Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Government Properties Income Trust | ' | ' |
Entity Central Index Key | '0001456772 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,375,020,389 |
Entity Common Stock, Shares Outstanding | ' | 54,725,362 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate properties: | ' | ' |
Land | $243,686 | $234,395 |
Buildings and improvements | 1,324,876 | 1,233,468 |
Total real estate properties, at cost, gross | 1,568,562 | 1,467,863 |
Accumulated depreciation | -187,635 | -156,661 |
Total real estate properties, at cost, net | 1,380,927 | 1,311,202 |
Assets of discontinued operations | 25,997 | 47,142 |
Acquired real estate leases, net | 142,266 | 144,402 |
Cash and cash equivalents | 7,663 | 5,255 |
Restricted cash | 1,689 | 1,553 |
Rents receivable, net | 33,350 | 28,882 |
Deferred leasing costs, net | 11,618 | 7,620 |
Deferred financing costs, net | 3,911 | 5,718 |
Other assets, net | 25,031 | 10,360 |
Total assets | 1,632,452 | 1,562,134 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Unsecured revolving credit facility | 157,000 | 49,500 |
Unsecured term loan | 350,000 | 350,000 |
Mortgage notes payable | 90,727 | 93,127 |
Liabilities of discontinued operations | 276 | 298 |
Accounts payable and accrued expenses | 23,216 | 18,910 |
Due to related persons | 2,474 | 3,719 |
Assumed real estate lease obligations, net | 19,084 | 19,129 |
Total liabilities | 642,777 | 534,683 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common shares of beneficial interest, $.01 par value: 70,000,000 shares authorized, 54,722,018 and 54,643,888 shares issued and outstanding, respectively | 547 | 547 |
Additional paid in capital | 1,105,679 | 1,103,982 |
Cumulative net income | 191,913 | 137,293 |
Cumulative other comprehensive income | 49 | 99 |
Cumulative common distributions | -308,513 | -214,470 |
Total shareholders' equity | 989,675 | 1,027,451 |
Total liabilities and shareholders' equity | $1,632,452 | $1,562,134 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED BALANCE SHEETS | ' | ' |
Common shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 |
Common shares of beneficial interest, shares authorized | 70,000,000 | 70,000,000 |
Common shares of beneficial interest, shares issued | 54,722,018 | 54,643,888 |
Common shares of beneficial interest, shares outstanding | 54,722,018 | 54,643,888 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ' | ' | ' |
Rental income | $226,910 | $203,700 | $168,074 |
Expenses: | ' | ' | ' |
Real estate taxes | 25,710 | 22,485 | 18,426 |
Utility expenses | 17,116 | 15,767 | 13,918 |
Other operating expenses | 41,134 | 37,074 | 29,773 |
Depreciation and amortization | 55,699 | 49,070 | 37,776 |
Acquisition related costs | 2,439 | 1,614 | 3,504 |
General and administrative | 12,710 | 11,924 | 10,469 |
Total expenses | 154,808 | 137,934 | 113,866 |
Operating income | 72,102 | 65,766 | 54,208 |
Interest and other income | 37 | 29 | 104 |
Interest expense (including net amortization of debt premiums and deferred financing fees of $1,340, $1,332 and $1,045, respectively) | -16,831 | -16,892 | -12,057 |
Income from continuing operations before income tax expense and equity in earnings of an investee | 55,308 | 48,903 | 42,255 |
Income tax expense | -133 | -159 | -203 |
Equity in earnings of an investee | 334 | 316 | 139 |
Income from continuing operations | 55,509 | 49,060 | 42,191 |
Income (loss) from discontinued operations | -889 | 900 | 3,806 |
Net income | 54,620 | 49,960 | 45,997 |
Other Comprehensive income (loss): | ' | ' | ' |
Equity in unrealized gain (loss) of an investee | -50 | 22 | 75 |
Other Comprehensive income (loss) | -50 | 22 | 75 |
Comprehensive income | $54,570 | $49,982 | $46,072 |
Weighted average common shares outstanding (in shares) | 54,680 | 48,617 | 43,368 |
Per common share amounts: | ' | ' | ' |
Income from continuing operations per common share (in dollars per share) | $1.02 | $1.01 | $0.97 |
Income (loss) from discontinued operations per common share (in dollars per share) | ($0.02) | $0.02 | $0.09 |
Net income per common share (in dollars per share) | $1 | $1.03 | $1.06 |
CONSOLIDATED_STATEMENTS_OF_INC1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ' | ' | ' |
Amortization of debt premiums and deferred financing fees | $1,340 | $1,332 | $1,045 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Shares | Additional Paid In Capital | Cumulative Net Income | Cumulative Other Comprehensive Income (Loss) | Cumulative Common Distributions |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2010 | $757,397 | $405 | $776,913 | $41,336 | $2 | ($61,259) |
Balance (in shares) at Dec. 31, 2010 | ' | 40,500,800 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of shares, net | 157,870 | 65 | 157,805 | ' | ' | ' |
Issuance of shares, net (in shares) | ' | 6,500,000 | ' | ' | ' | ' |
Share grants | 721 | 1 | 720 | ' | ' | ' |
Share grants (in shares) | ' | 50,850 | ' | ' | ' | ' |
Equity in unrealized gain of an investee | 75 | ' | ' | ' | 75 | ' |
Net income | 45,997 | ' | ' | 45,997 | ' | ' |
Distributions to common shareholders | -70,392 | ' | ' | ' | ' | -70,392 |
Balance at Dec. 31, 2011 | 891,668 | 471 | 935,438 | 87,333 | 77 | -131,651 |
Balance (in shares) at Dec. 31, 2011 | ' | 47,051,650 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Issuance of shares, net | 166,718 | 75 | 166,643 | ' | ' | ' |
Issuance of shares, net (in shares) | ' | 7,500,000 | ' | ' | ' | ' |
Share grants | 1,902 | 1 | 1,901 | ' | ' | ' |
Share grants (in shares) | ' | 92,238 | ' | ' | ' | ' |
Equity in unrealized gain of an investee | 22 | ' | ' | ' | 22 | ' |
Net income | 49,960 | ' | ' | 49,960 | ' | ' |
Distributions to common shareholders | -82,819 | ' | ' | ' | ' | -82,819 |
Balance at Dec. 31, 2012 | 1,027,451 | 547 | 1,103,982 | 137,293 | 99 | -214,470 |
Balance (in shares) at Dec. 31, 2012 | ' | 54,643,888 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' |
Share grants | 1,697 | ' | 1,697 | ' | ' | ' |
Share grants (in shares) | ' | 78,130 | ' | ' | ' | ' |
Equity in unrealized gain of an investee | -50 | ' | ' | ' | -50 | ' |
Net income | 54,620 | ' | ' | 54,620 | ' | ' |
Distributions to common shareholders | -94,043 | ' | ' | ' | ' | -94,043 |
Balance at Dec. 31, 2013 | $989,675 | $547 | $1,105,679 | $191,913 | $49 | ($308,513) |
Balance (in shares) at Dec. 31, 2013 | ' | 54,722,018 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $54,620 | $49,960 | $45,997 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation | 34,694 | 32,348 | 26,886 |
Net amortization of debt premium and deferred financing fees | 1,340 | 1,332 | 1,045 |
Straight line rental income | -3,067 | -3,553 | -1,729 |
Amortization of acquired real estate leases | 21,608 | 19,507 | 13,071 |
Amortization of deferred leasing costs | 1,599 | 1,122 | 630 |
Other non-cash expenses | 1,268 | 1,598 | 763 |
Loss on asset impairment | 10,142 | 494 | ' |
Net gain on sale of properties | -8,168 | ' | ' |
Equity in earnings of an investee | -334 | -316 | -139 |
Change in assets and liabilities: | ' | ' | ' |
Restricted cash | -136 | 183 | -188 |
Deferred leasing costs | -4,279 | -5,183 | -2,702 |
Rents receivable | -1,565 | 3,454 | -8,071 |
Other assets | -1,063 | 257 | -1,708 |
Accounts payable and accrued expenses | 2,492 | -940 | 3,909 |
Due to related persons | -760 | 45 | 2,723 |
Cash provided by operating activities | 108,391 | 100,308 | 80,487 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Real estate acquisitions and deposits | -112,574 | -213,626 | -387,491 |
Real estate improvements | -23,252 | -18,841 | -3,060 |
Proceeds from sale of properties, net | 18,319 | ' | ' |
Cash used in investing activities | -117,507 | -232,467 | -390,551 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common shares, net | ' | 166,718 | 157,870 |
Repayment of mortgage notes payable | -1,933 | -1,793 | -1,005 |
Borrowings on unsecured revolving credit facility | 216,500 | 230,500 | 472,500 |
Repayments on unsecured revolving credit facility | -109,000 | -526,500 | -245,000 |
Proceeds from unsecured term loan | ' | 350,000 | ' |
Financing fees | ' | -1,964 | -3,074 |
Distributions to common shareholders | -94,043 | -82,819 | -70,392 |
Cash provided by financing activities | 11,524 | 134,142 | 310,899 |
Increase in cash and cash equivalents | 2,408 | 1,983 | 835 |
Cash and cash equivalents at beginning of year | 5,255 | 3,272 | 2,437 |
Cash and cash equivalents at end of year | 7,663 | 5,255 | 3,272 |
Supplemental cash flow information | ' | ' | ' |
Interest paid | 15,336 | 15,469 | 10,309 |
Income taxes paid | 169 | 117 | 72 |
Non-cash investing activities | ' | ' | ' |
Real estate acquisitions funded with the assumption of mortgage debt | ' | ' | -49,395 |
Non-cash financing activities | ' | ' | ' |
Assumption of mortgage debt | ' | ' | 49,395 |
Issuance of common shares | $1,697 | $1,902 | $721 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization | ' |
Organization | ' |
Note 1. Organization | |
Government Properties Income Trust, or the Company, we or us, was organized as a real estate investment trust, or REIT, under Maryland law on February 17, 2009 as a wholly owned subsidiary of CommonWealth REIT, or CWH. On April 24, 2009, we acquired 100% ownership of our 22 initial properties (29 buildings), or the Initial Properties, by means of a contribution from CWH to one of our subsidiaries. On June 8, 2009, completed our initial public offering, or IPO, and we became a separate publicly owned company. | |
As of December 31, 2013, excluding three properties (three buildings) classified as discontinued operations, we owned 68 properties (87 buildings), or the Properties, located in 31 states and the District of Columbia containing approximately 10.3 million rentable square feet. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
Note 2. Summary of Significant Accounting Policies | |
Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Prior to our IPO, CWH directly or indirectly wholly owned us, and we have presented applicable transactions at CWH's historical basis. | |
We account for our investment in Affiliates Insurance Company, or AIC, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. Our Managing Trustees are also owners of Reit Management & Research LLC, or RMR, which is the manager of us and AIC, and each of our Trustees is a director of AIC. See Note 5 for a further discussion of our investment in AIC. | |
Real Estate Properties. We record our Initial Properties at cost to CWH and our other properties at our cost and depreciate real estate investments on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements, and up to 12 years for personal property. | |
We and CWH allocated the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We and CWH determined the fair value of each property using methods similar to those used by independent appraisers. We and CWH allocated a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us or CWH) of the difference between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We and CWH allocated a portion of the purchase price to acquired in place leases and tenant relationships in an amount equal to the excess of (i) the purchase price paid for each property, after adjusting existing acquired in place leases to market rental rates, over (ii) the estimated fair value of the property, as if vacant. We and CWH allocated this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying financial statements. In making these allocations, we considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us or CWH. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. | |
We amortize capitalized above market lease values (included in acquired in place real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net decreases to rental income of $1,123, $2,056, and $725 during the years ended December 31, 2013, 2012 and 2011, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $20,482, $17,390, and $12,182 during the years ended December 31, 2013, 2012 and 2011, respectively. When a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. | |
Capitalized above market lease values were $38,487 and $39,591 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $14,271 and $10,892, respectively. Capitalized below market lease values were $27,304 and $28,408 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $8,220 and $9,279, respectively. | |
The value of acquired in place leases, exclusive of the value of above and below market acquired in place leases, were $167,256 and $148,372 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $49,207 and $32,669, respectively. Future amortization of net intangible lease assets and liabilities, to be recognized over the current terms of the associated leases as of December 31, 2013 are estimated to be $23,566 in 2014, $21,209 in 2015, $18,453 in 2016, $16,174 and 2017, $13,521 in 2018 and $30,259 thereafter. | |
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives. | |
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. | |
Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts. | |
Deferred Leasing Costs. Deferred leasing costs include brokerage, legal and other fees associated with the successful negotiation of leases and we amortize those costs, which are included in depreciation and amortization expense, on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $13,935 and $9,134 at December 31, 2013 and 2012, respectively, and accumulated amortization of deferred leasing costs totaled $2,317 and $1,514 at December 31 2013 and 2012, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2013, are estimated to be $1,913 in 2014, $1,844 in 2015, in $1,653 in 2016, $1,232 in 2017, $1,105 in 2018, and $3,871 thereafter. | |
Deferred Financing Fees. Deferred financing fees include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans. At both December 31, 2013 and 2012, deferred financing fees totaled $9,335. Accumulated amortization of deferred financing fees totaled $5,424 and $3,617 at December 31, 2013 and 2012, respectively. Future amortization of deferred financing fees to be recognized with respect to our loans as of December 31, 2013, are estimated to be $1,807 in 2014, $1,536 in 2015, $449 in 2016, $45 in 2017, $33 in 2018, and $41 thereafter. | |
Revenue Recognition. Rental income from operating leases is recognized on a straight line basis over the life of lease agreements. We increased rental income by $2,739, $3,428 and $1,565 to record revenue on a straight line basis during the years ended December 31, 2013, 2012 and 2011, respectively. Rents receivable include $10,515 and $7,776 of straight line rent receivables at December 31, 2013 and 2012, respectively. | |
Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or IRC, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify as a REIT. We are, however, subject to certain state and local taxes. | |
Cumulative Other Comprehensive Income. Cumulative other comprehensive income consists of the unrealized gains (losses) related to our investment in AIC, as described in Note 5. | |
Reclassifications. Certain reclassifications have been made to the prior years' financial statements to conform to the current year's presentation. | |
Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. | |
Net Income Per Share. We compute net income per common share using the weighted average number of common shares outstanding. We had no common share equivalents during the periods presented. | |
Segment Reporting. We operate in one business segment: ownership of properties that are primarily leased to government tenants. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | ' |
Note 3. New Accounting Pronouncements | |
Effective January 2013, we adopted Financial Accounting Standards Board, or FASB, Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update is the culmination of the FASB's deliberation on reporting reclassification adjustments from accumulated other comprehensive income, or AOCI. This standard did not change the requirements for reporting net income or other comprehensive income. However, it requires disclosure of amounts reclassified out of AOCI in their entirety, by component, on the face of the statement of income and comprehensive income or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This update was effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The implementation of this update did not cause any material changes to the disclosures in, or the presentation of, our consolidated financial statements. | |
Real_Estate_Properties
Real Estate Properties | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Real Estate Properties | ' | |||||||||||||||||||||||||||||
Real Estate Properties | ' | |||||||||||||||||||||||||||||
Note 4. Real Estate Properties | ||||||||||||||||||||||||||||||
As of December 31, 2013, we owned 68 properties (87 buildings), excluding three properties (three buildings) classified as discontinued operations, with an undepreciated carrying value of $1,568,562. We generally lease space in our properties on a gross lease or modified gross lease basis pursuant to fixed term operating leases expiring between 2014 and 2029. Certain of our government tenants have the right to terminate their leases before the lease term expires. Our leases generally require us to pay all or some property operating expenses and to provide all or most property management services. During the year ended December 31, 2013, we entered into 48 leases for 1,017,753 rentable square feet for a weighted (by revenue) average lease term of 8.7 years and we made commitments for approximately $25,495 of leasing related costs. We have unspent leasing related obligations of approximately $16,557 as of December 31, 2013. | ||||||||||||||||||||||||||||||
Our future minimum lease payments related to our properties, excluding properties classified as discontinued operations and estimated real estate tax and other expense reimbursements, scheduled to be received during the current terms of the existing leases as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||
2014 | $ | 214,261 | ||||||||||||||||||||||||||||
2015 | 198,986 | |||||||||||||||||||||||||||||
2016 | 178,076 | |||||||||||||||||||||||||||||
2017 | 153,036 | |||||||||||||||||||||||||||||
2018 | 128,404 | |||||||||||||||||||||||||||||
Thereafter | 342,036 | |||||||||||||||||||||||||||||
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$ | 1,214,799 | |||||||||||||||||||||||||||||
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As of December 31, 2013, excluding properties classified as discontinued operations, government tenants who currently represent approximately 3.6% of our total future minimum lease payments have currently exercisable rights to terminate their leases before the stated expirations. In 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2022, early termination rights become exercisable by other government tenants who currently represent an additional approximately 2.6%, 3.5%, 9.7%, 3.1%, 1.7%, 8.8%, 5.9%, 1.4% and 2.3% of our total future minimum lease payments, respectively. In addition as of December 31, 2013, 10 of our state government tenants have the currently exercisable right to terminate their leases if these states do not appropriate rent in their respective annual budgets. These 10 tenants represent approximately 6.5% of our total future minimum lease payments. Also, one of our U.S. Government tenants has the option, pursuant to its lease, to acquire the property it leases from us, with a depreciated carrying value of $33,058 as of December 31, 2013, for $31,000 at the end of its lease term in 2015. We expect the depreciated carrying value of the property will be equal to or less than the tenant's purchase option price at the end of its lease term in 2015. | ||||||||||||||||||||||||||||||
Acquisition Activities | ||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we acquired four office properties (seven buildings) and one warehouse property (one building) located in four states for an aggregate purchase price of $99,518, excluding acquisition costs. We allocated the purchase prices of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows: | ||||||||||||||||||||||||||||||
Date | Location | Type | Number of | Square | Purchase | Land | Buildings and | Acquired | Acquired | Other | ||||||||||||||||||||
Properties / | Feet | Price(1) | Improvements | Leases | Lease | Assumed | ||||||||||||||||||||||||
Buildings | Obligations | Liabilities | ||||||||||||||||||||||||||||
Aug-13 | Chester, VA | Warehouse | 1-Jan | 228,108 | $ | 12,503 | $ | 1,478 | $ | 9,594 | $ | 1,440 | $ | (9 | ) | $ | — | |||||||||||||
Aug-13 | Bethesda, MD | Office | 1-Jan | 128,645 | 18,300 | 3,349 | 11,152 | 4,182 | (383 | ) | — | |||||||||||||||||||
Oct-13 | Rancho Cordova, CA(2) | Office | 1-Jan | 93,807 | 21,190 | 562 | 16,922 | 5,498 | (1,792 | ) | — | |||||||||||||||||||
Nov-13 | Fairfax, VA(2) | Office | 4-Jan | 170,940 | 31,500 | 2,529 | 21,386 | 8,005 | (420 | ) | (269 | ) | ||||||||||||||||||
Dec-13 | Montgomery, AL(2) | Office | 1-Jan | 49,370 | 16,025 | 1,374 | 11,658 | 3,776 | (783 | ) | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
8-May | 670,870 | $ | 99,518 | $ | 9,292 | $ | 70,712 | $ | 22,901 | $ | (3,387 | ) | $ | (269 | ) | |||||||||||||||
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-1 | ||||||||||||||||||||||||||||||
Purchase price excludes acquisition related costs. | ||||||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||||
The allocation of purchase price is based upon preliminary estimates and may change based upon the completion of our analysis of acquired in place leases. | ||||||||||||||||||||||||||||||
In August 2013, we acquired a warehouse property (one building) located in Chester, VA with 228,108 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the United States Army. The purchase price was $12,503, excluding acquisition costs. | ||||||||||||||||||||||||||||||
Also in August 2013, we acquired an office property (one building) located in Bethesda, MD with 128,645 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the National Institutes of Health. The purchase price was $18,300, excluding acquisition costs. | ||||||||||||||||||||||||||||||
In October 2013, we acquired an office property (one building) located in Rancho Cordova, CA with 93,807 rentable square feet. This property is 100% leased to the State of California and occupied by the Department of Consumer Affairs. The purchase price was $21,190, excluding acquisition costs. | ||||||||||||||||||||||||||||||
In November 2013, we acquired an office property (four buildings) located in Fairfax, VA with 170,940 rentable square feet. This property is 100% leased to eight tenants, of which 51% is leased to the Commonwealth of Virginia and occupied by Northern Virginia Community College. The purchase price was $31,500, excluding acquisition costs. | ||||||||||||||||||||||||||||||
In December 2013, we acquired an office property (one building) located in Montgomery, AL with 49,370 rentable square feet. This property is 100% leased to the U.S. Government and occupied by the Social Security Administration. The purchase price was $16,025, excluding acquisition costs. | ||||||||||||||||||||||||||||||
In November 2013, we entered an agreement to acquire an office property (one building) located in Fairfax, VA with 83,130 rentable square feet. This property is 100% leased to the U.S. Government. The contract purchase price is $19,775, including the assumption of $14,576 of mortgage debt and excluding acquisition costs. As of December 31, 2013, we had made a deposit in the amount of $2,000 in connection with this acquisition, which is included in other assets on our consolidated balance sheet. | ||||||||||||||||||||||||||||||
In December 2013, we entered an agreement to acquire an office property (two buildings) located in Reston, VA with 406,388 rentable square feet. This property is 100% leased to the U.S. Government. The contract purchase price is $113,250, including the assumption of $83,000 of mortgage debt and excluding acquisition costs. As of December 31, 2013, we had made a deposit in the amount of $11,325 in connection with this acquisition, which is included in other assets on our consolidated balance sheet. | ||||||||||||||||||||||||||||||
Our pending acquisitions are subject to closing conditions typical of commercial real estate transactions and lender approval of our assumption of mortgage debt; accordingly, we can provide no assurance that we will acquire these properties or that these acquisitions will not be delayed or that the terms will not change. | ||||||||||||||||||||||||||||||
Disposition Activities | ||||||||||||||||||||||||||||||
In February 2013, we sold an office property (one building) located in Oklahoma City, OK with 185,881 rentable square feet and a net book value of $8,069 for $16,300, excluding closing costs, and recognized a gain on sale of $8,198. | ||||||||||||||||||||||||||||||
In March 2013, we sold an office property (one building) located in Tucson, AZ with 31,051 rentable square feet and a net book value of $2,080 for $2,189, excluding closing costs, and recognized a loss on sale of $30. | ||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we began marketing for sale three office properties (three buildings) located in Phoenix, AZ, San Diego, CA and Falls Church, VA, with an aggregate of 356,163 rentable square feet. The aggregate net book value of these properties, after recording a $10,142 loss on asset impairment on two of the three properties during the year ended December 31, 2013, totaled $25,604 at December 31, 2013. In January 2014, we entered an agreement to sell the property located in Phoenix, AZ with a net book value as of December 31, 2013 of $2,300, after recording an $8,344 loss on asset impairment, for $5,000, excluding closing costs. In February 2014, we entered an agreement to sell the property located in Falls Church, VA with a net book value as of December 31, 2013 of $12,289, after recording a $1,798 loss on asset impairment, for $15,750, excluding closing costs. | ||||||||||||||||||||||||||||||
Our pending dispositions are subject to various terms and conditions typical of commercial real estate transactions; accordingly we can provide no assurance that we will sell these properties or that these dispositions will not be delayed or that the terms will not change. See Note 8 regarding the fair value of assets and liabilities. | ||||||||||||||||||||||||||||||
The two properties sold in 2013 and the three properties held for sale at December 31, 2013 are classified as discontinued operations in our consolidated financial statements. Summarized balance sheet and income statement information for properties classified as discontinued operations is as follows: | ||||||||||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Real estate properties | $ | 25,574 | $ | 46,784 | ||||||||||||||||||||||||||
Acquired real estate leases, net | — | 82 | ||||||||||||||||||||||||||||
Rents receivable, net | 381 | 217 | ||||||||||||||||||||||||||||
Other assets, net | 42 | 59 | ||||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Assets of discontinued operations | $ | 25,997 | $ | 47,142 | ||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Other liabilities | $ | 276 | $ | 298 | ||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Liabilities of discontinued operations | $ | 276 | $ | 298 | ||||||||||||||||||||||||||
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Statement of Operations: | ||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Rental income | $ | 4,580 | $ | 7,376 | $ | 10,876 | ||||||||||||||||||||||||
Real estate taxes | (678 | ) | (928 | ) | (919 | ) | ||||||||||||||||||||||||
Utility expenses | (539 | ) | (1,043 | ) | (1,398 | ) | ||||||||||||||||||||||||
Other operating expenses | (966 | ) | (1,484 | ) | (2,011 | ) | ||||||||||||||||||||||||
Depreciation and amortization | (1,025 | ) | (2,096 | ) | (2,313 | ) | ||||||||||||||||||||||||
General and administrative | (287 | ) | (431 | ) | (429 | ) | ||||||||||||||||||||||||
Loss on asset impairment | (10,142 | ) | (494 | ) | — | |||||||||||||||||||||||||
Net gain on sale of properties | 8,168 | — | — | |||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
Income (loss) from discontinued operations | $ | (889 | ) | $ | 900 | $ | 3,806 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
Related_Person_Transactions
Related Person Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Person Transactions | ' |
Related Person Transactions | ' |
Note 5. Related Person Transactions | |
We have adopted written Governance Guidelines that describe the consideration and approval of any related person transactions. Under these Governance Guidelines, we may not enter into any transaction in which any Trustee or executive officer, any member of the immediate family of any Trustee or executive officer or any other related person, has or will have a direct or indirect material interest unless that transaction has been disclosed or made known to our Board of Trustees and our Board of Trustees reviews and approves or ratifies the transaction by the affirmative vote of a majority of the disinterested Trustees, even if the disinterested Trustees constitute less than a quorum. If there are no disinterested Trustees, the transaction must be reviewed and approved or ratified by both (i) the affirmative vote of a majority of our Board of Trustees and (ii) the affirmative vote of a majority of our Independent Trustees. In determining whether to approve or ratify a transaction, our Board of Trustees, or disinterested Trustees or Independent Trustees, as the case may be, also act in accordance with any applicable provisions of our declaration of trust, consider all of the relevant facts and circumstances and approve only those transactions that are fair and reasonable to us and our shareholders. All related person transactions described below were reviewed and approved or ratified by a majority of the disinterested Trustees or otherwise in accordance with our policies and our declaration of trust, each as described above. In the case of transactions with us by RMR employees (other than our Trustees and executive officers) subject to our Code of Business Conduct and Ethics, the employee must seek approval from an executive officer who has no interest in the matter for which approval is being requested. Copies of our Governance Guidelines and Code of Business Conduct and Ethics are available on our website, www.govreit.com. | |
RMR: We have no employees. Personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management and administrative services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. | |
One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy, and an owner, President, Chief Executive Officer and a director of RMR. Each of our executive officers is also an officer of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Mr. Barry Portnoy serves as a managing director or managing trustee of those companies and Mr. Adam Portnoy serves as a managing trustee of a majority of those companies. In addition, officers of RMR serve as officers of those companies. | |
Our Board of Trustees has given our Compensation Committee, which is comprised exclusively of our Independent Trustees, authority to act on our behalf with respect to our management agreements with RMR. The charter of our Compensation Committee requires the committee to annually review the terms of these agreements, evaluate RMR's performance under the agreements and determine whether to renew, amend or terminate the management agreements. | |
In 2013, our Compensation Committee retained FTI Consulting, Inc., a nationally recognized compensation consultant experienced in REIT compensation programs, to assist the committee in developing the terms of the incentive fee payable to RMR under our business management agreement with RMR beginning in 2014. In connection with retaining this consultant, our Compensation Committee determined that the consultant did not have any conflicts of interest which would prevent the consultant from advising the committee. | |
On December 23, 2013, we and RMR entered into an amended and restated business management agreement, effective with respect to services performed on and after January 1, 2014. Under the terms of this amended and restated business management agreement: | |
• | |
The annual amount of the base management fee to be paid to RMR by us for each applicable period will be equal to the lesser of: | |
• | |
the sum of (a) 0.5% of the average historical cost of our real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, immediately prior to the contribution, sale or other transfer of such property to us, plus (b) 0.7% of the average historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (c) 0.5% of the average historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and | |
• | |
the sum of (a) 0.7% of the average closing price per share of our common shares on the New York Stock Exchange, or the NYSE, during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (b) 0.5% of our Average Market Capitalization exceeding $250,000. | |
The average historical cost of our real estate investments will include our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar noncash reserves. | |
• | |
Although the fee calculation is stated in annual percentages, the base management fee will be paid monthly to RMR, ninety percent (90%) in cash and ten percent (10%) in our common shares, which shall be fully-vested when issued. The number of our common shares to be issued in payment of the base management fee for each month will be equal to the value of 10% of the total base management fee for that month divided by the average daily closing price of our common shares during that month. | |
• | |
The incentive management fee which may be earned by RMR for an annual period will be an amount, subject to a cap based on the value of our outstanding common shares, equal to 12% of the product of (a) our equity market capitalization on the last trading day on the year immediately prior to the relevant measurement period, and (b) the amount (expressed as a percentage) by which the total returns per share realized by the holders of our common shares (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the SNL US REIT Equity Index (in each case subject to certain adjustments) for the relevant measurement period. The measurement periods are generally three-year periods ending with the year for which the incentive management fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive management fee for 2014 (one year) and 2015 (two years). | |
• | |
The incentive management fee is payable in our common shares, with one-third of our common shares issued in payment of an incentive management fee vested on the date of issuance, and the remaining two-thirds vesting thereafter in two equal annual installments. If the issuance of common shares in payment of a portion of the base management fee or incentive management fee would be limited by applicable law and regulations, such portion of the applicable fee will instead be paid in cash. | |
• | |
RMR and certain eligible transferees of our common shares issued in payment of the base management fee or incentive management fee are entitled to demand registration rights, exercisable not more frequently than twice per year, and to "piggy-back" registration rights, with certain expenses to be paid by us. We and applicable selling shareholders also have agreed to indemnify each other (and their officers, trustees, directors and controlling persons) against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or the Securities Act, in connection with any such registration. | |
The terms of the amended and restated business management agreement described above were approved by our Compensation Committee, which is comprised solely of our Independent Trustees, and the terms of the incentive fee were developed by our Compensation Committee in consultation with FTI Consulting, Inc., an independent compensation consultant. | |
For 2013, 2012 and 2011, our business management agreement provided for the base business management fee to be paid to RMR at an annual rate equal to the sum of (a) 0.5% of the historical cost of the Transferred Assets, plus (b) with respect to other properties we acquired excluding the Transferred Assets, 0.7% of our aggregate cost of those properties up to and including $250,000, and 0.5% thereafter. In addition, for 2013, 2012 and 2011, our business management agreement provided for RMR to be paid an incentive fee equal to 15% of the product of (i) the weighted average of our common shares outstanding on a fully diluted basis during a fiscal year and (ii) the excess, if any, of the FFO Per Share, as defined in the business management agreement, for such fiscal year over the FFO Per Share for the preceding fiscal year. We recognized business management fees of $9,341, $9,077 and $7,741 for 2013, 2012 and 2011, respectively. These amounts are included in general and administrative expenses in our consolidated financial statements. In March 2013 and 2012, we issued 20,230 and 39,141 of our common shares to RMR for the incentive fees for 2012 and 2011, respectively. No incentive fee was payable to RMR for 2013. | |
Our property management agreement with RMR provides for management fees equal to 3.0% of gross collected rents and construction supervision fees equal to 5.0% of construction costs. The aggregate property management and construction supervision fees we recognized were $7,877, $7,018 and $6,321 for 2013, 2012 and 2011, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. | |
RMR also provides internal audit services to us in return for our share of the total internal audit costs incurred by RMR for us and other publicly owned companies managed by RMR and its affiliates, which amounts are subject to approval by our Compensation Committee. Our Audit Committee appoints our Director of Internal Audit. Our share of RMR's costs of providing this internal audit function was approximately $203, $193 and $240 for 2013, 2012 and 2011, respectively, which amounts are included in general and administrative expenses in our consolidated financial statements. These allocated costs are in addition to the business and property management fees we paid to RMR. | |
We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR on our behalf. We are generally not responsible for payment of RMR's employment, office or administration expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees who provide on-site property management services and our share of the staff employed by RMR who perform our internal audit function. Pursuant to our amended and restated business management agreement, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR provides management services for the purpose of obtaining more favorable terms from such vendors and suppliers. | |
The current terms of both our amended and restated business management agreement with RMR and our property management agreement with RMR end on December 31, 2014 and automatically renew for successive one year terms unless we or RMR give notice of non-renewal before the end of an applicable term. We or RMR may terminate either agreement upon 60 days' prior written notice, and RMR may also terminate either agreement upon five business days' notice if we undergo a change of control, as defined in the applicable agreement. | |
Under our amended and restated business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR. Previously our business management agreement had provided that, with certain exceptions, if we determined to offer for sale or other disposition any real property that, at such time, is of a type within the investment focus of another REIT to which RMR provides management services, we would first offer that property for purchase or disposition to that REIT and negotiate in good faith for such purchase or disposition. This right of first offer provision was eliminated when the business management agreement was amended and restated on December 23, 2013. | |
RMR leases from us approximately 1,650 square feet of office space for one of its regional offices. We earned approximately $31, $32 and $31 in rental income from RMR in 2013, 2012 and 2011, respectively, which we believe was commercially reasonable rent for this office space, not all of which was leased to RMR for the entire three-year period. This lease is terminable by RMR if our management agreements with RMR are terminated. | |
Under our equity compensation plan adopted in 2009, or the 2009 Plan, we grant restricted shares to certain employees of RMR, some of whom are our officers. We granted a total of 48,350 restricted shares with an aggregate value of $1,142, 43,917 restricted shares with an aggregate value of $1,043 and 40,850 restricted shares with an aggregate value of $922 to such persons in 2013, 2012 and 2011, respectively, based upon the closing price of our common shares on the NYSE on the dates of grants. One fifth of those restricted shares vested on the grant dates and one fifth vests on each of the next four anniversaries of the grant dates. These share grants to RMR employees are in addition to the fees we pay to RMR. On occasion, we have entered into arrangements with former employees of RMR in connection with the termination of their employment with RMR, providing for the acceleration of vesting of restricted shares previously granted to them under the 2009 Plan. Additionally, each of our President and Chief Operating Officer and Treasurer and Chief Financial Officer received grants of restricted shares of other companies to which RMR provides management services in their capacities as officers of RMR. | |
CWH: CWH organized us as a 100% owned subsidiary. One of our Managing Trustees, Mr. Barry Portnoy, is a managing trustee of CWH. Our other Managing Trustee, Mr. Adam Portnoy, is a managing trustee and the President of CWH. RMR provides management services to both us and CWH. CWH's executive officers are officers of RMR. | |
In 2009, we completed our IPO, pursuant to which we ceased to be a majority owned subsidiary of CWH. To facilitate our IPO, we and CWH entered into a transaction agreement that governs our separation from and relationship with CWH. Pursuant to this transaction agreement, among other things, we and CWH agreed that, so long as CWH owns in excess of 10% of our outstanding common shares, we and CWH engage the same manager or we and CWH have any common managing trustees: (i) CWH will not acquire ownership of properties that are majority leased to government tenants, unless a majority of our Independent Trustees who are not also trustees of CWH have determined that we not make the acquisition; (ii) we will not acquire ownership of office or industrial properties that are not majority leased to government tenants, unless a majority of CWH's independent trustees who are not also our Trustees have determined that CWH not make the acquisition; and (iii) we will have a right of first refusal to acquire any property owned by CWH that CWH determines to divest if the property is then majority leased to a government tenant, which right of first refusal will also apply in the event of an indirect sale of any such properties resulting from a change of control of CWH. The provisions described in (i) and (ii) do not prevent us from continuing to own and lease our current properties or properties otherwise acquired by us that cease to be majority leased to government tenants following the termination of government tenancies; and, similarly, the provisions described in (i) and (ii) also do not prohibit CWH from leasing its current or future properties to government tenants. We and CWH also agreed that disputes arising under the transaction agreement may be resolved by binding arbitration. | |
On March 15, 2013, CWH sold all 9,950,000 of our common shares it owned in a public offering. In connection with this public offering, on March 11, 2013, we entered into a registration agreement with CWH under which CWH agreed to pay all expenses incurred by us relating to the registration and sale of our common shares owned by CWH in the offering, pursuant to which CWH paid us $310. In addition, under the registration agreement, CWH agreed to indemnify us and our officers, Trustees and controlling persons, and we agreed to indemnify CWH and its officers, trustees and controlling persons, against certain liabilities related to the public offering, including liabilities under the Securities Act. | |
AIC: We, RMR, CWH and five other companies to which RMR provides management services each currently own 12.5% of AIC. All of our Trustees and most of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Our Governance Guidelines provide that any material transaction between us and AIC shall be reviewed, authorized and approved or ratified by the affirmative votes of both a majority of our Board of Trustees and a majority of our Independent Trustees. The shareholders agreement among us, the other shareholders of AIC and AIC includes arbitration provisions for the resolution of disputes. | |
As of December 31, 2013, we have invested approximately $5,194 in AIC since we became an equity owner of AIC in 2009. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC as all of our Trustees are also directors of AIC. Our investment in AIC had a carrying value of $6,031 and $5,747 as of December 31, 2013 and 2012, respectively, which amounts are included in other assets on our consolidated balance sheets. We recognized income of $334, $316 and $139 related to our investment in AIC for 2013, 2012 and 2011, respectively. In June 2013, we and the other shareholders of AIC purchased a one-year property insurance policy providing $500,000 of coverage pursuant to an insurance program arranged by AIC and with respect to which AIC is a reinsurer of certain coverage amounts. We paid AIC a premium, including taxes and fees, of approximately $1,161 in connection with that policy, which amount may be adjusted from time to time as we acquire or dispose of properties that are included in the policy. Our annual premiums for this property insurance in 2012 and 2011 were $410 and $1,286, respectively, before adjustments made for acquisitions or dispositions we made during those periods. We periodically consider the possibilities for expanding our insurance relationships with AIC to include other types of insurance and may in the future participate in additional insurance offerings AIC may provide or arrange. We may invest additional amounts in AIC in the future if the expansion of this insurance business requires additional capital, but we are not obligated to do so. By participating in this insurance business with RMR and the other companies to which RMR provides management services, we expect that we may benefit financially by possibly reducing our insurance expenses or by realizing our pro rata share of any profits of this insurance business. | |
Directors' and Officers' Liability Insurance: In July 2013, we, RMR, CWH and four other companies to which RMR provides management services purchased a combined directors' and officers' liability insurance policy providing $10,000 in aggregate primary non-indemnifiable coverage and $5,000 in aggregate excess coverage and we also purchased from an unrelated third party insurer a separate directors' and officers' liability insurance policy providing $5,000 in coverage. We paid aggregate premiums of approximately $333 for these policies. | |
Concentration
Concentration | 12 Months Ended |
Dec. 31, 2013 | |
Concentration | ' |
Concentration | ' |
Note 6. Concentration | |
Tenant and Credit Concentration | |
We define annualized rental income as the annualized contractual base rents from our tenants pursuant to our lease agreements with them as of the measurement date, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. The U.S. Government, 11 state governments and the United Nations combined were responsible for approximately 92.6%, 93.8% and 91.7% of our annualized rental income, excluding properties classified as discontinued operations, as of December 31, 2013, 2012 and 2011, respectively. The U.S. Government is our largest tenant by annualized rental income and was responsible for approximately 69.0%, 71.0% and 68.1% of our annualized rental income, excluding properties classified as discontinued operations, as of December 31, 2013, 2012 and 2011, respectively. | |
Geographic Concentration | |
At December 31, 2013, our 68 properties (87 buildings), excluding properties classified as discontinued operations, were located in 31 states and the District of Columbia. Properties located in Maryland, California, the District of Columbia, Georgia, New York and Massachusetts were responsible for approximately 13.2%, 11.5%, 10.3%, 9.8%, 8.8% and 5.8% of our annualized rental income as of December 31, 2013, respectively. | |
Indebtedness
Indebtedness | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Indebtedness | ' | |||||||
Indebtedness | ' | |||||||
Note 7. Indebtedness | ||||||||
At December 31, 2013 and 2012, our outstanding indebtedness consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Unsecured revolving credit facility, due in 2015 | $ | 157,000 | $ | 49,500 | ||||
Unsecured term loan, due in 2017 | 350,000 | 350,000 | ||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $409 and $621, respectively, due in 2015(1) | 48,377 | 49,274 | ||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 24,147 | 24,441 | ||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $749 and $878, respectively, due in 2019(1) | 9,919 | 10,247 | ||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $525 and $651, respectively, due in 2021(1) | 8,284 | 9,165 | ||||||
| | | | | | | | |
$ | 597,727 | $ | 492,627 | |||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | ||||||||
We have a $550,000 unsecured revolving credit facility that is available for general business purposes, including acquisitions. The maturity date of our revolving credit facility is October 19, 2015 and, subject to the payment of an extension fee and meeting certain other conditions includes an option for us to extend the stated maturity date of our revolving credit facility by one year to October 19, 2016. In addition, our revolving credit facility includes a feature under which maximum borrowings may be increased to up to $1,100,000 in certain circumstances. Borrowings under our revolving credit facility bear interest at a rate of LIBOR plus a premium, which was 150 basis points as of December 31, 2013. We also pay a facility fee of 35 basis points per annum on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of December 31, 2013, the interest rate payable on borrowings under our revolving credit facility was 1.67%, and the weighted average annual interest rate for borrowings under our revolving credit facility was 1.68% and 1.75% for the years ended December 31, 2013 and 2012, respectively. As of December 31, 2013 we had $157,000 outstanding and $393,000 available under our revolving credit facility. | ||||||||
We have a $350,000 unsecured term loan. Our term loan matures on January 11, 2017, and is prepayable without penalty at any time. In addition, our term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. Our term loan bears interest at a rate of LIBOR plus a premium, which was 175 basis points as of December 31, 2013. The interest rate premium is subject to adjustment based upon changes to our credit ratings. As of December 31, 2013, the interest rate for the amount outstanding under our term loan was 1.91% and the weighted average interest rate for the amount outstanding under our term loan was 1.94% and 1.99% for the year ended December 31, 2013 and the period from January 12, 2012 (the date we entered the term loan agreement) to December 31, 2012, respectively. | ||||||||
Our revolving credit facility agreement and our term loan agreement provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes RMR ceasing to act as our business manager and property manager. Our revolving credit facility agreement and our term loan agreement also contain a number of covenants, including covenants that restrict our ability to incur debts or to make distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth. We believe we were in compliance with the terms and conditions of our revolving credit facility agreement and our term loan agreement at December 31, 2013. | ||||||||
At December 31, 2013, four of our properties (five buildings) with an aggregate net book value of $120,595 secured four mortgage notes that were assumed in connection with the acquisition of such properties. Our mortgage notes are non-recourse, subject to certain limited exceptions, and do not contain any material financial covenants. | ||||||||
The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2013 are as follows: | ||||||||
2014 | $ | 2,072 | ||||||
2015 | 205,691 | |||||||
2016 | 24,708 | |||||||
2017 | 351,307 | |||||||
2018 | 1,415 | |||||||
Thereafter | 10,851 | |||||||
| | | | | ||||
$ | 596,044 | |||||||
| | | | | ||||
| | | | | ||||
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Note 8. Fair Value of Assets and Liabilities | ||||||||||||||
Our assets and liabilities at December 31, 2013 include cash and cash equivalents, restricted cash, rents receivable, mortgage notes payable, accounts payable, our revolving credit facility and our term loan, amounts due to related persons, other accrued expenses and security deposits. At December 31, 2013, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, except as follows: | ||||||||||||||
Carrying | Fair | |||||||||||||
Amount | Value | |||||||||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $409, due in 2015 | $ | 48,377 | $ | 49,924 | ||||||||||
Mortgage note payable, 6.21% interest rate, due in 2016 | 24,147 | 26,251 | ||||||||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $749, due in 2019 | 9,919 | 10,448 | ||||||||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $525, due in 2021 | 8,284 | 8,762 | ||||||||||||
| | | | | | | | |||||||
$ | 90,727 | $ | 95,385 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
We estimate the fair values of our mortgage notes payable by using discounted cash flow analyses and currently prevailing market terms as of the measurement date (Level 3 inputs as defined in the fair value hierarchy under GAAP). Because our inputs are unobservable, our estimated fair value may differ materially from the actual fair value. | ||||||||||||||
The table below presents certain of our assets and liabilities measured on a non-recurring basis at fair value at December 31, 2013, categorized by the level of inputs used in the valuation of each asset and liability: | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||
Properties held for sale(1) | $ | 14,560 | $ | — | $ | — | $ | 14,560 | ||||||
Additional purchase consideration(2) | 1,231 | — | — | 1,231 | ||||||||||
-1 | ||||||||||||||
The estimated fair values at December 31, 2013 of the two properties for which a loss on asset impairment was recognized during the year ended December 31, 2013 are based upon broker estimates of value less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | ||||||||||||||
-2 | ||||||||||||||
In December 2012, we acquired a property located in Florence, KY. Pursuant to the terms of the purchase agreement for this property, the seller is entitled to up to $1,800 of additional purchase consideration based upon the property's 2013 real estate tax assessment. In accounting for this acquisition in 2012, we had estimated the fair value (based on Level 3 inputs as defined in the fair value hierarchy under GAAP) of this additional consideration to be $273. During the year ended December 31, 2013, we received the 2013 real estate tax assessment for this property and increased the estimated fair value (based on Level 3 inputs as defined in the fair value hierarchy under GAAP) of the additional consideration to $1,231, which amount is included in accounts payable and accrued expenses in our consolidated balance sheet at December 31, 2013. The $958 increase in the fair value of the additional consideration is included in acquisition related costs in our consolidated income statements for the year months ended December 31, 2013. The $1,231 of additional purchase consideration was paid to the seller in February 2014. | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||
Note 9. Shareholders' Equity | ||||||||||||||||||||
Share Awards | ||||||||||||||||||||
We have common shares available for issuance under the terms of our 2009 Plan. As described in Note 5, we awarded common shares to our officers and certain employees of RMR in 2011, 2012 and 2013. We also awarded each of our Trustees 2,000 common shares in 2013 with an aggregate market value of $266 ($53 per Trustee), 2,000 common shares in 2012 with an aggregate market value of $224 ($45 per Trustee) and 2,000 common shares in 2011 with an aggregate market value of $256 ($51 per Trustee) as part of their annual compensation, based upon the closing price of our common shares on the NYSE on the date of grant. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain employees of RMR vest in five equal annual installments beginning on the date of grant. We include and base the value of awarded shares in general and administrative expenses at the time the awards vest. | ||||||||||||||||||||
A summary of shares granted and vested under the terms of our 2009 Plan for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | |||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||
Unvested shares, beginning of year | 76,104 | $ | 23.71 | 64,270 | $ | 22.37 | 44,320 | $ | 26.55 | |||||||||||
Shares granted | 58,350 | 24.12 | 93,058 | 23.72 | 50,850 | 22.93 | ||||||||||||||
Shared forfeited | (450 | ) | 24.24 | (820 | ) | 23.66 | — | — | ||||||||||||
Shares vested | (48,553 | ) | 24.37 | (80,404 | ) | 23.66 | (30,900 | ) | 23.47 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Unvested shares, end of year | 85,451 | 23.66 | 76,104 | 23.71 | 64,270 | 22.37 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
The 85,451 unvested shares as of December 31, 2013 are scheduled to vest as follows: 32,303 shares in 2014, 25,573 shares in 2015, 17,963 shares in 2016 and 9,612 in 2017. As of December 31, 2013, the estimated future compensation expense for the unvested shares was $2,123 based on the closing share price of our common shares on the NYSE on December 31, 2013 of $24.85. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2013, 2012 and 2011, we recorded $1,269, $1,598 and $1,646, respectively, of compensation expense related to our 2009 Plan. | ||||||||||||||||||||
At December 31, 2013, 1,723,212 of our common shares remain available for issuance under the 2009 Plan. | ||||||||||||||||||||
Share Issuances | ||||||||||||||||||||
As further described in Note 5, on March 27, 2013, under the terms of our business management agreement with RMR, we issued 20,230 of our common shares to RMR in payment of an incentive fee of approximately $485 for services rendered to us by RMR during 2012. | ||||||||||||||||||||
On February 7, 2014 we issued 3,344 shares to RMR as part of its compensation under our business management agreement. See Note 5 for further information regarding this agreement. | ||||||||||||||||||||
Distributions | ||||||||||||||||||||
On February 22, 2013, May 24, 2013, August 22, 2013 and November 22, 2013 we paid a $0.43 per share distribution to our common shareholders. On January 3, 2014, we declared a dividend payable to common shareholders of record on January 13, 2014 in the amount of $0.43 per share. We expect to pay this distribution on or about February 21, 2014. | ||||||||||||||||||||
Cash distributions per share paid or payable by us to our common shareholders for the year ended December 31, 2013, 2012, and 2011 were $1.72, $1.69 and $1.67, respectively. The characterization of our distributions paid or accrued in 2013 was 82.92% ordinary income, 9.55% return of capital, 7.01% capital gain and 0.52% IRC Section 1250 gain. The characterization of our distributions paid or accrued in 2012 and 2011 was 80.36% and 92.88% ordinary income, respectively, and 19.64% and 7.12% return of capital, respectively. | ||||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Note 10. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||
The following is a summary of our unaudited quarterly results of operations for 2013 and 2012. Reclassifications have been made to the prior quarterly results to reflect the reclassification of the results for certain properties to discontinued operations as described in Note 4. | ||||||||||||||
2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income | $ | 56,304 | $ | 55,934 | $ | 56,401 | $ | 58,271 | ||||||
Net income | 24,726 | 15,204 | 1,966 | 12,724 | ||||||||||
Net income per common share | 0.45 | 0.28 | 0.04 | 0.23 | ||||||||||
Common distributions declared | 0.43 | 0.43 | 0.43 | 0.43 | ||||||||||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income | $ | 48,061 | $ | 48,584 | $ | 52,426 | $ | 54,629 | ||||||
Net income | 13,059 | 11,954 | 11,756 | 13,191 | ||||||||||
Net income per common share | 0.28 | 0.25 | 0.25 | 0.25 | ||||||||||
Common distributions declared | 0.42 | 0.42 | 0.42 | 0.43 | ||||||||||
Amounts previously reported have been adjusted as follows: | ||||||||||||||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income as previously reported in 2012 | $ | 50,455 | $ | 50,273 | $ | 54,083 | $ | 56,265 | ||||||
Total revenues reclassified to discontinued operations during 2013 | (2,394 | ) | (1,689 | ) | (1,657 | ) | (1,636 | ) | ||||||
| | | | | | | | | | | | | | |
Total revenues restated | $ | 48,061 | $ | 48,584 | $ | 52,426 | $ | 54,629 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Initial Cost to | Cost amount carried | ||||||||||||||||||||||||||||||||||
Company | Costs | at Close of Period | |||||||||||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||
Property | Location | Encumberances | Land | Buildings and | Acquisition | Land | Buildings and | Total(1) | Accumulated | Date(s) | Original | ||||||||||||||||||||||||
Equipment | Equipment | Depreciation(2) | Acquired | Construction | |||||||||||||||||||||||||||||||
Date(s) | |||||||||||||||||||||||||||||||||||
1 | 131 Clayton Street | Montgomery, AL | $ | — | $ | 920 | $ | 9,084 | $ | 16 | $ | 920 | $ | 9,100 | $ | 10,020 | $ | (569 | ) | 6/22/11 | 2007 | ||||||||||||||
2 | 4344 Carmichael Road | Montgomery, AL | — | 1,374 | 11,658 | — | 1,374 | 11,658 | 13,032 | — | 12/17/13 | 2009 | |||||||||||||||||||||||
3 | 711 14th Avenue | Safford, AZ | — | 460 | 11,708 | 58 | 460 | 11,766 | 12,226 | (1,027 | ) | 6/16/10 | 1992 | ||||||||||||||||||||||
4 | 10949 N. Mather Boulevard | Rancho Cordova, CA | — | 562 | 16,923 | — | 562 | 16,923 | 17,485 | (71 | ) | 10/30/13 | 2012 | ||||||||||||||||||||||
5 | 4181 Ruffin Road | San Diego, CA | — | 5,250 | 10,549 | 3,592 | 5,250 | 14,141 | 19,391 | (1,081 | ) | 7/16/10 | 1981 | ||||||||||||||||||||||
6 | 4560 Viewridge Road | San Diego, CA | — | 4,269 | 18,316 | 869 | 4,347 | 19,107 | 23,454 | (8,117 | ) | 3/31/97 | 1996 | ||||||||||||||||||||||
7 | 5045 East Butler Street | Fresno, CA | — | 7,276 | 61,118 | 8 | 7,277 | 61,125 | 68,402 | (17,383 | ) | 8/29/12 | 1971 | ||||||||||||||||||||||
8 | 9800 Goethe Road | Sacramento, CA | — | 1,550 | 12,263 | 1,255 | 1,550 | 13,518 | 15,068 | (1,322 | ) | 12/23/09 | 1988 | ||||||||||||||||||||||
9 | 9815 Goethe Road | Sacramento, CA | — | 1,450 | 9,465 | 1,713 | 1,450 | 11,178 | 12,628 | (582 | ) | 9/14/11 | 1992 | ||||||||||||||||||||||
10 | Capital Place | Sacramento, CA | — | 2,290 | 35,891 | 3,400 | 2,290 | 39,291 | 41,581 | (3,797 | ) | 12/17/09 | 1988 | ||||||||||||||||||||||
11 | Sky Park Centre | San Diego, CA | — | 685 | 5,530 | — | 685 | 5,530 | 6,215 | (1,596 | ) | 6/24/02 | 1986 | ||||||||||||||||||||||
12 | Turning Basin Business Park | Stockton, CA | — | 563 | 5,470 | — | 563 | 5,470 | 6,033 | (194 | ) | 7/20/12 | 2012 | ||||||||||||||||||||||
13 | 12795 West Alameda Parkway | Lakewood, CO | 8,284 | 2,640 | 23,777 | 1,045 | 2,640 | 24,822 | 27,462 | (2,419 | ) | 1/15/10 | 1997 | ||||||||||||||||||||||
14 | 16194 West 45th Street | Golden, CO | — | 494 | 152 | 6,456 | 495 | 6,607 | 7,102 | (2,538 | ) | 3/31/97 | 1997 | ||||||||||||||||||||||
15 | Corporate Center | Lakewood, CO | — | 2,886 | 27,537 | 3,612 | 2,887 | 31,148 | 34,035 | (7,932 | ) | 10/11/02 | 1981 | ||||||||||||||||||||||
16 | 20 Massachusetts Avenue | Washington, DC | — | 12,008 | 51,528 | 20,744 | 12,226 | 72,054 | 84,280 | (25,846 | ) | 3/31/97 | 1996 | ||||||||||||||||||||||
17 | 625 Indiana Avenue | Washington DC, DC | — | 26,000 | 25,955 | 2,751 | 26,000 | 28,706 | 54,706 | (2,366 | ) | 8/17/10 | 1989 | ||||||||||||||||||||||
18 | 7850 Southwest 6th Court | Plantation, FL | — | 4,800 | 30,592 | 202 | 4,800 | 30,794 | 35,594 | (2,045 | ) | 5/12/11 | 1999 | ||||||||||||||||||||||
19 | 8900 Grand Oak Circle | Tampa, FL | 9,919 | 1,100 | 11,773 | 121 | 1,100 | 11,894 | 12,994 | (969 | ) | 10/15/10 | 1994 | ||||||||||||||||||||||
20 | 181 Spring Street NW | Atlanta, GA | — | 4,047 | 20,017 | — | 4,046 | 20,018 | 24,064 | (709 | ) | 7/25/12 | 2005 | ||||||||||||||||||||||
21 | 220 E. Bryan Street | Savannah, GA | — | 950 | 2,376 | 66 | 950 | 2,442 | 3,392 | (207 | ) | 7/16/10 | 1990 | ||||||||||||||||||||||
22 | 4712 Southpark Boulevard | Ellenwood, GA | — | 1,390 | 19,635 | — | 1,390 | 19,635 | 21,025 | (695 | ) | 7/25/12 | 2007 | ||||||||||||||||||||||
23 | Corporate Square | Atlanta, GA | — | 3,996 | 29,762 | 1,384 | 3,996 | 31,146 | 35,142 | (7,425 | ) | 7/16/04 | 1967 | ||||||||||||||||||||||
24 | Executive Park | Atlanta, GA | — | 1,521 | 11,826 | 852 | 1,521 | 12,678 | 14,199 | (2,803 | ) | 7/16/04 | 1972 | ||||||||||||||||||||||
25 | One Georgia Center | Atlanta, GA | — | 10,250 | 27,933 | 81 | 10,250 | 28,014 | 38,264 | (1,582 | ) | 9/30/11 | 1968 | ||||||||||||||||||||||
26 | South Vinnell Way | Boise, ID | 3,390 | 29,026 | 14 | 3,390 | 29,040 | 32,430 | (967 | ) | 9/11/12 | 1996; 1997; 2002 | |||||||||||||||||||||||
27 | 2020 S. Arlington Heights | Arlington Heights, IL | — | 1,450 | 13,160 | 846 | 1,450 | 14,006 | 15,456 | (1,365 | ) | 12/29/09 | 2002 | ||||||||||||||||||||||
28 | Intech Park | Indianapolis, IN | 48,377 | 4,170 | 68,888 | 1,504 | 4,170 | 70,392 | 74,562 | (3,938 | ) | 10/14/11 | 2000; 2001; 2008 | ||||||||||||||||||||||
29 | 400 State Street | Kansas City, KS | — | 640 | 9,932 | 1,020 | 640 | 10,952 | 11,592 | (958 | ) | 6/16/10 | 1990 | ||||||||||||||||||||||
30 | 7125 Industrial Road | Florence, KY | — | 1,698 | 11,722 | 1 | 1,698 | 11,723 | 13,421 | (293 | ) | 12/31/12 | 1980 | ||||||||||||||||||||||
31 | 25 Newport Avenue | Quincy, MA | — | 2,700 | 9,199 | 346 | 2,700 | 9,545 | 12,245 | (673 | ) | 2/16/11 | 1985 | ||||||||||||||||||||||
32 | 251 Causeway Street | Boston, MA | — | 5,100 | 17,293 | 667 | 5,100 | 17,960 | 23,060 | (1,456 | ) | 8/17/10 | 1988 | ||||||||||||||||||||||
33 | 75 Pleasant Street | Malden, MA | — | 1,050 | 31,086 | — | 1,050 | 31,086 | 32,136 | (2,780 | ) | 5/24/10 | 2008 | ||||||||||||||||||||||
34 | One Montvale Avenue | Stoneham, MA | — | 1,670 | 11,035 | 495 | 1,670 | 11,530 | 13,200 | (980 | ) | 6/16/10 | 1987 | ||||||||||||||||||||||
35 | 20400 Century Boulevard | Germantown, MD | — | 2,305 | 9,890 | 740 | 2,347 | 10,588 | 12,935 | (4,415 | ) | 3/31/97 | 1995 | ||||||||||||||||||||||
36 | 2115 East Jefferson Street | North Bethesda, MD | — | 3,349 | 11,152 | — | 3,349 | 11,152 | 14,501 | (93 | ) | 8/27/13 | 2003 | ||||||||||||||||||||||
37 | 3300 75th Avenue | Landover, MD | 24,147 | 4,110 | 36,371 | 402 | 4,110 | 36,773 | 40,883 | (3,491 | ) | 2/26/10 | 2004 | ||||||||||||||||||||||
38 | 4201 Patterson Avenue | Baltimore, MD | — | 900 | 8,097 | 1,316 | 901 | 9,412 | 10,313 | (3,183 | ) | 10/15/98 | 1989 | ||||||||||||||||||||||
39 | 4700 River Road | Riverdale, MD | — | 6,240 | 30,368 | 340 | 6,240 | 30,708 | 36,948 | (3,890 | ) | 9/17/10 | 1994 | ||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | |||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Initial Cost to | Cost amount carried | ||||||||||||||||||||||||||||||||||
Company | Costs | at Close of Period | |||||||||||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||||||||||||
Subsequent to | |||||||||||||||||||||||||||||||||||
Building | City | Encumberances | Land | Buildings and | Acquisition | Land | Buildings and | Total(1) | Accumulated | Date(s) | Original | ||||||||||||||||||||||||
Equipment | Equipment | Depreciation(2) | Acquired | Construction | |||||||||||||||||||||||||||||||
Date(s) | |||||||||||||||||||||||||||||||||||
40 | 1401 Rockville Pike | Rockville, MD | $ | — | $ | 3,251 | $ | 29,258 | $ | 5,109 | $ | 3,251 | $ | 34,367 | $ | 37,618 | $ | (12,420 | ) | 2/2/98 | 1986 | ||||||||||||||
41 | Meadows Business Park | Woodlawn, MD | 3,735 | 21,509 | 157 | 3,735 | 21,666 | 25,401 | (1,574 | ) | 2/15/11 | 1973 | |||||||||||||||||||||||
42 | Rutherford Business Park | Windsor Mill, MD | — | 1,598 | 10,219 | 15 | 1,598 | 10,234 | 11,832 | (277 | ) | 11/16/12 | 1972 | ||||||||||||||||||||||
43 | 11411 E. Jefferson Avenue | Detroit, MI | — | 630 | 18,002 | — | 630 | 18,002 | 18,632 | (1,650 | ) | 4/23/10 | 2009 | ||||||||||||||||||||||
44 | 330 South Second Avenue | Minneapolis, MN | — | 3,990 | 18,186 | 5,786 | 3,990 | 23,972 | 27,962 | (1,681 | ) | 7/16/10 | 1980 | ||||||||||||||||||||||
45 | Rosedale Corporate Plaza | Roseville, MN | — | 672 | 6,045 | 785 | 672 | 6,830 | 7,502 | (2,246 | ) | 12/1/99 | 1987 | ||||||||||||||||||||||
46 | 1300 Summit Street | Kansas City, MO | — | 2,776 | 12,070 | 121 | 2,776 | 12,191 | 14,967 | (377 | ) | 9/27/12 | 2011 | ||||||||||||||||||||||
47 | 4241-4300 NE 34th Street | Kansas City, MO | — | 1,443 | 6,193 | 3,767 | 1,780 | 9,623 | 11,403 | (3,932 | ) | 3/31/97 | 1995 | ||||||||||||||||||||||
48 | 1220 Echelon Parkway | Jackson, MS | — | 440 | 25,458 | 49 | 440 | 25,507 | 25,947 | (902 | ) | 7/25/12 | 2009 | ||||||||||||||||||||||
49 | 10-12 Celina Avenue | Nashua, NH | — | 3,000 | 14,052 | 154 | 3,000 | 14,206 | 17,206 | (1,532 | ) | 8/31/09 | 1997 | ||||||||||||||||||||||
50 | 50 West State Street | Trenton, NJ | — | 5,000 | 38,203 | 912 | 5,000 | 39,115 | 44,115 | (2,888 | ) | 12/30/10 | 1989 | ||||||||||||||||||||||
51 | 435 Montano Boulevard | Albuquerque, NM | — | 710 | 1,651 | 147 | 710 | 1,798 | 2,508 | (184 | ) | 7/16/10 | 1984 | ||||||||||||||||||||||
52 | 138 Delaware Avenue | Buffalo, NY | — | 4,405 | 18,899 | 1,992 | 4,485 | 20,811 | 25,296 | (8,252 | ) | 3/31/97 | 1994 | ||||||||||||||||||||||
53 | 305 East 46th Street | New York, NY | — | 36,800 | 66,661 | 419 | 36,800 | 67,080 | 103,880 | (4,311 | ) | 5/27/11 | 2008 | ||||||||||||||||||||||
54 | 5000 Corporate Court | Holtsville, NY | — | 6,530 | 17,711 | 1,054 | 6,530 | 18,765 | 25,295 | (1,072 | ) | 8/31/11 | 2000 | ||||||||||||||||||||||
55 | Airline Corporate Center | Colonie, NY | — | 790 | 6,400 | — | 790 | 6,400 | 7,190 | (240 | ) | 6/22/12 | 2004 | ||||||||||||||||||||||
56 | 4600 25th Avenue | Salem, OR | — | 6,510 | 17,973 | 3,709 | 6,510 | 21,682 | 28,192 | (913 | ) | 12/20/11 | 2007 | ||||||||||||||||||||||
57 | Synergy Business Park | Columbia, SC | 1,439 | 11,143 | 2,059 | 1,439 | 13,202 | 14,641 | (1,622 | ) | 5/10/2006; 9/17/2010 | 1982; 1985 | |||||||||||||||||||||||
58 | One Memphis Place | Memphis, TN | — | 1,630 | 5,645 | 787 | 1,630 | 6,432 | 8,062 | (534 | ) | 9/17/10 | 1985 | ||||||||||||||||||||||
59 | 701 Clay Road | Waco, TX | — | 2,030 | 8,708 | 2,088 | 2,060 | 10,766 | 12,826 | (3,794 | ) | 12/23/97 | 1997 | ||||||||||||||||||||||
60 | Aquia Commerce Center | Stafford, VA | 2,090 | 7,465 | 162 | 2,090 | 7,627 | 9,717 | (468 | ) | 6/22/11 | 1988; 1999 | |||||||||||||||||||||||
61 | Enterchange at Meadowville | Chester, VA | — | 1,478 | 9,594 | — | 1,478 | 9,594 | 11,072 | (80 | ) | 8/28/13 | 2011 | ||||||||||||||||||||||
62 | Pender Business Park | Fairfax, VA | 2,529 | 21,386 | — | 2,529 | 21,386 | 23,915 | (88 | ) | 11/4/13 | 2000 | |||||||||||||||||||||||
63 | 65 Bowdoin Street | S. Burlington, VT | — | 700 | 8,416 | 120 | 700 | 8,536 | 9,236 | (788 | ) | 4/9/10 | 2009 | ||||||||||||||||||||||
64 | 840 North Broadway | Everett, WA | 3,360 | 15,376 | 98 | 3,360 | 15,474 | 18,834 | (577 | ) | 6/28/12 | 1985 | |||||||||||||||||||||||
65 | Stevens Center | Richland, WA | 3,970 | 17,035 | 775 | 4,042 | 17,738 | 21,780 | (7,286 | ) | 3/31/97 | 1995 | |||||||||||||||||||||||
66 | 11050 West Liberty Drive | Milwaukee, WI | — | 945 | 4,539 | 110 | 945 | 4,649 | 5,594 | (301 | ) | 6/9/11 | 2006 | ||||||||||||||||||||||
67 | 2029 Stonewall Jackson Drive | Falling Waters, WV | — | 906 | 3,886 | 356 | 922 | 4,226 | 5,148 | (1,814 | ) | 3/31/97 | 1993 | ||||||||||||||||||||||
68 | 5353 Yellowstone Road | Cheyenne, WY | — | 1,915 | 8,217 | 1,183 | 1,950 | 9,365 | 11,315 | (4,075 | ) | 3/31/97 | 1995 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 90,727 | $ | 242,775 | $ | 1,237,957 | $ | 87,830 | $ | 243,686 | $ | 1,324,876 | $ | 1,568,562 | $ | (187,635 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | |||||||||||||||||||||||||||||||||||
Excludes value of real estate intangibles. Aggregate cost for federal income tax purposes is approximately $1,767,426. | |||||||||||||||||||||||||||||||||||
-2 | |||||||||||||||||||||||||||||||||||
Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to 12 years. | |||||||||||||||||||||||||||||||||||
Analysis of the carrying amount of real estate properties and accumulated depreciation: | |||||||||||||||||||||||||||||||||||
Real Estate | Accumulated | ||||||||||||||||||||||||||||||||||
Properties | Depreciation | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 911,327 | $ | 115,215 | |||||||||||||||||||||||||||||||
Additions | 378,176 | 25,045 | |||||||||||||||||||||||||||||||||
Disposals | (1,050 | ) | (1,050 | ) | |||||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | 1,288,453 | 139,210 | |||||||||||||||||||||||||||||||||
Additions | 192,560 | 30,601 | |||||||||||||||||||||||||||||||||
Disposals | (13,150 | ) | (13,150 | ) | |||||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||
Balance at December 31, 2012 | 1,467,863 | 156,661 | |||||||||||||||||||||||||||||||||
Additions | 103,413 | 33,688 | |||||||||||||||||||||||||||||||||
Disposals | (2,714 | ) | (2,714 | ) | |||||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,568,562 | $ | 187,635 | |||||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Prior to our IPO, CWH directly or indirectly wholly owned us, and we have presented applicable transactions at CWH's historical basis. | |
We account for our investment in Affiliates Insurance Company, or AIC, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. Our Managing Trustees are also owners of Reit Management & Research LLC, or RMR, which is the manager of us and AIC, and each of our Trustees is a director of AIC. See Note 5 for a further discussion of our investment in AIC. | |
Real Estate Properties | ' |
Real Estate Properties. We record our Initial Properties at cost to CWH and our other properties at our cost and depreciate real estate investments on a straight line basis over estimated useful lives of up to 40 years for buildings and improvements, and up to 12 years for personal property. | |
We and CWH allocated the purchase prices of our properties to land, building and improvements based on determinations of the relative fair values of these assets assuming the properties are vacant. We and CWH determined the fair value of each property using methods similar to those used by independent appraisers. We and CWH allocated a portion of the purchase price of our properties to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us or CWH) of the difference between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. We and CWH allocated a portion of the purchase price to acquired in place leases and tenant relationships in an amount equal to the excess of (i) the purchase price paid for each property, after adjusting existing acquired in place leases to market rental rates, over (ii) the estimated fair value of the property, as if vacant. We and CWH allocated this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant's lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying financial statements. In making these allocations, we considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us or CWH. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. | |
We amortize capitalized above market lease values (included in acquired in place real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net decreases to rental income of $1,123, $2,056, and $725 during the years ended December 31, 2013, 2012 and 2011, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, amounted to $20,482, $17,390, and $12,182 during the years ended December 31, 2013, 2012 and 2011, respectively. When a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. | |
Capitalized above market lease values were $38,487 and $39,591 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $14,271 and $10,892, respectively. Capitalized below market lease values were $27,304 and $28,408 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $8,220 and $9,279, respectively. | |
The value of acquired in place leases, exclusive of the value of above and below market acquired in place leases, were $167,256 and $148,372 as of December 31, 2013 and 2012, respectively, net of accumulated amortization of $49,207 and $32,669, respectively. Future amortization of net intangible lease assets and liabilities, to be recognized over the current terms of the associated leases as of December 31, 2013 are estimated to be $23,566 in 2014, $21,209 in 2015, $18,453 in 2016, $16,174 and 2017, $13,521 in 2018 and $30,259 thereafter. | |
We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining lives of our long lived assets. If we change our estimate of the remaining lives, we allocate the carrying value of the affected assets over their revised remaining lives. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. | |
Restricted Cash | ' |
Restricted Cash. Restricted cash consists of amounts escrowed for future real estate taxes, insurance, leasing costs, capital expenditures and debt service, as required by certain of our mortgage debts. | |
Deferred leasing costs | ' |
Deferred Leasing Costs. Deferred leasing costs include brokerage, legal and other fees associated with the successful negotiation of leases and we amortize those costs, which are included in depreciation and amortization expense, on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $13,935 and $9,134 at December 31, 2013 and 2012, respectively, and accumulated amortization of deferred leasing costs totaled $2,317 and $1,514 at December 31 2013 and 2012, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2013, are estimated to be $1,913 in 2014, $1,844 in 2015, in $1,653 in 2016, $1,232 in 2017, $1,105 in 2018, and $3,871 thereafter. | |
Deferred financing fees | ' |
Deferred Financing Fees. Deferred financing fees include issuance or assumption costs related to borrowings and we amortize those costs as interest expense over the terms of the respective loans. At both December 31, 2013 and 2012, deferred financing fees totaled $9,335. Accumulated amortization of deferred financing fees totaled $5,424 and $3,617 at December 31, 2013 and 2012, respectively. Future amortization of deferred financing fees to be recognized with respect to our loans as of December 31, 2013, are estimated to be $1,807 in 2014, $1,536 in 2015, $449 in 2016, $45 in 2017, $33 in 2018, and $41 thereafter. | |
Revenue Recognition | ' |
Revenue Recognition. Rental income from operating leases is recognized on a straight line basis over the life of lease agreements. We increased rental income by $2,739, $3,428 and $1,565 to record revenue on a straight line basis during the years ended December 31, 2013, 2012 and 2011, respectively. Rents receivable include $10,515 and $7,776 of straight line rent receivables at December 31, 2013 and 2012, respectively. | |
Income Taxes | ' |
Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, or IRC, and, accordingly, we generally will not be subject to federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify as a REIT. We are, however, subject to certain state and local taxes. | |
Cumulative Other Comprehensive Income | ' |
Cumulative Other Comprehensive Income. Cumulative other comprehensive income consists of the unrealized gains (losses) related to our investment in AIC, as described in Note 5. | |
Reclassifications | ' |
Reclassifications. Certain reclassifications have been made to the prior years' financial statements to conform to the current year's presentation. | |
Use of Estimates | ' |
Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. | |
Net Income Per Share | ' |
Net Income Per Share. We compute net income per common share using the weighted average number of common shares outstanding. We had no common share equivalents during the periods presented. | |
Segment Reporting | ' |
Segment Reporting. We operate in one business segment: ownership of properties that are primarily leased to government tenants. |
Real_Estate_Properties_Tables
Real Estate Properties (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Real Estate Properties | ' | |||||||||||||||||||||||||||||
Schedule of future minimum lease payments related properties, excluding three properties (three buildings) classified as discontinued operations (excluding real estate tax and other expense reimbursements) | ' | |||||||||||||||||||||||||||||
Our future minimum lease payments related to our properties, excluding properties classified as discontinued operations and estimated real estate tax and other expense reimbursements, scheduled to be received during the current terms of the existing leases as of December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||
2014 | $ | 214,261 | ||||||||||||||||||||||||||||
2015 | 198,986 | |||||||||||||||||||||||||||||
2016 | 178,076 | |||||||||||||||||||||||||||||
2017 | 153,036 | |||||||||||||||||||||||||||||
2018 | 128,404 | |||||||||||||||||||||||||||||
Thereafter | 342,036 | |||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
$ | 1,214,799 | |||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||
Purchase prices of acquisitions allocated based on the estimated fair values of the acquired assets and assumed liabilities | ' | |||||||||||||||||||||||||||||
Date | Location | Type | Number of | Square | Purchase | Land | Buildings and | Acquired | Acquired | Other | ||||||||||||||||||||
Properties / | Feet | Price(1) | Improvements | Leases | Lease | Assumed | ||||||||||||||||||||||||
Buildings | Obligations | Liabilities | ||||||||||||||||||||||||||||
Aug-13 | Chester, VA | Warehouse | 1-Jan | 228,108 | $ | 12,503 | $ | 1,478 | $ | 9,594 | $ | 1,440 | $ | (9 | ) | $ | — | |||||||||||||
Aug-13 | Bethesda, MD | Office | 1-Jan | 128,645 | 18,300 | 3,349 | 11,152 | 4,182 | (383 | ) | — | |||||||||||||||||||
Oct-13 | Rancho Cordova, CA(2) | Office | 1-Jan | 93,807 | 21,190 | 562 | 16,922 | 5,498 | (1,792 | ) | — | |||||||||||||||||||
Nov-13 | Fairfax, VA(2) | Office | 4-Jan | 170,940 | 31,500 | 2,529 | 21,386 | 8,005 | (420 | ) | (269 | ) | ||||||||||||||||||
Dec-13 | Montgomery, AL(2) | Office | 1-Jan | 49,370 | 16,025 | 1,374 | 11,658 | 3,776 | (783 | ) | — | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
8-May | 670,870 | $ | 99,518 | $ | 9,292 | $ | 70,712 | $ | 22,901 | $ | (3,387 | ) | $ | (269 | ) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||||||||||||
Purchase price excludes acquisition related costs. | ||||||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||||
The allocation of purchase price is based upon preliminary estimates and may change based upon the completion of our analysis of acquired in place leases. | ||||||||||||||||||||||||||||||
Summarized balance sheet and income statement information for properties in discontinued operations | ' | |||||||||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Real estate properties | $ | 25,574 | $ | 46,784 | ||||||||||||||||||||||||||
Acquired real estate leases, net | — | 82 | ||||||||||||||||||||||||||||
Rents receivable, net | 381 | 217 | ||||||||||||||||||||||||||||
Other assets, net | 42 | 59 | ||||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Assets of discontinued operations | $ | 25,997 | $ | 47,142 | ||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Other liabilities | $ | 276 | $ | 298 | ||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Liabilities of discontinued operations | $ | 276 | $ | 298 | ||||||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
| | | | | | | | |||||||||||||||||||||||
Statement of Operations: | ||||||||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Rental income | $ | 4,580 | $ | 7,376 | $ | 10,876 | ||||||||||||||||||||||||
Real estate taxes | (678 | ) | (928 | ) | (919 | ) | ||||||||||||||||||||||||
Utility expenses | (539 | ) | (1,043 | ) | (1,398 | ) | ||||||||||||||||||||||||
Other operating expenses | (966 | ) | (1,484 | ) | (2,011 | ) | ||||||||||||||||||||||||
Depreciation and amortization | (1,025 | ) | (2,096 | ) | (2,313 | ) | ||||||||||||||||||||||||
General and administrative | (287 | ) | (431 | ) | (429 | ) | ||||||||||||||||||||||||
Loss on asset impairment | (10,142 | ) | (494 | ) | — | |||||||||||||||||||||||||
Net gain on sale of properties | 8,168 | — | — | |||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
Income (loss) from discontinued operations | $ | (889 | ) | $ | 900 | $ | 3,806 | |||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Indebtedness | ' | |||||||
Composition of outstanding indebtedness | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Unsecured revolving credit facility, due in 2015 | $ | 157,000 | $ | 49,500 | ||||
Unsecured term loan, due in 2017 | 350,000 | 350,000 | ||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $409 and $621, respectively, due in 2015(1) | 48,377 | 49,274 | ||||||
Mortgage note payable, 6.21% interest rate, due in 2016(1) | 24,147 | 24,441 | ||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $749 and $878, respectively, due in 2019(1) | 9,919 | 10,247 | ||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $525 and $651, respectively, due in 2021(1) | 8,284 | 9,165 | ||||||
| | | | | | | | |
$ | 597,727 | $ | 492,627 | |||||
| | | | | | | | |
| | | | | | | | |
-1 | ||||||||
We assumed these mortgages in connection with our acquisitions of certain properties. The stated interest rates for these mortgage debts are the contractually stated rates. We recorded the assumed mortgages at estimated fair value on the date of acquisition and we are amortizing the fair value premiums, if any, to interest expense over the respective terms of the mortgages to reduce interest expense to the estimated market interest rates as of the date of acquisition. | ||||||||
Schedule of the principal payments due of the outstanding debt | ' | |||||||
The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2013 are as follows: | ||||||||
2014 | $ | 2,072 | ||||||
2015 | 205,691 | |||||||
2016 | 24,708 | |||||||
2017 | 351,307 | |||||||
2018 | 1,415 | |||||||
Thereafter | 10,851 | |||||||
| | | | | ||||
$ | 596,044 | |||||||
| | | | | ||||
| | | | | ||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value of Assets and Liabilities | ' | |||||||||||||
Schedule of fair value and carrying value of financial instruments | ' | |||||||||||||
At December 31, 2013, the fair values of our financial instruments approximated their carrying values in our consolidated financial statements, except as follows: | ||||||||||||||
Carrying | Fair | |||||||||||||
Amount | Value | |||||||||||||
Mortgage note payable, 5.73% interest rate, including unamortized premium of $409, due in 2015 | $ | 48,377 | $ | 49,924 | ||||||||||
Mortgage note payable, 6.21% interest rate, due in 2016 | 24,147 | 26,251 | ||||||||||||
Mortgage note payable, 7.00% interest rate, including unamortized premium of $749, due in 2019 | 9,919 | 10,448 | ||||||||||||
Mortgage note payable, 8.15% interest rate, including unamortized premium of $525, due in 2021 | 8,284 | 8,762 | ||||||||||||
| | | | | | | | |||||||
$ | 90,727 | $ | 95,385 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
Schedule of assets and liabilities measured on a non-recurring basis at fair value, categorized by the level of inputs used in the valuation of each asset and liability | ' | |||||||||||||
The table below presents certain of our assets and liabilities measured on a non-recurring basis at fair value at December 31, 2013, categorized by the level of inputs used in the valuation of each asset and liability: | ||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Significant | ||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||
(Level 1) | (Level 3) | |||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||
Properties held for sale(1) | $ | 14,560 | $ | — | $ | — | $ | 14,560 | ||||||
Additional purchase consideration(2) | 1,231 | — | — | 1,231 | ||||||||||
-1 | ||||||||||||||
The estimated fair values at December 31, 2013 of the two properties for which a loss on asset impairment was recognized during the year ended December 31, 2013 are based upon broker estimates of value less estimated sales costs (Level 3 inputs as defined in the fair value hierarchy under GAAP). | ||||||||||||||
-2 | ||||||||||||||
In December 2012, we acquired a property located in Florence, KY. Pursuant to the terms of the purchase agreement for this property, the seller is entitled to up to $1,800 of additional purchase consideration based upon the property's 2013 real estate tax assessment. In accounting for this acquisition in 2012, we had estimated the fair value (based on Level 3 inputs as defined in the fair value hierarchy under GAAP) of this additional consideration to be $273. During the year ended December 31, 2013, we received the 2013 real estate tax assessment for this property and increased the estimated fair value (based on Level 3 inputs as defined in the fair value hierarchy under GAAP) of the additional consideration to $1,231, which amount is included in accounts payable and accrued expenses in our consolidated balance sheet at December 31, 2013. The $958 increase in the fair value of the additional consideration is included in acquisition related costs in our consolidated income statements for the year months ended December 31, 2013. The $1,231 of additional purchase consideration was paid to the seller in February 2014. | ||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||||||
Summary of shares granted and vested under the terms of the entity's 2009 Plan | ' | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | |||||||||||||||
of | Average | of | Average | of | Average | |||||||||||||||
Shares | Grant Date | Shares | Grant Date | Shares | Grant Date | |||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||
Unvested shares, beginning of year | 76,104 | $ | 23.71 | 64,270 | $ | 22.37 | 44,320 | $ | 26.55 | |||||||||||
Shares granted | 58,350 | 24.12 | 93,058 | 23.72 | 50,850 | 22.93 | ||||||||||||||
Shared forfeited | (450 | ) | 24.24 | (820 | ) | 23.66 | — | — | ||||||||||||
Shares vested | (48,553 | ) | 24.37 | (80,404 | ) | 23.66 | (30,900 | ) | 23.47 | |||||||||||
| | | | | | | | | | | | | | | | | | | | |
Unvested shares, end of year | 85,451 | 23.66 | 76,104 | 23.71 | 64,270 | 22.37 | ||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Summary of unaudited quarterly results of operations | ' | |||||||||||||
2013 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income | $ | 56,304 | $ | 55,934 | $ | 56,401 | $ | 58,271 | ||||||
Net income | 24,726 | 15,204 | 1,966 | 12,724 | ||||||||||
Net income per common share | 0.45 | 0.28 | 0.04 | 0.23 | ||||||||||
Common distributions declared | 0.43 | 0.43 | 0.43 | 0.43 | ||||||||||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income | $ | 48,061 | $ | 48,584 | $ | 52,426 | $ | 54,629 | ||||||
Net income | 13,059 | 11,954 | 11,756 | 13,191 | ||||||||||
Net income per common share | 0.28 | 0.25 | 0.25 | 0.25 | ||||||||||
Common distributions declared | 0.42 | 0.42 | 0.42 | 0.43 | ||||||||||
Schedule of amounts previously reported and adjusted | ' | |||||||||||||
2012 | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Rental income as previously reported in 2012 | $ | 50,455 | $ | 50,273 | $ | 54,083 | $ | 56,265 | ||||||
Total revenues reclassified to discontinued operations during 2013 | (2,394 | ) | (1,689 | ) | (1,657 | ) | (1,636 | ) | ||||||
| | | | | | | | | | | | | | |
Total revenues restated | $ | 48,061 | $ | 48,584 | $ | 52,426 | $ | 54,629 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Organization_Details
Organization (Details) (CWH) | Apr. 24, 2009 |
subsidiary | |
CWH | ' |
Related Party Transaction | ' |
Percentage of ownership of Initial Properties acquired by means of contribution from CWH to one of the Company's subsidiaries | 100.00% |
Number of subsidiaries receiving a contribution from CWH | 1 |
Organization_Details_2
Organization (Details 2) | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 24, 2009 |
state | Discontinued operations | CWH | |
item | item | property | |
property | property | item | |
sqft | |||
Organization | ' | ' | ' |
Number of properties owned | 68 | 3 | 22 |
Number of buildings | 87 | 3 | 29 |
Number of states in which owned properties located | 31 | ' | ' |
Rentable area of properties (in square feet) | 10,300,000 | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
Summary of Significant Accounting Policies | ' | ' | ' |
Percentage of interest in subsidiaries | 100.00% | ' | ' |
Real Estate Properties | ' | ' | ' |
Increases (decreases) to rental income from amortization of capitalized above market and below market leases | ($1,123) | ($2,056) | ($725) |
Amortization of the value of leases | 21,608 | 19,507 | 13,071 |
Capitalized value of leases | 142,266 | 144,402 | ' |
Deferred Financing Fees | ' | ' | ' |
Deferred financing fees, gross | 9,335 | 9,335 | ' |
Accumulated amortization of deferred financing fees | 5,424 | 3,617 | ' |
Future amortization of deferred financing fees | ' | ' | ' |
2014 | 1,807 | ' | ' |
2015 | 1,536 | ' | ' |
2016 | 449 | ' | ' |
2017 | 45 | ' | ' |
2018 | 33 | ' | ' |
Thereafter | 41 | ' | ' |
Segment Reporting | ' | ' | ' |
Number of business segments | 1 | ' | ' |
Maximum | Buildings and improvements | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Estimated useful lives | '40 years | ' | ' |
Maximum | Personal property | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Estimated useful lives | '12 years | ' | ' |
In place leases | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Amortization of the value of leases | 20,482 | 17,390 | 12,182 |
Continuing operations | ' | ' | ' |
Projected future amortization of net intangible lease assets and liabilities, excluding those classified as discontinued operations | ' | ' | ' |
2014 | 23,566 | ' | ' |
2015 | 21,209 | ' | ' |
2016 | 18,453 | ' | ' |
2017 | 16,174 | ' | ' |
2018 | 13,521 | ' | ' |
Thereafter | 30,259 | ' | ' |
Deferred Leasing Costs | ' | ' | ' |
Deferred leasing costs, gross | 13,935 | 9,134 | ' |
Accumulated amortization of deferred leasing costs | 2,317 | 1,514 | ' |
Revenue Recognition | ' | ' | ' |
Increase in rental income to record revenue on straight line basis | 2,739 | 3,428 | 1,565 |
Straight line rent receivables (liabilities) | 10,515 | 7,776 | ' |
Continuing operations | In place leases | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Capitalized value of leases | 167,256 | 148,372 | ' |
Accumulated amortization of capitalized lease values | 49,207 | 32,669 | ' |
Continuing operations | Above market lease | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Capitalized value of leases | 38,487 | 39,591 | ' |
Accumulated amortization of capitalized lease values | 14,271 | 10,892 | ' |
Continuing operations | Below market lease | ' | ' | ' |
Real Estate Properties | ' | ' | ' |
Capitalized value of leases | 27,304 | 28,408 | ' |
Accumulated amortization of capitalized lease values | 8,220 | 9,279 | ' |
Discontinued operations | ' | ' | ' |
Future amortization of deferred leasing costs, excluding those classified as discontinued operations | ' | ' | ' |
2014 | 1,913 | ' | ' |
2015 | 1,844 | ' | ' |
2016 | 1,653 | ' | ' |
2017 | 1,232 | ' | ' |
2018 | 1,105 | ' | ' |
Thereafter | $3,871 | ' | ' |
Real_Estate_Properties_Details
Real Estate Properties (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
property | Continuing operations | Discontinued operations | Acquisition | Acquisition | One building | Seven building | Chester, VA | Chester, VA | Bethesda, MD | Bethesda, MD | RanchoCordovaCAMember | RanchoCordovaCAMember | Fairfax, VA | Fairfax, VA | Fairfax, VA | Fairfax, VA | Fairfax, VA | Fairfax, VA | Montgomery, AL | Montgomery, AL | Reston, VA | Reston, VA | Reston, VA | Oklahoma City, OK | Tucson, AZ | Phoenix, AZ, San Diego, CA and Falls Church, VA | Phoenix, AZ, San Diego, CA and Falls Church, VA | Phoenix, AZ | Phoenix, AZ | Falls Church, VA | ||
sqft | property | property | sqft | Office and Office Warehouse Property | Warehouse property | Office property | One building | One building | One building | One building | One building | One building | item | One building | One building | Four building | Four building | Four building | One building | One building | Acquisition | Two buildings | Two buildings | Sale of properties | Sale of properties | Sale of properties | Sale of properties | Subsequent event | Discontinued operations | |||
state | item | item | item | state | property | item | Warehouse property | Warehouse property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | Office property | ||||||
item | property | item | property | sqft | U.S. Government and occupied by the United States Army | sqft | U.S. Government and the National Institutes of Health | sqft | State of California and the Department of Consumer Affairs | sqft | U.S. Government | sqft | Commonwealth of Virginia and Northern Virginia Community College | U.S. Government and the State Department | sqft | U.S. Government and the Social Security Administration | item | sqft | U.S. Government | sqft | item | item | sqft | |||||||||
item | property | property | item | item | item | item | sqft | property | ||||||||||||||||||||||||
property | item | item | property | property | item | |||||||||||||||||||||||||||
Real estate properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties owned | 68 | ' | 68 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Buildings | 87 | ' | 87 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate investment in properties | $1,568,562 | $1,467,863 | $1,568,562 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of leases entered | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average lease term | '8 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenditures committed on leases | 25,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed but unspent tenant related obligations | 16,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future minimum lease payments related to properties excluding discontinued operations, scheduled to be received during the current terms of the existing leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | 214,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | 198,986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | 178,076 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | 153,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | 128,404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | 342,036 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total future minimum lease payments | ' | ' | 1,214,799 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which acquired properties located | 31 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired or agreed to be acquired | ' | ' | ' | ' | 5 | ' | 1 | 4 | 1 | ' | 1 | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Number of buildings acquired or agreed to be acquired | ' | ' | ' | ' | 8 | ' | 1 | 7 | 1 | ' | 1 | ' | 1 | ' | ' | 1 | ' | 4 | ' | ' | 1 | ' | 2 | ' | ' | 1 | 1 | ' | 3 | ' | ' | ' |
Square Feet | 1,017,753 | ' | ' | ' | 670,870 | ' | ' | ' | 228,108 | ' | 128,645 | ' | 93,807 | ' | ' | 83,130 | ' | 170,940 | ' | ' | 49,370 | ' | ' | 406,388 | ' | ' | ' | ' | 356,163 | ' | ' | ' |
Purchase Price | ' | ' | ' | ' | 99,518 | ' | ' | ' | 12,503 | ' | 18,300 | ' | 21,190 | ' | ' | ' | ' | 31,500 | ' | ' | 16,025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land | ' | ' | ' | ' | 9,292 | ' | ' | ' | 1,478 | ' | 3,349 | ' | 562 | ' | ' | ' | ' | 2,529 | ' | ' | 1,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buildings and Improvements | ' | ' | ' | ' | 70,712 | ' | ' | ' | 9,594 | ' | 11,152 | ' | 16,922 | ' | ' | ' | ' | 21,386 | ' | ' | 11,658 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Leases | ' | ' | ' | ' | 22,901 | ' | ' | ' | 1,440 | ' | 4,182 | ' | 5,498 | ' | ' | ' | ' | 8,005 | ' | ' | 3,776 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Lease Obligations | ' | ' | ' | ' | -3,387 | ' | ' | ' | -9 | ' | -383 | ' | -1,792 | ' | ' | ' | ' | -420 | ' | ' | -783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assumed Liabilities | ' | ' | ' | ' | -269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -269 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of property leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | 100.00% | 100.00% | ' | 100.00% | ' | 51.00% | 100.00% | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Number of tenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,775 | ' | ' | ' | ' | ' | ' | ' | 113,250 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of mortgage debt assumed in contract purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,576 | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deposit made in connection with acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | 11,325 | ' | ' | ' | ' | ' | ' | ' | ' |
Rentable square feet of Properties | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,881 | 31,051 | ' | ' | ' | ' | ' |
Net book value of real estate to be sold | 1,380,927 | 1,311,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,069 | 2,080 | ' | 25,604 | 2,300 | ' | 12,289 |
Aggregate sale price of properties sold, excluding closing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300 | 2,189 | ' | ' | ' | 5,000 | 15,750 |
Gain (loss) on sale of properties | 8,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,198 | -30 | ' | ' | ' | ' | ' |
Loss on impairment recognized | $10,142 | $494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,142 | ' | $8,344 | ' | $1,798 |
Number of Real Estate Properties on which impairment loss was recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Real_Estate_Properties_Details1
Real Estate Properties (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | government | Government | Future minimum lease payments | Future minimum lease payments | |
Tenant concentration | Tenant concentration | ||||
State government | Government | ||||
government | |||||
Concentration risk relating to future minimum lease payments | ' | ' | ' | ' | ' |
Concentration risk, percentage | ' | ' | ' | 6.50% | 3.60% |
Concentration risk, percentage for termination right exercisable in 2014 | ' | ' | ' | ' | 2.60% |
Concentration risk, percentage for termination right exercisable in 2015 | ' | ' | ' | ' | 3.50% |
Concentration risk, percentage for termination right exercisable in 2016 | ' | ' | ' | ' | 9.70% |
Concentration risk, percentage for termination right exercisable in 2017 | ' | ' | ' | ' | 3.10% |
Concentration risk, percentage for termination right exercisable in 2018 | ' | ' | ' | ' | 1.70% |
Concentration risk, percentage for termination right exercisable in 2019 | ' | ' | ' | ' | 8.80% |
Concentration risk, percentage for termination right exercisable in 2020 | ' | ' | ' | ' | 5.90% |
Concentration risk, percentage for termination right exercisable in 2021 | ' | ' | ' | ' | 1.40% |
Concentration risk, percentage for termination right exercisable in 2022 | ' | ' | ' | ' | 2.30% |
Number of state governments | 11 | ' | ' | 10 | ' |
Current net book value | $1,380,927 | $1,311,202 | $33,058 | ' | ' |
Expected acquisition cost to the tenant of real estate property currently leased from the entity at the end of lease term in 2015 | ' | ' | $31,000 | ' | ' |
Real_Estate_Properties_Details2
Real Estate Properties (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
property | property | ||||||||||
Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of properties held for sale | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Balance Sheet: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | $1,380,927 | ' | ' | ' | $1,311,202 | ' | ' | ' | $1,380,927 | $1,311,202 | ' |
Acquired real estate leases, net | 142,266 | ' | ' | ' | 144,402 | ' | ' | ' | 142,266 | 144,402 | ' |
Rents receivable, net | 33,350 | ' | ' | ' | 28,882 | ' | ' | ' | 33,350 | 28,882 | ' |
Other assets, net | 25,031 | ' | ' | ' | 10,360 | ' | ' | ' | 25,031 | 10,360 | ' |
Total assets | 1,632,452 | ' | ' | ' | 1,562,134 | ' | ' | ' | 1,632,452 | 1,562,134 | ' |
Other liabilities | 23,216 | ' | ' | ' | 18,910 | ' | ' | ' | 23,216 | 18,910 | ' |
Total liabilities | 642,777 | ' | ' | ' | 534,683 | ' | ' | ' | 642,777 | 534,683 | ' |
Statement of Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | 58,271 | 56,401 | 55,934 | 56,304 | 54,629 | 52,426 | 48,584 | 48,061 | 226,910 | 203,700 | 168,074 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | -25,710 | -22,485 | -18,426 |
Utility expenses | ' | ' | ' | ' | ' | ' | ' | ' | -17,116 | -15,767 | -13,918 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -41,134 | -37,074 | -29,773 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -55,699 | -49,070 | -37,776 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -12,710 | -11,924 | -10,469 |
Loss on asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | -10,142 | -494 | ' |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -889 | 900 | 3,806 |
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance Sheet: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate properties | 25,574 | ' | ' | ' | 46,784 | ' | ' | ' | 25,574 | 46,784 | ' |
Acquired real estate leases, net | ' | ' | ' | ' | 82 | ' | ' | ' | ' | 82 | ' |
Rents receivable, net | 381 | ' | ' | ' | 217 | ' | ' | ' | 381 | 217 | ' |
Other assets, net | 42 | ' | ' | ' | 59 | ' | ' | ' | 42 | 59 | ' |
Total assets | 25,997 | ' | ' | ' | 47,142 | ' | ' | ' | 25,997 | 47,142 | ' |
Other liabilities | 276 | ' | ' | ' | 298 | ' | ' | ' | 276 | 298 | ' |
Total liabilities | 276 | ' | ' | ' | 298 | ' | ' | ' | 276 | 298 | ' |
Statement of Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | 4,580 | 7,376 | 10,876 |
Real estate taxes | ' | ' | ' | ' | ' | ' | ' | ' | -678 | -928 | -919 |
Utility expenses | ' | ' | ' | ' | ' | ' | ' | ' | -539 | -1,043 | -1,398 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -966 | -1,484 | -2,011 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -1,025 | -2,096 | -2,313 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -287 | -431 | -429 |
Loss on asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | -10,142 | -494 | ' |
Net gain on sale of properties | ' | ' | ' | ' | ' | ' | ' | ' | 8,168 | ' | ' |
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ($889) | $900 | $3,806 |
Related_Person_Transactions_De
Related Person Transactions (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 23, 2013 | Dec. 23, 2013 | Mar. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
item | sqft | Share Award Plan | Share Award Plan | Share Award Plan | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | RMR | CWH | CWH | CWH | AIC | AIC | AIC | AIC | AIC | |||
item | Office | Office | Office | Share Award Plan | Share Award Plan | Share Award Plan | Maximum | Maximum | Maximum | Amended Agreement | Amended Agreement | Minimum | item | Maximum | ||||||||||||||||||
agreement | item | Officers and employees | Officers and employees | Officers and employees | item | Maximum | ||||||||||||||||||||||||||
sqft | ||||||||||||||||||||||||||||||||
Related Party Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of agreements to avail management and administrative services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable as a percentage of aggregate book value of real estate assets or transferred assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments up to specified amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | 0.70% | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold amount of real estate investments for payment of base management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | $250,000 | $250,000 | ' | $250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable as a percentage of average historical cost of real estate investments, excluding transferred assets for investments exceeding specified amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold amount of other real estate investments for payment of base management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable as a percentage of average closing price per share of common shares on NYSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable, average market capitalization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee payable as a percentage of average market capitalization exceeding specified amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold amount of average market capitalization for payment of base management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base business management fee payable in cash (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base business management fee payable in common shares (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive management fee payable (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of shares issued in payment of an incentive management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of remaining shares to be vested in equal annual installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equal annual installments for vesting of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times registration right can be exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive fee as a percentage of product of weighted average diluted outstanding common shares and excess of FFO per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business management fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,341 | 9,077 | 7,741 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued for the incentive fee for services rendered | ' | ' | ' | ' | ' | ' | ' | ' | 20,230 | 39,141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive fee payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees payable under property management agreement as a percentage of gross rents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Construction supervision fees payable under property management agreement as a percentage of construction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property management and construction supervision fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,877 | 7,018 | 6,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro rata share of RMR's internal audit costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203 | 193 | 240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period by which business management agreement and property management agreement get automatically renewed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business days before which the notice is required to be given for termination of property management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rentable square feet of Properties | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,650 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of regional offices leased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | 32 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | 58,350 | 93,058 | 50,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,350 | 43,917 | 40,850 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate market value of shares awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,142 | 1,043 | 922 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares vesting terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of the awards granted which will vest on each of the next four anniversaries of the grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of anniversaries of the grant date over which the awards vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest in subsidiaries | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Percentage of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 12.50% | ' | ' | 20.00% |
Shares sold by former parent company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,950,000 | ' | ' | ' | ' | ' | ' | ' |
Common shares registration and sale expenses paid by related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 310 | ' | ' | ' | ' | ' | ' | ' |
Number of other companies owning interest in equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' |
Amount invested in equity investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,194 | ' | ' | ' |
Investment at carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,031 | 5,747 | ' | ' |
Recognized income (loss) related to investment in AIC | ' | 334 | 316 | 139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 334 | 316 | 139 | ' |
Program extension term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' |
Coverage of purchased property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' |
Premium for property insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,161 | 410 | 1,286 | ' |
Number of other companies to whom management services were provided by related party | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate non-indemnifiable coverage of combined directors' and officers' liability insurance policy purchased by the related party | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate coverage of combined directors' and officers' liability insurance policy purchased by the related party | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate coverage of separate directors' and officers' liability insurance policy purchased | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid for combined directors' and officers' liability insurance policy | ' | ' | ' | ' | ' | ' | ' | $333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration_Details
Concentration (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Concentration | ' | ' | ' |
Number of properties owned | 68 | ' | ' |
Number of Buildings | 87 | ' | ' |
Number of states in which acquired properties located | 31 | ' | ' |
Concentration | ' | ' | ' |
Number of state governments | 11 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | Maryland | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.132 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | California | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.115 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | District of Columbia | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.103 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | Georgia | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.098 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | New York | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.088 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | Massachusetts | ' | ' | ' |
Concentration | ' | ' | ' |
Annualized Rental income percent | 0.058 | ' | ' |
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government, state governments and the United Nations | ' | ' | ' |
Concentration | ' | ' | ' |
Concentration risk, percentage | 92.60% | 93.80% | 91.70% |
Annualized rental income, excluding properties classified as discontinued operations | Tenant concentration | U.S. Government | ' | ' | ' |
Concentration | ' | ' | ' |
Concentration risk, percentage | 69.00% | 71.00% | 68.10% |
Indebtedness_Details
Indebtedness (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
loan | Unsecured revolving credit facility due in 2015 | Unsecured revolving credit facility due in 2015 | Unsecured term loan, due in 2017 | Unsecured term loan, due in 2017 | 5.73% Mortgage notes due in 2015 | 5.73% Mortgage notes due in 2015 | 6.21% Mortgage notes due in 2016 | 6.21% Mortgage notes due in 2016 | 7% Mortgage notes due in 2019 | 7% Mortgage notes due in 2019 | 8.15% Mortgage notes due in 2021 | 8.15% Mortgage notes due in 2021 | ||
item | ||||||||||||||
property | ||||||||||||||
Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility | $157,000 | $49,500 | $157,000 | $49,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes payable | 90,727 | 93,127 | ' | ' | ' | ' | 48,377 | 49,274 | 24,147 | 24,441 | 9,919 | 10,247 | 8,284 | 9,165 |
Total | 597,727 | 492,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 5.73% | 5.73% | 6.21% | 6.21% | 7.00% | 7.00% | 8.15% | 8.15% |
Unamortized fair value premium included in mortgage notes | ' | ' | ' | ' | ' | ' | 409 | 621 | ' | ' | 749 | 878 | 525 | 651 |
Maximum borrowing capacity on revolving credit facility | ' | ' | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to extend the maturity date subject to certain conditions and the payment of a fee | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity on debt instruments may be increased under certain conditions | ' | ' | 1,100,000 | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, interest rate basis | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, interest rate basis | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate premium (as a percent) | ' | ' | 1.50% | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility fee (as a percent) | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | ' | 1.67% | ' | 1.91% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The weighted average annual interest rate (as a percent) | ' | ' | 1.68% | 1.75% | 1.94% | 1.99% | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available to be drawn | ' | ' | 393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of assumed secured mortgage loans | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate net book value of secured properties | 120,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties secured by mortgage notes | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of buildings secured by mortgage notes | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 2,072 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 205,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 24,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 351,307 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 1,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 10,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate outstanding debt | $596,044 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Assets_and_Liabi2
Fair Value of Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | $90,727 | $93,127 |
5.73% Mortgage notes due in 2015 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 48,377 | 49,274 |
Interest rate (as a percent) | 5.73% | 5.73% |
Unamortized fair value premium included in mortgage notes | 409 | 621 |
6.21% Mortgage notes due in 2016 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 24,147 | 24,441 |
Interest rate (as a percent) | 6.21% | 6.21% |
7% Mortgage notes due in 2019 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 9,919 | 10,247 |
Interest rate (as a percent) | 7.00% | 7.00% |
Unamortized fair value premium included in mortgage notes | 749 | 878 |
8.15% Mortgage notes due in 2021 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 8,284 | 9,165 |
Interest rate (as a percent) | 8.15% | 8.15% |
Unamortized fair value premium included in mortgage notes | 525 | 651 |
Carrying Amount | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 90,727 | ' |
Carrying Amount | 5.73% Mortgage notes due in 2015 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 48,377 | ' |
Carrying Amount | 6.21% Mortgage notes due in 2016 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 24,147 | ' |
Carrying Amount | 7% Mortgage notes due in 2019 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 9,919 | ' |
Carrying Amount | 8.15% Mortgage notes due in 2021 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 8,284 | ' |
Fair Value | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 95,385 | ' |
Fair Value | 5.73% Mortgage notes due in 2015 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 49,924 | ' |
Fair Value | 6.21% Mortgage notes due in 2016 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 26,251 | ' |
Fair Value | 7% Mortgage notes due in 2019 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | 10,448 | ' |
Fair Value | 8.15% Mortgage notes due in 2021 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Mortgage notes payable | $8,762 | ' |
Fair_Value_of_Assets_and_Liabi3
Fair Value of Assets and Liabilities (Details 2) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Sale of properties | Florence, KY | Florence, KY | Florence, KY | Nonrecurring | Nonrecurring | Nonrecurring | ||||
Office property | Maximum | Acquisition | Acquisition | Total | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | ||||
property | Office property | Office property | Florence, KY | |||||||
Subsequent event | Acquisition | |||||||||
Office property | ||||||||||
Non-Recurring Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties held for sale | $1,380,927 | $1,311,202 | ' | ' | ' | ' | ' | $14,560 | $14,560 | ' |
Additional purchase consideration | ' | ' | ' | ' | ' | ' | ' | 1,231 | 1,231 | 273 |
Number of properties for which a loss on asset impairment was recognized | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Additional purchase consideration entitled to be paid to the seller, based upon the property's 2013 real estate tax assessment | ' | ' | ' | ' | 1,800 | ' | ' | ' | ' | ' |
Acquisition related costs | 2,439 | 1,614 | 3,504 | ' | ' | 958 | ' | ' | ' | ' |
Additional purchase consideration paid to the seller | ' | ' | ' | ' | ' | ' | $1,231 | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 07, 2014 | Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RMR | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | 2009 Plan | |
RMR | RMR | Officers and employees | Officers and employees | Officers and employees | Trustees | Trustees | Trustees | |||||
RMR | RMR | RMR | ||||||||||
Share Awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted for equity compensation plan | ' | 58,350 | 93,058 | 50,850 | ' | ' | 48,350 | 43,917 | 40,850 | 2,000 | 2,000 | 2,000 |
Aggregate market value of shares granted under the Award Plan | ' | ' | ' | ' | ' | ' | $1,142 | $1,043 | $922 | $266 | $224 | $256 |
Market value of common shares awarded to each trustee (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 45 | 51 |
Award vesting period | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Incentive fee payment for services rendered in 2012 | 485 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued as part of compensation agreement | ' | ' | ' | ' | 3,344 | 20,230 | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares at the beginning of the period | ' | 76,104 | 64,270 | 44,320 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | 58,350 | 93,058 | 50,850 | ' | ' | 48,350 | 43,917 | 40,850 | 2,000 | 2,000 | 2,000 |
Shared forfeited (in shares) | ' | -450 | -820 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | -48,553 | -80,404 | -30,900 | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares at the end of the period | ' | 85,451 | 76,104 | 64,270 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares at the beginning of the period (in dollars per share) | ' | $23.71 | $22.37 | $26.55 | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | $24.12 | $23.72 | $22.93 | ' | ' | ' | ' | ' | ' | ' | ' |
Shared forfeited (in dollars per share) | ' | $24.24 | $23.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | $24.37 | $23.66 | $23.47 | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares at the end of the period (in dollars per share) | ' | $23.66 | $23.71 | $22.37 | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting schedule of unvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 (in shares) | ' | 32,303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 (in shares) | ' | 25,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 (in shares) | ' | 17,963 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 (in shares) | ' | 9,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Awards, additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future compensation expense for the unvested shares | ' | 2,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing share price of the entity's common shares (in dollars per share) | ' | $24.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average period of recognition of compensation expenses | ' | '22 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | $1,269 | $1,598 | $1,646 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance under the Award Plan | ' | 1,723,212 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details_2
Shareholders' Equity (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 22, 2013 | Aug. 22, 2013 | 24-May-13 | Feb. 22, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2014 | |
Distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution to common shareholders (in dollars per share) | $0.43 | $0.43 | $0.43 | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution payable to common shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 |
Cash distribution per common share paid or accrued (in dollars per share) | ' | ' | ' | ' | $0.43 | $0.43 | $0.43 | $0.43 | $0.43 | $0.42 | $0.42 | $0.42 | $1.72 | $1.69 | $1.67 | ' |
Characterization of distributions paid or accrued as a percentage of ordinary income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82.92% | 80.36% | 92.88% | ' |
Characterization of distributions paid or accrued as a percentage of return of capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.55% | 19.64% | 7.12% | ' |
Characterization of distributions paid or accrued as a percentage of capital gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.01% | ' | ' | ' |
Characterization of distributions paid or accrued as a percentage of Internal Revenue Code section 1250 gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.52% | ' | ' | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | $58,271 | $56,401 | $55,934 | $56,304 | $54,629 | $52,426 | $48,584 | $48,061 | $226,910 | $203,700 | $168,074 |
Net income | 12,724 | 1,966 | 15,204 | 24,726 | 13,191 | 11,756 | 11,954 | 13,059 | 54,620 | 49,960 | 45,997 |
Per Share data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income per common share (in dollars per share) | $0.23 | $0.04 | $0.28 | $0.45 | $0.25 | $0.25 | $0.25 | $0.28 | $1 | $1.03 | $1.06 |
Common distributions declared (in dollars per share) | $0.43 | $0.43 | $0.43 | $0.43 | $0.43 | $0.42 | $0.42 | $0.42 | $1.72 | $1.69 | $1.67 |
Selected Quarterly Financial Data for Revenue Restated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | 58,271 | 56,401 | 55,934 | 56,304 | 54,629 | 52,426 | 48,584 | 48,061 | 226,910 | 203,700 | 168,074 |
As previously reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selected Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | 56,265 | 54,083 | 50,273 | 50,455 | ' | ' | ' | ' | ' | ' | ' |
Selected Quarterly Financial Data for Revenue Restated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | 56,265 | 54,083 | 50,273 | 50,455 | ' | ' | ' | ' | ' | ' | ' |
Reclassifications | Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selected Quarterly Financial Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | -1,636 | -1,657 | -1,689 | -2,394 | ' | ' | ' | ' | ' | ' | ' |
Selected Quarterly Financial Data for Revenue Restated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental income | ($1,636) | ($1,657) | ($1,689) | ($2,394) | ' | ' | ' | ' | ' | ' | ' |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Real estate and accumulated depreciation | ' | ' | ' | ' |
Encumbrances | $90,727 | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 242,775 | ' | ' | ' |
Buildings and Equipment | 1,237,957 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 87,830 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 243,686 | ' | ' | ' |
Buildings and Equipment | 1,324,876 | ' | ' | ' |
Total | 1,568,562 | 1,467,863 | 1,288,453 | 911,327 |
Accumulated Depreciation | -187,635 | -156,661 | -139,210 | -115,215 |
131 Clayton Street, Montgomery, AL | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 920 | ' | ' | ' |
Buildings and Equipment | 9,084 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 16 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 920 | ' | ' | ' |
Buildings and Equipment | 9,100 | ' | ' | ' |
Total | 10,020 | ' | ' | ' |
Accumulated Depreciation | -569 | ' | ' | ' |
4344 Carmichael Road, Montgomery, AL | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,374 | ' | ' | ' |
Buildings and Equipment | 11,658 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,374 | ' | ' | ' |
Buildings and Equipment | 11,658 | ' | ' | ' |
Total | 13,032 | ' | ' | ' |
711 14th Avenue, Safford, AZ | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 460 | ' | ' | ' |
Buildings and Equipment | 11,708 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 58 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 460 | ' | ' | ' |
Buildings and Equipment | 11,766 | ' | ' | ' |
Total | 12,226 | ' | ' | ' |
Accumulated Depreciation | -1,027 | ' | ' | ' |
10949 N. Mather Boulevard, Rancho Cordova, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 562 | ' | ' | ' |
Buildings and Equipment | 16,923 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 562 | ' | ' | ' |
Buildings and Equipment | 16,923 | ' | ' | ' |
Total | 17,485 | ' | ' | ' |
Accumulated Depreciation | -71 | ' | ' | ' |
4181 Ruffin Road, San Diego, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 5,250 | ' | ' | ' |
Buildings and Equipment | 10,549 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 3,592 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 5,250 | ' | ' | ' |
Buildings and Equipment | 14,141 | ' | ' | ' |
Total | 19,391 | ' | ' | ' |
Accumulated Depreciation | -1,081 | ' | ' | ' |
4560 Viewridge Road, San Diego, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,269 | ' | ' | ' |
Buildings and Equipment | 18,316 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 869 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,347 | ' | ' | ' |
Buildings and Equipment | 19,107 | ' | ' | ' |
Total | 23,454 | ' | ' | ' |
Accumulated Depreciation | -8,117 | ' | ' | ' |
5045 East Butler Street, Fresno, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 7,276 | ' | ' | ' |
Buildings and Equipment | 61,118 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 8 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 7,277 | ' | ' | ' |
Buildings and Equipment | 61,125 | ' | ' | ' |
Total | 68,402 | ' | ' | ' |
Accumulated Depreciation | -17,383 | ' | ' | ' |
9800 Goethe Road, Sacramento, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,550 | ' | ' | ' |
Buildings and Equipment | 12,263 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,255 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,550 | ' | ' | ' |
Buildings and Equipment | 13,518 | ' | ' | ' |
Total | 15,068 | ' | ' | ' |
Accumulated Depreciation | -1,322 | ' | ' | ' |
9815 Goethe Road, Sacramento, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,450 | ' | ' | ' |
Buildings and Equipment | 9,465 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,713 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,450 | ' | ' | ' |
Buildings and Equipment | 11,178 | ' | ' | ' |
Total | 12,628 | ' | ' | ' |
Accumulated Depreciation | -582 | ' | ' | ' |
Capital Place, Sacramento, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,290 | ' | ' | ' |
Buildings and Equipment | 35,891 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 3,400 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,290 | ' | ' | ' |
Buildings and Equipment | 39,291 | ' | ' | ' |
Total | 41,581 | ' | ' | ' |
Accumulated Depreciation | -3,797 | ' | ' | ' |
Sky Park Centre, San Diego, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 685 | ' | ' | ' |
Buildings and Equipment | 5,530 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 685 | ' | ' | ' |
Buildings and Equipment | 5,530 | ' | ' | ' |
Total | 6,215 | ' | ' | ' |
Accumulated Depreciation | -1,596 | ' | ' | ' |
Turning Basin Business Park, Stockton, CA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 563 | ' | ' | ' |
Buildings and Equipment | 5,470 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 563 | ' | ' | ' |
Buildings and Equipment | 5,470 | ' | ' | ' |
Total | 6,033 | ' | ' | ' |
Accumulated Depreciation | -194 | ' | ' | ' |
12795 West Alameda Parkway, Lakewood, CO | ' | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' | ' |
Encumbrances | 8,284 | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,640 | ' | ' | ' |
Buildings and Equipment | 23,777 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,045 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,640 | ' | ' | ' |
Buildings and Equipment | 24,822 | ' | ' | ' |
Total | 27,462 | ' | ' | ' |
Accumulated Depreciation | -2,419 | ' | ' | ' |
16194 West 45th Street, Golden, CO | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 494 | ' | ' | ' |
Buildings and Equipment | 152 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 6,456 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 495 | ' | ' | ' |
Buildings and Equipment | 6,607 | ' | ' | ' |
Total | 7,102 | ' | ' | ' |
Accumulated Depreciation | -2,538 | ' | ' | ' |
Corporate Center, Lakewood, CO | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,886 | ' | ' | ' |
Buildings and Equipment | 27,537 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 3,612 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,887 | ' | ' | ' |
Buildings and Equipment | 31,148 | ' | ' | ' |
Total | 34,035 | ' | ' | ' |
Accumulated Depreciation | -7,932 | ' | ' | ' |
20 Massachusetts Avenue, Washington, DC | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 12,008 | ' | ' | ' |
Buildings and Equipment | 51,528 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 20,744 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 12,226 | ' | ' | ' |
Buildings and Equipment | 72,054 | ' | ' | ' |
Total | 84,280 | ' | ' | ' |
Accumulated Depreciation | -25,846 | ' | ' | ' |
625 Indiana Avenue, Washington DC, DC | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 26,000 | ' | ' | ' |
Buildings and Equipment | 25,955 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 2,751 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 26,000 | ' | ' | ' |
Buildings and Equipment | 28,706 | ' | ' | ' |
Total | 54,706 | ' | ' | ' |
Accumulated Depreciation | -2,366 | ' | ' | ' |
7850 Southwest 6th Court, Plantation, FL | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,800 | ' | ' | ' |
Buildings and Equipment | 30,592 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 202 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,800 | ' | ' | ' |
Buildings and Equipment | 30,794 | ' | ' | ' |
Total | 35,594 | ' | ' | ' |
Accumulated Depreciation | -2,045 | ' | ' | ' |
8900 Grand Oak Circle, Tampa, FL | ' | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' | ' |
Encumbrances | 9,919 | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,100 | ' | ' | ' |
Buildings and Equipment | 11,773 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 121 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,100 | ' | ' | ' |
Buildings and Equipment | 11,894 | ' | ' | ' |
Total | 12,994 | ' | ' | ' |
Accumulated Depreciation | -969 | ' | ' | ' |
181 Spring Street NW, Atlanta, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,047 | ' | ' | ' |
Buildings and Equipment | 20,017 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,046 | ' | ' | ' |
Buildings and Equipment | 20,018 | ' | ' | ' |
Total | 24,064 | ' | ' | ' |
Accumulated Depreciation | -709 | ' | ' | ' |
220 E. Bryan Street, Savannah, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 950 | ' | ' | ' |
Buildings and Equipment | 2,376 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 66 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 950 | ' | ' | ' |
Buildings and Equipment | 2,442 | ' | ' | ' |
Total | 3,392 | ' | ' | ' |
Accumulated Depreciation | -207 | ' | ' | ' |
4712 Southpark Boulevard, Ellenwood, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,390 | ' | ' | ' |
Buildings and Equipment | 19,635 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,390 | ' | ' | ' |
Buildings and Equipment | 19,635 | ' | ' | ' |
Total | 21,025 | ' | ' | ' |
Accumulated Depreciation | -695 | ' | ' | ' |
Corporate Square, Atlanta, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,996 | ' | ' | ' |
Buildings and Equipment | 29,762 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,384 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,996 | ' | ' | ' |
Buildings and Equipment | 31,146 | ' | ' | ' |
Total | 35,142 | ' | ' | ' |
Accumulated Depreciation | -7,425 | ' | ' | ' |
Executive Park, Atlanta, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,521 | ' | ' | ' |
Buildings and Equipment | 11,826 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 852 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,521 | ' | ' | ' |
Buildings and Equipment | 12,678 | ' | ' | ' |
Total | 14,199 | ' | ' | ' |
Accumulated Depreciation | -2,803 | ' | ' | ' |
One Georgia Center, Atlanta, GA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 10,250 | ' | ' | ' |
Buildings and Equipment | 27,933 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 81 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 10,250 | ' | ' | ' |
Buildings and Equipment | 28,014 | ' | ' | ' |
Total | 38,264 | ' | ' | ' |
Accumulated Depreciation | -1,582 | ' | ' | ' |
South Vinnell Way, Boise, ID | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,390 | ' | ' | ' |
Buildings and Equipment | 29,026 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 14 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,390 | ' | ' | ' |
Buildings and Equipment | 29,040 | ' | ' | ' |
Total | 32,430 | ' | ' | ' |
Accumulated Depreciation | -967 | ' | ' | ' |
2020 S. Arlington Heights, Arlington Heights, IL | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,450 | ' | ' | ' |
Buildings and Equipment | 13,160 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 846 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,450 | ' | ' | ' |
Buildings and Equipment | 14,006 | ' | ' | ' |
Total | 15,456 | ' | ' | ' |
Accumulated Depreciation | -1,365 | ' | ' | ' |
Intech Park, Indianapolis, IN | ' | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' | ' |
Encumbrances | 48,377 | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,170 | ' | ' | ' |
Buildings and Equipment | 68,888 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,504 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,170 | ' | ' | ' |
Buildings and Equipment | 70,392 | ' | ' | ' |
Total | 74,562 | ' | ' | ' |
Accumulated Depreciation | -3,938 | ' | ' | ' |
400 State Street, Kansas City, KS | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 640 | ' | ' | ' |
Buildings and Equipment | 9,932 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,020 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 640 | ' | ' | ' |
Buildings and Equipment | 10,952 | ' | ' | ' |
Total | 11,592 | ' | ' | ' |
Accumulated Depreciation | -958 | ' | ' | ' |
7125 Industrial Road, Florence, KY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,698 | ' | ' | ' |
Buildings and Equipment | 11,722 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,698 | ' | ' | ' |
Buildings and Equipment | 11,723 | ' | ' | ' |
Total | 13,421 | ' | ' | ' |
Accumulated Depreciation | -293 | ' | ' | ' |
25 Newport Avenue, Quincy, MA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,700 | ' | ' | ' |
Buildings and Equipment | 9,199 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 346 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,700 | ' | ' | ' |
Buildings and Equipment | 9,545 | ' | ' | ' |
Total | 12,245 | ' | ' | ' |
Accumulated Depreciation | -673 | ' | ' | ' |
251 Causeway Street, Boston, MA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 5,100 | ' | ' | ' |
Buildings and Equipment | 17,293 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 667 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 5,100 | ' | ' | ' |
Buildings and Equipment | 17,960 | ' | ' | ' |
Total | 23,060 | ' | ' | ' |
Accumulated Depreciation | -1,456 | ' | ' | ' |
75 Pleasant Street, Malden, MA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,050 | ' | ' | ' |
Buildings and Equipment | 31,086 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,050 | ' | ' | ' |
Buildings and Equipment | 31,086 | ' | ' | ' |
Total | 32,136 | ' | ' | ' |
Accumulated Depreciation | -2,780 | ' | ' | ' |
One Montvale Avenue, Stoneham, MA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,670 | ' | ' | ' |
Buildings and Equipment | 11,035 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 495 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,670 | ' | ' | ' |
Buildings and Equipment | 11,530 | ' | ' | ' |
Total | 13,200 | ' | ' | ' |
Accumulated Depreciation | -980 | ' | ' | ' |
20400 Century Boulevard, Germantown, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,305 | ' | ' | ' |
Buildings and Equipment | 9,890 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 740 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,347 | ' | ' | ' |
Buildings and Equipment | 10,588 | ' | ' | ' |
Total | 12,935 | ' | ' | ' |
Accumulated Depreciation | -4,415 | ' | ' | ' |
2115 East Jefferson Street, North Bethesda, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,349 | ' | ' | ' |
Buildings and Equipment | 11,152 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,349 | ' | ' | ' |
Buildings and Equipment | 11,152 | ' | ' | ' |
Total | 14,501 | ' | ' | ' |
Accumulated Depreciation | -93 | ' | ' | ' |
3300 75th Avenue, Landover, MD | ' | ' | ' | ' |
Real estate and accumulated depreciation | ' | ' | ' | ' |
Encumbrances | 24,147 | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,110 | ' | ' | ' |
Buildings and Equipment | 36,371 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 402 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,110 | ' | ' | ' |
Buildings and Equipment | 36,773 | ' | ' | ' |
Total | 40,883 | ' | ' | ' |
Accumulated Depreciation | -3,491 | ' | ' | ' |
4201 Patterson Avenue, Baltimore, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 900 | ' | ' | ' |
Buildings and Equipment | 8,097 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,316 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 901 | ' | ' | ' |
Buildings and Equipment | 9,412 | ' | ' | ' |
Total | 10,313 | ' | ' | ' |
Accumulated Depreciation | -3,183 | ' | ' | ' |
4700 River Road, Riverdale, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 6,240 | ' | ' | ' |
Buildings and Equipment | 30,368 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 340 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 6,240 | ' | ' | ' |
Buildings and Equipment | 30,708 | ' | ' | ' |
Total | 36,948 | ' | ' | ' |
Accumulated Depreciation | -3,890 | ' | ' | ' |
1401 Rockville Pike, Rockville, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,251 | ' | ' | ' |
Buildings and Equipment | 29,258 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 5,109 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,251 | ' | ' | ' |
Buildings and Equipment | 34,367 | ' | ' | ' |
Total | 37,618 | ' | ' | ' |
Accumulated Depreciation | -12,420 | ' | ' | ' |
Meadows Business Park, Woodlawn, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,735 | ' | ' | ' |
Buildings and Equipment | 21,509 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 157 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,735 | ' | ' | ' |
Buildings and Equipment | 21,666 | ' | ' | ' |
Total | 25,401 | ' | ' | ' |
Accumulated Depreciation | -1,574 | ' | ' | ' |
Rutherford Business Park, Windsor Mill, MD | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,598 | ' | ' | ' |
Buildings and Equipment | 10,219 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 15 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,598 | ' | ' | ' |
Buildings and Equipment | 10,234 | ' | ' | ' |
Total | 11,832 | ' | ' | ' |
Accumulated Depreciation | -277 | ' | ' | ' |
11411 E. Jefferson Avenue, Detroit, MI | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 630 | ' | ' | ' |
Buildings and Equipment | 18,002 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 630 | ' | ' | ' |
Buildings and Equipment | 18,002 | ' | ' | ' |
Total | 18,632 | ' | ' | ' |
Accumulated Depreciation | -1,650 | ' | ' | ' |
330 South Second Avenue, Minneapolis, MN | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,990 | ' | ' | ' |
Buildings and Equipment | 18,186 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 5,786 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,990 | ' | ' | ' |
Buildings and Equipment | 23,972 | ' | ' | ' |
Total | 27,962 | ' | ' | ' |
Accumulated Depreciation | -1,681 | ' | ' | ' |
Rosedale Corporate Plaza, Roseville, MN | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 672 | ' | ' | ' |
Buildings and Equipment | 6,045 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 785 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 672 | ' | ' | ' |
Buildings and Equipment | 6,830 | ' | ' | ' |
Total | 7,502 | ' | ' | ' |
Accumulated Depreciation | -2,246 | ' | ' | ' |
1300 Summit Street, Kansas City, MO | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,776 | ' | ' | ' |
Buildings and Equipment | 12,070 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 121 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,776 | ' | ' | ' |
Buildings and Equipment | 12,191 | ' | ' | ' |
Total | 14,967 | ' | ' | ' |
Accumulated Depreciation | -377 | ' | ' | ' |
4241-4300 NE 34th Street, Kansas City, MO | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,443 | ' | ' | ' |
Buildings and Equipment | 6,193 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 3,767 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,780 | ' | ' | ' |
Buildings and Equipment | 9,623 | ' | ' | ' |
Total | 11,403 | ' | ' | ' |
Accumulated Depreciation | -3,932 | ' | ' | ' |
1220 Echelon Parkway, Jackson, MS | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 440 | ' | ' | ' |
Buildings and Equipment | 25,458 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 49 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 440 | ' | ' | ' |
Buildings and Equipment | 25,507 | ' | ' | ' |
Total | 25,947 | ' | ' | ' |
Accumulated Depreciation | -902 | ' | ' | ' |
10-12 Celina Avenue, Nashua, NH | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,000 | ' | ' | ' |
Buildings and Equipment | 14,052 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 154 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,000 | ' | ' | ' |
Buildings and Equipment | 14,206 | ' | ' | ' |
Total | 17,206 | ' | ' | ' |
Accumulated Depreciation | -1,532 | ' | ' | ' |
50 West State Street, Trenton, NJ | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 5,000 | ' | ' | ' |
Buildings and Equipment | 38,203 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 912 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 5,000 | ' | ' | ' |
Buildings and Equipment | 39,115 | ' | ' | ' |
Total | 44,115 | ' | ' | ' |
Accumulated Depreciation | -2,888 | ' | ' | ' |
435 Montano Boulevard, Albuquerque, NM | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 710 | ' | ' | ' |
Buildings and Equipment | 1,651 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 147 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 710 | ' | ' | ' |
Buildings and Equipment | 1,798 | ' | ' | ' |
Total | 2,508 | ' | ' | ' |
Accumulated Depreciation | -184 | ' | ' | ' |
138 Delaware Avenue, Buffalo, NY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 4,405 | ' | ' | ' |
Buildings and Equipment | 18,899 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,992 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,485 | ' | ' | ' |
Buildings and Equipment | 20,811 | ' | ' | ' |
Total | 25,296 | ' | ' | ' |
Accumulated Depreciation | -8,252 | ' | ' | ' |
305 East 46th Street, New York, NY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 36,800 | ' | ' | ' |
Buildings and Equipment | 66,661 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 419 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 36,800 | ' | ' | ' |
Buildings and Equipment | 67,080 | ' | ' | ' |
Total | 103,880 | ' | ' | ' |
Accumulated Depreciation | -4,311 | ' | ' | ' |
5000 Corporate Court, Holtsville, NY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 6,530 | ' | ' | ' |
Buildings and Equipment | 17,711 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,054 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 6,530 | ' | ' | ' |
Buildings and Equipment | 18,765 | ' | ' | ' |
Total | 25,295 | ' | ' | ' |
Accumulated Depreciation | -1,072 | ' | ' | ' |
Airline Corporate Center, Colonie, NY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 790 | ' | ' | ' |
Buildings and Equipment | 6,400 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 790 | ' | ' | ' |
Buildings and Equipment | 6,400 | ' | ' | ' |
Total | 7,190 | ' | ' | ' |
Accumulated Depreciation | -240 | ' | ' | ' |
4600 25th Avenue, Salem, OR | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 6,510 | ' | ' | ' |
Buildings and Equipment | 17,973 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 3,709 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 6,510 | ' | ' | ' |
Buildings and Equipment | 21,682 | ' | ' | ' |
Total | 28,192 | ' | ' | ' |
Accumulated Depreciation | -913 | ' | ' | ' |
Synergy Business Park, Columbia, SC | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,439 | ' | ' | ' |
Buildings and Equipment | 11,143 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 2,059 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,439 | ' | ' | ' |
Buildings and Equipment | 13,202 | ' | ' | ' |
Total | 14,641 | ' | ' | ' |
Accumulated Depreciation | -1,622 | ' | ' | ' |
One Memphis Place, Memphis, TN | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,630 | ' | ' | ' |
Buildings and Equipment | 5,645 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 787 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,630 | ' | ' | ' |
Buildings and Equipment | 6,432 | ' | ' | ' |
Total | 8,062 | ' | ' | ' |
Accumulated Depreciation | -534 | ' | ' | ' |
701 Clay Road, Waco, TX | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,030 | ' | ' | ' |
Buildings and Equipment | 8,708 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 2,088 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,060 | ' | ' | ' |
Buildings and Equipment | 10,766 | ' | ' | ' |
Total | 12,826 | ' | ' | ' |
Accumulated Depreciation | -3,794 | ' | ' | ' |
Aquia Commerce Center, Stafford, VA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,090 | ' | ' | ' |
Buildings and Equipment | 7,465 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 162 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,090 | ' | ' | ' |
Buildings and Equipment | 7,627 | ' | ' | ' |
Total | 9,717 | ' | ' | ' |
Accumulated Depreciation | -468 | ' | ' | ' |
Enterchange at Meadowville, Chester, VA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,478 | ' | ' | ' |
Buildings and Equipment | 9,594 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,478 | ' | ' | ' |
Buildings and Equipment | 9,594 | ' | ' | ' |
Total | 11,072 | ' | ' | ' |
Accumulated Depreciation | -80 | ' | ' | ' |
Pender Business Park, Fairfax, VA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 2,529 | ' | ' | ' |
Buildings and Equipment | 21,386 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 2,529 | ' | ' | ' |
Buildings and Equipment | 21,386 | ' | ' | ' |
Total | 23,915 | ' | ' | ' |
Accumulated Depreciation | -88 | ' | ' | ' |
65 Bowdoin Street, S. Burlington, VT | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 700 | ' | ' | ' |
Buildings and Equipment | 8,416 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 120 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 700 | ' | ' | ' |
Buildings and Equipment | 8,536 | ' | ' | ' |
Total | 9,236 | ' | ' | ' |
Accumulated Depreciation | -788 | ' | ' | ' |
840 North Broadway, Everett, WA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,360 | ' | ' | ' |
Buildings and Equipment | 15,376 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 98 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 3,360 | ' | ' | ' |
Buildings and Equipment | 15,474 | ' | ' | ' |
Total | 18,834 | ' | ' | ' |
Accumulated Depreciation | -577 | ' | ' | ' |
Stevens Center, Richland, WA | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 3,970 | ' | ' | ' |
Buildings and Equipment | 17,035 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 775 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 4,042 | ' | ' | ' |
Buildings and Equipment | 17,738 | ' | ' | ' |
Total | 21,780 | ' | ' | ' |
Accumulated Depreciation | -7,286 | ' | ' | ' |
11050 West Liberty Drive, Milwaukee, WI | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 945 | ' | ' | ' |
Buildings and Equipment | 4,539 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 110 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 945 | ' | ' | ' |
Buildings and Equipment | 4,649 | ' | ' | ' |
Total | 5,594 | ' | ' | ' |
Accumulated Depreciation | -301 | ' | ' | ' |
2029 Stonewall Jackson Drive, Falling Waters, WV | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 906 | ' | ' | ' |
Buildings and Equipment | 3,886 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 356 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 922 | ' | ' | ' |
Buildings and Equipment | 4,226 | ' | ' | ' |
Total | 5,148 | ' | ' | ' |
Accumulated Depreciation | -1,814 | ' | ' | ' |
5353 Yellowstone Road, Cheyenne, WY | ' | ' | ' | ' |
Initial Cost to Company | ' | ' | ' | ' |
Land | 1,915 | ' | ' | ' |
Buildings and Equipment | 8,217 | ' | ' | ' |
Costs Capitalized Subsequent to Acquisition | 1,183 | ' | ' | ' |
Cost Amount Carried at Close of Period | ' | ' | ' | ' |
Land | 1,950 | ' | ' | ' |
Buildings and Equipment | 9,365 | ' | ' | ' |
Total | 11,315 | ' | ' | ' |
Accumulated Depreciation | ($4,075) | ' | ' | ' |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties | ' | ' | ' |
Balance at the beginning of the period | $1,467,863 | $1,288,453 | $911,327 |
Additions | 103,413 | 192,560 | 378,176 |
Disposals | -2,714 | -13,150 | -1,050 |
Balance at the end of the period | 1,568,562 | 1,467,863 | 1,288,453 |
Accumulated Depreciation | ' | ' | ' |
Balance at the beginning of the period | 156,661 | 139,210 | 115,215 |
Additions | 33,688 | 30,601 | 25,045 |
Disposals | -2,714 | -13,150 | -1,050 |
Balance at the end of the period | $187,635 | $156,661 | $139,210 |