||||||||||||||||||||||||||
Industrial Properties: | |||||||||||||||||||||||||||||||||||||
Kendall Distribution Center—Atlanta, GA | (2,280 | ) | 2002 | 6/30/05 | 50 years | ||||||||||||||||||||||||||||||||
Norfleet Distribution Center—Kansas City, MO | (4,563 | ) | 2007 | 2/27/07 | 50 years | ||||||||||||||||||||||||||||||||
Suwanee Distribution Center—Suwanee, GA | (828 | ) | 2012 | 6/28/13 | 50 years | ||||||||||||||||||||||||||||||||
Joliet Distribution Center—Joliet, IL | (593 | ) | 2005 | 6/26/13 | 50 years | ||||||||||||||||||||||||||||||||
3800 1st Avenue —Seattle, WA | (242 | ) | 1968 | 12/17/13 | 40 years | ||||||||||||||||||||||||||||||||
3844 1st Avenue—Seattle, WA | (151 | ) | 1949 | 12/17/13 | 40 years | ||||||||||||||||||||||||||||||||
3601 2nd Avenue—Seattle, WA | (84 | ) | 1980 | 12/17/13 | 40 years | ||||||||||||||||||||||||||||||||
Grand Prairie Distribution Center—Grand Prairie, TX | (250 | ) | 2013 | 1/22/14 | 50 years | ||||||||||||||||||||||||||||||||
Charlotte Distribution Center—Charlotte, NC | (188 | ) | 1991 | 6/27/14 | 50 years | ||||||||||||||||||||||||||||||||
Total Industrial Properties | (9,179 | ) | |||||||||||||||||||||||||||||||||||
Apartment Properties: | |||||||||||||||||||||||||||||||||||||
Station Nine Apartments—Durham, NC | (7,061 | ) | 2005 | 4/16/07 | 50 years | ||||||||||||||||||||||||||||||||
Campus Edge Lafayette--Lafayette, LA | (3,272 | ) | 2007 | 1/15/08 | 50 years | ||||||||||||||||||||||||||||||||
Campus Lodge Tampa--Tampa, FL | (6,251 | ) | 2001 | 2/29/08 | 40 years | ||||||||||||||||||||||||||||||||
Col. A | Col. F | Col. G | Col. H | Col. I | |||||||||||||||||||||||||||||||||
Description | Accumulated | Date of | Date of | Life on which depreciation in latest income statement is computed | |||||||||||||||||||||||||||||||||
Depreciation | Construction | Acquisition | |||||||||||||||||||||||||||||||||||
Total Apartment Properties | (16,584 | ) | |||||||||||||||||||||||||||||||||||
Other Properties: | |||||||||||||||||||||||||||||||||||||
South Beach Parking Garage-- Miami, FL | (494 | ) | 2001 | 1/28/14 | 50 years | ||||||||||||||||||||||||||||||||
Total Other Properties | (494 | ) | |||||||||||||||||||||||||||||||||||
Total Consolidated Properties: | $ | (60,569 | ) | ||||||||||||||||||||||||||||||||||
Properties Held for Sale: | |||||||||||||||||||||||||||||||||||||
Cabana Beach Gainesville--Gainesville, FL | (770 | ) | 2005 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Cabana Beach San Marcos--San Marcos, TX | (3,603 | ) | 2006 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Campus Lodge Athens--Athens, GA | (2,754 | ) | 2003 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Campus Lodge Columbia--Columbia, MO | (3,214 | ) | 2005 | 11/21/07 | 50 years | ||||||||||||||||||||||||||||||||
Total Properties Held for Sale | $ | (10,341 | ) | ||||||||||||||||||||||||||||||||||
Reconciliation of Real Estate | |||||||||||||||||||||||||||||||||||||
Consolidated Properties | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 727,485 | $ | 796,456 | $ | 798,628 | |||||||||||||||||||||||||||||||
Additions | 141,576 | 141,242 | 120,996 | ||||||||||||||||||||||||||||||||||
Assets sold/ written off | (19,582 | ) | (142,795 | ) | (122,255 | ) | |||||||||||||||||||||||||||||||
Write-downs for impairment charges | — | (67,418 | ) | (913 | ) | ||||||||||||||||||||||||||||||||
Reclassed as held for sale | (102,553 | ) | — | — | |||||||||||||||||||||||||||||||||
Balance at close of year | $ | 746,926 | $ | 727,485 | $ | 796,456 | |||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
Consolidated Properties | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Balance at beginning of year | $ | 54,686 | $ | 82,428 | $ | 83,137 | |||||||||||||||||||||||||||||||
Additions | 17,170 | 16,998 | 16,054 | ||||||||||||||||||||||||||||||||||
Assets sold/ written off | (946 | ) | (25,558 | ) | (16,763 | ) | |||||||||||||||||||||||||||||||
Write-downs for impairment charges | — | (19,182 | ) | — | |||||||||||||||||||||||||||||||||
Reclassed as held for sale | (10,341 | ) | — | — | |||||||||||||||||||||||||||||||||
Balance at close of year | $ | 60,569 | $ | 54,686 | $ | 82,428 | |||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 ("VIE") 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 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 noncontrolling 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, 2014, noncontrolling interests represented the minority members’ proportionate share of the equity of the entities listed above as VIEs and Grand Lakes Marketplace. | |||||||||||||||||
Certain of our 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, 2014 and 2013, our allowance for doubtful accounts was $58 and $41, 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, 2014 and 2013 was $3,276 and $2,286, respectively. | |||||||||||||||||
Derivatives, Reporting of Derivative Activity [Policy Text Block] | Derivative Financial Instruments | ||||||||||||||||
We record all derivatives on the Consolidated Balance Sheets at fair value in prepaid expenses and other assets or accounts payable and other accrued expenses. Changes in the fair value of our derivatives are recorded on our Consolidated Statements of Operations and Comprehensive Income (Loss) as we have not designated our derivative instruments as hedges. Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we use interest rate caps and swaps. | |||||||||||||||||
As of December 31, 2014, 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 | 6 | $97,930 | |||||||||||||||
Interest Rate Swap | 1 | $8,600 | |||||||||||||||
The fair value of our interest rate caps and swap represent a liability of $96 and an asset of $262 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
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, 2014 and 2013, 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 $25,048 and $15,181 at December 31, 2014 and 2013, 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 $2,660 and $948 at December 31, 2014 and 2013, 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, 2014 is as follows: | |||||||||||||||||
Acquired in-place leases | Acquired above-market leases | Below- market | Acquired below-market leases | ||||||||||||||
ground leases | |||||||||||||||||
2015 | $ | 9,534 | $ | 522 | $ | 15 | $ | (1,675 | ) | ||||||||
2016 | 5,619 | 396 | 15 | (1,440 | ) | ||||||||||||
2017 | 5,005 | 262 | 15 | (1,217 | ) | ||||||||||||
2018 | 4,676 | 149 | 15 | (1,176 | ) | ||||||||||||
2019 | 4,368 | 91 | 15 | (1,142 | ) | ||||||||||||
Thereafter | 13,470 | 569 | 339 | (4,190 | ) | ||||||||||||
$ | 42,672 | $ | 1,989 | $ | 414 | $ | (10,840 | ) | |||||||||
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—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have access to at the measurement date. | ||||||||||||||||
• | Level 2—Observable inputs, other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. 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—Unobservable inputs for the asset or liability. Unobservable inputs are those inputs that reflect our 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 $10,717 and $296 higher than the aggregate carrying amounts at December 31, 2014 and 2013, 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 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 is as follows: | ||||||||||||||||
Acquired in-place leases | Acquired above-market leases | Below- market | Acquired below-market leases | ||||||||||||||
ground leases | |||||||||||||||||
2015 | $ | 9,534 | $ | 522 | $ | 15 | $ | (1,675 | ) | ||||||||
2016 | 5,619 | 396 | 15 | (1,440 | ) | ||||||||||||
2017 | 5,005 | 262 | 15 | (1,217 | ) | ||||||||||||
2018 | 4,676 | 149 | 15 | (1,176 | ) | ||||||||||||
2019 | 4,368 | 91 | 15 | (1,142 | ) | ||||||||||||
Thereafter | 13,470 | 569 | 339 | (4,190 | ) | ||||||||||||
$ | 42,672 | $ | 1,989 | $ | 414 | $ | (10,840 | ) | |||||||||
Property_Tables
Property (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, retail and other property sectors is to invest capital contributed by stockholders in a diversified portfolio of real estate assets. The consolidated properties held by us as of December 31, 2014 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 | ||||||||||
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 | ||||||||||
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) (3) | Apartment | 278,000 | San Marcos, TX | 78 | % | 11/21/07 | 29,375 | ||||||||||
Cabana Beach Gainesville (2) (3) | Apartment | 545,000 | Gainesville, FL | 78 | % | 11/21/07 | 74,277 | ||||||||||
Campus Lodge Athens (2) (3) | Apartment | 229,000 | Athens, GA | 78 | % | 11/21/07 | 20,980 | ||||||||||
Campus Lodge Columbia (2) (3) | 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 | ||||||||||
Oak Grove Plaza | Retail | 120,000 | Sachse, TX | 100 | % | 1/17/14 | 22,525 | ||||||||||
Grand Prairie Distribution Center | Industrial | 277,000 | Grand Prairie, TX | 100 | % | 1/22/14 | 17,200 | ||||||||||
South Beach Parking Garage (4) | Other | 130,000 | Miami Beach, FL | 100 | % | 1/28/14 | 22,050 | ||||||||||
Rancho Temecula Town Center | Retail | 165,000 | Temecula, CA | 100 | % | 6/16/14 | 60,000 | ||||||||||
Charlotte Distribution Center | Industrial | 347,000 | Charlotte, NC | 100 | % | 6/27/14 | 25,550 | ||||||||||
-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. | ||||||||||||||||
-3 | On December 19, 2014, the property was designated as held-for-sale. On January 27, 2015, this property was sold. | ||||||||||||||||
-4 | Property includes 127,000 square feet of parking space containing 343 parking spaces and 3,000 square feet of retail space. | ||||||||||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | 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) | (748 | ) | |||||||||||||||
$ | 145,392 | ||||||||||||||||
Amortization period for intangible assets and liabilities | 2 - 11 years | ||||||||||||||||
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 | ||||||||||||||||
We allocated the purchase price of our 2014 acquisitions in accordance with authoritative guidance as follows: | |||||||||||||||||
2014 Acquisitions | |||||||||||||||||
Land | $ | 26,515 | |||||||||||||||
Building and equipment | 108,997 | ||||||||||||||||
Ground lease value (acquired intangible assets) | 428 | ||||||||||||||||
In-place lease intangible (acquired intangible assets) | 18,810 | ||||||||||||||||
Above-market lease intangible (acquired intangible assets) | 1,214 | ||||||||||||||||
Below-market lease intangible (acquired intangible liabilities) | (8,639 | ) | |||||||||||||||
$ | 147,325 | ||||||||||||||||
Weighted average amortization period for intangible assets and liabilities | 3-14 years | ||||||||||||||||
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 no impairment for the year ended December 31, 2014 and the following impairments of investments in real estate during the years ended December 31, 2013 and 2012: | ||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | ||||||||||||||||
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 | |||||||||||||
Canyon Plaza | 10,182 | — | |||||||||||||||
Provision for impairment of real estate classified as discontinued operations | $ | 10,182 | $ | 913 | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table summarizes the loss from discontinued operations for Canyon Plaza and the Dignity Health Disposition Portfolio for the years ended December 31, 2014, 2013, and 2012 and the loss from discontinued operations of Marketplace at Northglenn, Georgia Door Sales Distribution Center and Metropolitan Park North for the year ended December 31, 2012: | ||||||||||||||||
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||
Total revenue | $ | 839 | $ | 20,471 | $ | 25,173 | |||||||||||
Real estate taxes | — | (1,452 | ) | (2,704 | ) | ||||||||||||
Property operating | (26 | ) | (5,180 | ) | (6,162 | ) | |||||||||||
Net recovery of (provision for) doubtful accounts | — | 286 | (409 | ) | |||||||||||||
General and administrative | (5 | ) | (514 | ) | (258 | ) | |||||||||||
Provision for impairment | — | (10,182 | ) | (913 | ) | ||||||||||||
Depreciation and amortization | — | (9,689 | ) | (7,278 | ) | ||||||||||||
Interest expense | — | (4,643 | ) | (9,994 | ) | ||||||||||||
Loss from discontinued operations | $ | 808 | $ | (10,903 | ) | $ | (2,545 | ) | |||||||||
As of December 31, 2014, the liabilities held for sale were related to the properties listed as held for sale and were as follows: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Mortgage notes and other debt payable | $ | 71,000 | |||||||||||||||
Other liabilities | 2,264 | ||||||||||||||||
Total liabilities | $ | 73,264 | |||||||||||||||
As of December 31, 2014, our investment in real estate and other assets held for sale was comprised of: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Land | $ | 10,674 | |||||||||||||||
Building and equipment, net | 81,538 | ||||||||||||||||
Other assets, net | 2,949 | ||||||||||||||||
Total assets | $ | 95,161 | |||||||||||||||
Unconsolidated_Real_Estate_Aff1
Unconsolidated Real Estate Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
31-Dec-14 | |||||||||||||
Building | $ | 17,093 | |||||||||||
Other assets | 30 | ||||||||||||
Total assets | $ | 17,123 | |||||||||||
Total liabilities | $ | 54 | |||||||||||
Members’ equity | 17,069 | ||||||||||||
Total liabilities and members' equity | $ | 17,123 | |||||||||||
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||||
For the Period From December 23, 2014 through December 31, 2014 | For the Period From January 1, 2013 through October 29, 2013 | Year Ended December 31, 2012 | |||||||||||
Total revenues | $ | 30 | $ | 15,158 | $ | 25,379 | |||||||
Total operating expenses | 30 | 11,065 | 17,483 | ||||||||||
Operating income | — | 4,093 | 7,896 | ||||||||||
Total other expenses | — | (3,987 | ) | (7,827 | ) | ||||||||
Net income | $ | — | $ | 106 | $ | 69 | |||||||
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 | ||||||||||||
Net income of unconsolidated real estate affiliates | $ | 106 | $ | 69 | |||||||||
Other members’ share of net income | (56 | ) | (272 | ) | |||||||||
Adjustments and other expenses | 5 | 37 | |||||||||||
Other expense from unconsolidated real estate affiliates | (23 | ) | (10 | ) | |||||||||
Company equity in income (loss) of unconsolidated real estate affiliates | $ | 32 | $ | (176 | ) | ||||||||
Mortgage_Notes_Payable_Table_1
Mortgage Notes Payable Table 1 - Schedule of Mortgages and Other Notes Payable (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||
Stirling Slidell Shopping Centre | August 8, 2014 | Fixed | 5.15 | % | $ | — | $ | 12,171 | ||||||||
4 Research Park Drive | September 30, 2014 | Fixed | 6.05 | % | — | 6,212 | ||||||||||
Campus Lodge Tampa | October 1, 2016 | Fixed | 5.95 | % | 32,198 | 32,638 | ||||||||||
Norfleet Distribution Center | February 1, 2017 | Floating | 2.92 | % | 12,000 | 12,000 | ||||||||||
South Beach Parking Garage | March 1, 2017 | Floating | 2.07 | % | 9,250 | — | ||||||||||
Station Nine Apartments | May 1, 2017 | Fixed | 5.5 | % | 36,885 | 36,885 | ||||||||||
The District at Howell Mill | June 1, 2017 | Fixed | 6.14 | % | 9,675 | 9,807 | ||||||||||
Railway Street Corporate Centre (1) | September 1, 2017 | Fixed | 5.16 | % | 24,643 | 27,266 | ||||||||||
Cabana Beach Gainesville (2) | December 1, 2018 | Floating | 2.77 | % | — | 20,300 | ||||||||||
Cabana Beach San Marcos (2) | December 1, 2018 | Floating | 2.46 | % | — | 16,720 | ||||||||||
Campus Lodge Columbia (2) | December 1, 2018 | Floating | 2.52 | % | — | 22,400 | ||||||||||
Campus Lodge Athens (2) | December 1, 2018 | Floating | 2.62 | % | — | 11,580 | ||||||||||
The Edge at Lafayette | December 1, 2018 | Floating | 2.66 | % | 17,680 | 17,680 | ||||||||||
Grand Prairie Distribution Center | April 1, 2019 | Fixed | 3.58 | % | 8,600 | — | ||||||||||
Suwanee Distribution Center | October 1, 2020 | Fixed | 3.66 | % | 19,100 | 19,100 | ||||||||||
111 Sutter Street (3) | April 1, 2023 | Fixed | 4.5 | % | 53,922 | 53,922 | ||||||||||
Grand Lakes Marketplace | October 1, 2023 | Fixed | 4.2 | % | 23,900 | 23,900 | ||||||||||
Oak Grove Plaza | February 1, 2024 | Fixed | 4.17 | % | 10,400 | — | ||||||||||
South Seattle Distribution Center | March 1, 2024 | Fixed | 4.38 | % | 19,500 | — | ||||||||||
Charlotte Distribution Center | September 1, 2024 | Fixed | 3.66 | % | 10,220 | — | ||||||||||
Rancho Temecula Town Center | July 1, 2026 | Fixed | 4.02 | % | 28,000 | — | ||||||||||
The District at Howell Mill | March 1, 2027 | Fixed | 5.3 | % | 33,544 | 34,084 | ||||||||||
TOTAL | $ | 349,517 | $ | 356,665 | ||||||||||||
Net debt premium on assumed debt | 814 | 1,141 | ||||||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE, NET | $ | 350,331 | $ | 357,806 | ||||||||||||
Cabana Beach Gainesville (2) | 1-Dec-18 | Floating | 2.77 | % | $ | 20,300 | $ | — | ||||||||
Cabana Beach San Marcos (2) | 1-Dec-18 | Floating | 2.46 | % | 16,720 | — | ||||||||||
Campus Lodge Columbia (2) | 1-Dec-18 | Floating | 2.52 | % | 22,400 | — | ||||||||||
Campus Lodge Athens (2) | 1-Dec-18 | Floating | 2.62 | % | 11,580 | — | ||||||||||
MORTGAGE NOTES AND OTHER DEBT PAYABLE OF HELD FOR SALE PROPERTIES | $ | 71,000 | $ | — | ||||||||||||
-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 loan associated with this property was designated as held for sale on December 19, 2014. The property associated with this loan was sold on January 27, 2015 and the loan was repaid. | |||||||||||||||
-3 | Loan assumed as part of acquisition of 111 Sutter Street on December 4, 2012 and modified on March 27, 2013. |
Mortgage_Notes_Payable_Table_2
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 | |||||||
The District at Howell Mill | (2,372 | ) | 6.34 | % | ||||
Campus Lodge Tampa | 322 | 5.95 | % | |||||
111 Sutter Street | 2,864 | 2.66 | % | |||||
Net debt premium on assumed debt | $ | 814 | ||||||
Table_3_Summary_of_Aggregate_P
Table 3 - Summary of Aggregate Principa Pmts (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Mortgage Loans on Real Estate, Other Required Disclosures [Abstract] | |||||
Aggregate principal payments of mortgage notes payable | Aggregate future principal payments of mortgage notes payable, excluding those classified as held for sale as of December 31, 2014 are as follows: | ||||
Year | Amount | ||||
2015 | $ | 1,773 | |||
2016 | 33,344 | ||||
2017 | 93,127 | ||||
2018 | 19,994 | ||||
2019 | 11,023 | ||||
Thereafter | 190,256 | ||||
Total | $ | 349,517 | |||
Common_Stock_Common_Stock_Tabl
Common Stock Common Stock (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
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 | 0.3 | % | -1 | None | |||||||||||||||||
(1) The dealer manager agreed to reduce the Dealer Manager Fee on Class M shares from 0.55% to 0.30% effective June 1, 2014. | ||||||||||||||||||||||
The selling commission, dealer manager fee and distribution fee are offering costs and will be recorded as a reduction of additional paid in capital. | ||||||||||||||||||||||
Stock Transactions [Table Text Block] | The stock transactions for each of our classes of common stock for the years ending December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||
Shares of | Shares of | Shares of | Shares of | Shares of | Shares of | |||||||||||||||||
Class E | Class A | Class M | Class A-I | Class M-I | Class D | |||||||||||||||||
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | |||||||||||||||||
Balance, December 31, 2011 | 23,995,352 | — | — | — | — | — | ||||||||||||||||
Issuance of common stock | 5,202,625 | 3,612,169 | 100,282 | — | — | — | ||||||||||||||||
Repurchase of shares | (2,753,134 | ) | — | — | — | — | — | |||||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Balance, December 31, 2012 | 26,444,843 | 3,612,169 | 104,282 | — | — | — | ||||||||||||||||
Issuance of common stock | — | 9,462,512 | 2,365,700 | — | — | — | ||||||||||||||||
Repurchase of shares | (238,087 | ) | (31,229 | ) | (71,685 | ) | — | — | — | |||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Stock conversion | (26,206,756 | ) | — | 26,232,525 | — | — | — | |||||||||||||||
Balance, December 31, 2013 | — | 13,043,452 | 28,634,822 | — | — | — | ||||||||||||||||
Issuance of common stock | — | 7,692,796 | 2,625,546 | 392,344 | 286,564 | 3,358,562 | ||||||||||||||||
Repurchase of shares | — | (292,407 | ) | (7,383,688 | ) | — | — | — | ||||||||||||||
Stock based compensation | — | — | 4,000 | — | — | — | ||||||||||||||||
Stock conversion | — | (4,200,022 | ) | (448,488 | ) | 4,187,965 | 448,488 | — | ||||||||||||||
Balance, December 31, 2014 | — | 16,243,819 | 23,432,192 | 4,580,309 | 735,052 | 3,358,562 | ||||||||||||||||
Schedule of Stock by Class [Table Text Block] | The stock issuances for our classes of shares, including those issued through our distribution reinvestment plan, for the years ending December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
# of shares | $ Amount | # of shares | $ Amount | # of shares | $ Amount | |||||||||||||||||
Class A Shares | 7,692,796 | $ | 80,485 | 9,462,512 | $ | 96,945 | 3,612,169 | $ | 37,035 | |||||||||||||
Class M Shares | 2,629,546 | 27,434 | 2,369,700 | 24,145 | 104,282 | 1,057 | ||||||||||||||||
Class E Shares (1) | — | — | — | — | 5,202,625 | 50,794 | ||||||||||||||||
Class A-I Shares | 392,344 | 4,100 | — | — | — | — | ||||||||||||||||
Class M-I Shares | 286,564 | 3,012 | — | — | — | — | ||||||||||||||||
Class D Shares | 3,358,562 | 35,399 | — | — | — | — | ||||||||||||||||
Total | $ | 150,430 | $ | 121,090 | $ | 88,886 | ||||||||||||||||
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 | $ | — | ||||||||||||||||
Sep-14 | 4,389,280 | 10.48 | 4,389,280 | — | -1 | |||||||||||||||||
(1) In compliance with SEC rules, the share repurchase plan for Class M common stock was suspended on August 25, 2014 and reopened for repurchases on October 8, 2014. |
Rentals_Under_Operating_Leases1
Rentals Under Operating Leases Rentals Under Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, excluding those classified as held for sale, based on operating leases in place at December 31, 2014 are as follows: | ||||
Year | Amount (1) | ||||
2015 | $ | 57,571 | |||
2016 | 43,974 | ||||
2017 | 35,037 | ||||
2018 | 30,103 | ||||
2019 | 28,567 | ||||
Thereafter | 132,643 | ||||
Total | $ | 327,895 | |||
-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, 2014. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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 operating segment and reconciled to income (loss) from continuing operations for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||
Year Ended December 31, 2014 | Apartments | Industrial | Office | Retail | Other | Total | |||||||||||||||||||
Assets | $ | 207,691 | $ | 182,338 | $ | 250,870 | $ | 204,077 | $ | 22,074 | $ | 867,050 | |||||||||||||
Revenues: | |||||||||||||||||||||||||
Minimum rents | $ | 31,643 | $ | 12,072 | $ | 25,124 | $ | 12,394 | $ | 262 | $ | 81,495 | |||||||||||||
Tenant recoveries and other rental income | 1,824 | 3,270 | 4,256 | 4,784 | 2,573 | 16,707 | |||||||||||||||||||
Total revenues | $ | 33,467 | $ | 15,342 | $ | 29,380 | $ | 17,178 | $ | 2,835 | $ | 98,202 | |||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Real estate taxes | $ | 2,990 | $ | 2,472 | $ | 3,221 | $ | 2,899 | $ | 342 | $ | 11,924 | |||||||||||||
Property operating | 14,163 | 787 | 6,896 | 2,186 | 1,297 | 25,329 | |||||||||||||||||||
Provision for doubtful accounts | 250 | — | 63 | 51 | 1 | 365 | |||||||||||||||||||
Total segment operating expenses | $ | 17,403 | $ | 3,259 | $ | 10,180 | $ | 5,136 | $ | 1,640 | $ | 37,618 | |||||||||||||
Operating income - Segments | $ | 16,064 | $ | 12,083 | $ | 19,200 | $ | 12,042 | $ | 1,195 | $ | 60,584 | |||||||||||||
Capital expenditures by segment | $ | 3,225 | $ | 1,606 | $ | 6,512 | $ | 598 | $ | 28 | $ | 11,969 | |||||||||||||
Operating income - Segments | $ | 60,584 | |||||||||||||||||||||||
Advisor fees | 6,181 | ||||||||||||||||||||||||
Company level expenses | 2,361 | ||||||||||||||||||||||||
General and administrative | 831 | ||||||||||||||||||||||||
Acquisition related expenses | 545 | ||||||||||||||||||||||||
Depreciation and amortization | 27,854 | ||||||||||||||||||||||||
Operating income | $ | 22,812 | |||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (18,394 | ) | ||||||||||||||||||||||
Gain on disposition of property and extinguishment of debt | 589 | ||||||||||||||||||||||||
Total other income and (expenses) | $ | (17,805 | ) | ||||||||||||||||||||||
Income from continuing operations | $ | 5,007 | |||||||||||||||||||||||
Reconciliation to total consolidated assets as of December 31, 2014 | |||||||||||||||||||||||||
Assets per reportable segments (1) | $ | 867,050 | |||||||||||||||||||||||
Corporate level assets | 31,716 | ||||||||||||||||||||||||
Total consolidated assets | $ | 898,766 | |||||||||||||||||||||||
(1) Includes $95,161 of Apartments segment assets classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||
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 income from continuing operations | |||||||||||||||||||||||||
Operating income - Segments | $ | 46,080 | |||||||||||||||||||||||
Advisor fees | 4,668 | ||||||||||||||||||||||||
Company level expenses | 1,917 | ||||||||||||||||||||||||
General and administrative | 648 | ||||||||||||||||||||||||
Acquisition related expenses | 599 | ||||||||||||||||||||||||
Provision for impairment of real estate | 38,356 | ||||||||||||||||||||||||
Depreciation and amortization | 22,288 | ||||||||||||||||||||||||
Operating loss | $ | (22,396 | ) | ||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (19,913 | ) | ||||||||||||||||||||||
Debt modification expense | (926 | ) | |||||||||||||||||||||||
Equity in income of unconsolidated affiliates | 32 | ||||||||||||||||||||||||
Gain on disposition of property and extinguishment of debt | 1,109 | ||||||||||||||||||||||||
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 as of December 31, 2013 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | 860 | ||||||||||||||||||||||||
Acquisition related expenses | 33 | ||||||||||||||||||||||||
Depreciation and amortization | 14,452 | ||||||||||||||||||||||||
Operating income | $ | 11,685 | |||||||||||||||||||||||
Other income and (expenses): | |||||||||||||||||||||||||
Interest expense | $ | (20,971 | ) | ||||||||||||||||||||||
Equity in loss of unconsolidated affiliates | (176 | ) | |||||||||||||||||||||||
Gain (loss) on disposition of property and extinguishment of debt | (86 | ) | |||||||||||||||||||||||
Gain on consolidation of real estate affiliate | 34,852 | ||||||||||||||||||||||||
Total other income and (expenses) | $ | 13,619 | |||||||||||||||||||||||
Income from continuing operations | $ | 25,304 | |||||||||||||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | ||||||||||||||
Total revenues | $ | 23,383 | $ | 24,172 | $ | 24,680 | $ | 25,967 | |||||||||
Operating income | 5,826 | 5,936 | 4,066 | 6,984 | |||||||||||||
Income (loss) from continuing operations | 1,574 | 1,139 | (32 | ) | 2,326 | ||||||||||||
Total income (loss) from discontinued operations | — | — | 813 | (5 | ) | ||||||||||||
Net income attributable to Jones Lang LaSalle Income Property Trust, Inc. | 1,287 | 871 | 969 | 1,926 | |||||||||||||
Net income attributable to Jones Lang LaSalle Income Property Trust, Inc. per share-basic and diluted | $ | 0.03 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||
Weighted average common stock outstanding-basic and diluted | 42,717,549 | 45,092,828 | 47,271,566 | 47,482,906 | |||||||||||||
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 | |||||||||||||
Organization_Details
Organization (Details) (USD $) | 12 Months Ended | 24 Months Ended | 27 Months Ended |
Dec. 31, 2014 | Sep. 30, 2016 | Dec. 31, 2014 | |
stockholders | stockholders | ||
states | states | ||
properties | properties | ||
Organization (Textual) [Abstract] | |||
common stock, value authorized during private offering | $400,000,000 | ||
common stock, authorized in offering for DRIP shares | 300,000,000 | ||
common stock, authorized in offering of new shares | 2,400,000,000 | ||
Number of properties owned | 28 | 28 | |
Number of states | 10 | 10 | |
Common Stock, Value Authorized during Offering | 2,700,000,000 | 3,000,000,000 | |
Common Stock, Value, Outstanding | 42,100,000 | 42,100,000 | |
Organization (Additional Textual) [Abstract] | |||
Incorporation date | 28-May-04 | ||
Total number of stockholders | 3,812 | 3,812 | |
Affiliated Entity [Member] | |||
Organization (Textual) [Abstract] | |||
Aggregate investment through purchases of shares of our undesignated common stock | 60,200,000 | ||
Class A [Member] | |||
Organization (Textual) [Abstract] | |||
Common stock, shares outstanding | 16,243,819 | 16,243,819 | |
Common Stock, Value, Outstanding | 208,902,000 | 208,902,000 | |
Class M [Member] | |||
Organization (Textual) [Abstract] | |||
Common stock, shares outstanding | 23,432,192 | 23,432,192 | |
Common Stock, Value, Outstanding | $50,574,000 | $50,574,000 | |
Class D Shares [Member] | |||
Organization (Textual) [Abstract] | |||
Common stock, shares outstanding | 3,358,562 | 3,358,562 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Significant Accounting Policies [Line Items] | |||
Derivative Liability | $96 | ||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Asset Impairment Charges | 48,538 | 913 | |
Straight Line Rent | -2,202 | -3,128 | -403 |
Amortization of above and below Market Leases | 1,395 | 4,844 | 882 |
Finite-Lived Intangible Asset, Useful Life | 3 years 1 month | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 25,048 | 15,181 | |
Finite-Lived intangible liability, Accumulated Amortization | 2,660 | 948 | |
Total Revenue From Foreign Investments | 4,287 | 4,166 | 3,874 |
Total Revenue from US Investments | 93,915 | 72,350 | 53,234 |
Total Assets From Foreign Investments | 34,471 | 37,564 | |
Total Assets from US Investments | 864,295 | 737,375 | |
Derivative Asset | 262 | ||
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | |||
Allowance for doubtful accounts | 58 | 41 | |
Accumulated amortization of Deferred expenses | 3,276 | 2,286 | |
Level two [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Mortgage notes payable, fair value | 10,717 | 296 | |
Minimum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Minimum [Member] | Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Consolidation of variable interest entities, ownership percentage | 100.00% | ||
Maximum [Member] | Building [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Maximum [Member] | Equipment [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
In-Place Leases [Member] | |||
Summary of Significant Accounting Policies (Textual) [Abstract] | |||
Acquired In-Place Leases Next Twelve Months | 9,534 | ||
Acquired Above Market Leases Next Twelve Months | 522 | ||
Below Market Ground Lease Next Twelve Months | 15 | ||
Acquired Below Market Leases Next Twelve Months | -1,675 | ||
Acquired In-Place Leases Year Two | 5,619 | ||
Acquired Above Market Leases Year Two | 396 | ||
Below Market Ground Leases Year Two | 15 | ||
Acquired Below Market Leases Year Two | -1,440 | ||
Acquired In-Place Leases Year Three | 5,005 | ||
Acquired Above Market Leases Year Three | 262 | ||
Below Market Ground Leases Year Three | 15 | ||
Acquired Below Market Leases Year Three | -1,217 | ||
Acquired In-Place Leases Year Four | 4,676 | ||
Acquired Above Market Leases Year Four | 149 | ||
Acquired Below Market Leases Year Four | -1,176 | ||
Acquired In-Place Leases Year Five | 4,368 | ||
Acquired Above Market Leases Year Five | 91 | ||
Below Market Ground Leases Year Four | 15 | ||
Acquired Below Market Leases Year Five | -1,142 | ||
Acquired In-Place Leases After Year Five | 13,470 | ||
Acquired Above Market Leases After Year Five | 569 | ||
Below Market Ground Leases After Year Five | 339 | ||
Acquired Below Market Leases After Year Five | -4,190 | ||
Acquired In Place Leases | 42,672 | ||
Acquired Above Market Leases | 1,989 | ||
Below Market Ground Leases | 414 | ||
Acquired Below Market Leases | ($10,840) | ||
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 |
Property_Table_1_Property_Deta
Property Table 1 - Property Details (Details) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 28, 2014 | Jan. 17, 2014 | Jan. 22, 2014 | Jun. 16, 2014 | Jun. 27, 2014 | Aug. 27, 2004 | Dec. 04, 2012 | Mar. 29, 2005 | Jun. 30, 2005 | Dec. 21, 2005 | Feb. 27, 2007 | Apr. 16, 2007 | Jun. 13, 2007 | Jun. 15, 2007 | Aug. 30, 2007 | Nov. 21, 2007 | Jan. 15, 2008 | Feb. 29, 2008 | Jun. 26, 2013 | Jun. 28, 2013 | Sep. 17, 2013 | Dec. 18, 2013 | Dec. 10, 2013 | |||
sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | |||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $10,481,000 | $3,482,000 | $1,024,000 | |||||||||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 757,000 | 414,000 | 165,000 | |||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | 0 | 0 | 34,852,000 | |||||||||||||||||||||||||
Acquisition Related Costs | 545,000 | 599,000 | 33,000 | |||||||||||||||||||||||||
Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | |||||||||||||||||||||||||||
South Beach Parking Garage [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.07% | |||||||||||||||||||||||||||
South Beach Parking Garage [Member] | Other Segments [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 130,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 28-Jan-14 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 22,050,000 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 13,000,000 | |||||||||||||||||||||||||||
Land Subject to Ground Leases | 127,000 | |||||||||||||||||||||||||||
Area of leased space | 3,000 | |||||||||||||||||||||||||||
Oak Grove Plaza [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.17% | |||||||||||||||||||||||||||
Oak Grove Plaza [Member] | Retail Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 120,000 | 120,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 17-Jan-14 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 22,525,000 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 10,550,000 | |||||||||||||||||||||||||||
Grand Prairie Distribution Center [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | |||||||||||||||||||||||||||
Grand Prairie Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 277,000 | 277,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 22-Jan-14 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 17,200,000 | |||||||||||||||||||||||||||
Rancho Temecula Town Center [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.02% | |||||||||||||||||||||||||||
Rancho Temecula Town Center [Member] | Retail Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 165,000 | 165,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 16-Jun-14 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 60,000,000 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 28,000 | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 402.00% | |||||||||||||||||||||||||||
Charlotte Distribution Center [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | |||||||||||||||||||||||||||
Charlotte Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 347,000 | 347,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 27-Jun-14 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 25,550,000 | |||||||||||||||||||||||||||
Monument IV at Worldgate [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 228,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 27-Aug-04 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 59,608,000 | |||||||||||||||||||||||||||
111 Sutter Street [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 286,000 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 62,845,000 | |||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 80.00% | |||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 5.58% | [1] | |||||||||||||||||||||||||
111 Sutter Street [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 286,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 29-Mar-05 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 100,779,000 | |||||||||||||||||||||||||||
105 Kendall Park Lane [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 409,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 30-Jun-05 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 18,781,000 | |||||||||||||||||||||||||||
14600 Sherman Way [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 50,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Dec-05 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 8,623,000 | |||||||||||||||||||||||||||
14624 Sherman Way [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 53,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Dec-05 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 9,755,000 | |||||||||||||||||||||||||||
Stirling Slidell Shopping Centre [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |||||||||||||||||||||||||||
4001 North Norfleet Road [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.92% | |||||||||||||||||||||||||||
4001 North Norfleet Road [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 702,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 27-Feb-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 37,579,000 | |||||||||||||||||||||||||||
Station Nine Apartments [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||||||||||||||||||
Station Nine Apartments [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 312,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 16-Apr-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 56,417,000 | |||||||||||||||||||||||||||
4 Research Park Drive [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.05% | |||||||||||||||||||||||||||
36 Research Park Drive [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 81,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 13-Jun-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 17,232,000 | |||||||||||||||||||||||||||
The District at Howell Mill [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.14% | [2] | ||||||||||||||||||||||||||
The District at Howell Mill [Member] | Retail Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 306,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 87.85% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 15-Jun-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 78,661,000 | |||||||||||||||||||||||||||
Railway Street Corporate Centre [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | |||||||||||||||||||||||||||
Railway Street Corporate Centre [Member] | Office Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 137,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 30-Aug-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 42,614,000 | |||||||||||||||||||||||||||
Cabana Beach San Marcos [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | |||||||||||||||||||||||||||
Cabana Beach San Marcos [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 278,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Nov-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 29,375,000 | |||||||||||||||||||||||||||
Cabana Beach Gainesville [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.77% | |||||||||||||||||||||||||||
Cabana Beach Gainesville [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 545,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Nov-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 74,277,000 | |||||||||||||||||||||||||||
Campus Lodge Athens [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.62% | |||||||||||||||||||||||||||
Campus Lodge Athens [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 229,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Nov-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 20,980,000 | |||||||||||||||||||||||||||
Campus Lodge Columbia [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.52% | |||||||||||||||||||||||||||
Campus Lodge Columbia [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 256,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 21-Nov-07 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 24,852,000 | |||||||||||||||||||||||||||
The Edge at Lafayette [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.66% | |||||||||||||||||||||||||||
The Edge at Lafayette [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 207,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 15-Jan-08 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 26,870,000 | |||||||||||||||||||||||||||
Campus Lodge Tampa [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |||||||||||||||||||||||||||
Campus Lodge Tampa [Member] | Apartment Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 431,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 78.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 29-Feb-08 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 46,787,000 | |||||||||||||||||||||||||||
Joliet Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 442,000 | 442,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 26-Jun-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 21,000,000 | |||||||||||||||||||||||||||
Suwanne Distribution Center [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.66% | |||||||||||||||||||||||||||
Suwanne Distribution Center [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 559,000 | 559,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 28-Jun-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 37,943,000 | |||||||||||||||||||||||||||
Grand Lakes Marketplace [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||||||||||||||||||
Grand Lakes Marketplace [Member] | Retail Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 131,000 | 131,000 | ||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 90.00% | 90.00% | ||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 17-Sep-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 42,975,000 | |||||||||||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 23,900 | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||||||||||||||||||||
3800 1st Avenue South [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 162,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 18-Dec-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 18,705,000 | |||||||||||||||||||||||||||
3844 1st Avenue South [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 101,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 18-Dec-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 12,070,000 | |||||||||||||||||||||||||||
3601 2nd Avenue South [Member] | Industrial Properties [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 60,000 | |||||||||||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | |||||||||||||||||||||||||||
Acquisitions and Disposals, Date of Transaction for Acquisition or Disposal | 18-Dec-13 | |||||||||||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $7,925,000 | |||||||||||||||||||||||||||
Canyon Plaza [Member] | Discontinued Operations [Member] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||
Area of Real Estate Property | 199,000 | |||||||||||||||||||||||||||
[1] | . | |||||||||||||||||||||||||||
[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. |
Property_Table_2_Schedule_of_A
Property Table 2 - Schedule of Acquisition (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 04, 2012 | Dec. 18, 2013 | Jun. 26, 2013 | Jun. 28, 2013 | Jun. 16, 2014 | Sep. 17, 2013 | ||
sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition Related Costs | $545,000 | $599,000 | $33,000 | ||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 10,481,000 | 3,482,000 | 1,024,000 | ||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 757,000 | 414,000 | 165,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 29,744,000 | 29,744,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 97,199,000 | 97,199,000 | |||||||||||||||||
Gain on consolidation of real estate affiliate | 0 | 0 | 34,852,000 | ||||||||||||||||
Land | 145,357,000 | 134,407,000 | 145,357,000 | 134,407,000 | |||||||||||||||
Buildings and equipment | 601,569,000 | 593,078,000 | 601,569,000 | 593,078,000 | |||||||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 18,631,000 | 18,631,000 | |||||||||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 566,000 | 566,000 | |||||||||||||||||
Off-market Lease, Unfavorable | -748,000 | -748,000 | |||||||||||||||||
Secured Debt | -350,331,000 | -357,806,000 | -350,331,000 | -357,806,000 | |||||||||||||||
Proceeds from Lines of Credit | 7,000,000 | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years 1 month | ||||||||||||||||||
Amortization Period of Debt Discount/Premium | 2 years 7 months | ||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 102,702,000 | 65,988,000 | |||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 7,419,000 | 38,828,000 | |||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.16 | $0.76 | $1.51 | ||||||||||||||||
Weighted Average Number of Outstanding Shares Basic and Diluted | 47,482,906 | 47,271,566 | 45,092,828 | 42,717,549 | 40,870,052 | 38,860,238 | 35,343,798 | 31,526,688 | 45,658,735 | 36,681,847 | 25,651,220 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 145,392,000 | 145,392,000 | |||||||||||||||||
Fair Value Inputs, Cap Rate | 6.25% | ||||||||||||||||||
Fair Value Inputs, Discount Rate | 7.75% | ||||||||||||||||||
Land Buildings and Equipment Net of Accumulated Depreciation | 686,357,000 | 672,799,000 | 686,357,000 | 672,799,000 | |||||||||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 95,161,000 | 0 | 95,161,000 | 0 | |||||||||||||||
Rancho Temecula Town Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest Rate | 4.02% | 4.02% | |||||||||||||||||
South Seattle Distribution Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest Rate | 4.38% | 4.38% | |||||||||||||||||
111 Sutter Street [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 39,919,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 72,712,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 22,000,000 | ||||||||||||||||||
Other Long-term Debt | 12,000,000 | ||||||||||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 12,772,000 | ||||||||||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 729,000 | ||||||||||||||||||
Off-market Lease, Unfavorable | -5,289,000 | ||||||||||||||||||
Debt Instrument, Unamortized Premium | -3,868,000 | ||||||||||||||||||
Secured Debt | -54,130,000 | ||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 62,845,000 | ||||||||||||||||||
Interest Rate | 4.50% | 4.50% | 5.58% | [1] | |||||||||||||||
Suwanne Distribution Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest Rate | 3.66% | 3.66% | |||||||||||||||||
Grand Lakes Marketplace [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest Rate | 4.20% | 4.20% | |||||||||||||||||
Industrial Properties [Member] | South Seattle Distribution Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Area of Real Estate Property | 323,000 | ||||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 39,000,000 | ||||||||||||||||||
Industrial Properties [Member] | Joliet Distribution Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Area of Real Estate Property | 442,000 | 442,000 | 442,000 | ||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 21,000,000 | ||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | 100.00% | |||||||||||||||||
Industrial Properties [Member] | Suwanne Distribution Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Area of Real Estate Property | 559,000 | 559,000 | 559,000 | ||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 37,943,000 | ||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | 100.00% | |||||||||||||||||
Retail Properties [Member] | Rancho Temecula Town Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Area of Real Estate Property | 165,000 | 165,000 | 165,000 | ||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 60,000,000 | ||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 28,000 | ||||||||||||||||||
Interest Rate | 402.00% | ||||||||||||||||||
Real Estate Property Ownership Percentage | 100.00% | 100.00% | |||||||||||||||||
Retail Properties [Member] | Grand Lakes Marketplace [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Area of Real Estate Property | 131,000 | 131,000 | 131,000 | ||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 42,975,000 | ||||||||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | 23,900 | ||||||||||||||||||
Interest Rate | 4.20% | ||||||||||||||||||
Real Estate Property Ownership Percentage | 90.00% | 90.00% | 90.00% | ||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 2 years | 3 years 1 month | ||||||||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||||||||||||||||||
Fair Value Inputs, Cap Rate | 7.25% | ||||||||||||||||||
Fair Value Inputs, Discount Rate | 8.25% | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | 11 years | |||||||||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 7.00% | ||||||||||||||||||
Fair Value Inputs, Cap Rate | 9.00% | ||||||||||||||||||
Fair Value Inputs, Discount Rate | 10.00% | ||||||||||||||||||
Property, Plant and Equipment, Other Types [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Land | 26,515,000 | 26,515,000 | |||||||||||||||||
Buildings and equipment | 108,997,000 | 108,997,000 | |||||||||||||||||
Ground Leases, Gross | 428,000 | 428,000 | |||||||||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 18,810,000 | 18,810,000 | |||||||||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,214,000 | 1,214,000 | |||||||||||||||||
Off-market Lease, Unfavorable | 8,639,000 | 8,639,000 | |||||||||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 147,325,000 | 147,325,000 | |||||||||||||||||
2014 Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 93,182,000 | ||||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 27,988,000 | ||||||||||||||||||
2013 Acquisitions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 85,726,000 | ||||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $27,912,000 | ||||||||||||||||||
[1] | . |
Property_Table_3_Schedule_of_I
Property Table 3 - Schedule of Impairment on Real Estate (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jul. 11, 2012 | Dec. 10, 2013 | Mar. 16, 2012 |
sqft | sqft | sqft | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Fair Value Inputs, Cap Rate | 6.25% | |||||
Fair Value Inputs, Discount Rate | 7.75% | |||||
Provision for impairment of real estate | $38,356 | $0 | ||||
Recovery of Provision for Impairment of Real Estate Including Discontinued Operations | 10,182 | 913 | ||||
4 Research Park Drive [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Provision for impairment of real estate | 2,888 | 0 | ||||
Stirling Slidell Shopping Centre [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Provision for impairment of real estate | 7,270 | 0 | ||||
Cabana Beach Gainesville [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Provision for impairment of real estate | 23,466 | 0 | ||||
14600 Sherman Way [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Provision for impairment of real estate | 1,726 | 0 | ||||
14624 Sherman Way [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Provision for impairment of real estate | 3,006 | 0 | ||||
Georgia Door Sales Distribution Center [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Recovery of Provision for Impairment of Real Estate Including Discontinued Operations | 0 | 913 | ||||
Canyon Plaza [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Recovery of Provision for Impairment of Real Estate Including Discontinued Operations | $10,182 | $0 | ||||
Marketplace at Northglenn [Member] | Discontinued Operations [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Area of Real Estate Property | 439,000 | |||||
Canyon Plaza [Member] | Discontinued Operations [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Area of Real Estate Property | 199,000 | |||||
Georgia Door Sales Distribution Center [Member] | Discontinued Operations [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Area of Real Estate Property | 254,000 | |||||
Minimum [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Fair Value Inputs, Cap Rate | 7.25% | |||||
Fair Value Inputs, Discount Rate | 8.25% | |||||
Maximum [Member] | ||||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ||||||
Fair Value Inputs, Cap Rate | 9.00% | |||||
Fair Value Inputs, Discount Rate | 10.00% |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 16, 2012 | |
sqft | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $644,000 | |||||||||||
Total revenues | 25,967,000 | 24,680,000 | 24,172,000 | 23,383,000 | 20,676,000 | 19,157,000 | 18,742,000 | 17,941,000 | 98,202,000 | 76,516,000 | 57,108,000 | |
Real estate taxes | -11,924,000 | -8,103,000 | -6,560,000 | |||||||||
Property operating | -25,329,000 | -22,008,000 | -18,357,000 | |||||||||
Provision for doubtful accounts | -365,000 | -39,000 | -557,000 | |||||||||
General and administrative | -831,000 | -648,000 | -860,000 | |||||||||
Depreciation and amortization | -27,854,000 | -22,288,000 | -14,452,000 | |||||||||
Interest expense | -18,394,000 | -19,913,000 | -20,971,000 | |||||||||
Loss from discontinued operations | $808,000 | ($10,903,000) | ($2,545,000) | |||||||||
Georgia Door Sales Distribution Center [Member] | Discontinued Operations [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Area of Real Estate Property | 254,000 |
Property_Table_5_Schedule_of_L
Property Table 5 - Schedule of Loss from Discontinued Operations 3B (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 11, 2012 | Apr. 20, 2012 | Mar. 31, 2012 | Mar. 23, 2012 | Dec. 10, 2013 | Sep. 30, 2013 | Oct. 24, 2013 | Jul. 11, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gains (Losses) on Sales of Investment Real Estate | $644,000 | ||||||||||
Asset Impairment Charges | 48,538,000 | 913,000 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 15,266,000 | -117,000 | ||||||||
Disposal Group, Including Discontinued Operation, Revenue | 839,000 | 20,471,000 | |||||||||
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | 0 | -1,452,000 | |||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | -26,000 | -5,180,000 | |||||||||
Provision for Doubtful Accounts Discontinued Operations | 0 | 286,000 | |||||||||
General and Administrative Expenses Discontinued operations | -5,000 | -514,000 | |||||||||
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | 0 | -10,182,000 | |||||||||
Depreciation and Amortization, Discontinued Operations | 0 | -9,689,000 | |||||||||
Disposal Group, Including Discontinued Operation, Interest Expense | 0 | -4,643,000 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 808,000 | -10,903,000 | -2,545,000 | ||||||||
Gains (Losses) on Extinguishment of Debt | 589,000 | 1,109,000 | -86,000 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 73,264,000 | 0 | |||||||||
Dignity Health Disposition Portfolio, Canyon Plaza, Marketplace at Northglenn, Georgia Door [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 25,173,000 | ||||||||||
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | -2,704,000 | ||||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | -6,162,000 | ||||||||||
Provision for Doubtful Accounts Discontinued Operations | -409,000 | ||||||||||
General and Administrative Expenses Discontinued operations | -258,000 | ||||||||||
Discontinued Operation, Provision for Loss (Gain) on Disposal, before Income Tax | -913,000 | ||||||||||
Depreciation and Amortization, Discontinued Operations | -7,278,000 | ||||||||||
Disposal Group, Including Discontinued Operation, Interest Expense | -9,994,000 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -2,545,000 | ||||||||||
Stirling Slidell Shopping Centre [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gains (Losses) on Sales of Investment Real Estate | 181,000 | ||||||||||
Proceeds from Sale of Real Estate | 14,600,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 236,000 | ||||||||||
4 Research Park Drive [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gains (Losses) on Sales of Investment Real Estate | 260,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 384,000 | ||||||||||
Marketplace at Northglenn [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of Debt, Amount | 66,480,000 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 6,000 | ||||||||||
Georgia Door Sales Distribution Center [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Asset Impairment Charges | 913,000 | ||||||||||
Assets of Disposal Group, Including Discontinued Operation | 5,150,000 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 117,000 | ||||||||||
Metropolitan Park North [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Extinguishment of Debt, Amount | 56,513,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 6,018,000 | ||||||||||
Canyon Plaza [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Asset Impairment Charges | 10,182,000 | ||||||||||
Assets of Disposal Group, Including Discontinued Operation | 33,750,000 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 218,000 | ||||||||||
Dignity Health Office Portfolio [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 111,260 | ||||||||||
Extinguishment of Debt, Amount | 60,950,000 | ||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 15,048,000 | ||||||||||
Mortgages [Member] | Marketplace at Northglenn [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gains (Losses) on Extinguishment of Debt | 2,908,000 | ||||||||||
Mortgages [Member] | Metropolitan Park North [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Gains (Losses) on Extinguishment of Debt | $5,773,000 |
Property_Significant_Acquisiti
Property Significant Acquisitions and Disposals (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 27, 2014 | Dec. 18, 2013 | Jun. 26, 2013 | Sep. 30, 2014 | Aug. 08, 2014 | Dec. 04, 2012 | |
sqft | sqft | sqft | sqft | ||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Land Buildings and Equipment Net of Accumulated Depreciation | $686,357,000 | $672,799,000 | |||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 18,631,000 | ||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 566,000 | ||||||||||
Proceeds from Lines of Credit | 7,000,000 | ||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 7,419,000 | 38,828,000 | |||||||||
Business Acquisition, Pro Forma Revenue | 102,702,000 | 65,988,000 | |||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.16 | $0.76 | $1.51 | ||||||||
Notes Payable | 349,517,000 | 356,665,000 | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 644,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 589,000 | 1,109,000 | -86,000 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 95,161,000 | 0 | |||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 73,264,000 | 0 | |||||||||
Property, Plant and Equipment, Other Types [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 18,810,000 | ||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1,214,000 | ||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 147,325,000 | ||||||||||
Assets Held-for-sale [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Disposal Group, Including Discontinued Operation, Mortgage Loans | 71,000,000 | ||||||||||
Other Liabilities | 2,264,000 | ||||||||||
Land Available-for-sale | 10,674,000 | ||||||||||
Land Buildings and Equipment Net of Accumulated Depreciation | 81,538,000 | ||||||||||
Other Assets | 2,949,000 | ||||||||||
Notes Payable | 71,000,000 | ||||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 95,161,000 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 73,264,000 | ||||||||||
Charlotte Distribution Center [Member] | Industrial Properties [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Area of Real Estate Property | 347,000 | 347,000 | |||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 25,550,000 | ||||||||||
Notes Payable | 10,220,000 | ||||||||||
South Seattle Distribution Center [Member] | Industrial Properties [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Area of Real Estate Property | 323,000 | ||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 39,000,000 | ||||||||||
Notes Payable | 19,500,000 | ||||||||||
Joliet Distribution Center [Member] | Industrial Properties [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Area of Real Estate Property | 442,000 | 442,000 | |||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 21,000,000 | ||||||||||
4 Research Park Drive [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Notes Payable | 6,212,000 | 6,049,000 | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 260,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 384,000 | ||||||||||
Stirling Slidell Shopping Centre [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Proceeds from Sale of Real Estate | 14,600,000 | ||||||||||
Notes Payable | 12,171,000 | 12,007,000 | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 181,000 | ||||||||||
Gains (Losses) on Extinguishment of Debt | 236,000 | ||||||||||
111 Sutter Street [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 12,772,000 | ||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 729,000 | ||||||||||
Area of Real Estate Property | 286,000 | ||||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 62,845,000 | ||||||||||
Notes Payable | 53,922,000 | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 22,000,000 | ||||||||||
Minimum [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | ||||||||||
Maximum [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 7.00% | ||||||||||
2013 Acquisitions [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 27,912,000 | ||||||||||
Business Acquisition, Pro Forma Revenue | 85,726,000 | ||||||||||
2014 Acquisitions [Member] | |||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 27,988,000 | ||||||||||
Business Acquisition, Pro Forma Revenue | $93,182,000 |
Unconsolidated_Real_Estate_Aff2
Unconsolidated Real Estate Affiliates (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 23, 2014 |
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | $798,587,000 | $672,799,000 | |
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||
TOTAL ASSETS | 898,766,000 | 774,939,000 | |
TOTAL LIABILITIES | 457,642,000 | 383,591,000 | |
TOTAL LIABILITIES AND EQUITY | 898,766,000 | 774,939,000 | |
Unconsolidated Real Estate Affiliates [Member] | |||
Real Estate Properties [Line Items] | |||
Real Estate Investment Property, Net | 17,093,000 | ||
SUMMARIZED COMBINED BALANCE SHEETS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||
TOTAL ASSETS | 17,123,000 | ||
TOTAL LIABILITIES | 54,000 | ||
Members' Equity | 17,069,000 | ||
TOTAL LIABILITIES AND EQUITY | 17,123,000 | ||
Other Assets | 30,000 | ||
Chicago Parking Garage [Member] | |||
Real Estate Properties [Line Items] | |||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $16,900,000 |
Unconsolidated_Real_Estate_Aff3
Unconsolidated Real Estate Affiliates (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | ||
Investments in unconsolidated real estate affiliates | $17,069 | $0 |
Unconsolidated Real Estate Affiliates [Member] | ||
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE AFFILIATES | ||
Members' Equity | ($17,069) |
Unconsolidated_Real_Estate_Aff4
Unconsolidated Real Estate Affiliates (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||
Total revenues | $25,967,000 | $24,680,000 | $24,172,000 | $23,383,000 | $20,676,000 | $19,157,000 | $18,742,000 | $17,941,000 | $98,202,000 | $76,516,000 | $57,108,000 |
Total operating expenses | 75,390,000 | 98,912,000 | 45,423,000 | ||||||||
Operating income | 6,984,000 | 4,066,000 | 5,936,000 | 5,826,000 | -33,728,000 | 2,809,000 | 3,956,000 | 4,567,000 | 22,812,000 | -22,396,000 | 11,685,000 |
Other Nonoperating Income (Expense) | -17,805,000 | -12,408,000 | 13,619,000 | ||||||||
Unconsolidated Real Estate Affiliates [Member] | |||||||||||
SUMMARIZED COMBINED STATEMENTS OF OPERATIONS-UNCONSOLIDATED REAL ESTATE AFFILIATES | |||||||||||
Total revenues | 30 | 15,158 | 25,379 | ||||||||
Total operating expenses | 30 | 11,065 | 17,483 | ||||||||
Operating income | 4,093 | 7,896 | |||||||||
Other Nonoperating Income (Expense) | -3,987 | -7,827 | |||||||||
Net income (loss) | $106 | $69 |
Unconsolidated_Real_Estate_Aff5
Unconsolidated Real Estate Affiliates (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $0 | $7,290,000 | $0 |
Equity in income (loss) of unconsolidated real estate affiliates | 0 | -32,000 | 176,000 |
Unconsolidated Real Estate Affiliates [Member] | |||
EQUITY IN INCOME (LOSS) OF UNCONSOLIDATED REAL ESTATE AFFILIATES | |||
Net income (loss) of unconsolidated real estate affiliates | 106 | 69 | |
Other members' share of net (income) loss | -56 | -272 | |
Adjustment for basis differential in investment in unconsolidated real estate affiliates | 5 | 37 | |
Other expenses from unconsolidated real estate affiliates | -23 | -10 | |
Equity in income (loss) of unconsolidated real estate affiliates | $32 | ($176) |
Unconsolidated_Real_Estate_Aff6
Unconsolidated Real Estate Affiliates (Details Textual) (USD $) | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 23, 2014 | Oct. 29, 2013 | Aug. 25, 2004 | Dec. 04, 2012 | Mar. 29, 2005 | |
sqft | |||||||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $0 | $7,290,000 | $0 | ||||||
Chicago Parking Garage [Member] | |||||||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | |||||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 16,900,000 | ||||||||
Legacy Village [Member] | |||||||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | |||||||||
Ownership interest in unconsolidated real estate affiliates | 46.50% | 46.50% | |||||||
Area of Real Estate Property | 595,000 | 595,000 | |||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 35,000,000 | ||||||||
Assets of Disposal Group, Including Discontinued Operation | 27,350,000 | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 7,290,000 | ||||||||
111 Sutter Street [Member] | |||||||||
Unconsolidated Real Estate Affiliates (Textual) [Abstract] | |||||||||
Ownership interest in unconsolidated real estate affiliates | 80.00% | 80.00% | |||||||
Area of Real Estate Property | 286,000 | 286,000 | |||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $24,646,000 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 20.00% |
Table_1_Schedule_of_Mortgages_
Table 1 - Schedule of Mortgages ... (Details) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 08, 2014 | Sep. 30, 2014 | Dec. 04, 2012 | Sep. 17, 2013 | Jun. 16, 2014 | |||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | $349,517 | $356,665 | ||||||||
Long-term Debt | 349,517 | |||||||||
Net debt premium (discount) on assumed debt | 814 | 1,141 | ||||||||
Mortgage notes payable, net | 350,331 | 357,806 | ||||||||
4001 North Norfleet Road [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Feb-17 | |||||||||
Interest Rate | 2.92% | |||||||||
Total mortgage notes | 12,000 | |||||||||
South Beach Parking Garage [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Mar-17 | |||||||||
Interest Rate | 2.07% | |||||||||
Stirling Slidell Shopping Centre [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 8-Aug-14 | |||||||||
Interest Rate | 5.15% | |||||||||
Total mortgage notes | 12,171 | 12,007 | ||||||||
Cabana Beach Gainesville [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||||||
Interest Rate | 2.77% | |||||||||
Cabana Beach San Marcos [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||||||
Interest Rate | 2.46% | |||||||||
Campus Lodge Columbia [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||||||
Interest Rate | 2.52% | |||||||||
Campus Lodge Athens [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||||||
Interest Rate | 2.62% | |||||||||
The Edge at Lafayette [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Dec-18 | |||||||||
Interest Rate | 2.66% | |||||||||
Total mortgage notes | 17,680 | |||||||||
Grand Prairie Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Apr-19 | |||||||||
Interest Rate | 3.58% | |||||||||
Suwanne Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Oct-20 | |||||||||
Interest Rate | 3.66% | |||||||||
Total mortgage notes | 19,100 | |||||||||
4 Research Park Drive [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 30-Sep-14 | |||||||||
Interest Rate | 6.05% | |||||||||
Total mortgage notes | 6,212 | 6,049 | ||||||||
111 Sutter Street [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Apr-23 | |||||||||
Interest Rate | 4.50% | 5.58% | [1] | |||||||
Other Long-term Debt | 12,000 | |||||||||
Total mortgage notes | 53,922 | |||||||||
Mortgage notes payable, net | 54,130 | |||||||||
Grand Lakes Marketplace [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Oct-23 | |||||||||
Interest Rate | 4.20% | |||||||||
Total mortgage notes | 23,900 | |||||||||
Oak Grove Plaza [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Feb-24 | |||||||||
Interest Rate | 4.17% | |||||||||
South Seattle Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Mar-24 | |||||||||
Interest Rate | 4.38% | |||||||||
Charlotte Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Sep-24 | |||||||||
Interest Rate | 3.66% | |||||||||
Rancho Temecula Town Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Jul-26 | |||||||||
Interest Rate | 4.02% | |||||||||
Campus Lodge Tampa [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Oct-16 | |||||||||
Interest Rate | 5.95% | |||||||||
Total mortgage notes | 32,638 | |||||||||
Station Nine Apartments [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-May-17 | |||||||||
Interest Rate | 5.50% | |||||||||
Total mortgage notes | 36,885 | |||||||||
The District at Howell Mill [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Jun-17 | [2] | ||||||||
Interest Rate | 6.14% | [2] | ||||||||
Total mortgage notes | 9,807 | [2] | ||||||||
Railway Street Corporate Centre [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Sep-17 | |||||||||
Interest Rate | 5.16% | |||||||||
Total mortgage notes | 27,266 | |||||||||
The District at Howell Mill 2 [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Debt Instrument, Maturity Date | 1-Mar-27 | |||||||||
Interest Rate | 5.30% | |||||||||
Total mortgage notes | 33,544 | 34,084 | ||||||||
Office Properties [Member] | 36 Research Park Drive [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 0 | |||||||||
Office Properties [Member] | 4 Research Park Drive [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 0 | |||||||||
Office Properties [Member] | 111 Sutter Street [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 53,922 | |||||||||
Office Properties [Member] | Railway Street Corporate Centre [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 24,643 | |||||||||
Retail Properties [Member] | Stirling Slidell Shopping Centre [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 0 | |||||||||
Retail Properties [Member] | Grand Lakes Marketplace [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Interest Rate | 4.20% | |||||||||
Total mortgage notes | 23,900 | |||||||||
Retail Properties [Member] | Oak Grove Plaza [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 10,400 | |||||||||
Retail Properties [Member] | Rancho Temecula Town Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Interest Rate | 402.00% | |||||||||
Total mortgage notes | 28,000 | |||||||||
Retail Properties [Member] | The District at Howell Mill [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 9,675 | |||||||||
Apartment Properties [Member] | Cabana Beach Gainesville [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 20,300 | |||||||||
Apartment Properties [Member] | Cabana Beach San Marcos [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 16,720 | |||||||||
Apartment Properties [Member] | Campus Lodge Columbia [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 22,400 | |||||||||
Apartment Properties [Member] | Campus Lodge Athens [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 11,580 | |||||||||
Apartment Properties [Member] | The Edge at Lafayette [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 17,680 | |||||||||
Apartment Properties [Member] | Campus Lodge Tampa [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 32,198 | |||||||||
Apartment Properties [Member] | Station Nine Apartments [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 36,885 | |||||||||
Industrial Properties [Member] | 4001 North Norfleet Road [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 12,000 | |||||||||
Industrial Properties [Member] | Grand Prairie Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 8,600 | |||||||||
Industrial Properties [Member] | Suwanne Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 19,100 | |||||||||
Industrial Properties [Member] | South Seattle Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 19,500 | |||||||||
Industrial Properties [Member] | Charlotte Distribution Center [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 10,220 | |||||||||
Other Property [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 9,250 | |||||||||
Other Property [Member] | South Beach Parking Garage [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Total mortgage notes | 9,250 | |||||||||
Student Housing Disposition Held-for-Sale [Member] | ||||||||||
Summary of mortgage notes payable | ||||||||||
Disposal Group, Including Discontinued Operation, Mortgage Loans | $71,000 | |||||||||
[1] | . | |||||||||
[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. |
Mortgage_Notes_Payable_Table_21
Mortgage Notes Payable Table 2 - Schedule of Debt Premium / Discount (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Assumed Debt Premium / Discount [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | ($814) | ($1,141) |
The District at Howell Mill [Member] | ||
Summary of Assumed Debt Premium / Discount [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium), Net | 2,372 | |
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 | -322 | |
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 | ($2,864) | |
Debt Instrument, Interest Rate, Effective Percentage | 2.66% |
Table_3_Summary_of_Aggregate_P1
Table 3 - Summary of Aggregate Princip...(Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Aggregate principal payments of mortgage notes payable | |
2013 | $1,773 |
2014 | 33,344 |
2015 | 93,127 |
2016 | 19,994 |
2017 | 11,023 |
Thereafter | 190,256 |
Long-term Debt | $349,517 |
Mortgage_Notes_Payable_Text_De
Mortgage Notes Payable Text Detail (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Notes Payable | $349,517 | $356,665 | |
Gains (Losses) on Extinguishment of Debt | 589 | 1,109 | -86 |
Mortgage Notes Payable (Textual) [Abstract] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Debt Instrument, Collateral Amount | 818,000 | 641,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | ||
Minimum [Member] | |||
Mortgage Notes Payable (Textual) [Abstract] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Maximum [Member] | |||
Mortgage Notes Payable (Textual) [Abstract] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
36 Research Park Drive [Member] | Office Properties [Member] | |||
Debt Instrument [Line Items] | |||
Notes Payable | $0 |
Common_Stock_Fees_Details
Common Stock Fees (Details) | 12 Months Ended | 1 Months Ended | 7 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 14,355,812 | 11,828,212 | 8,915,076 | |||
Stock Repurchased During Period, Shares | -7,676,095 | -341,001 | -2,753,134 | |||
Conversion of Stock, Shares Converted | -12,057 | 25,769 | ||||
Class A Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dealer Manager Fee | 0.55% | |||||
Distribution Fee | 0.50% | |||||
Stock Repurchased During Period, Shares | 292,407 | 31,229 | ||||
Class M Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dealer Manager Fee | 0.30% | 0.30% | 0.55% | |||
Stock Repurchased During Period, Shares | 2,814,586 | 71,685 | ||||
Class A-I Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 4,580,309 | 4,580,309 | ||||
Dealer Manager Fee | 0.30% | |||||
Stock Issued During Period, Shares, New Issues | 392,344 | |||||
Conversion of Stock, Shares Converted | 4,187,965 | |||||
Class M-I Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 735,052 | 735,052 | ||||
Dealer Manager Fee | 0.05% | |||||
Stock Issued During Period, Shares, New Issues | 286,564 | |||||
Conversion of Stock, Shares Converted | 448,488 | |||||
Class D Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 3,358,562 | 3,358,562 | ||||
Stock Issued During Period, Shares, New Issues | 3,358,562 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 48,349,934 | 41,678,274 | 30,161,294 | 48,349,934 | 23,995,352 | |
Common Stock [Member] | Common Class E [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 0 | 0 | 26,444,843 | 0 | 23,995,352 | |
Stock Issued During Period, Shares, New Issues | 0 | 5,202,625 | ||||
Stock Repurchased During Period, Shares | 238,087 | 2,753,134 | ||||
Conversion of Stock, Shares Converted | 26,206,756 | |||||
Common Stock [Member] | Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 16,243,819 | 13,043,452 | 3,612,169 | 16,243,819 | 0 | |
Stock Issued During Period, Shares, New Issues | 7,692,796 | 9,462,512 | 3,612,169 | |||
Stock Repurchased During Period, Shares | 292,407 | 31,229 | 0 | |||
Conversion of Stock, Shares Converted | 4,200,022 | |||||
Common Stock [Member] | Common Class M [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares, Issued | 23,432,192 | 28,634,822 | 104,282 | 23,432,192 | 0 | |
Stock Issued During Period, Shares, New Issues | 2,625,546 | 2,365,700 | 100,282 | |||
Stock Repurchased During Period, Shares | 7,383,688 | 71,685 | 0 | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 4,000 | 4,000 | 4,000 | |||
Conversion of Stock, Shares Converted | -448,488 | 26,232,525 |
Common_Stock_Details_Textual
Common Stock (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 24, 2014 | |
Rate | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Weighted Average Number of Outstanding Shares Basic and Diluted | 47,482,906 | 47,271,566 | 45,092,828 | 42,717,549 | 40,870,052 | 38,860,238 | 35,343,798 | 31,526,688 | 45,658,735 | 36,681,847 | 25,651,220 | |
Tender offer to repurchase shares | $80,427,000 | $3,377,000 | $26,885,000 | |||||||||
Common Stock (Textual) [Abstract] | ||||||||||||
Amount of shares sold | 150,430,000 | 121,090,000 | 88,886,000 | |||||||||
Shares issued under dividend reinvestment plan, shares | 529,036 | 82,270 | ||||||||||
Stock issued through dividend reinvestment plan | 5,505,000 | 1,998,000 | 794,000 | |||||||||
Stockholder's validity tendered shares accepted on a pro rata basis, percentage | 71.00% | 33.00% | ||||||||||
Stock Repurchased During Period, Shares | -7,676,095 | -341,001 | -2,753,134 | |||||||||
Oversubscribed amount of offer | 46,000 | 26,840 | ||||||||||
Percentage of reimbursement of organization and offering expenses | 15.00% | |||||||||||
Reimbursement of organization and offering expenses | 1,986,000 | 3,815,000 | ||||||||||
Reimbursement period for Organization and offering expenses made prior Offer Commencement date | 36 months | |||||||||||
Class A Shares [Member] | ||||||||||||
Common Stock (Textual) [Abstract] | ||||||||||||
Number of shares sold | 7,692,796 | 9,462,512 | 3,612,169 | |||||||||
Amount of shares sold | 80,485,000 | 96,945,000 | 37,035,000 | |||||||||
Shares issued under dividend reinvestment plan, shares | 196,790 | |||||||||||
Stock Repurchased During Period, Shares | 292,407 | 31,229 | ||||||||||
Class M Shares [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Stock Repurchased Average Share Price | $10.48 | $9.76 | $10.48 | |||||||||
Common Stock (Textual) [Abstract] | ||||||||||||
Number of shares sold | 2,629,546 | 2,369,700 | 104,282 | |||||||||
Amount of shares sold | 27,434,000 | 24,145,000 | 1,057,000 | |||||||||
Stock Repurchased During Period, Shares | 2,814,586 | 71,685 | ||||||||||
Class E Shares [Member] | ||||||||||||
Common Stock (Textual) [Abstract] | ||||||||||||
Number of shares sold | 5,202,625 | |||||||||||
Amount of shares sold | $50,794,000 |
Common_Stock_Common_Stock_Sold
Common Stock Common Stock Sold (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ||||
Conversion of Stock, Shares Converted | -12,057 | 25,769 | ||
Shares issued under dividend reinvestment plan, shares | 529,036 | 82,270 | ||
Stock issued through dividend reinvestment plan | $5,505 | $1,998 | $794 | |
Common Stock, Dividends, Per Share, Cash Paid | $0.12 | |||
Sale of Stock, Consideration Received on Transaction | 150,430 | 121,090 | 88,886 | |
Stock Issued During Period, Shares, New Issues | 14,355,812 | 11,828,212 | 8,915,076 | |
Class D Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Shares, Issued | 3,358,562 | 3,358,562 | ||
Sale of Stock, Number of Shares Issued in Transaction | 3,358,562 | |||
Sale of Stock, Consideration Received on Transaction | 35,399 | |||
Stock Issued During Period, Shares, New Issues | 3,358,562 | |||
Class E Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 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 | 196,790 | |||
Sale of Stock, Number of Shares Issued in Transaction | 7,692,796 | 9,462,512 | 3,612,169 | |
Sale of Stock, Consideration Received on Transaction | 80,485 | 96,945 | 37,035 | |
Class M Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 2,629,546 | 2,369,700 | 104,282 | |
Sale of Stock, Consideration Received on Transaction | 27,434 | 24,145 | 1,057 | |
Class A-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Stock, Shares Converted | 4,187,965 | |||
Shares, Issued | 4,580,309 | 4,580,309 | ||
Sale of Stock, Number of Shares Issued in Transaction | 392,344 | |||
Sale of Stock, Consideration Received on Transaction | 4,100 | |||
Stock Issued During Period, Shares, New Issues | 392,344 | |||
Class M-I Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of Stock, Shares Converted | 448,488 | |||
Shares, Issued | 735,052 | 735,052 | ||
Sale of Stock, Number of Shares Issued in Transaction | 286,564 | |||
Sale of Stock, Consideration Received on Transaction | $3,012 | |||
Stock Issued During Period, Shares, New Issues | 286,564 |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 24, 2014 | |
Class of Stock [Line Items] | |||||
stockrepurchaselimit | $0.05 | ||||
Stock Repurchased During Period, Shares | -7,676,095 | -341,001 | -2,753,134 | ||
Summary of share repurchase program | |||||
Repurchase of shares | $80,427,000 | $3,377,000 | $26,885,000 | ||
Class A Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 292,407 | 31,229 | |||
Class M Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Aggregate Stock Repurchased During Period, Shares, Under Publicly Announced Plans | 2,748,659 | 4,389,280 | |||
Stock Repurchased During Period, Shares | 2,814,586 | 71,685 | |||
stock repurchased in private transactions | 179,822 | ||||
Summary of share repurchase program | |||||
Average Price Paid Per Share | $10.48 | $9.76 | $10.48 | ||
Class E Shares [Member] | |||||
Class of Stock [Line Items] | |||||
stock repurchased in private transactions | 238,087 |
Common_Stock_Tax_Treatment_of_
Common Stock Tax Treatment of Dividends (Details) (USD $) | 3 Months Ended | 1 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.12 | |||
Class M Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Dealer Manager Fee | 0.30% | 0.55% | 0.30% | |
Class A Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Distribution Fee | 0.50% | |||
Dealer Manager Fee | 0.55% |
Rentals_Under_Operating_Leases2
Rentals Under Operating Leases Rentals Under Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Current | $57,571 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 43,974 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 35,037 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 30,103 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 28,567 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 132,643 |
Operating Leases, Future Minimum Payments Receivable | $327,895 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | $8,449 | $3,603 | $460 | |
Related Party Transactions (Additional Textual) [Abstract] | ||||
Property management services expense paid | 918 | 678 | 634 | |
Loan Processing Fee | 201 | |||
Payments for Brokerage Fees | 338 | |||
Fixed fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 1.25% | |||
Management and Advisory fees | 5,931 | 4,668 | 2,406 | |
Manager and advisory fees payable | 790 | 790 | 450 | |
performance fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 10.00% | |||
Performance Fees | 250 | |||
Hurdle Rate [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fee percentage on NAV | 7.00% | |||
Variable fees [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Management and Advisory fees | 333 | |||
Selling commission, Dealer Manager Fee, Distribution Fee [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | 3,599 | 2,210 | ||
Organization and Offering Costs [Member] | ||||
Related Party Transactions (Textual) [Abstract] | ||||
Payments of Stock Issuance Costs | $1,986 | $3,815 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (South Beach Parking Garage [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
South Beach Parking Garage [Member] | |
Other Commitments [Line Items] | |
Other Commitment | $94 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Assets | $898,766,000 | $774,939,000 | $898,766,000 | $774,939,000 | |||||||
Minimum rents | 81,495,000 | 67,755,000 | 49,656,000 | ||||||||
Tenant recoveries and other rental income | 16,707,000 | 8,761,000 | 7,452,000 | ||||||||
Total revenues | 25,967,000 | 24,680,000 | 24,172,000 | 23,383,000 | 20,676,000 | 19,157,000 | 18,742,000 | 17,941,000 | 98,202,000 | 76,516,000 | 57,108,000 |
Real estate taxes | 11,924,000 | 8,103,000 | 6,560,000 | ||||||||
Property operating | 25,329,000 | 22,008,000 | 18,357,000 | ||||||||
Provision for Doubtful Accounts | 365,000 | 39,000 | 557,000 | ||||||||
Total operating expenses | 75,390,000 | 98,912,000 | 45,423,000 | ||||||||
Operating income | 6,984,000 | 4,066,000 | 5,936,000 | 5,826,000 | -33,728,000 | 2,809,000 | 3,956,000 | 4,567,000 | 22,812,000 | -22,396,000 | 11,685,000 |
Advisor fees | 6,181,000 | 4,668,000 | 2,739,000 | ||||||||
Company level expenses | 2,361,000 | 1,917,000 | 2,275,000 | ||||||||
General and Administrative Expense | 831,000 | 648,000 | 860,000 | ||||||||
Acquisition Related Costs | 545,000 | 599,000 | 33,000 | ||||||||
Provision for impairment of real estate | 38,356,000 | 0 | |||||||||
Depreciation and amortization | 27,854,000 | 22,288,000 | 14,452,000 | ||||||||
Interest expense | -18,394,000 | -19,913,000 | -20,971,000 | ||||||||
Debt modification expense | 0 | -926,000 | 0 | ||||||||
Gains (Losses) on Extinguishment of Debt | 589,000 | 1,109,000 | -86,000 | ||||||||
Equity in loss of unconsolidated affiliates | 0 | -32,000 | 176,000 | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | 7,290,000 | 0 | ||||||||
Gain on consolidation of real estate affiliate | 0 | 0 | 34,852,000 | ||||||||
Total other income and (expenses) | -17,805,000 | -12,408,000 | 13,619,000 | ||||||||
Income (loss) from continuing operations | 2,326,000 | -32,000 | 1,139,000 | 1,574,000 | -31,976,000 | -899,000 | -1,181,000 | -748,000 | 5,007,000 | -34,804,000 | 25,304,000 |
Investments in real estate and other assets held for sale | 95,161,000 | 0 | 95,161,000 | 0 | |||||||
Office Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 250,870,000 | 260,734,000 | 250,870,000 | 260,734,000 | |||||||
Minimum rents | 25,124,000 | 23,483,000 | 8,513,000 | ||||||||
Tenant recoveries and other rental income | 4,256,000 | 3,586,000 | 3,009,000 | ||||||||
Total revenues | 29,380,000 | 27,069,000 | 11,522,000 | ||||||||
Real estate taxes | 3,221,000 | 2,905,000 | 2,019,000 | ||||||||
Property operating | 6,896,000 | 6,402,000 | 3,236,000 | ||||||||
Provision for Doubtful Accounts | 63,000 | -4,000 | -13,000 | ||||||||
Total operating expenses | 10,180,000 | 9,303,000 | 5,242,000 | ||||||||
Operating income | 19,200,000 | 17,766,000 | 6,280,000 | ||||||||
Payments for Capital Improvements | 6,512,000 | 11,557,000 | 7,390,000 | ||||||||
Retail Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 204,077,000 | 129,374,000 | 204,077,000 | 129,374,000 | |||||||
Minimum rents | 12,394,000 | 6,882,000 | 5,980,000 | ||||||||
Tenant recoveries and other rental income | 4,784,000 | 2,311,000 | 2,019,000 | ||||||||
Total revenues | 17,178,000 | 9,193,000 | 7,999,000 | ||||||||
Real estate taxes | 2,899,000 | 1,005,000 | 976,000 | ||||||||
Property operating | 2,186,000 | 1,393,000 | 1,341,000 | ||||||||
Provision for Doubtful Accounts | 51,000 | 36,000 | -9,000 | ||||||||
Total operating expenses | 5,136,000 | 2,434,000 | 2,308,000 | ||||||||
Operating income | 12,042,000 | 6,759,000 | 5,691,000 | ||||||||
Payments for Capital Improvements | 598,000 | 244,000 | 864,000 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 22,074,000 | 22,074,000 | |||||||||
Minimum rents | 262,000 | ||||||||||
Tenant recoveries and other rental income | 2,573,000 | ||||||||||
Total revenues | 2,835,000 | ||||||||||
Real estate taxes | 342,000 | ||||||||||
Property operating | 1,297,000 | ||||||||||
Provision for Doubtful Accounts | 1,000 | ||||||||||
Total operating expenses | 1,640,000 | ||||||||||
Operating income | 1,195,000 | ||||||||||
Payments for Capital Improvements | 28,000 | ||||||||||
Industrial Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 182,338,000 | 141,352,000 | 182,338,000 | 141,352,000 | |||||||
Minimum rents | 12,072,000 | 6,036,000 | 4,140,000 | ||||||||
Tenant recoveries and other rental income | 3,270,000 | 1,078,000 | 662,000 | ||||||||
Total revenues | 15,342,000 | 7,114,000 | 4,802,000 | ||||||||
Real estate taxes | 2,472,000 | 885,000 | 595,000 | ||||||||
Property operating | 787,000 | 272,000 | 122,000 | ||||||||
Provision for Doubtful Accounts | 0 | 0 | 0 | ||||||||
Total operating expenses | 3,259,000 | 1,157,000 | 717,000 | ||||||||
Operating income | 12,083,000 | 5,957,000 | 4,085,000 | ||||||||
Payments for Capital Improvements | 1,606,000 | 131,000 | 168,000 | ||||||||
Apartments Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 207,691,000 | 205,058,000 | 207,691,000 | 205,058,000 | |||||||
Minimum rents | 31,643,000 | 31,354,000 | 31,023,000 | ||||||||
Tenant recoveries and other rental income | 1,824,000 | 1,786,000 | 1,762,000 | ||||||||
Total revenues | 33,467,000 | 33,140,000 | 32,785,000 | ||||||||
Real estate taxes | 2,990,000 | 3,308,000 | 2,970,000 | ||||||||
Property operating | 14,163,000 | 13,941,000 | 13,658,000 | ||||||||
Provision for Doubtful Accounts | 250,000 | 293,000 | 169,000 | ||||||||
Total operating expenses | 17,403,000 | 17,542,000 | 16,797,000 | ||||||||
Operating income | 16,064,000 | 15,598,000 | 15,988,000 | ||||||||
Payments for Capital Improvements | 3,225,000 | 2,353,000 | 2,026,000 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 867,050,000 | 736,518,000 | 867,050,000 | 736,518,000 | |||||||
Minimum rents | 81,495,000 | 67,755,000 | 49,656,000 | ||||||||
Tenant recoveries and other rental income | 16,707,000 | 8,761,000 | 7,452,000 | ||||||||
Total revenues | 98,202,000 | 76,516,000 | 57,108,000 | ||||||||
Real estate taxes | 11,924,000 | 8,103,000 | 6,560,000 | ||||||||
Property operating | 25,329,000 | 22,008,000 | 18,357,000 | ||||||||
Provision for Doubtful Accounts | 365,000 | 325,000 | 147,000 | ||||||||
Total operating expenses | 37,618,000 | 30,436,000 | 25,064,000 | ||||||||
Operating income | 60,584,000 | 46,080,000 | 32,044,000 | ||||||||
Payments for Capital Improvements | 11,969,000 | 14,285,000 | 10,448,000 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 31,716,000 | 38,421,000 | 31,716,000 | 38,421,000 | |||||||
Segment, Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $736,518,000 | $736,518,000 |
Distributions_Payable_Details
Distributions Payable (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2015 | Mar. 31, 2015 | |
Distributions Payable (Textual) [Abstract] | ||||||
Distribution declared date | 4-Nov-14 | |||||
Common Stock, Dividends, Per Share, Declared | $0.12 | $0.46 | $0.41 | $0.39 | ||
Distribution recorded date | 30-Dec-14 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $0.12 | |||||
Subsequent Event [Member] | ||||||
Distributions Payable (Textual) [Abstract] | ||||||
Distribution declared date | 3-Mar-15 | |||||
Common Stock, Dividends, Per Share, Declared | $0.12 | |||||
Distribution recorded date | 30-Mar-15 | |||||
Distribution payable date | 1-May-15 | 6-Feb-15 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $25,967 | $24,680 | $24,172 | $23,383 | $20,676 | $19,157 | $18,742 | $17,941 | $98,202 | $76,516 | $57,108 |
Operating Income (Loss) | 6,984 | 4,066 | 5,936 | 5,826 | -33,728 | 2,809 | 3,956 | 4,567 | 22,812 | -22,396 | 11,685 |
Income (Loss) from continuing operations, Including Portion Attributable to Noncontrolling Interest | 2,326 | -32 | 1,139 | 1,574 | -31,976 | -899 | -1,181 | -748 | 5,007 | -34,804 | 25,304 |
Nonoperating Income (Expense) | -5 | 813 | 0 | 0 | 15,136 | -10,521 | 1,834 | -2,086 | 808 | 4,363 | 12,031 |
Net Income (Loss) Attributable to Parent | $1,926 | $969 | $871 | $1,287 | ($11,641) | ($11,059) | $626 | ($2,873) | $5,053 | ($24,947) | $37,476 |
Earnings Per Share, Basic and Diluted | $0.04 | $0.02 | $0.02 | $0.03 | ($0.28) | ($0.28) | $0.02 | ($0.09) | $0.11 | ($0.68) | $1.46 |
Weighted Average Number of Outstanding Shares Basic and Diluted | 47,482,906 | 47,271,566 | 45,092,828 | 42,717,549 | 40,870,052 | 38,860,238 | 35,343,798 | 31,526,688 | 45,658,735 | 36,681,847 | 25,651,220 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 27 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2016 | Dec. 31, 2014 | Jan. 27, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 03, 2015 | |
Subsequent Event [Line Items] | ||||||||||
Common Stock, Value Authorized during Offering | $2,700,000,000 | $3,000,000,000 | ||||||||
Gains (Losses) on Sales of Investment Real Estate | 644,000 | |||||||||
Dividends Payable, Date Declared | 4-Nov-14 | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.12 | $0.46 | $0.41 | $0.39 | ||||||
Dividends Payable, Date of Record | 30-Dec-14 | |||||||||
common stock, value authorized during private offering | 400,000,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common Stock, Value Authorized during Offering | 2,700,000,000 | |||||||||
Proceeds from Sale of Real Estate Held-for-investment | 123,000,000 | |||||||||
Retirement of note payable related to purchase of 111 Sutter Street | 71,000,000 | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 28,000,000 | |||||||||
Dividends Payable, Date Declared | 3-Mar-15 | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.12 | |||||||||
Dividends Payable, Date of Record | 30-Mar-15 | |||||||||
Dividends Payable, Date to be Paid | 1-May-15 | 6-Feb-15 | ||||||||
Class D Shares [Member] | Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
common stock, value authorized during private offering | $350,000 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 08, 2014 | Sep. 30, 2014 | |
In Thousands, unless otherwise specified | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real estate aggregate cost for tax purposes | $983,365 | ||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 349,517 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 147,519 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 596,732 | ||||
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 | -2,162 | ||||
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,837 | ||||
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 | 145,357 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 601,569 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 746,926 | ||||
Notes Payable | 349,517 | 356,665 | |||
real estate accumulated depreciation tax basis | 156,790 | ||||
111 Sutter Street [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 53,922 | ||||
Railway Street Corporate Centre [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 27,266 | ||||
4001 North Norfleet Road [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 12,000 | ||||
Suwanne Distribution Center [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 19,100 | ||||
Stirling Slidell Shopping Centre [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 12,171 | 12,007 | |||
Station Nine Apartments [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 36,885 | ||||
The Edge at Lafayette [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 17,680 | ||||
Campus Lodge Tampa [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 32,638 | ||||
4 Research Park Drive [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 6,212 | 6,049 | |||
The District at Howell Mill [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 9,807 | [1] | |||
Grand Lakes Marketplace [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 23,900 | ||||
The District at Howell Mill 2 [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 33,544 | 34,084 | |||
Office Properties [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 78,565 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 57,792 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 190,288 | ||||
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 | -1,664 | ||||
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,001 | ||||
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 | 56,128 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 195,289 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 251,417 | ||||
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 | 9,973 | ||||
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 | 5,186 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 66,986 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 72,172 | ||||
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 | 2,706 | ||||
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 | 75,418 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 115,337 | ||||
Notes Payable | 53,922 | ||||
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 | -582 | ||||
SEC Schedule III Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | -3,837 | ||||
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 | 5,440 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,604 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 37,044 | ||||
Notes Payable | 24,643 | ||||
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 | -1,411 | ||||
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 | 4,937 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,937 | ||||
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 | -2,428 | ||||
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 | 5,257 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,257 | ||||
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 | ||||
Notes Payable | 0 | ||||
Office Properties [Member] | 4 Research Park Drive [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 0 | ||||
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 | 105,519 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 34,249 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 150,859 | ||||
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 | 1,187 | ||||
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 | 34,249 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 152,046 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 186,295 | ||||
Retail Properties [Member] | Stirling Slidell Shopping Centre [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 0 | ||||
Retail Properties [Member] | The District at Howell Mill [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 43,219 | ||||
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 | 1,139 | ||||
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 | 57,179 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 67,179 | ||||
Notes Payable | 9,675 | ||||
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 | 4 | ||||
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 | 34,774 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 39,989 | ||||
Notes Payable | 23,900 | ||||
Retail Properties [Member] | Oak Grove Plaza [Member] | |||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,434 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,869 | ||||
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 | 44 | ||||
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 | 4,434 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,913 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,347 | ||||
Notes Payable | 10,400 | ||||
Retail Properties [Member] | Rancho Temecula Town Center [Member] | |||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,600 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,180 | ||||
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 | 14,600 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,180 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 55,780 | ||||
Notes Payable | 28,000 | ||||
Industrial Properties [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 69,420 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 36,801 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 134,142 | ||||
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 | -2,996 | ||||
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 | 36,303 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 131,146 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 167,449 | ||||
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 | -1,107 | ||||
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 | 11,729 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,092 | ||||
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 | -2,051 | ||||
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 | 29,346 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,275 | ||||
Notes Payable | 12,000 | ||||
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 | 42 | ||||
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 | 27,640 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,795 | ||||
Notes Payable | 19,100 | ||||
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 | 19 | ||||
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 | 15,781 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,581 | ||||
Industrial Properties [Member] | 3800 1st Avenue South [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,891 | ||||
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 | 51 | ||||
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 | 9,724 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 16,962 | ||||
Industrial Properties [Member] | 3844 1st Avenue South [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,167 | ||||
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 | 32 | ||||
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 | 6,063 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,626 | ||||
Industrial Properties [Member] | 3601 2nd Avenue South [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,442 | ||||
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 | 18 | ||||
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 | 3,383 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,157 | ||||
Industrial Properties [Member] | Grand Prairie Distribution Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,600 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,100 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,478 | ||||
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 | 2,100 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,478 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,578 | ||||
Notes Payable | 8,600 | ||||
Industrial Properties [Member] | Charlotte Distribution Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,220 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,381 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,002 | ||||
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 | 5,381 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,002 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 20,383 | ||||
Notes Payable | 10,220 | ||||
Apartment Properties [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 86,763 | ||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 18,677 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 99,976 | ||||
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 | 1,617 | ||||
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 | 18,677 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 101,593 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 120,270 | ||||
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 | 1,196 | ||||
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 | 44,596 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 54,286 | ||||
Notes Payable | 36,885 | ||||
Apartment Properties [Member] | Cabana Beach San Marcos [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 16,720 | ||||
Apartment Properties [Member] | Cabana Beach Gainesville [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 20,300 | ||||
Apartment Properties [Member] | Campus Lodge Columbia [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 22,400 | ||||
Apartment Properties [Member] | Campus Lodge Athens [Member] | |||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements [Abstract] | |||||
Notes Payable | 11,580 | ||||
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 | -1,123 | ||||
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 | 22,143 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,925 | ||||
Notes Payable | 17,680 | ||||
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 | 1,544 | ||||
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 | 34,854 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,059 | ||||
Notes Payable | 32,198 | ||||
Assets Held-for-sale [Member] | |||||
Real Estate and Accumulated Depreciation, Initial Cost [Abstract] | |||||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,607 | ||||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 123,118 | ||||
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 | -31,239 | ||||
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 | 10,674 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 91,879 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 102,553 | ||||
Notes Payable | 71,000 | ||||
Assets Held-for-sale [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 | -1,612 | ||||
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 | 22,809 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 25,339 | ||||
Notes Payable | 16,720 | ||||
Assets Held-for-sale [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 | -30,001 | ||||
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 | 30,547 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 34,858 | ||||
Notes Payable | 20,300 | ||||
Assets Held-for-sale [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 | 208 | ||||
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 | 21,046 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 23,125 | ||||
Notes Payable | 22,400 | ||||
Assets Held-for-sale [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 | 166 | ||||
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 | 17,477 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 19,231 | ||||
Notes Payable | 11,580 | ||||
Other Property [Member] | |||||
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 | 21,467 | ||||
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 | 28 | ||||
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 | 21,495 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 21,495 | ||||
Notes Payable | 9,250 | ||||
Other Property [Member] | South Beach Parking Garage [Member] | |||||
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 | 21,467 | ||||
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 | 28 | ||||
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 | 21,495 | ||||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 21,495 | ||||
Notes Payable | $9,250 | ||||
[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. |
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, 2014 |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ($60,569) |
Office Properties [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -23,668 |
Office Properties [Member] | Monument IV at Worldgate [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -12,798 |
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 | -4,147 |
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 | -152 |
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 | -173 |
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] | 36 Research Park Drive [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,681 |
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 | -4,717 |
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 | -10,644 |
Retail Properties [Member] | The District at Howell Mill [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -8,641 |
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 | -928 |
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 |
Retail Properties [Member] | Oak Grove Plaza [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -474 |
Real Estate and Accumulated Depreciation, Construction | 2003 |
Real Estate and Accumulated Depreciation, Date Acquired | 17-Jan-14 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Retail Properties [Member] | Rancho Temecula Town Center [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -601 |
Real Estate and Accumulated Depreciation, Construction | 2007 |
Real Estate and Accumulated Depreciation, Date Acquired | 16-Jun-14 |
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 | -9,179 |
Industrial Properties [Member] | 105 Kendall Park Lane [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,280 |
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 | -4,563 |
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 | -828 |
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 | -593 |
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 | -242 |
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 | -151 |
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 | -84 |
Real Estate and Accumulated Depreciation, Construction | 1980 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
Industrial Properties [Member] | Grand Prairie Distribution Center [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -250 |
Real Estate and Accumulated Depreciation, Construction | 2013 |
Real Estate and Accumulated Depreciation, Date Acquired | 22-Jan-14 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Industrial Properties [Member] | Charlotte Distribution Center [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -188 |
Real Estate and Accumulated Depreciation, Construction | 1991 |
Real Estate and Accumulated Depreciation, Date Acquired | 27-Jun-14 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Apartment Properties [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -16,584 |
Apartment Properties [Member] | Station Nine Apartments [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,061 |
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] | The Edge at Lafayette [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,272 |
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 | -6,251 |
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 |
Other Property [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -494 |
Other Property [Member] | South Beach Parking Garage [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -494 |
Real Estate and Accumulated Depreciation, Construction | 2001 |
Real Estate and Accumulated Depreciation, Date Acquired | 28-Jan-14 |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Assets Held-for-sale [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -10,341 |
Assets Held-for-sale [Member] | Cabana Beach San Marcos [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,603 |
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 |
Assets Held-for-sale [Member] | Cabana Beach Gainesville [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -770 |
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 |
Assets Held-for-sale [Member] | Campus Lodge Columbia [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,214 |
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 |
Assets Held-for-sale [Member] | Campus Lodge Athens [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | ($2,754) |
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 |
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] | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate Gross At Carrying Value Excluding Furniture Fixtures And Equipment | $727,485 | $796,456 | $798,628 | |
Real Estate Improvements Excluding Furniture Fixtures And Equipment | 141,576 | 141,242 | 120,996 | |
Real Estate, Period Increase (Decrease) | -19,582 | -142,795 | -122,255 | |
Net provision for impairment | 0 | -48,538 | -913 | |
Real Estate Gross At Carrying Value Excluding Furniture Fixtures And Equipment | 746,926 | 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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Impairment of Real Estate | $0 | $48,538 | $913 | |
Real estate accumulated depreciation excluding furniture fixtures and equipment | 54,686 | 82,428 | 83,137 | |
Real Estate Accumulated Depreciation Depreciation Expense Excluding Furniture Fixtures And Equipment | 17,170 | 16,998 | 16,054 | |
Real Estate Accumulated Depreciation Real Estate Sold Excluding Furniture Fixtures And Equipment | -946 | -25,558 | -16,763 | |
Real estate accumulated depreciation excluding furniture fixtures and equipment | $60,569 | $54,686 | $82,428 | $83,137 |